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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NEWPORT BEACH, CA – HFF announced the closing of a $121.7 million participating mortgage for the development of Anton Milpitas 730, a 266-unit, Class A multi-housing community with 1,800 square feet of retail in Milpitas, California.

The HFF team worked on behalf of the developer, Anton DevCo, to arrange the participating loan through an institutional partner. This is the second phase of Anton’s two-phase development. The HFF team also arranged a participating mortgage for Phase I, which is already under construction, in a transaction that closed in May 2017.

Anton Milpitas 730 is due for completion in 2020 and has been designed to LEED Silver specifications. The five-tale, wrap-style building will offer a unit mix ranging from studios to two-bedroom units averaging 762 square feet. Plotted project amenities include co-working space; dining and community courtyards; outdoor social space; a resident lounge; rooftop fitness center and pool overlooking the city; pet spa; bike repair station; lounge and a 372-space, six-tale parking garage. Units will feature high-speed internet, various smart technology features and upgraded finishes, including quartz countertops and gas ranges.

The transit-oriented project is located on 3.34 acres at 730 E. Capitol Avenue directly across from the nearly completed Milpitas BART station with access to the BART station and VTA Montague light-rail platform through a common access point immediately adjacent to the project. BART will provide residents with a less-than-one-hour commute to San Francisco’s Financial District, and the VTA light rail will provide access throughout Greater San Jose.

The HFF equity placement team included senior managing director Sean Deasy, senior director Mark Erland and director Matthew Benson.

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LOS ANGELES, CA  – TruAmerica Multifamily in partnership with Intercontinental Real Estate Corporation has bought the leasehold interest in the largest transit-oriented development in San Diego County, the 527-unit Alterra & Pravada at Grossmont Station in La Mesa, CA. 

“High-density, transit oriented development such as Alterra & Pravada is an example of smart growth and sustainability principles that promote housing affordability and reduce traffic congestion on our streets and highways,” said TruAmerica CEO and founder Robert E. Hart.  “We continue to seek accretive investments where we can add value and generate appropriate risk adjusted returns for our investors, while at the same time contribute to the solution of quality affordable workforce housing with access to jobs, not just here in California but throughout the United States.” 

Completed in 2010 by the seller Fairfield Grossmont Trolley LLC in partnership with the Metropolitan Transit Authority, the LEED Gold certified community features one- and two-bedroom units situated in six, four-tale buildings on a high-density eight-acre site.   Of the 527 units, 15% are dedicated for rent to moderate and very low housing wage earners. 

TruAmerica and Intercontinental will undertake a capital improvement program that will consist of a modest refresh of the nearly 10-year-ancient interiors as units turn, and will upgrade the common area amenities that include Alterra & Pravada’s two clubhouses, two pools and pool decks.  The exterior renovation program also will include new landscaping and paint to improve the overall curb appeal of the community.  

“Upon the execution of our business plot, residents will benefit from an upgraded living experience, complementing Alterra & Pravada’s greatest amenities which are its location, walkability and commutability, setting it far apart from other properties in the competitive set,” said Jessica Levin, Senior Director, Acquisitions for Intercontinental Real Estate Corporation.  “We believe that this compelling combination will make this asset an brilliant long-term investment for our investors.”

The largest of 23 transit-oriented developments (TOD) in San Diego County, the poperty is located immediately adjacent to the Grossmont Transit Center at 8727 Fletcher Parkway in La Mesa, 11 miles east of downtown San Diego. Served by the Orange and Green Lines of the San Diego Trolley and Metropolitan Transit Center bus lines, The Grossmont Traffic Center is a key trolley system transfer point providing direct routes to the region’s major entertainment and employments hubs including El Cajon, Mission Valley and Downtown San Diego. Much of the success of Alterra & Pravada as a TOD is reflected in the average weekday boarding count of more than 2,600 riders at Grossmont Trolley station making it one of the heaviest used stops in San Diego County. 

Alterra & Pravada is also within walking distance to The Grossmont Shopping Center with more than a million square feet of retail shops and restaurants, as well Sharp Grossmont Hospital, La Mesa’s largest employer. 

In 2012, The League of California Cities recognized Alterra & Pravada for combining many of the current smart growth points, utilizing existing infrastructure, promoting transit and providing measures for sustainability with close proximately to jobs and entertainment.

With the acquisition of Alterra & Pravada, TruAmerica Multifamily’s San Diego portfolio totals more than 1,600 units with assets in Oceanside, Vista, Escondido and El Cajon.     

This is the seventh joint venture for TruAmerica and Intercontinental, which together own more than 2,200 units in California and Washington.  

Kevin Mulhern, Rachel Parson, Stewart Weston and John Montakab  of CBRE’s San Diego Multifamily Investment Group represented TruAmerica and Intercontinental and the seller, Fairfield Grossmont Trolley LLC in the transaction.

The acquisition was leveraged with 10-year financing through Fannie Mae’s preferred borrower program, Borrower Channel, arranged by CBRE’s Capital Markets group led by Vice Chairman Troy Tegeler in the firm’s Orange County, CA office.  

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