GREENSBORO, NC – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that the Company has been awarded a contract by JB Matteson, Inc. (JBM), a private real estate investment firm, to manage its 17 multifamily assets valued at over $1 billion.  The JBM apartment communities are located in California and the State of Washington. Bell assumed management of the properties on July 26th.   

JB Matteson is a 50-year ancient privately held investment manager headquartered on the San Francisco peninsula. On behalf of several hundred private capital investors, JBM owns and operates Class A, investment grade multifamily properties located in major metropolitan areas on the West Coast.  Its portfolio includes both urban mixed-use assets and suburban garden style apartments with a broad diversification by metropolitan area, employment drivers, and resident profile.

Commenting on the agreement, Durant Bell, Bell’s Executive Vice President, Business Development, said:  “We are proud to have been chosen by JBM, a leading real estate investment management firm, to manage its portfolio of West Coast properties.  We recognize that JBM has entrusted Bell with their portfolio of premier luxury apartment communities, and we are confident that our Company will outperform for JBM and its investors.”

John Bellack, Co-President and Chief Investment Officer of JB Matteson, commented, “We were impressed with the caliber of people and level of professionalism at Bell Partners.  From our perspective, we are getting the resources and sophistication of a large organization that has a strategic interest in expanding their West Coast business.  We felt like they were equally committed to the successful management of our portfolio.”

Bell Partners offers third-party management services for clients on single or multiple assets.  The Company treats its clients’ assets as its own and strives to deliver strong performance through increased revenue, optimized expenses and efficient operations.  Bell’s national presence provides the Company with opportunities to make additional value, while its local expertise ensures timely responses to the changing demands of the marketplace. 

Bell Partners’ Chief Executive Officer, Jon Bell, said:  “The JBM assets are a perfect complement to our existing $250 million California portfolio.  Bell has plans to continue expanding its footprint on the West Coast, and this new relationship is a clear example of our commitment to that objective.  We are keen to grow our scale in these vital apartment markets and look forward to cultivating an even deeper relationship with JB Matteson in the future.”

Powered by WPeMatico

BROOKLYN, NY – Nationally acclaimed real estate development firm Extell Development Company announced that the company has closed on $530 million in financing for Brooklyn Point, the firm’s first development in Brooklyn and currently the tallest residential tower under construction in the borough. Located in Downtown Brooklyn, the 720-foot-tall architectural skyscraper will be the first and only for-sale development at City Point, Brooklyn’s largest food, shopping and entertainment destination.

The financing package was comprised of a $425 million senior construction loan syndication led by M&T Bank and a $105 million mezzanine loan from RXR Realty.

“This transaction marks a significant milestone for our first development in Brooklyn. It is a testament to our brilliant reputation with the lending and institutional investor communities as well as the level of confidence in Downtown Brooklyn,” said Gary Barnett, President and Founder of Extell Development Company. “Our firm is known for developing prime luxury real estate throughout the city with striking architecture, sophisticated interior design and extraordinary amenities. We are proud to bring this same level of quality and craftsmanship to Brooklyn.” 

Sales for the luxury tower launched at the end of March with an offering of studio to three bedroom apartments. Construction has progressed rapidly, recently reaching the 26th floor. The building will top out at 68 tales with construction slated for completion in 2020.

“We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” said Ari Alowan Goldstein, Senior Vice President at Extell Development Company. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.  Moreover, Brooklyn Point’s design, amenities, views, price point and tax-abatement make it truly unique.”  

Designed by world-renowned architectural firm Kohn Pedersen Fox (KPF), with interiors by AD100 Designer Katherine Newman, the building will offer an array of lifestyle amenities and services spanning over 40,000 square feet. At its crown, the highest residential rooftop infinity pool in the Western Hemisphere will be situated 68 tales above the streets below, offering breathtaking views of the Manhattan skyline. 

The building’s amenities package will feature a health and wellness facility encompassing a saltwater swimming pool, a 35-foot rock climbing wall and yoga studio, sauna, and steam rooms. Social and entertainment amenities include the triple-height Park Lounge, featuring a bar, fireplace and co-working space, as well as a chef’s demonstration kitchen, wine library, game lounge, screening and performance room, study and children’s playroom. On the ninth floor, a landscaped terrace designed by Mathews Nielsen Landscape Architects provides an oasis to residents, complete with putting green, fire pit, terrace bar and the Forest Adventure children’s playground.

Brooklyn Point will be located atop City Point, a 600,000 square-foot hub of prime dining, clothing and entertainment attractions. City Point is home to a Trader Joe’s market, Target, Century 21, Alamo Drafthouse movie theater, and DeKalb Market Hall, an epicurean food hall with over 40 vendors, including Katz’ Deli, Ample Hills Creamery, Pierogi Boys and more. Only one stop from Manhattan, residents will also have a variety of convenient transportation options including 11 subway lines within minutes of the building.

Powered by WPeMatico

CHICAGO, IL – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, has announced the acquisition of The Residences at 1450 apartment community in Mount Prospect, Illinois, the firm’s second asset in the state.

Located at 1450 Busse Road, the property is comprised of 222 garden-style units spanning across nine two-tale buildings featuring one- and two-bedroom garden-style residences with private entrances and patios in select units.

“We are very pleased to expand Monument’s footprint with the acquisition of The Residences at 1450, the second asset that we own and operate in Illinois, as we seek to reinvest in the neighborhood successfully as we did with The Element, our first property in this market,” said Stuart Zook, Principal of Monument Capital Management. “This acquisition aligns with our growth strategy and further strengthens our ownership presence in the Chicagoland market and we look forward to continuing to provide our residents with our value-add program.”

Monument Capital Management plans to continue to implement its value-add program and upgrade the unit interiors.

The apartment community’s amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, state-of-the-art fitness center, business center, laundry facilities, onsite storage options and lushly landscaped grounds.

Monument Capital Management’s additional asset in Illinois includes The Element in Mount Prospect, located directly across the street from The Residences at 1450.

Powered by WPeMatico