Built in 2019 in Downtown Scottsdale, Alta Drinkwater features a resort-style swimming pool with poolside kitchen and dining area, a large roof-top lounge, state-of-the-art fitness center, designer resident clubhouse with a 13-foot television, outdoor courtyard with gas grills and games and secured garage parking. Individual residences at Alta Drinkwater have condominium-quality finishes with nine, ten, and 20-foot ceilings and gourmet kitchens featuring oversized quartz countertops, natural gas cooktops and energy-efficient stainless-steel appliances.
“Alta Drinkwater’s market-leading amenities, Class A finishes and iconic visibility on Scottsdale Road created a unique core offering that attracted significant interest from some of the top buyers in the country,” said Gunter. “Downtown Scottsdale is one of the top performing Class A submarkets in the Western United States.”
According to CBRE Research, year-over-year multifamily rent growth in Phoenix increased 8.2 percent in Q3 2019, the strongest growth of all metros in the United States, while rent growth in Downtown Scottsdale increased 7.6 percent during the same time.
“Alta Drinkwater is a tremendous fit for SREIT and follows our thesis of investing in targeted growth markets. This is a best-in-class physical asset, in a highly-desirable location, with close proximity to major employment centers and numerous amenities,” said David Baker, Senior Vice President of Acquisitions at Starwood Capital Group. “We believe this is a good risk-adjusted acquisition in a Downtown Scottsdale submarket that has some of the best supply-demand fundamentals in the United States.”
CBRE today announced the sale of the Residences at Riverwalk located at 553-557 South Commercial Street in Manchester, New Hampshire, for $33,000,000.
CBRE today announced the sale of the Residences at Riverwalk located at 553-557 South Commercial Street in Manchester, New Hampshire, for $33,000,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, SMC Management Corporation, and procured the buyer, Forest Properties.
“We are pleased to have closed on the sale of the Residences at Riverwalk, which is located in a dynamic location adjacent to the Fisher Cat’s minor league baseball park and walking distance to numerous retail amenities,” said Butler.
“The strength of the Manchester economy and the lack of new supply should allow Forest Properties to achieve strong long-term rent growth,” said St. John.
The Residences at Riverwalk is a 150-unit, 100 percent market-rate class A apartment community located in Manchester, New Hampshire. Built in 2016, the property consists of three five-story residential buildings with garage parking. The unit mix includes 28 studio, 52 one-bedroom, and 70 two-bedroom units. Amenities include an on-site fitness center, laundry and private meeting spaces. The Residences at Riverwalk is conveniently located off Interstate 293 and is proximate to Interstate 93.
Built in 2019 in Downtown Scottsdale, Alta Drinkwater features a resort-style swimming pool with poolside kitchen and dining area, a large roof-top lounge, state-of-the-art fitness center, designer resident clubhouse with a 13-foot television, outdoor courtyard with gas grills and games and secured garage parking. Individual residences at Alta Drinkwater have condominium-quality finishes with nine, ten, and 20-foot ceilings and gourmet kitchens featuring oversized quartz countertops, natural gas cooktops and energy-efficient stainless-steel appliances.
“Alta Drinkwater’s market-leading amenities, Class A finishes and iconic visibility on Scottsdale Road created a unique core offering that attracted significant interest from some of the top buyers in the country,” said Gunter. “Downtown Scottsdale is one of the top performing Class A submarkets in the Western United States.”
According to CBRE Research, year-over-year multifamily rent growth in Phoenix increased 8.2 percent in Q3 2019, the strongest growth of all metros in the United States, while rent growth in Downtown Scottsdale increased 7.6 percent during the same time.
“Alta Drinkwater is a tremendous fit for SREIT and follows our thesis of investing in targeted growth markets. This is a best-in-class physical asset, in a highly-desirable location, with close proximity to major employment centers and numerous amenities,” said David Baker, Senior Vice President of Acquisitions at Starwood Capital Group. “We believe this is a good risk-adjusted acquisition in a Downtown Scottsdale submarket that has some of the best supply-demand fundamentals in the United States.”
CBRE today announced the sale of the Residences at Riverwalk located at 553-557 South Commercial Street in Manchester, New Hampshire, for $33,000,000.
CBRE today announced the sale of the Residences at Riverwalk located at 553-557 South Commercial Street in Manchester, New Hampshire, for $33,000,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, SMC Management Corporation, and procured the buyer, Forest Properties.
“We are pleased to have closed on the sale of the Residences at Riverwalk, which is located in a dynamic location adjacent to the Fisher Cat’s minor league baseball park and walking distance to numerous retail amenities,” said Butler.
“The strength of the Manchester economy and the lack of new supply should allow Forest Properties to achieve strong long-term rent growth,” said St. John.
The Residences at Riverwalk is a 150-unit, 100 percent market-rate class A apartment community located in Manchester, New Hampshire. Built in 2016, the property consists of three five-story residential buildings with garage parking. The unit mix includes 28 studio, 52 one-bedroom, and 70 two-bedroom units. Amenities include an on-site fitness center, laundry and private meeting spaces. The Residences at Riverwalk is conveniently located off Interstate 293 and is proximate to Interstate 93.
CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.
CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill, Massachusetts-based Chestnut Hill Realty and Providence, Rhode Island-based Lisco Development. CBRE also procured the buyer, Braintree, Massachusetts-based Schochet Companies.
“We are pleased to have sold Bay View Estates for both Chestnut Hill Realty and Lisco Development who had owned the community for over 20-years and recently made significant improvements to the asset, including both amenities and unit renovations,” said CBRE’s Butler. “Bay View Estates offers the buyer the ability to continue with and expand the scope of upgrades implemented by the seller to further drive revenue and a better living experience for residents.”
Bay View Estates is a 100 percent market-rate apartment community consisting of a total of 130 units, including 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building, and 23 direct access units in a terrace building, spread over 29.3 acres of grounds. The community is comprised of a mix of studios, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Strategically located on Route 114 (West Main Street), Bay View Estates has easy access to Route 24 and Interstate 95 to the North and Newport, Rhode Island, to the South. Residents also have access to both Newport and Providence via RIPTA bus service, which picks up adjacent to the community. Additionally, Bay View Estates offers a generous amenity package including a community room, an outdoor pool, a gym and tennis count.
CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.
CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.
CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill, Massachusetts-based Chestnut Hill Realty and Providence, Rhode Island-based Lisco Development. CBRE also procured the buyer, Braintree, Massachusetts-based Schochet Companies.
“We are pleased to have sold Bay View Estates for both Chestnut Hill Realty and Lisco Development who had owned the community for over 20-years and recently made significant improvements to the asset, including both amenities and unit renovations,” said CBRE’s Butler. “Bay View Estates offers the buyer the ability to continue with and expand the scope of upgrades implemented by the seller to further drive revenue and a better living experience for residents.”
Bay View Estates is a 100 percent market-rate apartment community consisting of a total of 130 units, including 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building, and 23 direct access units in a terrace building, spread over 29.3 acres of grounds. The community is comprised of a mix of studios, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Strategically located on Route 114 (West Main Street), Bay View Estates has easy access to Route 24 and Interstate 95 to the North and Newport, Rhode Island, to the South. Residents also have access to both Newport and Providence via RIPTA bus service, which picks up adjacent to the community. Additionally, Bay View Estates offers a generous amenity package including a community room, an outdoor pool, a gym and tennis count.
CBRE secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community in Walpole, Massachusetts.
CBRE announced today that it has secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community located at 1100 Cricket Lane in Walpole, Massachusetts.
John C. Kelly and Collin Brennan of CBRE Capital Markets’ Debt and Structured Finance team obtained the financing on behalf of Audubon Capital Partners. The property has been rebranded Audubon Easterly.
“We were happy to assist our repeat client in positioning this acquisition for long-term financial success,” stated CBRE’s Kelly.” We were able to secure a great long-term fixed rate financing solution with one of our life company partners that matched the client’s business objectives.”
“We were attracted to the economic drivers as well as the quality of the construction of this newly built asset,” noted Brett Catlin of Audubon Capital Partners. “The community offers a desirable location to our residents as well as providing a first class living environment.”
Alta Easterly is a 157-unit apartment community located in East Walpole, Massachusetts. Delivered in 2018, the property is comprised of three four-story residential buildings. The unit mix includes 57 one-bedroom, eight one-bedroom with den, and 92 two-bedroom units, with an average unit size of 948 square feet. Alta Easterly is located proximate to the intersection of Interstates 95 and 93, providing direct access to Boston.
CBRE secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community in Walpole, Massachusetts.
CBRE announced today that it has secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community located at 1100 Cricket Lane in Walpole, Massachusetts.
John C. Kelly and Collin Brennan of CBRE Capital Markets’ Debt and Structured Finance team obtained the financing on behalf of Audubon Capital Partners. The property has been rebranded Audubon Easterly.
“We were happy to assist our repeat client in positioning this acquisition for long-term financial success,” stated CBRE’s Kelly.” We were able to secure a great long-term fixed rate financing solution with one of our life company partners that matched the client’s business objectives.”
“We were attracted to the economic drivers as well as the quality of the construction of this newly built asset,” noted Brett Catlin of Audubon Capital Partners. “The community offers a desirable location to our residents as well as providing a first class living environment.”
Alta Easterly is a 157-unit apartment community located in East Walpole, Massachusetts. Delivered in 2018, the property is comprised of three four-story residential buildings. The unit mix includes 57 one-bedroom, eight one-bedroom with den, and 92 two-bedroom units, with an average unit size of 948 square feet. Alta Easterly is located proximate to the intersection of Interstates 95 and 93, providing direct access to Boston.
Passco Companies has acquired Avana Lenox, a 423-unit apartment community in Atlanta, Georgia, bringing Passco’s current Atlanta multifamily portfolio to more than 1,800 units.
Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Avana Lenox, a 423-unit apartment community in Atlanta, Georgia. The acquisition brings Passco’s current Atlanta multifamily portfolio to more than 1,800 units.
The firm purchased the asset from Greystar, who will remain the property manager for the community, for a total consideration of $106.5 million.
While in line with Passco’s proven strategy of acquiring well-located multifamily properties in markets with strong growth fundamentals, Avana Lenox is a highly-unique addition to the firm’s Georgia portfolio, according to Colin Gillis, Vice President, Acquisitions – East.
“Avana Lenox is a once-in-a-generation acquisition due to its rare positioning as one of the last garden-style multifamily communities constructed in Buckhead,” explains Gillis. “In addition to the exceptional, low-density site and huge floorplans, our team was drawn to this property because of its irreplaceable location, which allows the property to enjoy ‘dual’ Buckhead and Midtown identities. The property offers both surface street and interstate access into the hearts of both Atlanta’s financial district in Buckhead, and the established Arts District and a burgeoning tech-hub of Midtown.
While situated within a quiet community near million-dollar homes, Avana Lenox has significant visibility along main thoroughfares and is in close proximity to jobs and other conveniences.
“This is one of the best-located properties in Atlanta in terms of proximity to major employment centers,” continues Gillis. “Residents have near-immediate access to Interstate 85 and Georgia State Route 400, reaching nearly 500,000 jobs within a 10-15-minute drive, including those in Buckhead, Midtown, Brookhaven Medical Corridor, and Clifton Corridor.”
According to Gillis, while Passco has been highly active in the Atlanta suburbs for the past several years, this was a significant and unexpected opportunity to acquire a multifamily community that fit the firm’s investment profile in a core, inside-the-perimeter-location.
Paul Berry of CBRE’s Investment Properties Mulitfamily represented Greystar as the seller in this transaction. In describing Avana Lenox, Berry noted, “the property provides an umatched combination of commuting convenience, large apartment sizes, state-of-the-art amenities and an elegant mid-density setting. For a host of reasons, Avana Lenox can not be replicated, and that fact combined with its set of features should lead to future rental performance much stronger than market norms. Avana Lenox is an outstanding longterm hold property.”
Built in 1998, Avana Lenox is situated on 15 acres and features some the largest floorplans in the market with an average of 1,203 square feet, over 40 percent larger than new development averages, Gillis notes.
The majority of Avana’s units have been renovated in recent years to varying degrees, and the amenity offerings upgraded to Class AA quality, including full renovation of the leasing center, fitness center, club rooms, and pool area; an exterior makeover; and refreshed signage.
“Passco plans to follow the lead of previous ownership and their proven-out renovation strategy to modernize select units with updated flooring and fixtures, creating additional value and strong cashflow without significant capital investment,” notes Gillis.
Community features include a two-story fitness studio, a resort-style pool with lounge seating and a fire pit; a game room with billiards, shuffle board, and a flatscreen TV; a conference room; a package locker system; tennis courts; and several other amenities.
The apartment community offers units with a range of one-, two-, and three-bedroom floorplans, with 82 units of two-story loft floor plans and 16 townhomes with attached garages.
Unit features include granite or quartz countertops, stainless steel appliances, plank flooring, walk-in closets, refinished white cabinetry, and full size washer and dryers provided in renovated units.
The property is located at 925 Canterbury Road in Atlanta.
Avana Lenox is situated on 15 acres and features some the largest floorplans in the market with an average of 1,203 square feet, over 40% larger than new development averages.Community features include a two-story fitness studio, a resort-style pool with lounge seating and a fire pit; a game room with billiards, shuffle board, and a flatscreen TV; a conference room; a package locker system; tennis courts; and several other amenities.
Passco Companies has acquired Avana Lenox, a 423-unit apartment community in Atlanta, Georgia, bringing Passco’s current Atlanta multifamily portfolio to more than 1,800 units.
Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Avana Lenox, a 423-unit apartment community in Atlanta, Georgia. The acquisition brings Passco’s current Atlanta multifamily portfolio to more than 1,800 units.
The firm purchased the asset from Greystar, who will remain the property manager for the community, for a total consideration of $106.5 million.
While in line with Passco’s proven strategy of acquiring well-located multifamily properties in markets with strong growth fundamentals, Avana Lenox is a highly-unique addition to the firm’s Georgia portfolio, according to Colin Gillis, Vice President, Acquisitions – East.
“Avana Lenox is a once-in-a-generation acquisition due to its rare positioning as one of the last garden-style multifamily communities constructed in Buckhead,” explains Gillis. “In addition to the exceptional, low-density site and huge floorplans, our team was drawn to this property because of its irreplaceable location, which allows the property to enjoy ‘dual’ Buckhead and Midtown identities. The property offers both surface street and interstate access into the hearts of both Atlanta’s financial district in Buckhead, and the established Arts District and a burgeoning tech-hub of Midtown.
While situated within a quiet community near million-dollar homes, Avana Lenox has significant visibility along main thoroughfares and is in close proximity to jobs and other conveniences.
“This is one of the best-located properties in Atlanta in terms of proximity to major employment centers,” continues Gillis. “Residents have near-immediate access to Interstate 85 and Georgia State Route 400, reaching nearly 500,000 jobs within a 10-15-minute drive, including those in Buckhead, Midtown, Brookhaven Medical Corridor, and Clifton Corridor.”
According to Gillis, while Passco has been highly active in the Atlanta suburbs for the past several years, this was a significant and unexpected opportunity to acquire a multifamily community that fit the firm’s investment profile in a core, inside-the-perimeter-location.
Paul Berry of CBRE’s Investment Properties Mulitfamily represented Greystar as the seller in this transaction. In describing Avana Lenox, Berry noted, “the property provides an umatched combination of commuting convenience, large apartment sizes, state-of-the-art amenities and an elegant mid-density setting. For a host of reasons, Avana Lenox can not be replicated, and that fact combined with its set of features should lead to future rental performance much stronger than market norms. Avana Lenox is an outstanding longterm hold property.”
Built in 1998, Avana Lenox is situated on 15 acres and features some the largest floorplans in the market with an average of 1,203 square feet, over 40 percent larger than new development averages, Gillis notes.
The majority of Avana’s units have been renovated in recent years to varying degrees, and the amenity offerings upgraded to Class AA quality, including full renovation of the leasing center, fitness center, club rooms, and pool area; an exterior makeover; and refreshed signage.
“Passco plans to follow the lead of previous ownership and their proven-out renovation strategy to modernize select units with updated flooring and fixtures, creating additional value and strong cashflow without significant capital investment,” notes Gillis.
Community features include a two-story fitness studio, a resort-style pool with lounge seating and a fire pit; a game room with billiards, shuffle board, and a flatscreen TV; a conference room; a package locker system; tennis courts; and several other amenities.
The apartment community offers units with a range of one-, two-, and three-bedroom floorplans, with 82 units of two-story loft floor plans and 16 townhomes with attached garages.
Unit features include granite or quartz countertops, stainless steel appliances, plank flooring, walk-in closets, refinished white cabinetry, and full size washer and dryers provided in renovated units.
The property is located at 925 Canterbury Road in Atlanta.
Avana Lenox is situated on 15 acres and features some the largest floorplans in the market with an average of 1,203 square feet, over 40% larger than new development averages.Community features include a two-story fitness studio, a resort-style pool with lounge seating and a fire pit; a game room with billiards, shuffle board, and a flatscreen TV; a conference room; a package locker system; tennis courts; and several other amenities.
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