TAMPA, FL – A joint venture affiliate of Tampa-based Blue Magma Residential and New York-based NCP Enterprise Funds announced it bought a $34 million Southeast multifamily portfolio comprised of three prime value-add assets. Included among the 604-unit, 565,282 square foot buy were apartment home communities in: the Atlanta suburb of Covington, Ga.; Robinsonville, Miss., near the Memphis-area casino resort Tunica, Miss.; as well as Dothan, Ala.

Cushman & Wakefield, Atlanta, brokered the transaction, and Ladder Capital provided debt financing for the buy. 

In making the announcement, Reuven Oded, Founding Partner of Blue Magma Residential, added, “With 97 percent occupancy at closing, this unique portfolio represents outstanding value-add opportunity in well-positioned markets.” Elaborating, Oded said that the joint venture will also invest over $5 million in exterior and interior upgrades. Bought for $15.2 million, the 188-unit Orchard Cove in Covington, Ga., will be re-branded and marketed as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., bought for $11.6 million, will become The Park at Brighton. Lastly, the 184-unit Madison Square in Dothan, Ala., was bought for $7.8 million and is being renamed The Park at Ashburn.

Blue Magma Residential is a leading investment and management company, which through its affiliates co-owns and manages over 9,000 apartment units in Florida, Georgia, Alabama and Mississippi, said Oded.  

Oded continued, “Our team has a track record of acquiring close to $1 billion of similar properties in the Southeast over the past two decades, while we continue to deliver superior value to our residents through our creative renovations, our branding and our dedicated management systems. We believe in a win-win for both the residents and the ownership. We intend to continue to invest in the Southeast markets with professional, insightful and solid capital partners like Peter Auerbach and NCP Enterprise Funds.”

Peter Auerbach, NCP Enterprise Funds Co-Founder and Chief Investment Officer, stated, “This opportunity aligns perfectly with one of our core principles: generate cash-flow to investors while making improvements to the physical assets. We gravitate towards transactions where there is common-sense work to be done that does not rely on arbitrary exits or financial engineering.” 

Auerbach added, “We are extremely impressed with the entire team and Blue Magma in particular, and are looking forward to working hard for our collective investors on this key portfolio. Most importantly, we feel that everybody wins in situations such as these. When people have a nice place to live that is affordable, they often feel better about themselves, have more comfort, and have some peace at the end of the day to spend with family and loved ones. Investing in such endeavors with people like Reuven Oded and his team enable us to live up to one of our internal mottos: ‘Do well by doing excellent.'”

Powered by WPeMatico

TOWSON, MD – ROSS Companies, a leader in multifamily acquisition, property management and renovation in the Mid-Atlantic region, announced it has bought Versailles Apartments, a 210-unit community in Towson, Md. ROSS Management Services will manage the community, and ROSS Renovation & Construction will oversee a renovation program to include common-area improvements as well as interior renovations in select apartments.  

Located in the residential part of West Towson, this pet-friendly community is near numerous dining and shopping options, private and public schools and universities, and renowned medical facilities. With the property’s proximity to Interstates 695 and 83, residents of Versailles Apartments have simple access to the entire Baltimore metro area, including many sports and entertainment venues in and around downtown Baltimore. 

“We are excited about acquiring Versailles Apartments,” said Scott Ross, president of ROSS Development & Investment. “It’s located in a thriving submarket and offers residents access to a comfortable and exciting lifestyle. With all that the community has going for it, we are confident that Versailles will become the first choice for residents seeking a best-in-class living experience in this submarket. It is clearly well positioned for long-term success.”

“Our management will focus on enhancing the lifestyle of our residents with a customer- and technology-centric approach,” said Dave Miskovich, CEO of ROSS Management Services. “As with all communities we manage, we will build strong personal relationships with our residents, focusing heavily on customer satisfaction to make living at Versailles Apartments a truly outstanding experience.” 

Situated just 10 miles north of Baltimore’s city center, Versailles Apartments offers convenient access to Towson University, Johns Hopkins University, Notre Dame of Maryland University (Maryland’s only women’s college) and Loyola University Maryland. The community also is close to the Towson Town Center, which features a wide array of retailers and restaurants, including J.Crew, an Apple computer store, Macy’s, Nordstrom, P.F. Chang’s and Stoney River Steakhouse and Grill. Other nearby attractions include Lake Roland Park, which offers hiking and biking trails, fishing, boating and an off-leash dog park; the Maryland Zoo in Baltimore; Pimlico Race Course; and the Maryland State Fairgrounds.

As for community amenities, Versailles Apartments features a gated entry, children’s playground, business center, onsite car wash, pool with a spacious sun deck, 24-hour emergency maintenance, fitness center and a clubhouse with a resident community room.

Versailles Apartments offers one-, two- and three-bedroom apartment homes. The apartments feature full-size washers and dryers, private patios and balconies, energy-efficient windows and wall-to-wall plush carpeting.

Powered by WPeMatico

SAN JOSE, CA – LinkedIn, the world’s largest professional network based in Silicon Valley, has invested $10 million in TECH Fund, an initiative of Housing Trust Silicon Valley to get more high-tech organizations, large employers and philanthropists involved with making affordable housing in the Bay Area. 

With this Mountain View-based investment LinkedIn is the first company to use their investment in the TECH Fund to make additional voluntary contributions to benefit their community.  TECH Fund, which was made to help developers with small-term capital needs to compete more effectively with market-rate developers and buy property quicker, is a critical new tool to fill a need in the affordable housing development process. Housing Trust, which made TECH Fund, also noted LinkedIn’s contribution to TECH Fund brings the total investment level to $30 million. 

“We see TECH Fund and LinkedIn’s investment as new way to lead change in the affordable housing landscape,” said Kevin Zwick, CEO of Housing Trust. “We’re pleased to make a way for affordable housing developers to access land acquisitions funds quickly, and we thank LinkedIn for being a committed ally to do so.”

“It’s fantastic to see a local company with such global influence step up and make a clear commitment to addressing the affordable housing crisis in our region,” said Mountain View Mayor Ken Rosenberg. “I hope that LinkedIn’s investment in the Housing Trust TECH Fund will be the example for other tech companies to follow in that it provides a real, tangible starting point for developers to make the choice to build housing that is accessible to everyone.”

TECH Fund investments are already being deployed. For example, part of LinkedIn’s investment is already being utilized by Palo Alto Housing to buy a site at 950 W. El Camino in Mountain View intent to build 70 new affordable apartments, with 20 homes dedicated to permanent supportive housing. Housing Trust was able to close the loan within a month and lock down the site.  

“We must all take ownership of the affordable housing crisis in the Bay Area, and invest in compassionate solutions,” said Katie Ferrick, head of community affairs at LinkedIn. “This partnership with Housing Trust through the TECH Fund is a creative way to make community impact investing a viable way for companies to address the need for housing.” 

Powered by WPeMatico