REDLANDS, CA – President Jim Mauge of the UCR development team announces The Crossings at Redlands, the Inland Empire’s newest upscale 340-unit apartment community. The project is strategically located directly adjacent to the very successful 306-unit Circa2020 complex and shares the same Live, Work, Play benefit of being near major employers, freeways and within walking distance of new Class A retail, such as Citrus Plaza, Mountain Grove Shopping Plaza, and Redlands Town Center.

The Crossings at Redlands, is a 340-unit, resort-style luxury, market-rate apartment complex. The project will consist of studios, 1-bedroom, 2-bedroom, 2-bedroom den, and home style carriage units. The project is slated to commence construction in Spring 2017, and the go-in phase will be delivered for rental occupancy in early 2018.

Phase one, Circa2020 was the Redlands area’s newest Luxury, resort-style apartment community in decades; a 306-unit upscale market-rate apartment complex completed in 2016, incorporating similar world-class amenities for its residents’ enjoyment found in premier luxury multi-family apartment complexes throughout the country. Circa2020 is proud to welcome its new neighbor and the development of Phase II. This prominent rental housing community, has achieved its ambitious goals of being the number one new multimillion apartment complex in the entire Inland Empire. Both The Crossings at Redlands and Circa2020 will delight in the same shopping and restaurant benefits within walking distance, such as the Redlands town center, Majestic Realty’s well-known Citrus Plaza and Mountain Grove shopping and restaurant complex, including the opening of the multiplex Harkins theater. These amenities fulfill the lifestyle dreams of every apartment home dweller especially Millennials and medical professionals.

In addition to being a upscale gated community, The Crossings will feature amenities galore, such as over 12,000 sq. ft. of resort-style lobby and clubhouse; an e-lounge, state of the art fitness center, yoga, kickboxing, entertainment and theater lounge, and business center. The common areas are “to live for” with BBQs, cabanas, two resort-style swimming pools and spas, with all buildings being elevator served including the parking garage. Other onsite amenities include mail and package facilities, an Internet coffee lounge, fresh food service and resort market. The spacious floor plans include 9 to 12 foot ceilings, granite and quartz countertop, island kitchens, stainless steel appliances, washers and dryers, and walk in closets.

UCR Group’s Chief Financial Officer (CFO) Tom Stoddard stated, “this addition to the Redlands multifamily apartment market continues to bring the high-quality assets that are found in all the major multifamily communities across the country and I’m proud to be a part of a world class residential asset.”

The general contractor, First RC Corporation, will start construction of the 340-unit apartment complex and parking facility, designed by Miller Architectural Corporation, in Spring 2017. The nearby area is undergoing dramatic expansion. There is a newly completed multimillion dollar VA Rehabilitation Center (ACC), along with the Loma Linda Medical Center’s $1.2 billion dollar Vision 2020 hospital and medical complex expansion, including a new 17 tale hospital that’s well underway. Additions are being made to Redlands Community Hospital and world renowned ESRI continues to expand. From two Amazon facilities to Ashley Furniture, acclaimed Universities and less than an hour to the mountains, desert and the beach, this area has it all.

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SALEM, MA – Silver Street Development Corporation (SSDC) announced the addition of Pequot Highlands, a 250-unit development located in Salem, MA, to its portfolio, an acquisition that was completed in the face of a myriad of difficulties to the satisfaction of both the selling party and the involved local and state agencies through the course of a concise 7-month period of negotiations and deal-structuring.

The final architecture of the deal, which closed December 22nd, 2016, sees Silver Street committing to $65M in total development costs, $20M of which are apportioned for a large-scale rehabilitation, with a 100% increase in affordability (from 100 to 200 low-income units) and financing via Tax Exempt Bonds issued by the Mass Housing Finance Authority (MHFA).

Ever since its construction in 1971, Pequot Highlands has been an vital source of affordable housing for the community of Salem, MA. As a flagship property of the prior owner it boasted amenities including playgrounds, gazebos, a basketball court, a computer center, and views of both the ocean and the Boston skyline, but in recent years it had been beset by architectural issues due to the deterioration of the brick façade of the mid and high-rise towers which together constitute the complete residential offerings of the property.

Seeing an opportunity to preserve an vital asset while extending affordability to the community, Silver Street, traditionally adept at navigating the complex financing and government regulatory issues inherent in uniquely challenging acquisitions, was able to structure the deal with the following general terms, ensuring maximum value for the seller while expanding and extending affordability and committing substantial funds to a robust rehabilitation of the property: $65M committed in total development costs; $20M committed to rehabilitation costs; 125 units (50%) subsidized via a continuation of Project-Based Section 8 vouchers on a 15-year contract with the SHA; 200 units (80%) affordability restricted via the Tax Credit Program until 2098; Financing secured through Tax Exempt Bonds issued by MassHousing; and Equity investment by Boston Financial Investment Management.

This marked expansion of affordability at Pequot Highlands was the direct result of the flexibility and cooperation of the MassHousing. MassHousing recognized Pequot’s status as a critical asset in need of large-scale rehabilitation and, being well aware of Silver Street’s ability to both complete the acquisition and see through to fruition the rehabilitation process, financed the project via Tax Exempt Bonds despite the scarcity in the state of available funds throughout 2016. “We could not have closed this complex acquisition,” says Chris Poulin, principal, “without the deep understanding, commitment and support of Mass Housing, DHCD, the Salem Housing Authority, and Boston Financial.”

The rehab will allow for a $11M façade overhaul, which will see the red brick well loved in the 1970s replaced with modern, insulated, and energy efficient metal paneling and windows, and over $9M in updates to both common and private space within the complex, the façade delivering a projected 10% reduction in energy use alone. Silver Street is thus aiming with this rehabilitation to reposition Pequot Highlands within the community, transforming the property into a contemporary vision of prideful community living.

The finesse seen throughout the structuring of the Pequot Highlands’ acquisition and rehabilitation illustrates both the vitality and commitment of Silver Street’s partner network and SSDC’s ability to maneuver despite complex and demanding circumstances, demonstrating an approach to deal-making within which investors, government agencies, and, current and future tenants all stand to benefit.

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WILDOMAR, CA – MG Properties Group, a private San Diego-based real estate investor and operator, announced the acquisition of the Santa Rosa Apartments in Wildomar, California.

Built in 2008, Santa Rosa offers 320 luxury apartment homes in a desirable low density two-tale walk-up design. Santa Rosa is adjacent to the Inland Valley Medical Center, Kaiser Permanente, and Southern California Edison’s regional service center, and is close to shopping, Interstates 15 and 215, and a future 80-acre community college campus.

The property offers an optimal mix of large one-, two- and three-bedroom floorplans that average approximately 1,000 square feet of living space and feature a garage for each apartment home.  MG Properties Group plans to perform modest interior renovations and to refresh the property’s common areas. 

The property was bought for $74,500,000.  The sellers were represented by Paul Runkle, Eric Chen and Bob Patterson of CBRE. The acquisition was financed with a $46.68M 10-year-fixed-rate Fannie Mae loan arranged by Brian Eisendrath and Cameron Chalfant at CBRE.

Mark Gleiberman, MGPG’s Chief Executive Officer, describes the acquisition as “a continuation of our strategy to take advantage of low long-term interest rates and economies of scale to generate outstanding cash-on-cash returns for our investors with Class-A properties in secondary markets.”

Santa Rosa marks MG Properties Group’s 13th acquisition in the past twelve months.  The thirteen acquisitions totaled approximately 3,600 units and $635,000,000 in combined buy price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington. 

Over the last 25 years MG Properties Group has bought 101 communities with its private investors and institutional joint venture partners totaling over 20,000 units, representing more than $2.7 billion in total asset value, including 11,700 units at a value of $1.7 billion since 2010.

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