ORLANDO, FL – A joint venture between affiliates of Miami-based Fifteen Group and Meritage Group LP has completed the acquisition of Patterson Court Apartments in Orlando, FL for $68.65 million.

Patterson Court is located at the intersection of International Drive and Small Lake Bryan Road in the heart of the desirable I-Drive corridor in Orlando, providing convenient access to major employment centers such as Walt Disney World, SeaWorld, the Orlando Convention Center, Downtown Orlando and the Orlando Vineland Premium Outlets.

The 384-unit property spans 21 acres and is consistent with Fifteen Group’s strategy of acquiring well-located properties with the potential for substantial, long-term value creation.

“This acquisition provides an opportunity to capitalize on attractive in-place yield, with added upside in the growth of the south International Drive submarket,” said Justin Toal, Fifteen Group’s Chief Investment Officer and Senior Principal.

“Meritage targets high-quality, recurring-revenue assets that can successfully navigate economic cycles and have compelling long-term prospects. A key component of our strategy includes building long-term relationships with operating partners like Fifteen Group, who have demonstrated success and share our value investment philosophy,” added Jared Halperin, a Managing Director at Meritage who leads the firm’s real estate investment strategy.

Fifteen Group is a family-owned real estate investment firm based in Miami, Florida. Fifteen Group’s investment activities are opportunity-driven, value-added acquisition and development projects. Historically, Fifteen Group concentrated primarily on the multifamily sector, but has evolved to include expertise in the office, retail, mixed-use, industrial, and land development sectors.

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AUSTIN, TX – Amherst Holdings announced that its Single Family Residential platform has completed the 2017 Agreement announced in March to sell up to 3,500 single family rental properties to Altisource Residential, an operating partnership controlled by Altisource Residential Corporation, a publicly traded REIT.

In total, 3,465 single family properties were sold in 2017 for an aggregate sale price of $534.9 million.  Amherst Single Family Residential will remain the property manager for the 3,465 properties through its subsidiary, Main Street Renewal, a vertically-integrated property acquisition, repair, and management business that currently manages more than 16,000 single family rental properties in 17 states across the United States.

Today’s closing represents the third and final transaction under the 2017 Agreement.  As part of the third transaction, 1,957 single family rental properties were sold to Altisource Residential for a sale price of $305.1 million.  Under the terms of the 2017 Agreement, Altisource Residential bought a fee simple interest in the properties, and Amherst-sponsored entities provided seller financing equal to 75 percent of the sale price or $401.2 million for the three transactions.  Concurrent with the close of today’s transaction, the seller financing was sold to an institutional investor in a private transaction. Amherst Pierpont Securities served as the introducing broker.

“We are pleased to have successfully executed our commitment to Altisource Residential pursuant to our 2017 Agreement,” said Drew Flahive, President of Amherst Single Family Residential. “This further exemplifies our platform’s ability to identify, buy, renovate, lease, and ultimately deliver portfolios of professionally-managed, cash-flowing rental properties to third parties. We expect to continue to scale operations and capital commitment to the single family residential sector to help facilitate continued institutional investment in this asset class.”

Amherst-sponsored entities and Altisource Residential closed on the sale of 1,508 single family rental properties in the first two closings under the 2017 Agreement during the first half of 2017. Including the September 2016 portfolio sale of 4,262 properties to Altisource Residential, Amherst-sponsored entities have sold more than 7,700 single family rental properties to Altisource Residential during the past 14 months.

The Amherst Single Family Residential platform continues to pursue acquisitions in target markets in order to facilitate continued institutional investment in the single family residential asset class. Keith Ramsden, the Chief Investment Officer of Amherst Single Family Residential said, “The platform has demonstrated strong performance fueled by targeted acquisition activity. Over 5,500 acquisitions in 2017 have allowed us to strengthen our presence and enhance our scale in key markets and expand into areas of high growth, such as Phoenix, Columbus, and Las Vegas.” Ramsden continued, “We continue to identify acquisition opportunities to build on our momentum and drive our performance.”

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SAN DIEGO, CA – WNC, a national investor in real estate and community development initiatives, announced today that Eastgate Apartments, a 42-unit affordable housing community designed for veterans and families with household incomes between 50 percent and 60 percent of the area’s median household income level, is complete.

WNC provided approximately $6.6 million in low-income housing tax credit (LIHTC) equity to help fund construction of the apartment complex in San Marcos, California, which is part of a mixed-use project that also includes 7,000 square feet of commercial space.

“Eastgate Apartments offers residents an affordable multifamily option in San Diego, a competitive market that continues to experience an increase in rents and a decrease in vacancies,” clarified WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The building, which was built to LEED standards with energy efficient features, will serve as a quality, affordable community for residents within the North County area. To help accommodate the affordable housing needs of the significant population of former military personnel in the Greater San Diego region, 11 units within this community are designated for veterans in need.”

The mixed-use multifamily development is located at the intersection of Grand Avenue and Creekside Drive. Eastgate’s 42 units consist of six studio apartments, five one-bedroom units, seventeen two-bedroom units, 13 three-bedroom units and a two-bedroom manager’s unit.

Community amenities at Eastgate Apartments include onsite management, laundry facilities, a community room, playground, computer center, elevators, picnic area with grills, social services, secure building access and bicycle parking/storage.

Affirmed Housing Group, Inc., a San Diego based affordable housing development firm, served as the developer and James Silverwood, President and CEO of Affirmed Housing Group, Inc. directed the project.

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