SAN ANTONIO, TX – Electra America and its management affiliate, Robbins Electra, announced the acquisition of Firewheel Apartments, a 366-unit apartment community located in San Antonio, Texas.

This is the firm’s second San Antonio multifamily acquisition so far this year – it bought Pecan Springs, a 344-unit, garden-style multifamily community, just two months ago. With this acquisition, Electra America now owns six multifamily communities in San Antonio, and over 60 properties in Texas, Florida, Georgia, and North Carolina. Electra’s portfolio contains approximately 23,000 apartment units totaling over $3 billion in value.

“San Antonio’s job growth is outpacing other metro areas in Texas, and the demand for workforce housing is expected to remain strong,” said Joe Lubeck, CEO, Electra America. “With this acquisition, we will be able to provide the city’s residents with a valuable product – high-quality apartments, with a range of contemporary, modern lifestyle-focused amenities – at a price that is attainable.”

Electra America will carry out approximately $1 million in improvements at Firewheel, including interior renovations and amenity enhancements.

Built in 2014, Firewheel features one-, two-, and three-bedroom units throughout numerous three-tale buildings. Units offer stylish details such as granite countertops, black appliances, walk-in closets, and full-size washers and dryers. The pet friendly community also features a pool with Baja shelf, outdoor grills, a pet park, a 24-hour fitness studio, a clubhouse with gaming lounge and coffee/espresso bar, and a business center. Covered parking and attached/detached garages are also available.   

Located at 6155 Eckhert Road, in San Antonio’s North Hampton neighborhood, Firewheel is ideally surrounded by major employers, hospitals, universities, and transit routes, including University Hospital/University Health System, USAA, and Methodist Hospital. San Antonio International Airport and Downtown San Antonio are just 20 minutes away from the community, offering convenience and access for residents.

The property was bought from HPI Residential, a full-service commercial real estate company based in central Texas. Berkadia’s South Florida team arranged the financing on behalf of Electra America.

Electra America is national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, and Texas. 

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DES MOINES, IA – Minneapolis based Timberland Partners announced the acquisition of Ashley Square, an apartment community located in Des Moines, Iowa. This is the ninth property Timberland Partners now owns in the Iowa market.

The 144-unit acquisition was funded from the Timberland Partners Investment Fund VI, LLC, and represents the third acquisition from fund six. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.

Timberland Partners Vice President of Real Estate Investments, Matt Fransen, said “We feel very excellent about investing in Des Moines right now. The region continues to make jobs, which is fantastic for the apartment market. We have a simple business plot that will be implemented at Ashley Square to further improve and modernize the community. We look forward to a long term ownership.”

Ashley Square was built in 1986, and consists of one and two bedroom floorplans located throughout five buildings and hosts amenities such as an outdoor pool and clubhouse. Plotted improvements include new signage, fencing, and renovations to unit interiors and clubhouse. All units will receive new flooring, lighting, appliances, countertops and in-unit washers and dryers.

The seller was represented by William Ryan, Alex Blagojevich and Michael Sullivan of Berkadia based in Chicago, IL.

Timberland Partners is a real estate investment and management firm, which currently owns and manages 65 apartment communities totaling 12,680 apartment units in its portfolio spanning 13 states.

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SAN DIEGO, CA – Lowe, LaSalle Investment Management and I.D.E.A. Partners announced the completion of IDEA1 in downtown San Diego, a $91 million, mixed-use creative urban living and work space with ground floor office and restaurants built around a public/collaborative gathering space.

“IDEA1 is a modern expression of the mixed-use commercial real estate model. It is designed to complement and enhance an emerging urban district that is a center for creative businesses, arts and education that is attracting a growing residential population,” said Lowe Executive Vice President Mike McNerney. “For Lowe, it allows us to apply our skills and experience in developing and managing multiple property types – apartments, office, restaurants and retail – to one project. IDEA1 embodies our company’s philosophy of building community that is at the core of all of our projects.”

IDEA1 is located on a full city block bounded by E, F, Park and 13th Streets in the innovation corridor in the Upper East Village known as I.D.E.A. District. IDEA1 is a mid-rise, six-tale complex designed on principles of connection and collaboration, and built around a ground floor communal gathering spot called The Hub that connects the residential, commercial, and recreational components. The Hub is accessible to the residents of the 295 apartments and live/work lofts, the 7,700 square feet of office space, the customers of the 5,000 square feet of ground floor restaurant spaces, and the broader community.

On the second level is the THOUGHT Box, a two-tale glass greenhouse designed as a flexible amenity space for tenants and residents. It is the ideal spot for casual meetings and growing huge thoughts. The glass wall facing The Hub doubles as a projection screen that will be programmed to engage the neighborhood with a variety of offerings such as movies, music and arts presentations.

“We are pleased to see the successful completion of this project, and have confidence it will perform well as it is uniquely-positioned to serve a variety of tenant uses in a dynamic submarket of San Diego,” said Kyle Dupree, Senior Vice President at LaSalle Investment Management. “As real estate investment managers with a global footprint, we can say with confidence the IDEA1 is a truly innovative property that could serve as a model for future mixed-use asset developments.”

Leasing is underway for the apartments at IDEA1 which welcomed its first residents on November 11th. The residences, designed as studio, one- and two-bedroom apartments with 25 ground floor live/work lofts and eight luxury penthouse units, all feature contemporary finishes and fixtures. Common area features include a two-tale rooftop clubhouse and spa, bike repair shop, fitness center, rotating public art, enchanted green soffit and The Hub.

“At the core of IDEA1 is our goal to provide residents with an array of experiences,” said David Malmuth of I.D.E.A. Partners. “We are endeavoring to share these experiences with the San Diego community and to collaborate with local creatives to further expand the reach of this project,” added partner Pete Garcia.

The office space at IDEA1 has been leased to Seer Interactive, a digital marketing firm headquartered in Philadelphia. Seer will relocate its 30-person San Diego office to IDEA1 in December providing the firm the ability to more than double in size.

Two restaurants will open at IDEA1 in early 2018. Young Hickory, a café that offers local coffee and craft beer as well as casual breakfast and lunch options, and LOLA 55, a new quick-casual gourmet taco shop serving a menu of Oaxaca, Mexico inspired food. Adding to the attractions that will draw the public to IDEA1 is an onsite leasing/art gallery that will have rotating exhibits showcasing local and national artists.

IDEA1 was designed by The Miller Hull Partnership, built by Swinerton Builders and will be managed and leased by Pinnacle.

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