CHARLOTTE, NC – Ram Realty Services and LMC are pleased to announce the sale of Midtown 205 to an undisclosed institutional investor.  Midtown 205 is a 261-unit apartment community with 8,630 square feet of ground-floor retail space conveniently located in the well loved Midtown neighborhood.

Ram and LMC formed a joint venture partnership in 2013 to develop the community in a pedestrian-friendly location alongside Metropolitan, Midtown’s premier shopping plaza just minutes from downtown Charlotte. The project broke ground in early 2014 and delivered the first units in late 2015.

“Demand for high-quality apartment housing continues to grow in the well loved Midtown submarket, and Midtown 205 made the most of it, consistently outperforming its closest competitors,” said Jennifer Stull, Managing Director of Asset Management for Ram. “Its trend-setting design and walkable location made it one of the most desirable communities to both residents and potential buyers in the region. We’re pleased with the sale and look forward to finding new opportunities to continue investing in the thriving Charlotte market.”

Residents at Midtown 205 have simple access to an array of well loved dining, shopping and entertainment destinations at Metropolitan, including Pisces Sushi Bar & Lounge, Vivace, Dressler’s, Target, Trader Joe’s, West Elm and more. Also within close proximity of Midtown 205 are the Charlotte streetcar, the Small Sugar Creek Greenway trails, Interstate 277, and US Route 74, providing quick access to Uptown, South End, and other outlying neighborhoods.

In addition to its convenient location, Midtown 205 offers residents a variety of lifestyle-enhancing features and amenities. A shimmering courtyard swimming pool, outdoor kitchen with a flat-screen TV and fireplace, and a modern fitness center with separate yoga and cycling rooms headline the amenities. Inside the apartment homes, residents delight in custom-designed cabinetry, 9+ foot ceilings, stainless-steel appliances, granite countertops, light-filled interiors and dramatic skyline views in select units.

“Midtown 205 combines proximity to Uptown employers and some of Charlotte’s finest residential neighborhoods with unparalleled walkability to retail and restaurant options,” said Jeff Harris, LMC’s division president for the Carolinas. “We believe it will continue to add value for the neighborhood, the new owners and its residents for years to come.”

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SANTA MONICA, CA — Vista Investment Group has bought an 80-unit apartment community in San Diego and a 50-unit apartment complex in Los Angeles in separate transactions totaling $27.5 million.

In a transaction valued at $18.97 million, Vista bought La Mesa Palms, a multifamily community at 4300 Echo Court in La Mesa, 12 miles east of Downtown San Diego.  The transaction marks the Los Angeles-based real estate investment firm’s entry into the San Diego market.  The seller was a private family investor that had owned the property for more than 40 years.

The garden-style apartment complex consists of 20 four-plex buildings with spacious two- and three-bedroom units that average 1,100 sf. The property was 92.5 percent occupied at the time of closing.

“San Diego is one of the most fundamentally sound multifamily markets in the nation and we have been waiting for the right opportunity to enter the market,” said Vista President Jonathan Barach.  “The La Mesa/Spring Valley submarket is one of the more affordable rental submarkets in the region with fantastic school districts, excellent freeway and mass transit options, and simple access to major employment centers. We will continue to seek well-located multifamily assets with strong upside potential in the $10 – $50-million range as we look to establish scale in San Diego.”

Vista will implement a multimillion capital improvement program that will start with upgrading the buildings’ exteriors and grounds, as well as the interior renovation of vacant units. Unit upgrades will include quartz countertops, vinyl wood plank flooring, and stainless steel appliances. Other units will be renovated as turnover permits, according to Barach.

HFF Director Hunter Combs, led the team that marketed the asset and represented both parties in the transaction.

Vista also bought The Ashmont, a five-tale reinforced brick apartment building at 908 S. Hobart Boulevard in Los Angeles’ Koreatown District.  Built in 1928, the building boasts a mix of single and one-bedroom units, a garden and a large laundry facility.  The transaction also included an adjacent 9,029-square-foot fully entitled land parcel that is currently being used as a 33-car gated parking lot for the apartment complex.

Vista plans to give the complex a total facelift to improve its curb appeal and rent potential. Plans call for immediate upgrades to major building systems, exterior and common areas, landscaping, and unit interiors as turnover allows.  Unit improvements will include refinished and polished original hardwood floors, exposed brick accent walls, new shaker cabinets, quartz countertops, stainless steel appliances, and modern bathroom fixtures.

The Ashmont adds to Vista’s existing Koreatown portfolio of five multifamily properties totaling 240 units. Vista also owns 375 units in neighborhoods immediately surrounding Koreatown. The building was approximately 90 percent occupied at the time of closing. 

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WELLINGTON, FL – The Bainbridge Companies, a leading owner, developer and manager of luxury multifamily communities in the eastern U.S., announced that its management portfolio now exceeds 20,000 units.

The company, which develops, builds, buys and repositions high-end residential and commercial properties, was founded in 1997, and now manages approximately 23,000 apartment homes with another 2,000 currently under development.

“We develop and manage the highest quality living experiences featuring the latest innovations in technology, communication and architecture in the well loved markets our communities serve,” said Seth Kalinsky, president of property management for Bainbridge. “The 23,000-unit milestone not only validates our strategic direction, but also proves that the demand for quality amenities, finishes and living experiences continues to thrive. The relationships that we’ve made and fostered over the years have made this milestone possible. Through fantastic partners and the steady in-house development of new communities, we’ve been able to achieve this vital accomplishment.”

Bainbridge has developed, bought and managed apartment communities in some of the best markets in Southeast and Central Florida, the Carolinas, New York, the Mid-Atlantic and Washington, D.C. Among the company’s most recent development completions and starts include Bainbridge 3200 (228 units, Suffolk, VA), Bainbridge Jefferson Place (228 units, Frederick, MD), Bainbridge Shady Grove Metro (417 units, Rockville, MD), Bainbridge Coral Springs (250 units, Coral Springs, FL) and Bainbridge Brandon (450 units, Brandon, FL).  

According to Kalinsky, strong executive leadership also has been one of the most vital foundations of the company’s growth. “It really starts with our corporate leadership. From our CEO, Richard Schechter, on down, our executives are industry experts. To have them in-house and to be able to do everything – from management to construction to asset management – makes us more nimble than other companies.  It’s been a competitive strength as we’ve grown.”

As Bainbridge’s portfolio has expanded over the years, the company has made it a point for its leadership team to maintain a hands-on approach with its portfolio.

“As we grew, it was challenging to make sure we didn’t get so huge that we weren’t able to be detail-oriented in our operations,” Kalinsky said. “Every employee adds value to our company, our ROI and our customers.  We’ve had the bench strength to grow our company but we wanted to do it in a way where we don’t lose our personal touch.”

Although the majority of its portfolio is located in Mid-Atlantic and Florida markets, Bainbridge has begun its expansion into additional markets along the East Coast and the Carolinas. Its Bainbridge Signature Communities will deliver Class A communities to urban core markets, providing exceptional living environments for residents.

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