TEMPE, AZ – National Asset Services (NAS), one of the Country’s leading commercial real estate companies, has successfully delivered a 30% return on ownership’s original investment with the recent sale of Apache Station, a student housing property serving students enrolled at Arizona State University.  NAS increased the property value ahead of an impending loan maturity on behalf of 35 tenant-in-common (TIC) investors, who each had a deeded interest in the property.

Known for their reputation of turning around undermanaged properties, NAS executives started employing an aggressive, proactive management approach in 2014 that also increased monthly cash disbursements to investors by 100%. 

NAS executives employed a strategy that included new onsite property management and aggressive, strategic leasing efforts. In addition, effective cost controls lead to the optimization of property expenses. 

Revenue grew as occupancy increased to over 90%, while cash reserves accumulated to offset property operations and maintenance. Major property improvements, designed to help offset the property’s market-disadvantaged distance of 3 miles from the ASU campus, included painting building exteriors and remodeling the clubhouse & leasing office.

“Apache Station is a excellent example of our ability to manage proactively with long term goals during the investors’ hold period and increase property value, despite challenges facing the asset in the marketplace,” commented Karen E. Kennedy, President and Founder of National Asset Services.  “We were delighted that this successful strategy provided more options for our clients as they headed toward a loan maturity. Our performance at Apache Station underscores our proven ability to deliver positive results for investors in any class of commercial property.”

Originally built in 2001, the TIC group bought the garden-style student housing property in 2007 and re-named the asset, Apache Station, as part of a marketing strategy to capitalize on the close proximity to the light rail station on Apache Boulevard. The property is located about three miles from the center of the Arizona State University campus, which is a greater distance from the school than most of the property’s competitors. Situated on 19.39 acres, the 422,764 square foot complex consists of 400 units with 684 beds housed in 19, two-and-three tale buildings. The average size per unit is 1,058 square feet.

All units in the property contain a full-size washer and dryer, oven and range, microwave, dishwasher, refrigerator with icemaker, garbage disposal, walk-in closets, garden tubs and built in bookshelves. The community has a single-tale club house/leasing office with well loved amenities that include two resort-style pools with hot tubs, tanning facilities, a sand volleyball court, picnic areas, fitness center, business center and study room.

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GREENSBORO, NC – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that it has completed its second and final close of Bell Apartment Fund VI, LLC.  The Fund was materially oversubscribed and closed at its fund size limit with $600 million of total equity commitments.  With debt leverage, the Fund has the capacity to buy over $1.7 billion in apartment investments.

Bell Apartment Fund VI is a fully discretionary, value-add fund that invests in high-quality, well-located multifamily properties across the United States and leverages Bell’s extensive operating platform to enhance cash flow through value-add activities.  The Fund’s investor base is comprised of institutional investors from across the globe and accredited high-net-worth individuals. CBRE Capital Advisors acted as placement agent for select U.S. investor capital commitments.

Jon Bell, CEO of Bell Partners Inc., said: “We are grateful to our investors for their commitment to our most recent value-add fund and are very pleased with the reception that Fund VI received from both domestic and international investors.  The extremely positive investor response demonstrates a high level of confidence in Bell’s strategy, management team, and vertically integrated operating platform, as well as the recognition of our strong track record.   We are confident that this investment opportunity will generate attractive current income and provide strong total returns for our investors.”

With the recent opening of Bell’s San Francisco office, Bell continues the expansion of its investing capabilities and is well positioned to buy apartment investments within its national footprint.  Fund VI seeks to invest in multifamily properties in targeted major metropolitan areas across the U.S. with healthy fundamentals.  Through renovation, enhanced operations and investing in transitioning locations, Fund VI seeks to add value and produce superior risk adjusted returns.  In addition to Bell’s series of value-add apartment funds, Bell also invests in stabilized, core apartments through a $1 billion separate account with a German real estate special fund managed by HANSAINVEST.   The venture is focused on acquiring stabilized core multifamily properties located across its major markets in the U.S.

During 2016, Bell completed nearly $1.3 billion in total apartment transactions.  Since 2002, Bell has completed over $12 billion of apartment transactions on behalf of its investors.   Bell Partners was recently ranked by Preqin Global Real Estate Report for the third year in a row as one of the top performing, most consistent real estate fund managers.

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PHOENIX, AZ – Pure Multi-Family REIT announced the successful closing of the previously announced multi-family apartment community Pinnacle at Union Hills, located in the North Phoenix, Arizona, for a buy price of $47.5 million.

Pinnacle is a 264-unit, institutional quality asset, with an average unit-size of 1,019 square feet. Pinnacle is situated in a strong North Phoenix location that borders the future Arizona Biomedical Corridor and the prestigious North Scottsdale submarket.

Approximately 77% of the units have been upgraded with an interior renovation package that includes stainless steel appliances, Corian countertops and wood-plank vinyl flooring. Pinnacle features two resort-style swimming pools, a 24-hour fitness centre, a stand-alone leasing office and a Wi-Fi café.

Pure Multi-Family funded the buy of Pinnacle with proceeds from the recent equity offering, which closed on April 7, 2017. Pure Multi-Family intends to place new first mortgage financing on the Pinnacle in due course.

Stephen Evans, Pure Multi-Family’s CEO, stated, “We are excited to add another high-quality stable asset to our portfolio. With this acquisition, we now have three multi-family properties in the Phoenix area, and look to further expand our footprint in this strong and growing market.”

Upon completion of the acquisition of the Pinnacle, Pure Multi-Family’s portfolio consists of 19 multi-family properties comprising an aggregate of 6,209 residential units, situated on 328 acres of land.

Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.

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