Deal boom | Page 21 of 21 | apartmentcareers

RISE Properties Trust and Aegon Real Assets US acquire Linden Square Apartments in North Seattle

RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Aegon Real Assets US (“Aegon RA”), an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, today announced their purchase of Linden Square Apartments in North Seattle for $52,750,000. The transaction, brokered by CBRE, represents the third joint venture between the companies this year.

Located a couple miles northwest of Northgate Mall, the multifamily community was built in 1993 and features a mix of one, two- and three-bedroom units, a fitness center and pool, as well as ample garage parking, storage, and amenity space.

The property is a short walk to Bitter Lake and its adjoining playfield amenities, as well as a rapid ride transit stop, which features service every four minutes during peak hours. In addition, the location has strong accessibility to major Seattle employment nodes by way of short drives to both Highway-99 and Interstate-5.

Beau Madsen, Investment Manager at RISE, noted that “Linden Square is a rare, transit-oriented asset that will benefit from our expertise in acquiring, renovating and operating multifamily properties. Having recently completed a number of successful renovation projects in the area, we are excited for the opportunity to unlock the potential at Linden Square by reimagining the asset’s branding and leasing experience, as well as it’s amenity and apartment offerings.”

Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Linden Square Apartments is another illustration of Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S. The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”

Including Linden Square Apartments, RISE owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,000 apartments under management.

JLL completes $47.55M sale of The Vue at Pinnacle Park

JLL announced today that it has closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin, a suburb to the south of Madison.

JLL marketed the property exclusively on behalf of the seller, Milwaukee-based Fiduciary Real Estate Development, Inc., and procured the buyer, Weidner Apartment Homes.

The Vue at Pinnacle Park is located at 1300 Post Road less than five miles south of downtown Madison. Built in 2014, the property is less than 20 minutes from top employers, including the University of Wisconsin-Madison, Epic Systems and American Family Insurance, and is about three minutes from Madison’s “Beltline” Highway, which is the convergence of Highways 12, 14, 18 and 151 at Interstate 90. The Vue at Pinnacle Park is situated on 9.83 acres near a vast nature preserve that insulates the area from future development and also offers unobstructed scenic views and access to walking trails. The property consists of five three-story buildings that house a variety of studio through three-bedroom units averaging 976 square feet. Community amenities include a resort-style swimming pool and sundeck, outdoor grilling area, fire pit, 24-hour fitness center with tanning bed, clubroom with wet bar, heated ground-floor garages and indoor pet washing stations. The property was 97% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Amanda Friant.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

CBRE Multifamily Group sells Appleton Square for $29.3 million

The CBRE Capital Markets team announced the sale of Appleton Square located at 171-176 East Street in Methuen, Massachusetts, for $29,300,000.

CBRE multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Appleton Square, LLC, and procured the buyer, Arrowpoint Properties.

“We are pleased to have executed the sale of Appleton Square for the behalf of the seller, who had originally developed the community,” said CBRE’s Butler. “It presents the buyer, with the ability to add value through a combination of upgrades to the asset.”

Appleton Square is a 140-unit apartment community. Originally built between 1987 and 1988, the existing site is comprised of six three-story residential buildings located on 6.8 acres. The unit mix includes 28 one-bedroom and 112 two-bedroom, where 53 of the apartment units have been upgraded since 2012. Community amenities include a remodeled clubhouse with leasing office, business center, cyber café, and 24-hour fitness center. Outside the clubhouse is a resort-style swimming pool with expansive sun deck and grilling area.

Residents are just 1.5 miles from major retailers at The Loop and along Pleasant Valley Street. The Loop is a 500,000-square-foot open-air retail plaza, with retailers along this one-mile stretch including Super Stop & Shop, Market Basket, Target, AMC Theaters, Home Depot, Not Your Average Joe’s, Olive Garden, Fridays, Margarita’s, and more. Additionally, residents are also just 10 minutes from tax-free shopping in Salem, New Hampshire.

Appleton Square is strategically located with easy access to both Interstates 495 and 93, and residents have direct access to major employment centers throughout both downtown, via the MBTA Riverwalk Lawrence Station, and suburban Boston. Interstate 93 provides residents connections and access to Interstate 95/Route 128 in less than 25 minutes and Downtown Boston and Logan Airport in 45-60 minutes.

Gebroe-Hammer Associates arranges $154.3+ milion in Bergen/Passaic County, NJ sales

Long considered one of the highest-barrier-to-entry multifamily investment submarkets in the state, the Bergen/Passaic County apartment-property corridor continues to live up to its enduring reputation, according to Gebroe-Hammer Associates. While for-sale product remains scarce—and the investor pool abundant—the firm’s market specialists have recorded a total of $154.3+M in sales encompassing over 839 units since midyear.

One of the latest Bergen County trades involves the sale of Valley West Apartments, located at 245 Valley Rd. in Wood-Ridge, which garnered a per-unit price of $250,000. The transaction was arranged by Executive Vice President Greg Pine, who exclusively represented the owner—the original developer of the circa-1974 building comprised of one medical office and all one-bedroom/one bath layouts—and procured the buyer, a private investor. Senior Vice President Debbie Pomerantz also served as a member of the brokerage team. Previously, Pine represented the same seller/developer in the $8.2M sale of 35 units in Englewood late last year. Executive Vice President Stephen Tragash procured the buyer in that trade.

“While Bergen County was once exclusively known as an affluent suburb of single-family homes, it has since expanded its identity and sense of character to include modern-day transit-focused urban-sophisticate living—a lifestyle once associated with big cities,” said Pine. “As redevelopment and the delivery of new-construction market-rate units around municipal city centers and train stations have fed this decade-long transformation, existing multi-family properties are now considered prime investment-acquisition opportunities because of their inherent value-add and property repositioning potential.”

Examples of this trend are mirrored in five transactions arranged by Gebroe-Hammer’s brokerage professionals during a recent six-week stretch in municipalities like Palisades Park, Maywood and Ridgefield. Each posed an opportunity for new ownership to implement modest capital improvements, primarily to kitchens and baths, in order to achieve upper-percentile market-rate rents and significant property appreciation over the long term.

Similar trends abound in Passaic County, particularly within the southwest quadrant where Gebroe-Hammer has arranged two separate transactions in Clifton involving an average per-unit sale price of $180,455. The borough’s downtown section, defined as Main Avenue extending from the City of Passaic to the Route 45 overpass and at Clifton Avenue from First Street to Lexington Avenue, has been targeted as a Special Improvement District.

“Clifton, southwest Passaic County and the county as a whole—including its county seat of Paterson—have been leaders in the redevelopment and rehabilitation of its existing housing stock,” said Pomerantz, who is the firm’s Passaic County/North Jersey market specialist. “These initiatives have resulted in a dramatic rebranding for dynamic, transit-centric hubs that appeal to a multi-generational tenant demographic, from millennials and families to empty nesters and retirees.”

With a focus on suburban garden-apartment and urban mid- and high-rise properties, Gebroe-Hammer’s geographic areas of concentration are centered in New Jersey and extend to southeast Pennsylvania and southern New York State. The firm is widely recognized for its consistent sales performance and is a 15-time CoStar Power Broker. Other achievements include arranging the largest Mid-Atlantic region multifamily sale (2018) and being named a nationally ranked Multifamily Influencer (2018); one of the nation’s top-25 single multi-family asset sales (2017); and among the nation’s top-25 multifamily brokers (2017).

JLL closes sale, financing of Northwest Houston apartments

JLL announced today that it has closed the sale and arranged acquisition financing for Champions Woods Apartments, a 186-unit, garden-style multihousing community in Northwest Houston.

JLL marketed the property exclusively on behalf of the seller, Venterra Realty. Haven Realty Capital purchased the offering. Additionally, JLL worked on behalf of the new owner to place the 10-year, floating-rate loan with Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Champions Woods Apartments is located at 6830 Champions Plaza Drive near the intersection of Highway 249 and FM 1960 near Willowbrook Mall. The property features eight spacious floor plans totaling 162,936 rentable square feet within 10 three-story, walk-up residential buildings. Units feature fully equipped kitchens, separate dining areas, garden tubs, built-in shelving, large walk-in closets and private balconies. Premium units also include luxury lighting, wood-style flooring and fireplaces. Community amenities include a swimming pool with waterfall, hot tub, outdoor entertainment pavilion with grilling area, renovated fitness center and cybercafé with Wi-Fi.

The JLL Capital Markets team representing the seller was led by Vice President Bob Heard and Managing Directors Chip Nash and Greg Austin.

JLL’s Capital Markets debt placement team representing the new owner was led by Senior Vice President James Brolan.

Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

Construction complete on University of Colorado Boulder’s newest and largest residence hall Williams Village East

The new Williams Village East residence hall at the University of Colorado Boulder proudly welcomed its first students in August for the fall 2019 semester. The 178,000-square-foot residence hall, the university’s largest, houses a total of 705 students.

The $96.7 million residence hall was designed by St. Louis-based KWK Architects as part of the design-build team, which also included architect-of-record alm₂s of Fort Collins, CO and Whiting-Turner Contracting Company of Denver, CO.

“We are extremely proud of the design that we created for the University of Colorado Boulder,” said KWK Principal Javier Esteban. “The building features a number of sustainable elements, and really takes into consideration the needs and desires of the university and its students.”

Construction on Williams Village East began in August 2017 on the south side of Baseline Road at approximately 35^th street. The building sits just east of the Williams Village North residence hall on a site formerly occupied by a parking lot and four tennis courts that were no longer in use.

Important aspects of the seven-story hall’s design is its sustainability, dedication to student privacy and focus on community.

Williams Village East features a new bathroom design that gives each student maximum privacy. The gender-neutral, individual bathrooms each include a shower, sink, toilet and changing space to accommodate student requests for more privacy.

Williams Village East was designed to achieve a LEED Platinum certification under LEED v4. Some of its sustainability features include numerous windows to let in natural light and windows with electrochromic glazing that adjust the shading based on the time of day and year. A pond that uses ditch water from snowmelt supplies the Williams Village Campus and saves the campus 13 million gallons of water per year.

The windows in the student bedrooms feature magnets that turn off the heating or cooling systems when the windows are opened, and a vacancy sensor in each room turns off the lights and turns down the heating or cooling levels when students leave the room. A black switch turns off “phantom loads,” or electronics that are left plugged in when not in use to conserve electricity.

Other renewable energy features of the building include solar panels, LED lighting, recycling areas, green outlets, thermostats in each room, low-flow toilets and urinals, door closers and a VRF HVAC system.

Sustainability is also playing a role in building community in the new hall by grouping floors into sustainability teams that compete to use the least amount of water and energy. Winning teams can earn community reward parties throughout the semester.

Community wellness is also promoted in the building’s wayfinding graphics which feature photography of local Boulder nature destinations. The destinations are also mapped out on a full-scale wall map in the first-floor game room, encouraging students to get out and find the featured destinations.

Another way community and student interaction is promoted is in the main level great room, which features a community center staffed by students that includes a kitchen and living room area, plus a gaming area with large televisions hooked up to Sony PlayStation 4 and Nintendo Switch, plus other games.

The Williams Village East exterior was designed to match the architectural style and finish of Williams Village North, which opened in August 2011.

Avison Young completes $16.76-million portfolio sale of two value-add apartment properties totaling 72 units in Azusa, CA

Avison Young completed the $16.76-million portfolio sale of The Riviera and Rainbow Gardens, two nearby apartment properties in Azusa, Calif.

Avison Young, the world’s fastest-growing commercial real estate services firm, announced today it has completed the $16.76-million portfolio sale of The Riviera and Rainbow Gardens, two nearby apartment properties totaling 72 units in Azusa, CA (Los Angeles County). The two-story properties each include 36 units and were built in the early 1960s.

Avison Young’s Peter Hauser, Matt Hauser and Masa Ito in the company’s Irvine, CA, office, represented the seller, Cameron Properties, a privately held company based in San Gabriel Valley, and the buying entities formed by Los Angeles-based Barker Pacific.

The Riviera is situated on 1.275 acres at 1381 N. San Gabriel Canyon Road. It features a large swimming pool and an on-site laundry facility. An extensive exterior renovation was recently completed by the seller.

Rainbow Gardens is situated on a one-acre parcel at 1311 Azusa Avenue. It includes a pool and on-site laundry room.

“These properties provide the buyer an excellent opportunity to upgrade and update unit interiors and exteriors as needed, to garner stronger rents in compliance with the current rent control guidelines,” said Peter Hauser. “Once completed, the properties will be poised to create favorable cash flow.”

He added that the new ownership plans extensive exterior renovations and rebranding for Rainbow Gardens that will include new landscaping, wood replacements and paint. Both assets are planned for full unit renovations as well.

The Riviera and Rainbow Gardens are well-located in north Azusa near the new Rosedale residential section of town with a number of retail, dining, recreation and healthcare amenities, including Azusa Greens Country Club, Northside Park, Costco, Starbucks, Ross, Chick-fil-A and CVS, among others. The properties are also proximate to downtown and the new Metro Gold train stations.

Over the past five years, Azusa has been the fastest-growing city in the San Gabriel Valley with 6.6 percent population growth during that period. The area has also seen a significant amount of capital infusion with new planned developments in various stages of construction in all property sectors.

West Shore acquires Class A luxury asset in South Carolina

West Shore LLC, a fully integrated, multifamily real estate investment firm, today announced the acquisition of Arcadia’s Edge, a 204-unit luxury residential community in Columbia, South Carolina. The top-tier, Class A asset, which offers residents luxurious amenities in a serene and natural setting, is West Shore’s 25^th acquisition nationwide and its fifth in the Carolinas.

Arcadia’s Edge is centrally located in the state capital of Columbia, one of the fastest growing metropolitan regions in the Southeast. Columbia was recently ranked among the Top Places to Live by U.S. News & World Report and is widely regarded as one the best cities for millennials, given its thriving economy.

According to West Shore Chairman Steven P. Rosenthal, Arcadia’s Edge is a perfect example of the caliber of multifamily asset the company seeks for its portfolio; superior residential properties located in thriving markets. “Arcadia’s Edge is a unique Class A property that offers residents the best of everything—ideal location, robust economy, solid job market and luxury living,” said Rosenthal. “This deal is demonstrative of our success and growth over the last three years as we continue to identify and acquire high quality, off market properties like Arcadia’s Edge, in high-growth areas like Columbia.”

Built in 2012, the 220,000 square foot, 13-acre private community is surrounded by trees and highlighted by preserved wetlands. It was the first community in South Carolina to be certified by the National Association of Home Builders as meeting the National Green Building Standard.

Arcadia’s Edge is one of the region’s premier luxury communities, offering residents spacious one, two, and three bedroom open-concept floor plans, designed for smart living and customized to meet their every need. Individual units feature granite countertops, sleek stainless steel appliances, designer wood cabinetry, spacious walk-in closets, ample storage space, nine foot ceilings and beautifully vaulted ceilings and private patios in select units. Communal amenities include a resort style saltwater swimming pool and sundeck; poolside grilling and dining; waterfront park and fire pit; outdoor resident lounge, complete with a fireplace and media center; scenic pond; wooded walking trail; community garden; state-of-the-art fitness center; and first class clubhouse, including a cyber café and coffee bar. The property also boasts several green amenities and features including Energy Star Frigidaire appliances, Low-E glass windows, low flow water fixtures, low VOC paints, Rinnai Value tank-less gas water heaters, a natural irrigation system and sustainable landscaping.

“We are thrilled to add Arcadia’s Edge to our portfolio,” said Lee Rosenthal, West Shore President. “We now own and operate 1,429 units in the Carolinas and we see tremendous opportunity for continued growth there. Arcadia’s Edge is a top-tier, well-built property in a solid market and we are especially pleased to be adding scale in the Columbia market.”

West Shore owns and manages four additional properties in the Carolinas: Ansley Falls in Charlotte, North Carolina; Aurea Station in Charlotte, North Carolina; Reserve at Mill Landing in Lexington, South Carolina; and Riverwalk in Rock Hill, South Carolina.