HOBOKEN, NJ – Funds managed by Greystar Real Estate Partners, a global leader in the investment, development, and management of rental housing properties, announced the acquisition of Observer Park, the Hoboken, NJ 115-unit multifamily property, for an aggregate buy price of $70.3 million.

Greystar sees a strong opportunity to enhance the competitive position of this institutional-quality asset through unit and common area renovations while still maintaining attainable rents that are priced at a discount to new developments.

“With very small new rental supply in the southeast corner of Hoboken and incredible demand for high-quality apartments in this location, we saw a tremendous opportunity to reposition the property through extensive capital and operational enhancements,” said Bob Faith, Founder, Chairman and CEO of Greystar. “This acquisition is indicative of Greystar’s continued commitment to acquiring high-quality, well-located assets in high-barrier markets where we are best positioned to add value and improve properties for residents and deliver returns for our investors.”

Observer Park, located at 51 Garden Street in Hoboken, was constructed in 1991 and was owned by Invesco. The property is comprised of 115 units across a single 12-tale apartment building. The community sits on top of a three-tale, 141-space public parking deck which currently serves the building and the public. Existing community amenities include fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks coffee, 24-hour laundry, dry cleaning pickup and delivery, and controlled-access lobbies.

The property is extremely well located in one of the most desirable neighborhoods surrounding New York City just two blocks from Hoboken Terminal offering commuters access to PATH Trains, NJ Transit buses & trains, and the NY Waterway Ferry. Midtown Manhattan, the World Trade Center, and Jersey City are all within a 20-minute commute on the PATH from the Property. Additionally, Observer Park is just one block from Hoboken’s Washington Street, which is the center of Hoboken nightlife, dining, and shopping with 140 bars, restaurants, and shops lining the street.

As the nation’s largest apartment operator, Greystar currently manages over 11,000 units in the New York and New Jersey metro area and over 425,000 units globally. Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, along with Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel, and Ryan Dowd served as exclusive agent for Invesco and brokered the transaction.

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PHOENIX, AZ – MC Companies is bringing luxury living in the Norterra neighborhood of Phoenix with the debut of their brand-new Class A multi-family housing project: The Place at Sonoran Trails. Located at 28000 North Valley Parkway, the upscale community will include 202 apartment homes that are designed with refined features, upscale finishes, and modern amenities. The Place at Sonoran Trails is anticipating first go-ins on November 13, 2017.

This gorgeous new luxury community offers residents spacious and bright 1, 2 and 3-bedroom garden style floorplans. Residents here will live their best life with gorgeous apartment finishes and features such as: designer cabinets, quartz countertops, in suite washer/dryer, private storage, and private balconies or patios with exceptional views.

“We are so excited to bring this quality product to the Norterra market.  There is significant demand for new apartments with high end finishes,” says Director of Marketing, Kelly Johnson. “In addition, the area continues to expand rapidly with the addition of a mega Fry’s grocery store and many local restaurants and shops drawing more ‘renters by choice’ to the area.  We anticipate hitting our targeted goals quickly as the interest has been phenomenal.”

The Place at Sonoran Trails is centrally located in North Phoenix with plenty of nearby shopping, dining, entertainment and recreation options. The gorgeous new community is located just minutes from Pleased Valley Towne Center, Desert Ridge Marketplace and The Shops at Norterra. The new community boasts a heated pool and spa, pool side cabanas, tot lot with zipline, two dog parks, a state of the art fitness center, as well as grilling and entertainment areas.

Several trail-heads are adjacent to the community which lead into the Union Hills Desert Preserve. Other outdoor recreational options in the area include: The Adobe Dam Regional Park, Thunderbird Conservation Park, Victory Lane Sports Complex Ball Fields, Wet ‘n’ Wild Phoenix Waterpark and so much more.

“This gorgeous community is bringing people the quality, beauty and comfort that they want in a home,” says Asset Manager, Jamie Springer “In addition to the finishes and features, we are also a smoke-free community which is a huge benefit to our residents. Living smoke-free reinforces our belief in healthy living, connecting with the community and enjoying an active lifestyle with outdoor trails right at your door step.”

Not only does The Place at Sonoran Trails promise to deliver residents what they want and need, unique features set the community apart from its competitors. In addition to being a smoke free community, The Place at Sonoran Trails is special in its embrace of all animals. The signature we LIKE pets’ policy means that the community does not have breed, size or weight restrictions for pets. MCLife Phoenix invites all people and their four legged friends into the community.

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SCOTTSDALE, AZ – A joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company has bought two luxury apartment communities totaling 724 units for $148,000,000 or $204,420 per unit.  Located in the highly desirable Kierland master-plotted community of North Scottsdale, the properties are within walking distance to the Scottsdale Quarter, Kierland Commons, and the Westin Kierland Resort, Spa, & Golf. 

Quadrant Real Estate Advisors LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Arizona based Alliance Residential.

The buys come on the heels of the recent 812-unit portfolio acquisition located in Southern Arizona.   Bascom Arizona Ventures recently bought three apartment communities located in Tucson & Sierra Vista, Arizona for $70,225,000. 

Built in 1996 by premier luxury apartment builder Mark Taylor, Legend at Kierland offers residents two resort-style swimming pools and spas, a stand-alone clubhouse, volleyball court, tennis court, 24 hour fully appointed fitness center, controlled access gated entry, and attached garages. 

Tradition at Kierland, built in 1998 by Mark Taylor, offers one resort-style pool and spa, along with the same amenity package as Legend. Residents at both properties benefit from the walkability factor to premiere shopping, dining, and entertainment at nearby Kierland Commons and Scottsdale Quarter, as well as simple access to the Loop 101.    

Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “The Kierland portfolio provides us with an exceptional opportunity to buy two Class A properties in an absolutely perfect location. We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible.”

Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, “Bascom will recapitalize the properties with extensive exterior and interior renovations which will equip both Legend and Tradition with one of the best amenity packages in the area. We look forward to making value for our new residents.” 

Ryan Harvey, Acquisition Director for Pacific Life, comments, “Pacific Life is excited to build upon our long-standing relationship with Bascom to reposition the Kierland portfolio into premier, resort-style communities for North Scottsdale.”

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