CLERMONT, FL – Bluerock Residential Growth REIT  announced that it has bought the 336-unit multifamily community Citrus Tower in Clermont, Florida. The REIT bought the property for a total buy price of approximately $55.25 million, or roughly $164,435 per residential unit. 

The transaction was financed with a senior loan in the amount of approximately $41.4 million at an interest rate of 4.07%. The acquisition is projected to yield a pro-forma stabilized cap rate of approximately 6.5%.

Citrus Tower, which was built in 2006, features one-, two- and three-bedroom units averaging nearly 1,099 square feet. The property features a resort style swimming pool with summer kitchen and fire pit, a fitness center, an outdoor volleyball court and tennis court, an outdoor playground and a dog park. It has undergone $1.15 million in amenity upgrades including new exterior paint and lighting, landscape improvements, pool resurfacing, and upgrades to the dog park.

The property is in Clermont, Florida, a high-growth suburb of Orlando characterized by strong demographics and minimal new supply. The Orlando market, currently ranked third in the nation for job growth, is projected to add 160,065 new jobs through 2021, while significant job growth in the leisure/hospitality and professional/business sectors over the past year has already begun to generate robust apartment demand. Submarket demographics are above those of the Orlando MSA in terms of median household income and population growth. The property is located just off Clermont’s major thoroughfare, FL-50.

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PHOENIX, AZ – Pure Multi-Family REIT announced that it has entered into an agreement to buy a multi-family apartment community located in Phoenix, Arizona for a buy price of US$59,000,000. The Property is located at 601 W Fillmore Street in Phoenix, Arizona. 

Developed in 2016, the Property is an institutional quality multi-family asset comprising 230 units with an average unit size of 934 square feet. The Property is located on 4.0 acres near Fillmore Street and Seventh Avenue and offers residents a unique value proposition that includes brilliant walkability and bike-ability to the unique amenities found in Downtown Phoenix.

Unit interiors feature high-end amenities such as oversized quartz countertops and islands, stainless steel appliances, vinyl plank flooring, full size in-unit washers and dryers, spacious walk-in closets and built-in shelving. Many units also come with electronic entry locks, private balconies and covered parking. High tech packages are also available in select suites featuring audio visual upgrades including wall speakers and Bluetooth capabilities.

The Property features a rooftop lounge with views of downtown Phoenix, pet areas featuring dog washing stations and a fenced dog run, a club room with a 13-foot television, a demonstration kitchen, ultra-luxe pool, spa, cabanas with towel service, bike shop, gas grills, and an on-site coffee shop which delivers food and beverage items to residents.

Stephen Evans, Pure Multi-Family’s CEO, stated “We are pleased to add to our Phoenix portfolio as we continue to buy new and nearly new properties with market leading amenities in dynamic locations that we believe are well positioned for future growth. The property is a unique asset with luxury amenities in a rapidly changing and highly demanded submarket. The property features artwork from local artists and architectural features that honour the heritage and style of its neighbourhood.”

The acquisition is subject to the satisfaction of customary conditions precedent and is expected to close in late November 2017. Pure Multi-Family intends to fund a part of the buy price with cash on hand and new debt financing on terms to be determined.

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PLANO, TX – ResMan, the leading next generation property management software in the multifamily market, announced it has secured a $36 million investment from Mainsail Partners, a growth equity firm that invests in quick-growing technology companies. The Plano, Texas-based company will use the capital to accelerate development of its industry-leading products and invest in its world-class customer service organization. The capital will also be used to drive further growth through expansion of its sales and marketing teams. The Wasatch Venture Group will remain a strategic investor in the business.    

ResMan has been recognized by Gartner Research as a leading solution in property management software for the second time in 2017. ResMan’s Multifamily Solution Suite is built on a single platform to provide a highly intuitive solution to meet both operational, as well as accounting needs for multifamily owners and operators. The Essentials Platform is the core of the solution, providing automation tools that improve operational effectiveness and productivity for Conventional and Affordable Housing Property Management. Additionally, ResMan integrates with more than 100 ancillary property management software vendors, allowing customers to make a customized end-to-end solution.

“Adding Mainsail as a key investment partner is a huge win for ResMan on many levels,” says Dave McKenna, CEO of ResMan. “Mainsail not only represents significant capital resources, but their deep knowledge of our industry and their proven approach to collaborating with quick-growing tech companies is a powerful combination. The additional capital will enable ResMan to further scale our customer-centric service model and expand the reach of our software platform.”

“We admire what ResMan has built and their reputation in the marketplace,” said Gavin Turner, co-founder and Managing Partner at Mainsail Partners. “The company has not only developed an industry-leading software solution for multifamily real estate companies, but has enhanced its core operating platform with a robust set of fully integrated ancillary products and the industry’s best customer service. We are excited to work with a team that has deep experience in the multifamily property management market and a hyper-focus on servicing their customers.”

ResMan is the fastest growing property management software solution in the multifamily industry. Service is a cornerstone of the ResMan solution, combined with strong products designed to optimize property management. Built on a single platform: ResMan’s Multifamily Solution Suite provides a highly intuitive solution to meet both operational and accounting needs for the multifamily owner/operator.  The foundation of Multifamily Solutions Suite is the Essentials Platform which delivers the most robust core in the industry, providing simple-to-use automation tools that improve operational effectiveness and productivity for Conventional and Affordable Housing Property Management. 

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