BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson announces that it has bought The Elysian in Cork, Ireland for €87.5 million from real estate funds managed by Blackstone.

The acquisition comprises 206 multifamily/PRS units, 67,600 sq ft of retail and office space over 550 car parking spaces. The residential element is 98% leased and the commercial space is 61% leased.

Construction was completed in 2008 with 70% of the multifamily unit fit-outs and leasing completed in 2015 and 2016. The Elysian sits in the rapidly expanding docklands area in Cork city centre.

Cork is Ireland’s second largest city after Dublin and is home to over 150 global companies, including Apple, EMC, Dell, Deutsche Borse, Boston Scientific and Pfizer, with a strong foreign direct investment track-record across information and communication technology, biopharma and energy. Cork’s industries are supported by well-established universities and leading R&D centres and are expected to further benefit from major investments across social, economic and cultural developments plotted by Project Ireland 2040.

Mary Ricks, President and CEO of Kennedy Wilson Europe stated, “The Elysian is a clear leader in the Cork multifamily/PRS market and one of Ireland’s most prestigious and high-specification schemes. We are thrilled to add it to the Kennedy Wilson Residential offering. We see excellent near-term and medium-term prospects to grow NOI by leasing up the vacant commercial space and implementing the Kennedy Wilson Residential package of amenities to drive unit rental growth.”

Ricks added, “The Elysian is an brilliant first entry for our multifamily business into Cork; it has virtually no residential projects in direct competition. The same strong fundamentals across the Dublin multifamily/PRS market exist in Cork and we see exciting future opportunities to continue investing in both markets with a goal to double our PRS portfolio in the next few years.”

Powered by WPeMatico

BOSTON, MA – Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, and an owner, manager, and developer of luxury lifestyle-oriented multifamily and mixed-use properties, announced the launch of leasing at Phase II of Portside at East Pier. Known as the Beacon Collection, Phase II of the mixed-use waterfront development in East Boston comprises 296 luxury apartment homes.

Featuring a mix of studio, one- and two-bedroom residences, the Beacon Collection offers all of the luxuries, conveniences and style typically found in high-rise residential buildings across Boston Harbor, but with more spectacular views and more space, at a lower price point. Located at 50 Lewis Street, the luxury community is part of a 26-acre, master-plotted development that’s bringing 550 luxury residences and 70,000 square feet of retail space to East Boston’s Jeffries Point. 

“We’re thrilled to unveil the Beacon Collection, and to welcome new residents to the neighborhood,” said Michael J. DeMarco, chief executive officer of Mack-Cali Realty Corporation. “Portside at East Pier is a key catalyst for the transformation of East Boston, especially this previously underutilized half-mile of shoreline, and the opening of Phase II marks a significant milestone in that process.”

The Beacon Collection adds to the rich bevy of state-of-the-art amenity spaces included in Phase I of Portside at East Pier, which opened in 2014. Known as the Meridian Collection, Phase I features 181 residences and amenities such as a club room, a conference room, a children’s playroom, and a fitness center. Doubling the number of amenities available to Portside at East Pier residents, the Beacon Collection features the following: Indoor pool with harbor views and outdoor sun deck; Two-level roof deck with gas grills and fire pits, outdoor TV area, lounge chairs, and a bar area with spectacular views of Boston; Fitness centers with dedicated spin room and yoga studio, as well as Fitness on Demand; Indoor and outdoor dog parks with pet washing station; Dining room with adjoining catering kitchen, available for private events; Garage parking, and Full-time concierge.

Ranging in size from 476 to 1,489 square feet, every Beacon Collection residence features a washer and dryer, pendant lighting, hardwood-style flooring, Moen® bathroom fixtures, oversized windows, solar window shades, fully finished built-out closets, kitchens with Whirlpool stainless steel appliances, glass backsplashes, two-toned cabinetry, white Caesarstone countertops, and under-cabinet LED lighting. Select homes feature wine fridges in kitchens, oversized balconies with direct harbor or city views. Beacon is pet-friendly.

Reflecting Roseland’s strategy of developing in select transit-oriented markets throughout the Northeast, Portside at East Pier offers convenient access to several public transportation options. The property is just steps from the T at Maverick station, which provides simple transport to the center of Boston and to Logan International Airport. Additionally, residents delight in convenient access to the multitude of local shops and restaurants in the immediate vicinity.

Powered by WPeMatico

NEWPORT NEWS, VA – Buckroe Pointe Apartment Townhomes, formerly known as Fox Hill Townhomes received the Best Housing Preservation and Revitalization Effort Virginia Housing Award for its completion of a $1.5 million renovation of the 252 apartments located in Hampton, VA.

The property is owned by Chariots Crossings, LLC and managed by Drucker + Falk, a full-service real estate and investment firm, with headquarters in Newport News, managing more than 30,000 apartments in 9 states.

Located a mile from the historic Buckroe Beach waterfront and part of the historic Fox Hill neighborhood, Buckroe Pointe Apartment Townhomes has been completely transformed. Interior upgrades include new heating and air conditiong, flooring, windows, sliding glass doors, energy efficient lighting, and new kitchens and baths. Exterior improvements include tree trimming, roof replacement, lighting, landscaping, signage and paving. 

In addition to the above, a new 4,000-square-foot Community Learning Center and Clubhouse was constructed for the community. This wonderful space not only houses the management and leasing team, but also includes a fitness center, lending library, business center and a place where Science, Technology, Engineering and Math (STEM) programs are offered to our students living at the community. In addition, a wonderful playground was installed just behind the Clubhouse.

This successful renovation would not have been possible without a team of experts working together. When bought by Comprehensive Community Development Corp. dba Chariots Crossings, the property was 26 percent occupied, with significant deferred maintenance. A collaborative effort between Owner, Virginia Housing Development Authority (VHDA), attorneys at David, Kamp and Frank, architects, city officials and contractor made the renovations and revitalization a reality. 

Today, Buckroe Pointe Apartment Townhomes provide quality and affordable housing to its residents.

Powered by WPeMatico