PORTLAND, OR – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Belmont, a luxury mixed-use apartment community located in Portland’s Central Eastside neighborhood of Buckman. 

The LEED Silver certified community features 200 apartment homes above 11,362 square feet of ground-floor retail and offers quick access to the vast employment and entertainment opportunities of Downtown Portland. Modera Belmont started preleasing homes months prior to the official grand opening, and the community, which welcomed first go-ins in January, is now leasing for immediate go-ins. 

The popularity and growth of the Buckman neighborhood has attracted some of Portland’s hottest retailers to the community. Thai restaurant Hat Yai, a Portland gem, will be opening its second location this summer alongside Puffle Waffle, The Portland Girl and Northwest Barbers Association. 

“The revitalized Buckman neighborhood is attracting strong renter demand, as residents clamor to be close to the city while still enjoying a right neighborhood vibe,” said Sam Rodriguez, senior managing director of Portland for Mill Creek Residential. “Modera Belmont not only has an exceptional location right across the Willamette River from Downtown, but it also possesses the prime amenities and top-of-the-line finishes craved by those who desire to live in this booming, eclectic neighborhood.”

The community’s proximity to Interstate 5 provides connectivity to key locales across the metropolitan area. Located at 685 SE Belmont Street, Modera Belmont is a small drive over the Morrison Bridge to Downtown Portland and some of the city’s most prominent employers, including Oregon Health and Science University, Nike, and Intel. The community sits along the Portland Streetcar line and Tri-Met bus line, offering additional commuter options. 

Entertainment options range from Pioneer Place and Lloyd Center Mall in the Lloyd District for shopping and dining to the Rose Quarter and Memorial Coliseum for Portland Trailblazers NBA games. Other areas of interest within one block are Grand Central Bowl and several varieties of breweries, distilleries, coffee shops and restaurants. For outdoor recreationists, the community is located in a prime bike-friendly spot next to many parks and trails at East Bank Esplanade, Waterfront Park, Spring Water Corridor and Powell Butte. 

Modera Belmont consists of studio, one- and two-bedroom apartment homes with den layouts available. Community amenities, which offer an indoor diversion in an outdoorsy area, consist of a pet spa, 24-hour state-of-the-art fitness center, clubhouse, game room, rooftop deck, barbecue area, picnic tables, coffee bar, theater room, computer stations, controlled-access garage parking with car-charging stations, self-serve package lockers and valet dry cleaning. Residents will also have access to additional storage, dedicated bike storage and loaner bikes. 

Apartment home interiors feature a key fob system, wood plank-style flooring, nine-foot ceilings, Energy Star stainless appliances, quartz countertops, pendant lighting, tile backsplashes, full-size washers and dryers and USB ports. Select homes include direct entry, separate dining areas, pantries, linen closets and private balconies or patios featuring views of either the city, mountains or green space.

Including Modera Belmont, Mill Creek has developed or started development on nine apartment communities in the Portland area. Others include Modera Pearl, Modera Davis, Modera Buckman and Modera Glisan.

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TAMPA, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Waters Edge, a 216-unit multifamily community in Tampa. The asset will be renamed WestEnd at 76Ten and will include over $1.5 million in property improvements. The property was 96 percent occupied at time of acquisition.

American Landmark, and its debt and equity partner Electra America, are aggressively acquiring value-add properties in distinguished locations across the Southeast. The firm, which already bought three properties this year, expects to complete $1.5 billion in multifamily acquisitions in 2018. This is their fourth acquisition in the Tampa metropolitan area.

The firm plans to renovate unit interiors with modern amenities, including plank flooring, resurfaced counters, contemporary cabinet faces and hardware, kitchen, bathroom and dining room lighting upgrades, and USB ports. Exterior upgrades will include updated clubhouse amenities, fitness center upgrades, landscape enhancement, high-end pool furniture and cabanas, a package locker system, and community signage.

“With accelerated hiring taking place in the Tampa-St. Petersburg area throughout the year, Waters Edge is a compelling investment opportunity near considerable employment hubs and attractions, while still allowing us to offer affordability to our residents,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “As Channelside Bay Plaza’s next phase is scheduled for completion later this year, and the Westshore business district seeing continued growth, the area’s healthy employment will lead to sustained leasing activity.”

Built in 1985, Waters Edge is located at 7610 West Waters Avenue in the Town ‘N’ Country neighborhood of Tampa, featuring studios, one-, and two-bedroom units. Community amenities include an updated business center, fitness center, clubhouse with kitchen, sparkling swimming pool, tennis court, racquetball/basketball court, dog park, laundry facility, and car care center.

The asset is located near vital transit routes and employers. Veterans Expressway and West Hillsborough Avenue are about five minutes away, offering convenient access throughout the Tampa Bay area. Tampa International Airport, one of the region’s most significant economic engines, is less than 15 minutes away from the community, and the Channel District and Ybor City are approximately 20 minutes away.

American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, and Texas.

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MACON, GA – Waypoint Residential, a vertically integrated real estate investment management firm that focuses on the U.S. rental housing sector, announced that it has bought The Lofts at College Hill, a 194-bed purpose-built student housing property serving Mercer University in Macon, Georgia. The Lofts currently is the only off-campus, purpose-built student housing property that serves the university.

This transaction is Waypoint’s thirteenth student housing acquisition since entering the sector in 2016.

“The acquisition of The Lofts is a terrific transaction that brings to bear our comprehensive expertise across the rental housing spectrum,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “With a tenant base comprised of both students and non-students, the property does not fit neatly into a narrow box. Our ability to identify and capitalize on this unique opportunity requires a deep understanding of both student housing and conventional multifamily.”

The Lofts at College Hill is a mid-rise complex built in 2015 that primarily caters to graduate and law school students due to its proximity to the Mercer University School of Law. But, the project also serves various other professionals, including medical employees who work at the nearby Navicent Medical Center, the second largest hospital in the state. The ground floor of the building features 12,000 square feet of retail that provides additional amenities for the residents.

“This acquisition has many of the key drivers that we look for in a student housing investment, including a market with a favorable supply profile, as well as a university with sustained enrollment growth and a robust, NCAA Division I athletic program,” said Jeremy Pemberton, Chief Acquisition Officer, Waypoint Residential.

Macon is the fifth largest city in Georgia and located approximately ninety miles southeast of Atlanta. The city’s downtown area has recently undergone a revitalization, transforming it into a hip, trendy area.

“Waypoint Residential has been actively expanding our presence in the student housing sector over the past two years, and we expect that growth to continue,” said Pemberton. “We believe there is a growing recognition of the long-term value of a college education, which is leading more students to pursue higher education. This increasing demand for the limited supply of on- and off-campus student housing supports the sector’s high occupancy and consistent rent growth.”

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