ATLANTA, GA – LMC, a leader in apartment development and management, announced it has broken ground on Vireo, a luxury apartment community in the city’s thriving Midtown district. 

The high-rise development, to feature 310 apartment homes, is situated amidst the cultural pulse of the city in a walkable, pedestrian-friendly neighborhood. LMC broke ground on Aug. 21 and initial go-ins are anticipated for spring 2019.

“Midtown is an eclectic market that features a small bit of everything, and we’re excited for the opportunity to become a part of it,” said Chris Cassidy, Division President of the Southeast for LMC. “We believe Vireo, with its instant access to the neighborhood and close proximity to Peachtree Street, will provide an unmatched living experience.”

As part of the development process, LMC’s ground-level efforts will allow the sidewalks on 13th Street to be widened, which will help the area in its transition into a more pedestrian-friendly locale. To enable residents to experience and take part of that vibe, Vireo will include ground-level terrace porches along 13th Street.

Situated at 195 13th Street NE, Vireo is superbly positioned within blocks of Midtown’s restaurants, museums, theaters, nightlife options and flourishing job sector. The community also is one block away from Piedmont Park, which is known as the outdoor epicenter of the city. The park includes jogging paths, basketball courts, athletic fields, dog parks, a farmer’s market and direct access to the Atlanta BeltLine, a multi-use trail that connects to many locales across the city.

Culturally adept Midtown is also home to world-renown Fox Theater, Woodruff Arts Center, High Museum of Art and Atlanta Symphony Orchestra. Situated between Buckhead to the north and Downtown to the south, Midtown attracts about six million visitors annually and is the second largest business district in the city.

Several public transit options are within close proximity of Vireo, including two MARTA train stations. In addition, the Downtown Connector (I-75/85) provides access to Downtown Atlanta, Buckhead, Hartsfield-Jackson International Airport and several additional key locales through the core of the city. 

Vireo consists of studio, one, and two-bedroom apartment homes ranging in square footage from 486 to 1,242. Community amenities include the ground-level terrace porches, a courtyard amenity plaza and a full suite of rooftop amenities. Included on the rooftop are a resort-style swimming pool, cabanas, clubroom and outdoor lounge area. Apartment interiors will feature stainless-steel appliances, quartz countertops, tile backsplashes, gas stoves and high-end finishes. Select homes will also include wine refrigerators.

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WALNUT CREEK, CA – Sequoia announces the first of two acquisitions, Paragon at Ancient Town, a 163-unit luxury apartment building located at the entrance of Ancient Town Monrovia, CA. The property was developed in 2010 and is comprised of 150,069 square feet of rentable residential space comprised of one and two bedroom homes. Paragon also provides 6,077 square feet of rentable retail space.

Paragon is a well-designed apartment community combining style and sophistication; standing out as one of the most desirable areas in the San Gabriel Valley. Situated on South Myrtle Avenue, Paragon offers residents walkable access to entertainment, restaurants, and shopping boutiques throughout Ancient Town Monrovia. The community also offers convenient access to the 210 and 605 freeways and is minutes away from Huntington Drive, a highly regarded tech corridor.

Sequoia’s plot includes a $1.4M renovation on the interior of the homes and common areas to update the community’s offerings. Interior improvements will involve high-style, low maintenance features such as quartz countertops, wood-plank inspired flooring, and stainless steel appliances.

Sequoia’s second acquisition of the week was EVIVA Midtown, a six tale, 118-unit luxury mid-rise at the convergence of Downtown and Midtown in Sacramento, CA. Built in 2016, EVIVA offers 97,865 square feet of rentable residential studios, one, and two bedroom homes. EVIVA also has 5,639 square feet of rentable commercial space and 124 parking spots in a controlled access, underground garage.  

EVIVA Midtown is Sacramento’s first residential building to feature modular construction techniques and is CALGreen certified. Homes are condo style with stainless steel appliances, quartz countertops, nine-foot ceilings, and oversized windows with custom solar screen window coverings. Common areas include an entertaining kitchen, courtyard with fire pit and BBQ, and a Precor Fitness Center. Centrally location to hundreds of restaurants, entertainment, and Capitol Park, EVIVA boasts a Walk Score of 97 and Bike Score of 99, making it an urbanite’s dream.

The acquisition for Paragon at Ancient Town was facilitated by Gregory Harris and Kevin Green with IPA, Institutional Property Advisors. EVIVA Midtown was facilitated by Marc Ross with CBRE. Sequoia’s management arm will provide the day-to-day management services for both buildings.

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COLORADO SPRINGS, CO – Griffis/Blessing, in partnership with Freshwater Investments, finalized the acquisition of Lamplight Square at the Park Apartments in Colorado Springs. The property was bought for $41.1 million. CB was the listing broker, and Brady O’Donnell of CBRE arranged the FMAC mortgage.                     

“Lamplight Square at The Park presents a well-located, value-add opportunity within the highly sought after northern submarket of Colorado Springs. Situated along Erindale Park, the community provides a park-like setting with unobstructed mountain views, while conveniently located off of N. Academy Boulevard for immediate access to shopping, dining, entertainment and recreation,” says William J. Hybl Jr., President and COO of Griffis/Blessing. “Due to its favorable location, market positioning and our management team’s focus on operations and capital improvements, Lamplight should prove a solid investment for our partners.”

Alex Rozenfeld, Principle of Freshwater Investments, states: “We have a long-standing relationship with Griffis/Blessing and rely on them to manage all of our Colorado properties. The Lamplight Square acquisition, but, has marked the beginning of a new level of partnership between our firms as we combined our resources to buy this property. This is certainly a milestone worth noting and celebrating by our investors as it puts Freshwater on a trajectory towards larger and better acquisitions. High-potential properties like Lamplight are unique and rare, so adding it to our portfolio is a huge accomplishment, but we’re not resting on our laurels and are already seeking new opportunities for our investors.”

Built in 1984, Lamplight Square at The Park consists of 280 apartment homes with four floor plans and an average unit size of 723 square feet. One bedrooms range in size from 550-685 SF, while two bedrooms range from 805-960 SF. Each apartment home has a washer and dryer, central air conditioning, a private balcony or patio, walk-in closets, ample storage and a vaulted ceiling in select units. Community amenities include a clubhouse with leasing office and business center, 24-hr fitness center, coffee bar, swimming pool, spa, bbq/picnic area, courtyard and ample covered parking. Additionally, the property sits adjacent to Erindale Park with biking and walking trails, adding to the appeal of the site.

Gary Winegar, President of Investment Services of Griffis/Blessing states, “This community is ideally positioned for our value-add strategies of unit interior improvements including new appliances, fixtures and countertops in the kitchen and bath as well as the replacement of carpet with plank flooring in select areas. We plot to upgrade the indoor/outdoor pool area to a more resort-style atmosphere and update the fitness area and equipment. We will also be renaming the community as part of the rebranding plot.”

Penny Gettler, CAM will serve as the District Manager for the community, with day-to-day operations headed by the on-site manager, Jennifer Ruth.

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