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Updated: 1 hour 42 min ago
LANDOVER, MD - Mission Rock Residential, a Denver-based multifamily property management company, is announcing another new management contract in the D.C. metro area, this time for Summerfield at Morgan Metro Apartments in Landover, MD, formerly operating as Century Summerfield at Morgan Metro Apartments. Mission Rock has been issued an agreement to manage the 478-unit community by Hamilton Zanze Real Estate Investments.
Located adjacent to the Morgan Boulevard Metro Station, this apartment community is just 30 minutes from Downtown D.C. via the Metrorail train. The location is also less than 30 minutes away from the Ronald Raegan Washington National Airport. Originally built in 1969, the garden-style apartment community has been updated in recent years and offers a mix of one, two, and three-bedroom options.
"This apartment community is well-designed to serve the D.C. metro area's growing housing needs," said Meredith Wright, President of Mission Rock Residential. "From transit access to walkability and quality living, we're excited to bring this community into the Mission Rock family and offer its residents the highest caliber of management services and customer service we've become so well-known for."
The Summerfield at Morgan Metro residences are pet-friendly, and each home features vaulted ceilings, crown molding, and a private patio or balcony. Full size washers and dryers are also provided in each apartment home. New, stainless-steel appliances, wood-style flooring, fireplaces, and ceiling fans are included in some updated apartments within the community. Further updates to the remaining apartment homes are expected in the years ahead.
The apartment community's amenity package includes a coworking space, clubhouse, swimming pool sundeck, an expansive fitness center, car care center, and controlled access parking garages.
The Washington D.C. metro area has seen skyrocketing growth since the announcement of Amazon's new HQ2 presence planned for Arlington, Virginia. Located in Prince George's County, Landover is a highly residential community. The city is also home to FedEx Field, the home of the Washington NFL football team. The city boasts high levels of transit access, making regional travel especially easy for workforce commuters.
KANSAS CITY, MO - The Cordish Companies announced that the eagerly awaited $140 million Three Light Luxury Apartments will commence construction this May and that construction on the conversion of the historic Midland office building into the 139-unit, affordably priced Midland Lofts will begin this summer. Following the success of its predecessors, One Light and Two Light Luxury Apartments, which have remained 95% occupied throughout the pandemic, Three Light Luxury Apartments will introduce the next stage of urban luxury living in the Power & Light District in downtown Kansas City. Together, these projects will create over 1,000 new construction jobs. Today's announcements represent a great sign of optimism for the future of downtown Kansas City after a difficult year in the midst of the pandemic.
"We are extremely excited to commence construction on Three Light and The Midland Lofts and bring two cranes to the Power & Light District, a sign of new growth and energy downtown following an incredibly challenging year," said Nick Benjamin, executive director of the Power & Light District and managing director of Multifamily Development for The Cordish Companies. "Each of these projects will be an important step forward in getting back to the business of downtown's renaissance and will create over a thousand new construction jobs."
Three Light will sit at the corner of Truman Road and Main Street at the vibrant intersection of the Power & Light District and Crossroads Art District and will bring another 450 residents to downtown. The 26-story, 288-unit building will feature 19 floors of studio, one-bedroom, two-bedroom and penthouse apartments, a seven-story garage with 472 parking spaces, and 7,600 square feet of retail space on the first floor.
"It's been a great honor to have built with The Cordish Companies on such landmark projects that have changed the downtown Kansas City skyline," said Jim Coulter, vice president of JE Dunn Construction. "From the vision the company had with the Power & Light District, to One Light, Two Light and now Three Light Luxury Apartments, we are grateful for the relationship we have with The Cordish Companies and the impact the company has had on Kansas City. We look forward to seeing the rest of the company's vision come to life."
Three Light will boast over 30,000 square feet of amenities that will rival any apartment or condo building anywhere in the United States, including a deck overlooking 14th Street, an infinity pool, bar, demonstration kitchen and theater room. Additionally, Three Light will have a sky bridge directly above Walnut Street linking it to Two Light, allowing residents of both towers to share their buildings' social amenities.
The Midland Lofts will sit in the midst of the burgeoning downtown Power & Light District neighborhood, directly connected to the Midland Theater and steps away from Cosentino's Downtown Market, Onelife Fitness, the KC streetcar line and dozens of restaurants, shops and entertainment venues. An underutilized historic jewel that has been vacant for more than 20 years, the renovated building will include 139 units available for rent featuring multiple open-concept studio and one-bedroom floor plans. Pricing for the units in The Midland Lofts will begin at $700 per month.
"We are eager to bring the historic Midland building back to life as Midland Lofts," said Marnie Sauls, executive director of Residential Management for Cordish Living. "The residential renaissance of downtown Kansas City began with historic conversions and we think it is fitting as we begin this next phase of the renaissance that we are adding both high-rise new construction and a historic renovation of the highest quality to the Power & Light District."
Amenities at The Midland Lofts will include an impressive street-level lobby with large windows bringing in natural light, and multiple seating areas for conversation and entertainment, including a coffee bar and entertainment kitchen at the corner of 13th & Baltimore. There will also be a conference room, fitness center, music room, theater, rooftop deck, and various amenity spaces spread throughout the building for ease of resident access.
Local Kansas City architecture and design firm Helix is the project architect for The Midland Lofts. Helix was also the project architect for the historic renovations of the Midland Theater and Mainstreet Theaters in the Power & Light District. RD Jones Interior Design is the interior designer for The Midland Lofts amenity spaces and Three Light. Hord Coplan Macht, the project architect for Two Light, is also the project architect for Three Light.
The architecture and the interior design of The Midland Lofts reflect the rich history and unique character of the building and theater while channeling the upscale finishes and design of One Light and Two Light. While the pricing for apartments in The Midland Lofts will start at $700 per month, the level of finish, amenities and attention to detail at The Midland will meet the same high bar as One Light, Two Light and Three Light.
"The Midland Lofts renovation is a significant step in the direction of making downtown KC more broadly accessible to the downtown workforce," said Emelyna Aurich, director of Property Management for Cordish Living. "We are extremely excited to be introducing so many apartment units to the Power & Light District that are priced below $1,000 per month and we firmly believe The Midland Lofts can be a catalyst for the development of more moderately priced apartment units downtown – both growing our density and making the community more affordable."
Plans for these projects are more robust today than what was originally outlined in the agreement between The Cordish Companies and the city of Kansas City, Missouri. Original plans called for Cordish to build 68 apartments within the Midland Office Building. The revised plans have 139 total units, and Cordish agreed that one-third of the units in the Midland would be affordable for renters making 80% of the area median income. The updated program for The Midland Lofts has all units priced below that threshold. In addition, 20% of the units in Three Light are priced below the 80% of AMI threshold.
Three Light brings the total amount of streetcar-related investment in downtown to more than $1.1 billion and brings to more than 7,500 the total number of market-rate new construction downtown apartments announced since the beginning of construction of both the streetcar and One Light Luxury Apartments.
Three Light is expected to break ground in May 2021 and be completed in May 2023. Renovations of the 12-story Midland Office Building are expected to begin in Q3 2021 and will be completed in Q4 2022.
MODESTO, CA - Graceada Partners and Osso Capital announced the acquisition of The Edge at Lakewood on 1401 Lakewood Ave in Modesto, California. The 196-unit apartment community is located a few miles outside of downtown Modesto and within walking distance of Lakewood Elementary School.
"We continue to see great potential in the Northern California region and a great deal of upside in multi-family assets here. And we're excited to be working alongside a trusted partner like Osso Capital on this deal," said Joe Muratore, CCIM, Principal with Graceada Partners. "As a Modesto-based firm, this property has been on our radar, and we thought this was an ideal acquisition given our knowledge of the market and ability to add value."
Built in 1985, the Edge at Lakewood was partially renovated by the former owner between 2019 and 2020. Graceada and Osso plan to continue the renovation and add amenities, such as a renovated clubhouse and fitness facility, pet park, and various sustainability features.
"We look forward to making The Edge a cutting-edge example of sustainability by adding electric vehicle charging stations, community Wi-Fi, and solar power," said Olivia John, Founder and CEO of Osso Capital. "We have strong conviction in the Modesto multifamily market and the Central Valley region more broadly, and we are excited about expanding our presence in the area."
Located 90 minutes east of the Bay Area, Modesto is a growing city with high demand for quality housing. The Lakewood neighborhood of Modesto boasts one of the highest median household incomes in the region at $83,000.
This acquisition is an investment from Graceada Partners Fund II and Osso Multifamily I.
SAN DIEGO, CA - MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its presence in the Inland Empire, announcing the acquisition of The District Apartment Homes. Formally known as The District at Grand Terrace, MG Properties Group purchased the property from Tower 16 Capital Partners for $88,000,000.
"We are pleased to be further growing our long-term presence in the Inland Empire, a market that has strong opportunity due to its economic growth, affordability, and convenience," said Mark Gleiberman, MG Properties Group's Founder & CEO.
The District Apartment Homes is a class "B" apartment community built in in two phases in 1980 and 1986 in Colton, CA.The Inland Empire is experiencing strong rental demand driven by logistic and healthcare jobs. The property is a value-add opportunity to significantly improve unit interiors in a market which is experiencing high demand for clean and affordable apartments. MG Properties Group owns and manages 7 other apartment communities in the Inland Empire and will be able to enhance management through economies of scale.
MG Properties Group has purchased 7 communities in the past 12 months. These acquisitions totaled over 2,100 units and $700 million in combined value. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada.
The seller was represented by Christopher Zorbas, Alex Garcia and Tyler Martin of IPA. The property was financed with a 10-year fixed rate loan in the amount of $57,200,000 arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
GOODYEAR, AZ – Privately-held real estate investment firm, 29th Street Capital (29SC), has acquired Lunaire Apartments. The purchase marks the firm s 14th multifamily acquisition in the Phoenix metro area, totaling nearly 2,700 units in the market.
Built in 2008, Lunaire Apartments is a Class A-, 240-unit asset located in the West Valley submarket of Phoenix. 29SC s capital improvement plan includes a full renovation of the remaining classic, unrenovated units, amenities enhancements and new exterior paint. 29SC s in-house property management group, Haven Residential, will oversee management and leasing at Lunaire Apartments. We believe this investment represents a unique opportunity to buy an under-valued, institutional quality asset in a high-growth submarket in Phoenix, said Dusty Eddy, 29SC s Senior Vice President of Acquisitions based in Phoenix.
Since 2010, Goodyear has achieved population growth of more than 34%, with metro Phoenix adding 120,000 residents in 2020. Lunaire Apartments is located at 949 S. Goodyear Blvd. E, approximately 20 miles west of downtown Phoenix. The property stands to benefit from its central location, situated in the rapidly growing I-10 and Loop 303 industrial corridors with easy access to downtown Phoenix and the East Valley.
The I-10 and Loop 303 industrial corridor area submarkets have shown very strong growth in both population and jobs, Eddy added. Lunaire s proximity to top employers such as Amazon, Chewy, Microsoft, and Boeing is already a plus. The planned renovations and extension of major highway Loop 303 will make it even more desirable.
Due to a major industrial presence, Goodyear has experienced robust job and population increases and is expected to continue growing. Economic development officials expect that the existing supply of 31.5 million square feet of industrial space is expected to more than double over the next five years, as large companies continue to eye Goodyear for potential development due to its extremely business-friendly environment. The Arizona Chamber of Commerce & Industry named Goodyear the 2020 Best City for Business for its business-friendly customer service, ability to attract industry, reduce regulatory burdens and work with business to improve the local quality of life. Goodyear is ranked nationally as a being a great place to live.
FORT COLLINS, CO - Mission Rock Residential announced a new management contract in its home state of Colorado, this time for The Wyatt Apartments in Fort Collins. The company has been issued an agreement for the management of the 368-apartment community by Hamilton Zanze.
This newly built community is located off of the Colorado Front Range's major north-south corridor, I-25. The community sits on 24 acres nestled in southern Fort Collins near the Timnath, Morningside, and Woodland Park neighborhoods. Convenient access to the highway means a sixteen-minute drive to the heart of downtown Fort Collins and Colorado State University.
"The Wyatt is a standout, new rental community on the southern end of Fort Collins, an area that is seeing continuous demand and growth," said Meredith Wright, President of Mission Rock Residential. "The robust amenity package offers Fort Collins' wellness-focused residents a rich living experience. We look forward to bringing our best-in-class management practices to this top-notch property."
One, two, and three-bedroom apartment homes are available within the pet-friendly community. Other stand out features at The Wyatt include large, walk-in closets, pantries, stainless-steel appliances, LED-lit bathroom mirrors, wood-style flooring, quartz countertops, and private patios or balconies. The property's smart home system, a unique offering for the Fort Collins area, includes smart locks, smart thermostats, smart lights, and a wireless water leak detection system inside each home. Bike & ski repair room, package services, gated security, a state-of-the-art fitness center, and electric vehicle charging stations give the community a high end, luxurious feel.
The Fort Collins metro area, just one hour north of Denver, is becoming a well-loved hub for Northern Colorado residents. The city plays host to robust manufacturing, high tech, higher education, and government sectors with major brands like Anheuser-Busch and Otter calling the city home. As a land grant university, Colorado State University is one of the country's leading research universities with strong emphasis on vector-borne infectious disease, veterinary medicine, atmospheric science, clean energy technologies, and environmental science – all programs seeing growing interest from today's student populations.
CHICAGO, IL - Interfaith Housing Development Corporation (IHDC), announced the completion of its latest housing development, Fifth Avenue Apartments, providing 72 new affordable housing units in the Village of Maywood, a western suburb of Chicago. The development has been made possible thanks to four major financial partners along with an energy efficiency grant from ComEd. These financial partners include the Illinois Housing Development Authority (IHDA), the Cook County Department of Planning and Development, the Richman Group Affordable Housing Corporation, and Bank of America. The Chicago Community Loan Fund also provided pre-development lending prior to construction.
Located at 800 South 5th Avenue, a site purchased from the Village of Maywood in 2019, the apartment development was built at a rapid pace in order to provide much-needed affordable housing support for the Maywood community. The building was designed with offsite prefabricated architectural precast panels that include thin brick, form liner and a limestone sandblast exterior finish. This smart design and construction approach meant that the entire building structure was assembled in just 35 days.
"We began accepting lease applications in the Fall of 2020 and received more than 3,000 applicants for these 72 units," said Perry Vietti, the President of Interfaith Housing. "We knew the need for affordable housing was great in this community, but with the onset of the coronavirus pandemic, it's clear it has become even greater."
The new building is located on 5th Avenue, a pedestrian-oriented commercial corridor which is the main street for the Village of Maywood, providing its new tenants easy access to transit, education, and retail. The building is home to studio, one-, two- and three-bedroom residential units along with interior and exterior shared community spaces for resident use. A 5,500 square foot retail space on the ground floor, not yet occupied, is slated for grocery store use.
"Affordable housing is the backbone of our communities and we're glad to see this development open its doors to the residents of Cook County," said Toni Preckwinkle, President of the Cook County Board of Commissioners. "Interfaith has done an incredible job of bringing this building to life quickly, and we are grateful to have them as our partner helping to fulfill this critical community need."
This development was specifically designed to serve working families and individuals, with 19 of the residences set aside for special needs populations, 8 for homeless veterans, and 11 residences allocated for residents from the Illinois State Referral Network. The building's first occupants are being selected based on their ability to meet the Federal income criteria for affordable housing programs. Maintaining its affordability status for a minimum of forty years, the five-story development will provide affordable housing for households at or below 60 percent of area median income (AMI).
The development has been designed by national integrated architecture and engineering firm, HED, and built by Chicago-based McShane Construction Company. The IHDC development team established early in the project a desire to achieve high levels of environmental sustainability, in an effort to best serve its resident population's health. The project was chosen for the International Living Future Institute's pilot program for affordable housing. While state regulation precluded the receipt of the Living Building Challenge certification the team's participation in the program, will ultimately benefit countless affordable housing projects around the country as the research continues to develop.
"Through our collaborative partnership with the HED design team, and in spite of the supply chain challenges seen around the world during the COVID-19 pandemic, we are excited to be delivering this building for occupancy one month earlier than anticipated. As a result, residents are now moving in, finding new opportunities for their own lives and relieving pressure on the area's shelter resources," said Jason Breden, Vice President of McShane Construction Company.
Additional project team members supporting the design and development of the Fifth Avenue Apartments project include SITE Design for landscape architecture, and Ericksson Engineering for civil engineering. Property management will be provided by Interfaith Management Services, an affiliate of Interfaith Housing Development Corporation that currently manages the 12 additional affordable housing developments owned by Interfaith.
TAMARAC, FL - FCP announces the closing of $8.6 million in preferred equity for the development of Eden West Apartments, a 212-unit multifamily development in the city of Tamarac in Broward County, FL. The project is a joint venture between developers Eden Multifamily (Eden) and Cypress Equity Investments (CEI). The investment marks FCP's 15th in Florida.
"FCP is excited to be working with top-notch developers, Eden Multifamily and Cypress Equity Investments, on Eden West," said FCP Vice President Bruce Gago, who heads the firm's Florida office. Gago continued, "This location not only offers residents access to exciting new amenities at urban destinations, Metropica and Plantation Walk, but we will be able to provide convenient surface parking at an attractive cost basis, a rarity in Broward County."
Eden West is located on the northeast corner of W. McNab and Pine Island Roads in the rapidly growing city of Tamarac. The development will include 212 Class A apartment units in four-story buildings with amenities including a clubhouse, fitness center, saltwater pool, dog park and grilling area. Residents will enjoy proximity to the Sawgrass Expressway and Florida Turnpike, providing easy access to numerous job centers throughout the area.
BIRMINGHAM, AL - Carter Multifamily announced its acquisition of two properties: Renaissance at Galleria for $26,840,000 and Chace Lake Villas for $31,370,000.
Built in 1996, Chace Lake Villas is in Birmingham, Alabama, has 264 units, and spans 13.2 acres of land in a desirable location, close to dining, shopping, entertainment, and the area's employers. The community features well-designed one, two, and three-bedroom units. The high-quality amenities include a resort-like pool, gazebo for grilling, pet park, state-of-the-art fitness center, resident lounge, and more.
Renaissance at Galleria, built in 1994, is in Hoover, Alabama, a desirable submarket of Birmingham, and has 244 units. Hoover is one of Birmingham's top growth suburbs, with a population increase of 35% since 2000. The property is situated on 19.4 lush acres and offers a mix of one and two-bedroom apartments. Amenities include a relaxing outdoor sun deck, a pet park, sport courts, and a pool with a poolside outdoor grill.
"We're excited to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply. We believe that Hoover's growing job base, high average household incomes, and favorable renting trends will continue to fuel demand growth for high-quality, affordable multifamily housing – and that's exactly what these two properties offer," said Ray Hutchinson, Chief Investment Officer of Carter Multifamily.
Carter Multifamily intends to execute a value-add strategy which will include operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements.
DALLAS, TX - Lincoln Property Company, the second largest property management company in the United States, announced that it will acquire the multifamily property management business of The Excelsior Group, Excelsior Multifamily LLC. The Excelsior Group is a Minneapolis-based real estate services company. Its Excelsior Multifamily LLC company manages a portfolio of 27 multifamily properties encompassing nearly 4,500 units in the Minneapolis/St. Paul metropolitan area. Terms of the sale were not disclosed.
Excelsior Multifamily will expand Lincoln s Midwest region, which currently includes offices in Chicago and Kansas City and, with the acquisition, an expanded presence in the Minneapolis/St. Paul metropolitan area. The addition of Excelsior s multifamily portfolio will more than quadruple Lincoln s presence in the Minneapolis/St. Paul market. Nearly all Excelsior Multifamily employees, including the business s core leadership team, will join the local Lincoln team.
We are thrilled to welcome the Excelsior Multifamily team and its portfolio of properties to Lincoln, said Bruce Webster, Senior Vice President, Midwest Region, for Lincoln Property Company. Excelsior s management team will be joining Lincoln to ensure continuity of operations for both residents and owners. Meanwhile, Lincoln s leading management platform will enable the combined business to provide enhanced offerings and services and lower costs to property owners.
As we explored options for growing our multifamily property management business, it became clear that joining the Lincoln platform would be the best outcome for both our people and our clients, said Chris Culp, The Excelsior Group s Founder and Chief Executive Officer. Our clients will continue to enjoy excellent service from people they know and trust while gaining access to the breadth and depth of the resources Lincoln s national size and scale brings. Our people will thrive in a Lincoln corporate culture that is as entrepreneurial as ours but that also affords the career growth and professional development opportunities of an international real estate firm.
FORT COLLINS, CO - San Francisco-based real estate firm Hamilton Zanze (HZ) has purchased The Wyatt, a 368-unit apartment community in Fort Collins, Colorado.
The purchase marks the firm's second acquisition in the Fort Collins market and 15th in Colorado. The community, newly built in 2019, is in immediate proximity to Interstate 25, providing access to Downtown Fort Collins, Downtown Denver, and major regional employers.
"The Wyatt offered an exciting opportunity to buy a brand-new asset in Fort Collins," said David Nelson, managing director of acquisitions for Hamilton Zanze. "The property features an extensive amenity package, a prime location near regional employers, and offers residents the quality of life provided by the city's close proximity to outdoor recreation. We are excited about our continued growth in the Fort Collins market."
The Wyatt was 89.1% occupied at purchase. The community is located at 4701 Strauss Cabin Road in the desirable Fort Collins South submarket, approximately 15 minutes from Downtown Fort Collins. The 368 units range from 761-1,413 square feet and community amenities include a clubhouse, resort-style swimming pool, fitness center, and a spa, steam room, and cabanas.
Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.
BOCA RATON, FL - Harbor Group International, a privately-owned international real estate investment and management firm, announced the acquisition of The Heritage, a 248-unit, Class A multifamily community in Boca Raton, Fla., for $81 million. Newmark Knight Frank's Hampton Beebe and Avery Klann coordinated the sale. Meridian Capital's Abe Hirsh and Zev Karpel along with Newmark Knight Frank's Henry Stimler and Bill Weber coordinated the financing for the deal.
The Heritage consists of four mid-rise residential buildings located one mile west of Atlantic Ocean beaches. The property is near convenient transportation options, including Palmetto Park Road and I-95, providing access to the employment centers of West Palm Beach, Fort Lauderdale and Miami. The Heritage is also proximate to several shopping, recreation and entertainment options in the immediate area including Mizner Park and Town Center at Boca Raton Mall.
Additionally, The Heritage offers an expansive amenity set, including a resort-style pool and jacuzzi, outdoor kitchen, 24-hour fitness center, dry sauna, movie theater and private detached garages. HGI will continue implementing the property's value-add program instituted by the seller, which included upgrading a portion of the units with new appliances and fixtures.
"The South Florida market has performed exceptionally well amid the current economic environment," said Richard Litton, President, HGI. "As a well-located luxury property, with a desirable amenity set, we believe The Heritage will be an in-demand asset as the area attracts more renters."
The purchase of The Heritage adds to HGI's significant footprint of over 4,000 units in Florida. The firm also owns multifamily communities in Orlando, Fort Lauderdale and Doral, among other high-growth markets.
PORTLAND, OR - Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, announced the acquisition of FortyOne 11 Apartments in Portland, Oregon for $27.4 million. The investment was made from Pathfinder Partners Opportunity Fund VIII, L.P. ( Fund VIII ), raised in 2020 to make opportunistic multifamily investments.
FortyOne 11 is a 112-unit property located in an eclectic and vibrant suburb of northeast Portland. Pathfinder will focus on stabilizing the property s operations while improving the resident experience and tenant retention. FortyOne 11 is 76% occupied, presenting an immediate opportunity to substantially increase cash flow through improved occupancy and rent collections and through better utility reimbursement and expense management.
FortyOne 11 epitomizes our strategy for Fund VIII – a well-located, multifamily project which has struggled operationally during the pandemic, said Mitch Siegler, Co-Founder and Managing Director of Pathfinder Partners. With the availability of low-cost debt and shifting demographics, multifamily remains a highly resilient asset class.
In addition to Portland, Pathfinder Fund VIII invests in Seattle, Sacramento, Southern California, Phoenix and Denver.
With rising costs pushing millions of potential buyers to remain renters, there is a housing supply/demand imbalance in the U.S., with more renters than rental units available, said Lorne Polger, Co-Founder and Managing Director of Pathfinder. Multifamily properties such as FortyOne 11 have a track record of providing higher risk-adjusted returns compared to virtually all other property types and support the strategy of accredited investors looking to include real estate in their portfolios.
GERMANTOWN, TN - DLP Real Estate Capital, a private financial services and real estate investment firm, announced its acquisition of Vantage at Germantown, a multifamily three-story garden-style property, located in Germantown, TN. This 288-unit property consists of one-, two-, and three-bedroom units with an average 837 sq. footage.
Don Wenner, Founder and CEO of DLP Real Estate Capital commented, "We are very pleased to add this property to our portfolio of multifamily investments. This beautiful apartment community will provide a convenient and affordable rental housing option for many families to live and work within a ten-mile radius of a high-technology corridor. Acquiring this apartment community reflects our mission of continuing to make a significant impact in today's housing crisis."
Vantage at Germantown was built in 2020 and is conveniently located only 15 minutes from downtown Memphis and within 10 miles of five of the city's largest FedEx facilities. The property offers convenient access to thousands of jobs within the high-tech corridor and other thriving sectors of business. The property sits on over 22 acres and includes a resort-style swimming pool with outdoor cabana and fireplace, media lounge with internet cafe, clubhouse, 24-hour fitness studio, remote access gates, and a large/small breed 'bark park.' The units have energy-efficient appliances with full-size washer and dryer, tiled backsplash, spacious closets, and personal balconies.
MENOMONEE FALLS, WI - Continental Properties Company, Inc. a privately held national multifamily and commercial real estate developer, owner, and operator has announced the closing of its first development fund, Continental Properties Real Estate Development Fund I, L.P. The fund closed in January with a total raise of $180 million of equity and will invest in suburban apartment communities developed and managed by Continental Properties with a total projected construction cost of over $700 million.
"We believe strongly in our suburban multifamily strategy, and our investors have benefited greatly from the growth in suburban employment and population. Stronger rent growth and demographics favor developing and owning suburban multifamily real estate. We are confident in the markets we have targeted for development and are pleased with the strength of our development pipeline. The Development Fund gives Continental and its investors an opportunity to invest in a geographically diverse portfolio of high-quality apartment communities," said Jim Schloemer, Founder and Chairman of Continental Properties and Treasurer of the National Multifamily Housing Council.
"Continental Properties has been executing on its suburban multifamily strategy with great success for over 20 years and recognizes that long-term fundamentals will support multifamily development well into the future. Trends in renter preferences, combined with the supply and demand metrics in our targeted development markets, continue to support our suburban strategy and positions us well to achieve outstanding returns for our investors," stated Dan Minahan, President and COO.
Interest in the Development Fund surpassed initial expectations. "We saw very strong interest from both our long-time investors who have trusted Continental with their investments for years as well as from new investors looking for ways to diversify their portfolios and invest with a proven real estate sponsor. We are grateful for the continued trust that our investors have placed in us, and we are highly committed to delivering outstanding results," commented Ed Madell, EVP and CFO.
PORTLAND, OR - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 145-unit Courtyards at Cedar Hills community in Beaverton, Oregon. The purchase marks the firm's seventh acquisition in the Portland metro area.
Built in 1969 and 1975, Courtyards at Cedar Hills comprises 145 one-, two-, and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities, playground, and Amazon HUB package lockers.
"We are excited about the opportunity to buy in Beaverton, OR and to further expand our presence in the Portland MSA," said David Nelson, managing director of acquisitions for Hamilton Zanze. "Courtyards at Cedar Hills is conveniently located near Oregon Route 217 and U.S. Route 26, which provide residents easy access to Downtown Portland and other major employment centers."
HZ's capital improvements plan includes unit renovations, pool and landscaping enhancements, asphalt and roofing repairs, and fresh exterior paint. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver based company.
The community is located at 13643 SW Electric St, two miles from the Nike World Headquarters in the desirable East Beaverton submarket. As of 2020, Nike employed over 76,000 people worldwide and 12,000 at their headquarters in Beaverton. The property also lies 10 miles west of Downtown Portland, which has been dubbed the "Silicon Forest" for its fast-growing hub of high-tech and life science technology companies. The metro benefits from a young, educated workforce and has ranked among the top-five places for business by Forbes for the past five years.
CHESAPEAKE, VA - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of Streets of Greenbrier, a 280-unit multifamily community in Chesapeake, Virginia, a city in the Hampton Roads region. The property was acquired for CS1031 Streets of Greenbrier Apartments, DST, a Reg. D private placement.
"Chesapeake is part of Virginia's Hampton Roads region, which includes the neighboring cities of Norfolk, Virginia Beach, Portsmouth, Suffolk, Hampton and Newport News," said Louis Rogers, founder and chief executive officer of Capital Square. "Together, these cities complete a dynamic MSA of nearly 1.8 million people, with a large and growing millennial population. The region has one of the highest percentages of residents in the prime rental ages of 20 and 35 and was recently ranked by Time Magazine as the number one region in the Unites States for attracting millennials."
Located at 929 Wintercress Way, Streets of Greenbrier was constructed in 2013 on 13.78 acres of land. The community consists of nine residential buildings and includes studio, one-, two- and three-bedroom units ranging in size from 516 square feet to 1,286 square feet.
Rogers added, "Capital Square is bullish on our home state of Virginia, which has a booming economy, increasing employment base and growing need for quality housing. Forbes recently ranked Virginia as the fourth best state for business. Amazon is a recent illustration, bringing 25,000 jobs to the state with its $2.5 billion HQ2 development."1
Community amenities include pocket parks with covered swings and grilling stations, a sun deck with Wi-Fi access, a grand oasis-style pool, 24-hour fitness center, poolside grilling area, an outdoor poolside fireplace and TV, as well as a fireplace lounge. Additional amenities include a billiards area, dog park, picnic area near a pond, a free car wash/car vacuum station, valet waste service and onsite recycling.
CS1031 Streets of Greenbrier Apartments, DST seeks to raise $35.5 million in equity from accredited investors and has a minimum investment of $50,000.
"Streets of Greenbrier is a quality community, well-located in the transportation hub of the Hampton Roads region, allowing residents to capitalize on immediate access to major employers, as well as high-quality retail, dining and entertainment options," said Whitson Huffman, chief strategy and investment officer. "The community provides residents with convenient access to Interstates 64, 264, 464 and 664 –four major Virginia highways. Through a light value-add strategy, Capital Square intends to increase revenue and the residual value of the property."
SANFORD, FL - Robbins Property Associates ("RPA"), a vertically integrated multifamily owner and operator, has partnered with a publicly-traded insurance company to acquire Lake Monroe Apartments. The expansive 280-unit NGBS Green Certified complex was completed in 2020. The property, which was re-branded Vue on Lake Monroe, is located in the quickly expanding Sanford/Lake Mary submarket in Seminole County.
The property is centrally located with ease of access to Interstate 4 and the SunRail, which provides access to over 20.9 million square feet of corporate office space. The area provides a high proportion of healthcare, finance, and education jobs, including AAA, Deloitte, and multiple hospitals.
"Sanford/Lake Mary has high-growth potential and was relatively resilient during 2020. We expect these positive trends to continue due to the robust local job market and continued population growth," said Neal Herman, Managing Director of Investments at RPA. "Vue at Lake Monroe provides the right balance of high-end interior finishes and amenities while remaining affordable in terms of competing with other brand-new product."
Vue on Lake Monroe is a newly constructed luxury apartment community situated directly across from the Sanford Riverwalk. The community features picturesque views of Lake Monroe, a screened-in resort-style saltwater pool, a state-of-the-art strength and fitness center, and electric vehicle charging. Each unit boasts designer cabinetry imported from Italy, natural polished stone countertops, custom hardware, premium stainless-steel appliances, and hardwood-style flooring. With the historic downtown Sanford with its charming cafés, upscale restaurants, and trendy bars just minutes away, Vue on Lake Monroe sets the stage for a flawless living experience.
RPA will install the finishing touches to the interiors with modern kitchen tile backsplashes. Community amenity upgrades will highlight enhancements to the fitness center and pool, and the addition of a fenced bark park.
"Vue at Lake Monroe is well-suited to meet the growing demand from renters who prefer an urban lifestyle plus the comforts of suburban, waterfront living," said Kristi King, Chief Operating Officer & Principal of RPA. "We are very excited to add this community to our Orlando portfolio."
TUCSON, AZ - San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has acquired La Mirada Apartments, a 201-unit multifamily project in Tucson, Ariz. The property was acquired from a private seller in an off-market transaction.
"We are excited to announce our second acquisition in the Tucson market," said Tower 16 Co-Founder Mike Farley. "We believe that the demand drivers for multifamily housing in Tucson will continue to grow in the coming years, and we are excited to be part of that growth story."
Since its founding in 2017, Tower 16 has made similar moves into markets throughout the West, having acquired close to 4,000 units in California, Las Vegas, Phoenix, Tucson and Denver. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply. According to company executives, Tower 16 intends to build a portfolio of over 1,000 units in the Tucson market over the next several years.
La Mirada Apartments is located at 4415 East Grant Road in Tucson, Ariz. The property is just minutes away from the I-10 freeway and only ten minutes from Downtown Tucson and the University of Arizona campus. The community consists of large two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 will be overseeing over $4 million in upgrades and renovations to the property including modernized unit upgrades, a new clubhouse, gym and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating and outdoor gaming areas.
"We plan on making numerous upgrades to the property that will greatly enhance the tenant experience at La Mirada," said Tower 16 Co-Founder Tyler Pruett. "It gives us great satisfaction to watch the transformation of the property and the surrounding neighborhood through our efforts. We look forward to starting our work as soon as possible."
Tower 16 partnered with Drake Real Estate Partners in the acquisition of La Mirada, the second venture in a programmatic relationship between the two firms.
AUGUSTINE, FL - DLP Real Estate Capital announced its acquisition of the Chandler Park portfolio, amultifamily property portfolio, consisting of two communities in Owensboro and Paducah, Kentucky. This 560-unit portfolio is comprised of 1 bedroom, 2 bedroom, and 3 bedroom units and marks the companies' first footprint in the Bluegrass State.
Don Wenner, Founder and CEO of DLP Real Estate Capital commented, "We are thrilled to not only make our mark in Kentucky, but more importantly, we're excited to have an impact on hardworking individuals and their families by providing affordable homes in safe communities. Chandler Park offers higher luxury at affordable pricing."
Chandler Park, Owensboro, built in 2014, is a 320-unit, multifamily complex located in Owensboro, the fourth largest city by population in the state. The city is the only metropolitan area in the country to have decreased its year-over-year unemployment rate from 4.4% to 4.2% (June 2019-2020) and has experienced immense growth in both businesses and economic development.
The property sits on over 17-acres with 17 residential buildings and includes a resort-style swimming pool, fitness center, and green space with grills. The one to three bedrooms apartments have open floor plans, patios and balconies, stainless steel appliances, granite countertops, and are pet friendly.
Chandler Park, Paducah, built in 2016, is a 240-unit, multifamily complex located in Paducah. Key economic drivers include transportation, manufacturing, and healthcare and the local economy is set to see exponential growth due to the City Block Project, a 3-acre multi use development in downtown Paducah.
The property sits on almost 12-acres with 7 apartment buildings and includes a resort style swimming pool, expansive fitness center, clubhouse, and dog park. The one to three bedroom apartments have open floor plans, stainless steel appliances with granite countertops, and private patios and balconies, and are pet friendly.
The Chandler Park portfolio was brokered by Brian Devlin, Brandon Wilson, & John Seale of The Kirkland Company. Brian Devlin, Managing Partner commented, "Both Chandler Parks have unmatched amenities and excellent locations to the city's demand drivers. Their A quality finishes and superb design make these some of the best assets in the cities."