AUSTIN, TX – Los Angeles based Orion Real Estate Partners announced that it has closed on the acquisition of Triple Crown 2 Apartments, a garden-style apartment community in Austin, Texas. 

Built in 1973, the 199-unit property is located approximately 4.5 miles from The University of Texas at Austin, 5.5 miles from downtown Austin, and 6.5 miles from The Domain. Also within 1 mile of the property are the redevelopments of Austin Community College/Highland Business Center and Mueller Airport.  

Triple Crown 2 is well-located to cater to an underserved workforce renter population that has been priced out of newer properties in the market. Orion plans to spend approximately $1.8 million to improve the property’s exterior and amenities and renovate the unit interiors. 

CBRE Multifamily Capital provided an attractive 10-year fixed rate acquisition loan through the Fannie Mae Green Financing loan program.  The Property Society will provide property management services on behalf of the venture. 

Orion is actively looking to increase its exposure to affordable workforce housing assets in Austin, Denver, Salt Lake City, Seattle, and Portland due to strong demographic growth and solid multifamily market fundamentals.

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NEWTOWN SQUARE, PA – GMH Capital Partners announced an exclusive student housing investment agreement with AGC Equity Partners. The Partnership will together aim to buy existing Core and Value-Add properties as well as develop student housing assets across the United States via the investment fund raised with AGC’s investor pool and GMH’s capital commitment.

AGC has strong belief in student housing as a long term institutional asset class given the strong fundamentals of the market, and recognized the need to work alongside a partner with a superior track record in the sector to achieve security of income and growth potential. 

AGC identified GMH as one of the nation’s leading owners, developers and property managers of high-quality, purpose built student housing assets in the United States. GMH has a proven and seasoned track record in the sector spanning nearly 33 years.

GMH was seeking an exclusive institutional platform partner sharing its long term strategy in the student housing market. GMH and AGC shared the desire for an exclusive partnership targeting varying return levels based on investment strategy and risk profile.  

The first phase of the strategic partnership is targeting to buy and develop student accommodation assets over the next 18 months. The fund has already broken ground on its first property in San Luis Obispo, Ca, with two other California developments in its development pipeline, while pursuing several other existing Core and Value-Add assets in its acquisition pipeline.

“We are excited to be partnering with AGC and for the ability to bring international capital to the student housing sector. They share the same enthusiasm for student housing and its future growth,” said Gary Holloway Jr., President of GMH.

GMH’s student housing division, GMH University Housing, will manage the assets owned with AGC.

GMH University Housing is the student housing management division of GMH.  GMH University Housing draws on over 33 years of experience in managing student housing assets across the nation, spanning over 35 states and accounting for over 85,000 beds owned and/or managed. 

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NEWNAN, GA – Watercrest Senior Living Group, based in Vero Beach, FL, and Waypoint Residential announce the closing of their joint venture partnership to develop Watercrest Newnan Helped Living and Memory Care Community.  

The 107-unit, resort-style senior living community situated on 9 acres in Newnan, Georgia, will break ground in February 2018 with plans to open in late Spring 2019.

Watercrest Senior Living Group specializes in the development and operations of helped living and memory care communities, market repositioning and advisory services. With multiple senior living projects in development throughout the southeast, Watercrest principals, Marc Vorkapich, CEO and Joan Williams, CFO, are setting new standards of quality for seniors and their families in the development of upscale senior living communities.

Development of Watercrest Newnan marks Waypoint Residential’s expansion into the senior housing sector and supports the firm’s initiatives to steadily grow its platform and investment offerings, which include conventional multifamily properties, purpose-built student housing and now senior housing.

“Partnering with Waypoint Residential enables us to promptly respond to the incredible demand for senior living with innovation and exceptional quality of service, impacting exponentially more seniors and their families and providing growth opportunities for our associates and partners,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group.

“Expanding into senior housing through our joint venture with Watercrest Senior Living Group is another vital step in Waypoint’s growth and our objective to buy and develop various specialty types within rental housing throughout the United States,” says Scott Lawlor, Chief Executive Officer of Waypoint Residential. “The long-term demographics driving senior rental housing are overwhelmingly favorable, making the opportunity to capitalize on attractive investments that can potentially generate compelling risk-adjusted returns.”

Senior rental households are projected to nearly double over the next two decades, growing from 6 million today to more than 11 million as the baby boomer cohort comes of age and medical advances increase life expectancies.

“A collaboration of our financial, operational and development resources allows us to achieve significant growth and expansion into additional markets, making a significant footprint for Watercrest in the senior housing industry,” says Joan Williams, Principal and CFO of Watercrest Senior Living Group. 

“We have been evaluating the senior housing sector for some time, both in terms of the right opportunity and the right partner.  Newnan is an attractive market for a new senior housing community and Watercrest Newnan is the first of many senior housing projects in which Waypoint expects to invest,” says Eric Hade, Waypoint CIO and Head of Development.

Just 40 miles southwest of Atlanta, Watercrest Newnan is ideally located at 285 Summerlin Boulevard, east of Newnan Crossing and Interstate 85, providing residents simple access to shopping, restaurants, the Piedmont Newnan Hospital and the Southeastern Region Medical Center.

Architected by D2 Architecture, this 92,000 square-foot, signature Watercrest product will offer premium accommodations and innovative design. Upon completion, Watercrest Newnan will include a stunning promenade, pool, fireplace, signature water wall, multiple dining venues, children’s play space, and Watercrest’s uniquely designed Market Street Plaza, an ‘outdoor’ streetscape with salon and spa, bakery, post office, and numerous LifeBUILT programming touches that are a highlight and crucial element of their multi-sensory memory care programming.

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