ANAHEIM, CA – The gorgeous beaches aren’t the only thing attracting residents to Orange County these days. With more than 1.4 million jobs identified in the area, this growing submarket has an overwhelming need for multifamily development and new living experiences.

JPI, who has called Southern California home for more than 20 years, intends to meet those needs with their newest Class A multifamily development. Rev at Platinum Park, which closed financing today, will start construction in Anaheim. The financial partners for the development are MORE Residential and Bridge Bank.

“We’ve been in this market for a long time, so we have a unique opportunity to serve the residents of Anaheim,” said Rosie Cooper, executive vice president and regional managing partner at JPI. “Our research has shown that residents aren’t just looking for a nice place to live – they are looking for a place that fits their lifestyle. Being in the heart of the prestigious Platinum Triangle opens up this community to the energy around it. We are excited to welcome Rev at Platinum Park to Anaheim and see the impact it will make.”

“We are excited to partner with JPI on such a high-caliber project,” said Mark Alfieri, chief executive officer at MORE Residential, the joint venture/equity partner on Rev at Platinum Park. “This well-thought-out development reflects our strategy of building a high-quality portfolio of multifamily properties through partnerships with exceptional development sponsors.”

Rev at Platinum Park, a 332-home community located in the Platinum Triangle area of Anaheim at the intersection of East Gene Autry Way and South State College Boulevard, will include 14,600 square feet of commercial space. This will be JPI’s third community within walking distance of the Platinum Triangle.

“JPI’s Rev at Platinum Park exemplifies Bridge Bank’s commitment to invest in vibrant developments in communities that are the cornerstone of economic growth. Anaheim’s Platinum Triangle, and JPI’s visionary development, is a perfect example of that commitment,” said Maggie Hsu, vice president and senior loan officer in Bridge Bank’s Construction Lending Group.

Residents will delight in being within walking distance of the 45,477-seat Angel Stadium of Anaheim, home to the Los Angeles Angels. Residents are also just minutes away from an array of nearby entertainment options including new eateries, breweries, the Packing District, Disneyland and the Honda Center concert venue, home of the Anaheim Ducks.

Rev at Platinum Park, a podium-style community, was designed with a mix of modern and industrial architectural styles. The design includes an expansive courtyard with a pool and a resort-style sunken island. This project boasts a large multiuse resident clubhouse and two rooftop decks, all designed with the community experience in mind. Residents can come together and delight in views of the ballpark and Disneyland’s nightly fireworks show. The community includes multiple barbecue areas, an outdoor lounge, and a state-of-the-art indoor fitness center with an outdoor workout space for those who delight in the breeze. Residents will also delight in access to the adjacent 1.09-acre dedicated public park, which includes an off-leash dog area.

For residents working at top employers in the area such as Disney, UCI Medical Center, PuroClean, Volt Information Sciences and Hilton, Rev at Platinum Park is convenient to the I-5 and SR-57 freeways and the $188 million Anaheim Regional Transportation Intermodal Center.

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DRAPER, UT – Marcus & Millichap announced the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset located in Draper, Utah. The property sold for $51.35 million, which represents $185,379 per unit.

“Age-restricted and seniors housing properties are much needed in Utah due to the limited number of these assets currently in the state,” said Danny Shin, senior vice president investments in Marcus & Millichap’s Salt Lake City office. “Rosegate Draper is considered one of the premier 55-plus communities available to seniors, and its ample amenities showcase the best of living in Salt Lake Valley.”

Marcus & Millichap’s Shin and Brock Zylstra, a vice president investments, represented the seller, a local developer and owner, and procured the buyer, Kennedy Wilson, a California-based global real estate investment company. Kennedy Wilson’s total portfolio currently includes six multifamily properties in Utah and over $16 billion in total assets.

“It is a fantastic time for real estate investors to look at age-restricted and seniors housing assets as sustainable investment ventures, and Danny Shin and Brock Zylstra, a top-producing multifamily investment sales team in Utah, were an ideal choice to facilitate this transaction,” added Phil Brierley, regional manager of Marcus & Millichap’s Salt Lake City office.

Built in 2015, Rosegate Draper is located at 14075 S Bangerter Pkwy in Draper, about 20 miles south of Salt Lake City. The five-tale community features all one- and two-bedroom units and offers space for full-service facilities including an off-street drop-off/pick-up area, onsite café and salon.

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PHILADELPHIA, PA – Dalzell Capital Partners, a real estate investment and management firm, announced that it bought a four-property multifamily portfolio located in Center City, Philadelphia for $18.7 million. The Portfolio was bought from Philadelphia-based commercial real estate developer Alterra Property Group.

“Dalzell Capital’s continued investment in Center City demonstrates our positive long-term outlook on Philadelphia, which is enjoying an accelerating economic expansion,” said Christian Dalzell, Dalzell Capital’s Managing Partner. “The rare opportunity to expand our footprint across Center City through the acquisition of four outstanding properties at an attractive valuation is something we are extremely excited about.”

The luxury portfolio consists of four newly built or recently gut-renovated properties aggregating 65 units that offer Dalzell Capital the opportunity to make incremental value through operational and capital improvements. With an average Walk Score of 99, the Portfolio will benefit from its proximity to nearly 400,000 jobs in Center City and University City, Philadelphia’s extensive local, regional and national transportation network, and significant complementary commercial property development activity. The Portfolio is comprised of the following assets:

The Bradford – Located at 507 South 8th Street between Lombard and South Streets, The Bradford was delivered in 2017 and quickly leased up to full occupancy. The 26-unit property offers high-end materials, premium appliances and fixtures including Nest in all units, covered parking, a green roof, an enclosed dog run, and an outdoor tenant lounge with community BBQ.

Queen Village Lofts – Located at 427 Monroe Street, approximately four years ago, the property was gut renovated and converted from a school into a 16-unit, high-end contemporary multifamily property that features gorgeous millwork, modern kitchens and bathrooms, secure access, washer and dryers in each unit, secure parking, and a rooftop deck with 360 degree views of Philadelphia. Queen Village Lofts sits one street south of Bainbridge Green and directly across the street from the Elizabeth Elementary School, which is considered one of the best public elementary schools in Philadelphia.

1311 Spruce – Located at 1311 Spruce Street, the property was originally built as a law office. In 2013, 1311 Spruce was converted and expanded into the gorgeous urban multifamily property that it is today. The property’s 16 one- and two-bedroom units feature modern kitchens and appliances, granite counters, subway tile backsplashes, new bathrooms, washer and dryer in each unit, and hardwood floors throughout the property.

1310 Spruce – Located at 1310 Spruce Street (directly across the street from 1311 Spruce), the property was redeveloped in 2014 and includes seven units featuring modern kitchens, appliances and bathrooms. Located on Spruce between Broad and 13th Streets, both 1311 Spruce and 1310 Spruce are fantastic destinations for the urban living experience, with restaurants, theaters, galleries and boutiques all within walking distance.

The portfolio transaction advances Dalzell Capital’s strategy of acquiring assets in fundamentally strong and densely populated urban markets that have the potential to deliver stable cash flows and outsized value-add returns. It also gives Dalzell Capital increased scale in Center City, the largest job center in the Philadelphia MSA due to its large concentration of employers in the education, health and life science industries. With 71 percent of Core Center City residents having a bachelor’s degree or higher, national and local businesses are capitalizing on the area’s educated, skilled workforce.

On June 27th, 2018, Dalzell Capital bought Waverly Court, a 62-unit mixed-use property located in Center City that features 61 loft-style apartments and a 2,800 square feet commercial unit leased to Amis Trattoria, for $21 million. As a result of the acquisition of the Portfolio, over the past 12 months Dalzell Capital has assembled a portfolio of seven high-quality mixed-use and multifamily properties totaling 192 units and 8,500 square feet of commercial space. All properties are tightly clustered in Center City, and are poised to benefit from the area’s continued economic expansion. Having deployed approximately $65 million in Center City since August 10, 2017, Dalzell Capital expects to continue to pursue additional value-add and opportunistic transactions in targeted submarkets across Center City and University City.

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