LOS ANGELES, CA – Decron Properties Corp., a Los Angeles-based diversified real estate firm, bought Bridgecourt, a 220-unit multifamily apartment complex with ground floor retail in Emeryville, CA in a deal valued at $87.4 million. The seller was a joint venture between Bascom Group and Carlyle Group. 

The buy boosts Decron Properties’ Bay Area portfolio to 650 units.

Built in 1998, the four-building complex is located at 1325 40th Street. The complex offers a mix of one- and two-bedroom units, ranging from 554 -1,179 square feet, with in-unit washer/dryer. Common area amenities include a pool, spa, sauna, outdoor BBQ with seating area, and a dog park.

Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting.  Decron also will perform additional upgrades to the common areas, complimenting the recently added dog park with a pet washing station, new landscape and hardscape improvements at the pool area, and a renovated fitness center and clubhouse.  When completed, Bridgecourt will be able to compete with newer Class A properties in the area. 

Located 15 minutes away from San Francisco, the complex is one of the first apartment communities after crossing the Bay Bridge into Emeryville and makes it an attractive option for professionals and families priced out of San Francisco’s rental market. 

“We were attracted to this investment because of the diversity and runway of the demand drivers that exist there,” said Decron President and Chief Executive Officer David Nagel.    “We believe the greatest demand comes from those looking for how much of San Francisco they can have without having to pay San Francisco prices or long commutes from cities like Concord or Fremont.  In addition to being located in the center of the Bay Area triangle formed by San Francisco, Oakland and Berkeley, Emeryville also has reinvented itself into a vibrant corporate hub and prominent biotech cluster.  It also boasts some of the most well loved shopping and dining destinations in the East Bay. 

In addition to being in close proximity to the Emeryville-based headquarters of Pixar Animation, Peet’s Coffee & Tea, LeapFrog Enterprises, MobiTV, Pandora and Novartis, Bridgecourt is within walking distance to the MacArthur BART station and Emeryville Amtrak station, providing simple access to all major Bay Area employment hubs. The property also is adjacent to the East Bay Bridge Retail Center, and nearby to the Public Market Emeryville redevelopment and the luxury lifestyle center Bay Street Emeryville. 

Bridgecourt has an estimated 8,889 square feet of ground floor retail, which is 100 percent leased. Tenants include GameStop, Verizon Wireless, Weight Watchers and East Bay Veterinary Clinic. 

Moran & Company represented both parties in the transaction. 

Powered by WPeMatico

CHICAGO, IL – Magnolia Capital has bought the 270-unit apartment high-rise, Vantage Oak Park, near Chicago, IL. Built in 2016, the asset is the first portfolio property in the Chicago market for Magnolia Capital and sixth acquisition for the growing real estate investment firm. CBRE’s local Chicago office acted as the sales broker for the transaction. This allowed the financing team, led by Brian Eisendrath and Mike Bryant, to leverage their lending relationships and local market knowledge to deliver a seamless execution from start to end.

“We are thrilled to expand our portfolio and break into the Chicago area with a best-in-class trophy asset,” said Max Peek, CEO and Managing Principal for Magnolia Capital.

CBRE’s Brian Eisendrath and Mike Bryant arranged the 10-year floating rate loan on behalf of Magnolia Capital through Freddie Mac at a starting rate of 3.28%. 

“We are very satisfied with Brian and the CBRE team’s ability to go quickly and efficiently to meet our close,” said Peek.

Vantage Oak Park is located in Oak Park, IL, a thriving suburb of Chicago. Oak Park sits 7 miles west of downtown Chicago and is a “streetcar suburb” in high residential demand due to its ample rail connections and direct access to the regional highway networks. Oak Park leads the Cook County-South suburban submarket in financial performance as defined by Appraisal Research Counselors. As of Q4 2016, the overall submarket had an annual market occupancy level of 96.5% and year-over-year rent growth of 5%.

The 21-tale apartment high-rise is comprised of studio, one- and two-bedroom units with luxury finishes and modern amenities, and an average size of 889 square feet. With a walk score of 94, Vantage Oak Park is located blocks away from both the Metra and L stations, and is steps from walkable downtown Oak Park with retailers such as Whole Foods Market and Trader Joe’s.

Brian Eisendrath, Vice Chairman of CBRE, comments, “The quick lease-up and current occupancy symbolize the strong demand in a high-barrier-to-entry market. We are excited to help Magnolia expand its portfolio of high quality assets.”

Powered by WPeMatico

HILLSBORO, OR – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of Thorncroft Farms Apartments in Hillsboro, OR. Thorncroft is a 340-unit, garden-style, apartment community built in 1998. 

The property is located in one of Portland’smost sought-after communities and is situated across the street from Whole Foods, Kaiser Permanente Westside Medical Center, and the Streets of Tanasbourne; a premier lifestyle retail center that provides both employment and entertainment options for property residents. The immediate location offers residents access to major employment centers and is situated in close proximity to Highway 26, providing residents with quick access to downtown Portland. 

The Property is also located within three miles of the Intel headquarters campus, Oregon’s largest employer, and within four miles of Nike’s headquarters.  Other nearby high-tech companies include Airbnb, Nvidia, Salesforce, and more. 

MG Properties Group plans to continue the interior upgrade program in progress and enhance common area amenities.

The property was sold by Berkshire Group, who was represented by Ira Virden and Carrie Kahn of HFF. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.    

According to Mark Gleiberman, MGPG’s Chief Executive Officer, “Having entered the Portland market in 2016, we are excited to continue our growth in the Pacific Northwest. Thorncroft Farms is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.”

MG Properties Group has bought 11 properties in the past 12 months, totaling over 4,000 units and approximately $863,000,000 in combined buy price. The company is targeting further acquisitions in Washington, Oregon, Arizona, California, Colorado, and Nevada. 

Powered by WPeMatico