LOS ANGELES, CA – Berkshire Group announced the buy of Met Lofts in Los Angeles, California. The 266-unit luxury multifamily property is located in the South Park neighborhood of downtown Los Angeles and features over 8,500 square feet of ground floor retail space.

This was the second buy in the Los Angeles market by the company in the last year.

“The acquisition of Met Lofts follows on the heels of Berkshire’s buy of the iconic One Santa Fe mixed-use project in downtown LA’s Arts District and is further evidence of our strong belief in the continued emergence of downtown Los Angeles as one of the most vibrant urban cores in the U.S.,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “We continue to seek more opportunities for additional investment throughout primary submarkets in Southern California.”

Met Lofts features an open air courtyard and a lap pool, open-air gym, yoga deck and an outdoor entertainment area with a movie projector. Other amenities include a Game Lounge, BBQ/Cabana area and two separate resident lounge areas.

The apartment homes feature stainless steel kitchen appliances, granite countertops, European-style cabinets and built-in closet organizers. The retail space is completely occupied by the high-end restaurant Broken Spanish and wine bar/restaurant concept BottleRock.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group.

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PHOENIX, AZ – Pure Multi-Family REIT announced that it has entered into an agreement to buy Pinnacle at Union Hills, a multi-family apartment community, located in Phoenix, Arizona, for a buy price of $47.5 million.

Developed by Trammel Crowe Residential in 1997, Pinnacle at Union Hills is a 264 unit, institutional quality asset, with an average unit size of 1,019 square feet.

Pinnacle is located 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, stand-alone leasing office and Wi-Fi café.

Stephen Evans, Pure Multi-Family’s CEO, stated, “We have been monitoring the Phoenix market for an extended period and are very pleased to be expanding our footprint with this institutional quality property located in north Phoenix, close to a strong and diverse employment centre, that already hosts the offices of several international corporations.”

The acquisition is subject to the satisfaction of customary conditions precedent and is expected to close in mid-June, 2017. Pure Multi-Family intends to fund the acquisition of Pinnacle with proceeds from the recent equity offering, which closed on April 7, 2017.

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

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FRANKLIN, MA – Wood Partners, a national leader in real estate development and acquisition, announced that pre-leasing has begun at The Westerly at Forge Park. The 280-unit community is located off of West Central Street in Franklin, Massachusetts.

The new community was developed with a state-of-the-art fitness center, clubhouse and pool, dog park and a playground for young families to utilize. Centrally situated within walking distance of the Forge Park/495 MBTA Commuter Rail station, its location is within close reach of the employment corridor along Highway 495 and a small distance from the picturesque Franklin State Forest.

“We made The Westerly knowing that Franklin is an outstanding community and one where we could fill a need for what residents are currently seeking,” said Jim Lambert, Wood Partners’ Development Director for the Boston area. “Thanks to its stellar location and design, this community features all the elements residents prioritize in a home, and it fits perfectly within our larger portfolio.” 

Residences at The Westerly are spacious, with large kitchens, quartz countertops, frameless cabinets, plank flooring, and stainless steel appliances. The living areas incorporate expansive windows, large walk-in closets, and carpeted flooring. The end packages have 9′ ceilings.

Wood Partners is a national real estate development company that buys, develops, constructs and property-manages high-density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. The company currently owns more than 70 properties with a combined total of over 20,000 units.

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