GARFIELD, NJ – C6 Real Estate Partners, a vertically integrated real estate owner and operator, announced the acquisition of River Edge at Garfield, a 100-unit Class-A multifamily community located in Garfield, New Jersey. The property was built in 2017 and features oversized floor plans, a large swimming pool and two gyms. Located 15 miles northwest of Manhattan, the property is strategically located with direct access to Route 80, I-95, The Garden State Parkway, Route 21, Route 4 and Route 3.

The newly built property was bought vacant by C6 in a joint venture partnership with Citymark Capital, an institutional private equity real estate fund manager. C6 will manage all aspects of investment execution on behalf of the partnership.

“River Edge is a rare off-market acquisition of luxury multifamily units in tightly constrained Bergen County, NJ. We are excited to bring institutional ownership and management standards to the value creation plot for this asset. The property benefits from being part of a larger master plotted community that includes luxury condos, and is positioned as best-in-class from a quality of life and amenity standpoint,” said Brian DiSalvo, C6 Principal.

“Citymark Capital is delighted to partner with a fantastic company like C6 to bring attractive, institutional quality apartments to the Greater New York City area,” said Dan Walsh, founder and chief executive officer of Citymark Capital. “This aligns with our national platform of investing in leading U.S. markets and taking a disciplined approach to generating solid returns for our investors.”

“Bergen County continues to be a strong draw for a wide range of residents seeking both luxury and convenience,” added DiSalvo. “River Edge provides a spacious and attractive neighborhood feel that distinguishes itself from the competition.”

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HOUSTON, TX – National Asset Services (NAS), one of the Country’s leading commercial real estate companies, has successfully delivered a lending source for refinancing an 18-member, tenant-in-common (TIC) multifamily property, preserving the co-owners original 1031 Exchange benefits and options.

With a reputation of developing loan maturity options for commercial real estate investors, NAS assumed management responsibility of Chartwell Court Apartments in 2015. Company executives immediately initiated a multi-faceted strategy to increase the property’s revenue by increasing occupancy through aggressive leasing, while making a better living experience by addressing deferred maintenance issues. The property’s exterior was also painted.

The property’s occupancy and revenue growth, along with NAS’ strong reputation for closing, were key factors in securing a capital source for refinancing the asset.

NAS worked with Keystone Mortgage Corporation in securing financing for Chartwell Court Apartments. The Southern California-based company, known for its expertise as a commercial financing advisor, is an example of NAS’ network of highly reputable industry resources. 

Obtaining refinancing for a property, with a small number of TIC co-owners is uncommon in today’s environment. Securing capital for a large TIC group is an even more highly unusual event.

“Karen Kennedy and the entire NAS team worked tirelessly to make the Chartwell Court refinance a reality. Their management of the property is the best I have ever experienced; they are my safety net!” commented Ralph O. Farinas, a Chartwell Court TIC Co-owner. “We spent about two years in court to replace the previous manager and engaging NAS made it all worthwhile. They have that very rare combination of honesty and results.”

Chartwell Court Apartments was one of hundreds of properties bought by TIC investors in the mid 2000’s during the wave of financing with highly leveraged, 10-year CMBS loans. As the commercial market started contracting in 2009, many properties faced economic challenges, due to market conditions as well as mismanagement. With the industry still experiencing the wave of CMBS loan maturities, capital sources are reluctant to refinance a tenant-in-common property, unless the TIC structure consolidated into one legal entity.  Refinancing a property with the TIC ownership structure in place, ensures that the investors original 1031 Exchange options remain intact after close of the refinancing.   

“Our ability to leverage our strong industry relationships made the possibility of refinancing an 18-member, tenant-in-common property a reality,” commented Karen E. Kennedy, President and Founder of National Asset Services. “The option to refinance, while keeping the existing TIC structure in place was the very best possible outcome for our clients invested in this property.”

Originally built in 1995, a group of TIC investors bought the apartment community in 2007. Chartwell Court is located about two miles west of Interstate-45, approximately 17 miles north of downtown Houston. The 253,553 square foot complex consists of 243 units housed in 20, two-tale buildings, a leasing office and clubhouse. All units have an attached garage and community amenities consist of a fitness center, business center, cyber cafe and coffee bar. There is a resort-style pool with an outdoor grill.   

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SAN DIEGO, CA – MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Alexan Melrose Apartments in Vista, California.

Alexan Melrose is a 410-unit luxury apartment community built in 2015.  The property offers market-leading amenities to residents, including a modern fitness center, clubhouse with gourmet kitchen, dog park and wash station, and eight unique resident courtyards featuring barbeque stations and seating.

The community is adjacent to the new Melrose Drive Sprinter light-rail stop and close to the 76, 78, 15, and I-5 freeways, providing convenient public transportation and access to job corridors throughout north-county San Diego. MG Properties Group plans to rebrand the property as Preserve at Melrose Apartments.

The property was bought for $134,000,000 from Trammell Crow Residential and their joint venture partner.  The sellers were represented by Hunter Combs and Sean Deasy at HFF. The acquisition was financed with an $84,973,000 10-year-fixed-rate Freddie Mac loan arranged by Bill Chiles and Scott Peterson at CBRE.

According to Mark Gleiberman, MGPG’s Chief Executive Officer, “The high quality of this property makes it an brilliant long-term strategic buy for our private investment capital.  We believe in the potential of the San Diego region and are pleased to have added two properties to our existing portfolio here within the past six months.”

Alexan Melrose marks MG Properties Group’s 14th acquisition in the past 12 months.  The fourteen acquisitions totaled 4,150 units and approximately $730,000,000 in combined buy price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington. 

MG Properties Group is a privately owned West Coast real estate owner and operator specializing in multi-housing assets. Over the last 25 years MG Properties Group has bought 104 communities with its private investors and institutional joint venture partners totaling over 21,500 units, representing more than $3.1 billion in total asset value, including 13,000 units at a value of $2.0 billion since 2010.

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