KING OF PRUSSIA, PA – Houston-based real estate developer, Hanover Company, has brought its signature designer residential apartment homes to the flourishing King of Prussia district. Hanover Valley Forge, Hanover’s latest luxury residence, is located at 300 Village Drive and offers residents unique amenities and premium convenience with direct access to the groundbreaking new King of Prussia Town Center, a pedestrian-friendly outdoor shopping and dining village.

Hanover Valley Forge residents are able to take advantage of their walking distance to King of Prussia Town Center, which features 300,000 square feet of retail space occupied by grocery giant Wegmans, as well as LA Fitness, REI, Ulta, and a host of dining establishments, including Davio’s, Paladar, Founding Farmers, and City Works. Hanover Valley Forge also benefits from its close proximity to the iconic King of Prussia Mall, the largest shopping mall on the East Coast.

Hanover’s Adam Harbin says the company chose the King of Prussia site because “it presents the rare opportunity to deliver Hanover-caliber product in a submarket that is virtually devoid of it, despite having many demand drivers, including robust demographics and a convenient nexus to transportation, employment, and entertainment options.”

King of Prussia is currently experiencing a wave of new residents to the area due to its exceptional access to employment, retail, dining and recreational opportunities within the suburban Philadelphia region. Hanover Valley Forge offers spacious studio, one, and two-bedroom apartments with exclusive features that include the following:

Expansive residents’ clubhouse with 24-hour gym plus yoga and TRX room, cyber lounge, and private media room; Landscaped courtyards with pool and outdoor grills and dining areas; Designer kitchens featuring stainless steel appliances and granite countertops; and Luxury finishes such as frameless cabinetry, expansive windows, granite slab and quartz countertops, and 9’ soaring ceilings.

Hanover Company, located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the development of high quality multi-family residential properties across the nation. With over thirty years experience and an award-winning portfolio of residential high-rise, mid-rise, mixed-use and suburban projects, Hanover is focused on nationwide strategic growth through careful plotting of its development pipeline and synergistic partnerships.

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FONTANA, CA – The Bascom Group has bought Laurel Tree, a 36-unit apartment community located at 17923 Arrow Boulevard, Fontana, California for $5,250,000.  The sale represents a price of $145,833 per unit or $160.71 per square foot.  Marcus & Millichap represented both the buyer and seller in the transaction.

Manufacturer’s Bank provided the new loan.  James D’Argenio sourced and managed the transaction for Bascom.

Built in 1989 and sitting on more than two-and-a-half acres, Laurel Tree offers residents a low-density living community, a central Inland Empire location, and simple access to key employment centers. The property’s unit mix is dominated by spacious three bedroom units, offering a single-family type floorplan unique to this submarket. Laurel is set to take advantage of accelerated population growth in the Inland Empire as rising prices and rents in Los Angeles and Orange County force residents to look elsewhere for more affordable housing.

The Redlands-Fontana-High Desert submarket has developed into a growing economic hub, with a strong medical base, world-class transportation and logistics centers, and industries such as construction, leisure, and hospitality experiencing substantial year-over-year growth. The site of the former Rialto Airport, a small distance from Laurel Tree, is being redeveloped into a 1,500-acre master-plotted mixed-use community. The new development will include 107 acres of mostly for-sale housing, 352 acres of public space, and 991 acres of retail, office, and industrial development.

Fontana’s apartment market continues to strengthen as average rents have increased for six consecutive years to $1,303, or a 39% increase. Despite a $316 average rent increase over the previous 12 months, occupancy remains high at 97.4%, making the city one of the tightest rental submarkets in Southern California. Even so, the Inland Empire’s stock of multifamily units increased by just 1.4% over the past year, as single-family construction accounted for 75% of new residential development. This favorable development pipeline limits direct competition and makes an attractive environment for Bascom’s repositioning of Laurel Tree.

James, Senior Principal for Bascom, adds “With 80% three bedroom units onsite, Laurel Tree is well positioned to attract young professionals and families seeking quality, rental housing. With companies like Amazon, Niagara Water, and Monster taking millions of square feet of commercial space within a small drive of the property, job growth will drive housing demand and increase pressure on existing rental stock.”

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SCOTTSDALE, AZ – MG Properties Group, a private San Diego-based real estate investor and operator, announced the acquisition of Scottsdale Horizon Apartments in Scottsdale, Arizona.

Built in 1986, the apartments feature one and two-bedroom floorplans with full size washers and dryers, 9-foot ceilings and 22-foot vaulted ceiling in select units. 93% of the units have been renovated with upgraded appliances, cabinets, flooring, and granite countertops in the kitchens. Community amenities include two pools and spas, fitness center, outdoor lounge and barbeque areas. The property is in coveted North Scottsdale and provides convenient access to the 101 Freeway and Scottsdale Airpark, the second largest employment submarket in Metro Phoenix. 

The property was bought for $51,000,000.  The sellers were represented by Executive Vice President John P. Cunningham and Senior Vice President Charles Steele of Jones Lang LaSalle. The acquisition was financed with a $33.2M Fannie Mae loan arranged by Robert Prouty at Key Bank.

According to Paul Kaseburg, Chief Investment Officer at MGPG, “Our ownership of similar properties in the Phoenix market provided us with operating efficiencies and strong market knowledge.  Scottsdale Horizon’s location in North Scottsdale provides access to high-quality jobs and brilliant retail options. We are excited to add this property to our portfolio.”  

Scottsdale Horizon marks MG Properties Group’s 12th acquisition in 2016.  The twelve acquisitions totaled approximately 3,720 units and $560,000,000 in combined buy price. The company is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon, and Washington.

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