SAN DIEGO, CA – JPI, a leader in the development of Class A multi-family communities, has announced the close of construction financing for Jefferson Pacific Beach, scheduled to break ground this month. Jefferson Pacific Beach is a $103.5 million development with bay-front views, comprising of three-levels of podium construction on a nearly three-acre site.  For decades, the land had been home to the former Guy Hill Cadillac dealership. PCCP, LLC a Los Angeles-based real estate finance and investment management firm provided the construction loan. 

Jefferson Pacific Beach will provide 172 luxury apartment homes, and 14,000 square feet of ground floor retail and creative office space. San Diego’s award-winning architectural firm, Carrier Johnson + Culture, made an innovative, leading-edge design, which includes unique amenities, such as a surfboard repair/DIY station, and watersport storage space. Jefferson Pacific Beach will soon be an iconic addition to one of San Diego’s most vibrant communities.

In addition, the project includes upgrading seven existing traffic signals and the addition of one new traffic signal within the Mission Bay Drive corridor with an “Adaptive Traffic Signalization” system. This state-of-the-art system allows real-time traffic coordination to achieve more efficient traffic flow and will relieve congestion on Mission Bay Drive.

“JPI’s Western Region is in San Diego, so it goes without saying that this project has special meaning to our team,” said Todd Bowden, Senior Vice President and Managing Development Partner of JPI West. “It brings us fantastic pride to be a part of the city’s efforts to revitalize this area of our community.”

“PCCP has loved a successful relationship with JPI, which has an in-depth knowledge of and experience in the local market,” said Michael Hoyt, Vice President with PCCP. “We believe that this project will provide quality product in an area that has a strong demand for new development.”

JPI’s Jefferson Pacific Beach is located directly adjacent to Mission Bay Park. Developed from the 1940’s through the 1960’s, Mission Bay Park is the largest aquatic park of its kind in the country. It consists of over 4,600 acres in roughly equal parts land and water. Mission Bay boasts 27 miles of shoreline, 19 of which are sandy beaches with eight locations designated as official swimming areas. Annual attendance in the park is estimated at 15 million.

San Diego City Councilmember Lorie Zapf said: “Jefferson Pacific Beach will be the catalyst for fantastic improvements to the Mission Bay corridor. I look forward to watching this project break ground and offer much-needed housing in Pacific Beach.”

Jefferson Pacific Beach will be a neighbor to the iconic flagship Rubio’s restaurant on Mission Bay Drive. Rubio’s founder, Ralph Rubio, said of the project: “Jefferson Pacific Beach will bring a fresh, community-oriented development to the Mission Bay corridor, while preserving the uniqueness of our neighborhood. I reckon it’s only the beginning of greater, well-deserving things to happen here.”

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ATLANTA, GA – Napali Capital, a leading real estate investment company, announced the acquisition of Forest Park Manor, a 100-unit multifamily complex in Forest Park, Georgia. The two-tale multifamily property located at 507 Georgia Avenue in the heart of Forest Park features a mix of one, two, and three-bedroom apartments ranging from 611 to 1,010 square feet. This is the company’s second property in Georgia.

Conveniently located just minutes from Interstates 75, 85 and 285, Forest Park Manor is proximal to downtown Atlanta and outlying areas, allowing residents simple access to a variety of restaurants and entertainment venues. The complex also is close to major employers such as Hartsfield-Jackson Atlanta International Airport, Georgia Power Company, Southern Regional Medical Center and Clayton State University. 

Napali Capital plans to rebrand Forest Park Manor under the new name of Residences at Stonebrook and will invest significant capital in property improvements. Plotted upgrades include new landscaping and play structures, a new water splash pad and extensive picnic amenities, including pergolas and grills.

“We are thrilled to have closed this investment offering in Forest Park, Georgia,” said Napali Capital’s co-founder and Managing Partner, Thomas Black, MD. “We will start immediately implementing our business plot, which will improve operating performance and grow rental income. We fully expect solid double-digit returns to our investors.”

The acquisition of Forest Park Manor is part of Napali Capital’s ongoing strategy to expand its real estate portfolio and generate sustainable passive income streams for its accredited investors. The company invests only in areas where there is a strong economic base with high job growth and low unemployment. 

The company’s research reveals rental apartment occupancy in Atlanta remains consistently strong at approximately 94.4 percent, reflecting robust apartment demand. Annual rent growth hit 5.8 percent as of mid-2017, putting Atlanta among the top performing rental markets in the U.S. Strong demand for rental apartments is due in part to rapid population and job growth in the region, with Atlanta adding more jobs than any other U.S. metropolitan area in the year ending April 2017.

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ALEXANDRIA, VA – Morgan Properties, one of the nation’s largest and fastest growing real estate investment and management companies, announced it has bought the Mark Center portfolio in Alexandria, Virginia for $509 million, making it the largest transaction in the state for 2017. As a best-in-breed class B multifamily owner/operator, Morgan Properties owns and manages over 40,000 apartment units in ten states throughout the country. Over the last five years, Morgan Properties has expanded its portfolio holdings in the Maryland-DC Corridor by growing from 4,300 units to 21,500.

The Mark Center, which is considered one of the largest institutionally-maintained contiguous portfolios in the country, consists of 2,664 apartment units and a 63,320-square-foot retail center situated on over 150 acres inside the Beltway. The Mark Center portfolio is located in the highly desirable Seminary Road submarket, with convenient access to Interstates 295, 395, and 495 and is within minutes of downtown Washington, DC. The properties are ideally positioned in the I-395 Corridor, which greatly benefits from the large concentration of defense contractors and federal government agencies, in close proximity to Fort Belvoir, The Pentagon, US Patent and Trademark Office, the Department of Defense’s Mark Center campus and the Inova Alexandria Hospital. CBRE represented the seller on this disposition.

“The Mark Center acquisition is a major milestone for Morgan Properties, as it marks our second largest transaction in the company’s history and solidifies our position as one of the largest multifamily owners in the Greater Washington DC Metro area,” said Jonathan Morgan, President of Morgan Properties JV Management. “We felt this deal was a once-in-a-lifetime investment opportunity to buy significant size and scale to generate operational efficiencies and enhance the value of the assets. We are on track to buy over $1 billion of real estate in 2017 and look forward to continuing to grow our portfolio.”

The Apartments at Mark Center consist of six adjacent garden-style apartment communities: Hillwood, Stroneridge, Meadow Creek, Lynbrook, Brookdale, and Willow Run. Morgan Properties’ strategy for the residential portfolio is to consolidate the six assets into four large apartment communities to maximize operational efficiencies and do a $35 million value-add repositioning plot to enhance the value of each property. The Apartments at Mark Center is extremely well positioned for interior unit renovations, given that 97.4% of the units remain un-renovated. The company plans to install over 2,200 washers and dryers and upgrade kitchens, curb appeal, and exterior enhancements at each of the properties. Morgan Properties intends to renovate the Pavilion clubhouse with the following amenities for the residents: a state-of-the-art fitness center, business center, movie theatre, club room, putting green, and dog park.

The Shops at Mark Center, an institutionally maintained grocery- and pharmacy-anchored neighborhood shopping center, features national retailers including CVS, Global Foods, Starbucks, and SunTrust Bank.

The seller bought the Mark Center portfolio from the Mark Winkler Company in 2006 and subsequently received approval from the City of Alexandria in 2012 to redevelop the existing apartment communities and retail center into a right “live, work, play” mixed-use Town Center. The redevelopment plot would maximize the allowable density from 2.5 MSF to 6.4 MSF. Morgan Properties has obtained that right through acquisition, giving it tremendous optionality over the long-term to nearly triple the density.

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