NEW YORK, NY – AMAC, a Midtown Manhattan-based real estate investment firm, has bought 10 Rutgers Street, a mixed-used property containing 83 residential units and 7 retail spaces for $59 million in an off-market transaction. The property is located at the intersection of the Lower East Side and Two Bridges neighborhoods in downtown Manhattan. Hudson Companies, who developed the property in 1999, was the seller.

“This transaction presented an attractive opportunity to buy a corner mixed-use property in a rapidly changing neighborhood with fantastic subway access,” says Maurice Kaufman, a Founding Principal at AMAC. “Value-add investments in this submarket with this quality and scale are unique.”

The eight-tale property features a unit mix of studios, one- and two-bedroom units. Amenities at the elevator building include a doorman, gym, landscaped garden, and a bike room. AMAC plans to renovate the units, common areas, and amenities.  

10 Rutgers Street is immediately adjacent to the East Broadway F Train station, which offers residents simple access to both Midtown Manhattan and Downtown Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts, volleyball courts, and playgrounds, is located directly across the street.

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COLORADO SPRINGS, CO – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought the 364-unit Bella Springs Apartments apartment community in Colorado Springs.

The buy marks the firm’s 13th acquisition in the Colorado Springs metro. With this latest acquisition, the firm now owns and operates five properties in the market, including Resort at University Park Apartment Homes, Broadmoor Ridge Apartment Homes, Mountain View Apartment Homes, The Knolls at Sweetgrass Apartment Homes, and now Bella Springs Apartments.

“Bella Springs presented a right value-add opportunity located in a favorable submarket,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “The asset offers a desirable mix of one-, two-, and three-bedroom units with direct access garages, which fits very well with the demographic and demands in the Colorado Springs market.”

Built in 2002, Bella Springs had a 96% occupancy rate at the time of buy. The community is located at 1050 Milano Point in the desirable Northgate submarket of Colorado Springs, less than six miles from the U.S. Air Force Academy. The Tuscan-styled property includes 311,114 net rentable square feet across 21 three-floor residential buildings. The units range from 633 to 1,348 square feet with 9’ ceilings. Community amenities include a state-of-the-art fitness center, coffee lounge, clubhouse, hot tub and swimming pool with mountain views, barbecue grills, and an outdoor fire pit.

HZ will do interior renovations on the remaining 82 non-renovated two- and three-bedroom units and enhance the property’s amenity package by improving the pool area and adding a dedicated dog park.

Additionally, management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

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CHARLOTTE, NC – Officials of The Preiss Company, ranked within the nation’s top 10 largest, privately-held, student housing owner-operator, announced that it bought at the close of 2017 the 520-bed 48 North complex and the 660-bed University Village at Charlotte in a new joint venture with a private investment group for an undisclosed amount. Preiss previously owned the properties, which serve the University of North Carolina-Charlotte, with another joint venture partner prior to the sale and will continue to operate both complexes. The new joint venture will invest significantly in upgrades and renovations at both properties.

“All of our owners have different investment strategies, and we were able to offer an existing joint venture property to a new, different partner with separate investment criteria,” said Donna Preiss, founder and CEO, The Preiss Company. “This is our third consecutive joint venture with these properties which speaks to their ability to achieve investment goals for our JV partners. These are extremely well-located complexes that will benefit from capital infusion and upgrades.

“During our decade-plus tenure as owner-operators, the properties have loved fantastic success with average occupancy above 97% percent with an average 4 percent annual rent growth. We remain particularly bullish on the market.”

University Village at Charlotte: Preiss built the garden apartment and townhouse complex in 2007 at 9915 University Village Blvd., 0.2 miles from campus. The highly amenitized property includes a private shuttle to campus, clubhouse with game room, state-of-the-art fitness center and cardio room, resort-style salt water swimming pool, computer center, private bedrooms and bathrooms, stainless appliances and washer and dryer in every unit.

Upgrades and improvements include replacing common area furniture in 98 units and bedroom furniture in 47 units. Kitchens and bathrooms will be refreshed with new finishes, lighting and ceiling fans, while carpeted units will be upgraded with faux wood flooring. Common areas will receive new 55-inch smart TVs. The fitness center will get new cardio equipment and TVs. The basketball court will convert to a grill area, the breezeways will be power washed and exterior lighting will be enhanced.

“The University formed a Division I football team that is part of the FBS Conference and has a recently built stadium which can be expanded as the program matures,” Preiss noted. “The property is across the street from the intramural fields and has a fantastic reputation in the market. We believe these improvements will continue to attract high occupancy with brilliant rental rates.”

49 North: Located at 10035 Dabney Drive, the townhome complex is 0.3 miles from campus. Amenities include a private shuttle service to campus, saltwater swimming pool, 24-hour fitness center, free tanning, computer lab, coffee bar, sand volleyball courts, fire pit, private bedrooms and bathrooms, washer and dryers and patios.

Improvements and upgrades include adding wood flooring, replacing kitchen cabinets and installing new quartz countertops. Washers and dryers will be replaced, building exteriors will be power washed and painted, roofs will be replaced and pool and office furniture will be refreshed.

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