FRAMINGHAM, MA – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced it has broken ground on Modera Framingham, a luxury apartment community in Downtown Framingham approximately 20 miles west of Boston.

The community, which will feature 270 apartment homes, will be situated amidst Framingham’s artsy Central Business District and its multitude of shopping, dining and nightlife options. Modera Framingham is designed as a five-tale building above two tales of covered parking and is projected to welcome first go-ins in summer 2020.

“Downtown Framingham has so much to offer, and the recent revitalization efforts only add to the charm of the neighborhood,” said Lars Unhjem, vice president of development for the New England region for Mill Creek Residential. “We’re excited to join a wonderful city that boasts a storied history and a bright future thanks to its strong sense of community and vision for growth.”

“We believe Modera Framingham will provide a top-tier option for new housing in the rapidly evolving Central Business District,” added Tim Alexander, development associate for Mill Creek Residential. “As the city continues to evolve, the expectations of renters will follow suit and we’re keen to help meet that demand.”

As the largest city in the Greater Metro West Region, Framingham is home to a variety of major employers, including the corporate headquarters of BOSE, Staples, The TJX Companies and Cumberland Farms. The city features an abundance of shopping and dining options and the site is located approximately three miles from high-end mall The Natick Collection and within approximately two miles of several grocery stores, including Whole Foods and Trader Joe’s.

“Modera Framingham will be a wonderful addition to the city and another significant component of the Central Business District revitalization,” said Dr. Yvonne M. Spicer, Mayor of Framingham. “We have loved a strong partnership with Mill Creek Residential and are excited to see this development community – one of the first in Downtown Framingham in decades – come to fruition.”

Situated at 266 Waverly Street, the community site is also proximate to Framingham’s multitude of commuter options, including the MBTA Framingham Commuter Rail and Amtrak Station, the Massport Logan Express, and several key commuter routes, including State Routes 9, 126 and 30, Interstates 90, 495 and 95/Route 128.

Modera Framingham will consist of studio, one-, two- and three-bedroom homes with an average size of 1,000 square feet. Community amenities will include a 24-hour club-quality fitness studio, multi-use clubhouse area with state-of-the-art theater room, business center, flexible makers/craft space and game room. Outdoor amenities including a multifaceted central courtyard with dining and seating areas, water feature and outdoor play space, and an ample dog run.

Apartment interiors will boast nine-foot ceilings, Energy Star stainless-steel appliances, quartz countertops, built-in shelving, tile surrounds and in-home washers and dryers.

Modera Framingham is Mill Creek’s seventh community in the Boston area. Others include Modera Hopkinton, Modera Medford, Modera Natick Center, Modera Needham and Alister Quincy.

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DENVER, CO – Oak Coast Properties and BMC Investments announced the $78 million acquisition of St. Moritz Apartments in Lakewood, Colorado. The acquisition marks the sixth investment partnership between Oak Coast Properties and BMC, as well as the seventh Oak Coast Properties assignment for BLDG Management, a property management affiliate of BMC. Financing for the transaction is being facilitated through HFF.

“We remain bullish on Denver and this community signals our continued appetite for investment in this market,” said Phillip Nahas, managing partner of Oak Coast Properties. “The region’s employment is booming and the population continues to climb alongside it. With housing demand still exceeding the available stock, investment in existing rentals provides attractive ROI potential.”

The 360-unit community brings the Oak Coast Properties Denver portfolio to nearly 4,000 units. St. Moritz Apartments will be managed by BLDG Management. The firm oversees and operates a 6,500-unit portfolio, which includes numerous additional Oak Coast Properties’ apartment communities in the region.

The acquisition represents the first in Lakewood for the joint partnership of BMC and Oak Coast Properties. “With fewer apartment properties built in Lakewood compared to other regional submarkets, this has historically been a hard place to source assets with attractive return profiles,” said Max Bresner, principal and chief operating officer of BMC Investments. “We were able to win this community in a competitive bid process by identifying rent positioning and operating efficiencies and by leveraging our local market knowledge and BLDG’s extensive operating platform in metro Denver.”

Originally built in 1986, St. Moritz Apartments sits adjacent to the Colfax Retail Corridor with simple proximity to light rail, Downtown Denver, numerous regional amenities and robust employment opportunities. The community offers numerous onsite amenities including a dog park, pool and spa, gas fire pits, fitness center, basketball court, putting green, and business center. Renovation plans for the community include enhancements to the common areas and amenities.   

Charles Halladay, Brock Yaffe, and Rick Salinas of HFF’s debt placement team helped in securing a $55 million acquisition loan for the buyers through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will also be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Shane Ozment, vice chairman of ARA Newmark in Denver represented the buyers in the transaction.

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SAN ANTONIO, TX – The acquisition and disposition team for Triago Holdings, LLC, based in Draper, UT and led by Jay Minnick, Mike Minnick, and Jennifer Merrill recently closed on the buy of Republic Woodlake in San Antonio, TX. 

The garden style complex built in 2008 consists of 288-units, with an average size of 787 sf., and less than 10 miles from downtown San Antonio. Within the northeast submarket it is positioned within five miles of many employment drivers such as Rackspace, HEB, Randolph Air Force Base, and Fort Sam Houston.

Jay Minnick, the president and CEO of Triago Holdings, LLC is taking advantage of the value-add opportunity to implement a needed upgrade program and position the property for future opportunity. The unemployment rate for the submarket dropped 2.9% with 30,100 jobs added. The value-add component coupled with the strong multi-family market in the San Antonio area made Republic Woodlake a very attractive opportunity. 

San Antonio is ranked no. 3 among the “10 Huge US Cities with the Fastest-Growing Economies” according to Forbes, 2018. It was also ranked among the top 20 “Fastest-Growing Large Cities in America” according to WalletHub, 2017 and was also named one of the top 25 “Best Places to Live in the USA.” Texas added 39,600 jobs in April and the state’s unemployment rate dropped to 3.8% in April 2018, down from 4.1% in March.

“We look forward to serving the residents in the fantastic state of Texas and city of San Antonio. We found they’re some the kindest, most respectful people we have met and we really like the strong military presence,” said Jay Minnick. “It’s a fantastic market with fantastic people, and a fantastic place to do business.”

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