DENVER, CO – Funds managed by Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of Waterford Place. The asset is well-located at 2801 East 120th Avenue in Thornton, Colorado – a growing submarket of Northglenn/Thornton within the greater Denver MSA.

“The acquisition of Waterford Place represents a continuation of Greystar’s strategy of acquiring high-quality assets with value-add upside in submarkets like Thornton, poised for growth due to limited new supply. Rent growth in this submarket is one of the strongest in the Denver metro area and home prices have risen over 35% in just the past three years,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We see tremendous opportunity to reposition the asset through extensive capital and operational enhancements, ultimately delivering a high quality, modern asset that is unique and desirable in this market.”

Greystar’s comprehensive value-add strategy will focus on renovating all 336 units and common areas of the asset. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting and hardware packages. Renovations to the common areas will feature enhancements to the pool, clubhouse, fitness center, BBQ area, dog park, and sport/tennis court.

Waterford Place is a 336-unit garden-style apartment community constructed in 1998. It’s location in the attractive Thornton submarket boasts low-density of only 18 units per acre and the development’s park-like setting sets it apart from other communities in the submarket. Thornton has emerged as an area with a unique balance of high-tech industries, well-plotted retail, and attractive development driving strong population growth of 12.1% since 2010 and is expected to grow another 12% by 2021. The asset is located four minutes from the future light rail station that will provide direct high-speed rail access to downtown Denver’s Union Station.

As the nation’s largest apartment operator with over 420,000 units under management, Greystar currently owns more than 1,700 units in the Denver Metro Area and manages 23,142 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Denver area.

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STARKVILLE, MS – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced that construction has begun on the College View mixed-use development on the campus of Mississippi State University (MSU).

Plans call for construction of a multi-phased development that includes 656 residential beds for upperclassmen in Phase I, with delivery in the fall of 2019. College View will also feature 46,000 square feet of retail and commercial space, recreational amenities, an outdoor entertainment zone, a 7,000-square-foot day care center, and parking. Subsequent phases are possible, pending further market analysis.

“We believe that our partnership with EdR will help us meet the needs of our students, and College View will also become a destination for members of the community, alumni and other visitors to Starkville and Mississippi State,” said MSU president Mark E. Keenum. “I appreciate the support of the Board of Trustees as we have worked steadily over the past three years to bring this first-of-its kind project to a Mississippi university campus.”

On Feb. 15, the Board of Trustees of State Institutions of Higher Learning approved an agreement between EdR and the university to build College View.

The development will be financed through EdR’s innovative on-campus equity plot, The ONE Plot. The ONE Plot uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner, and helps make substantial long-term financial benefits for EdR and its partner university.

“We are honored to start this development that will positively impact both Mississippi State and the overall community of Starkville,” said EdR chief executive officer Randy Churchey. “We have consistently seen that new on-campus housing developed by EdR helps our partner universities to increase enrollment, improve retention and generate a stronger sense of community and engagement with the campus.”

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ATLANTA, GA – Preferred Apartment Communities announced the acquisition of a Class A multifamily community in the Atlanta, Georgia. The community, Green Park, consists of 310-units and was constructed in 2016.  Green Park is conveniently located in Tucker, Georgia minutes from Decatur, Virginia Highlands, Emory, the CDC and Perimeter Mall with direct access to I-285.

Green Park offers distinctive apartment homes located on a gorgeous 3-acre park in Tucker, Georgia. Studio, 1, and 2 bedroom apartment homes along with 2 and 3 bedroom townhomes make up the serene community.  Interior comforts at Green Park Apartments feature sleek Slate cabinetry and Swan Grey granite countertops with a complimentary subway tile backsplash. All kitchens feature Stainless appliances.

The community is pet-friendly and features a bark park with a dog washing station. Amenities such as a Resort-Class Salt-Water Swimming Pool with Sun Shelf, and Outdoor Pavilion with a grill and fire pit, and a 24-hour State of the Art Health and Wellness Center with both Cardio and Strength Training are part of the community.

“The acquisition of Green Park came through a real estate loan investment that PAC made over three years ago, the proceeds of which were used to partially fund the development of Green Park,” said Leonard A. Silverstein, the President and Chief Operating Officer for PAC. 

The Company financed the acquisition utilizing a non-recourse first mortgage loan provided by Allianz.  KeyBank National Association placed the loan for the Company.  The first mortgage loan is approximately $39.75 million, bears interest at a fixed rate of 4.09% per annum, has a ten-year term and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or our operating partnership.

Mr. Silverstein added, “This acquisition further demonstrates the success of our unique real estate loan investment program, which continues to make a pipeline of attractive, off-market acquisition opportunities at contractual discounts, while providing compelling returns during construction.”

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