RENTON, WA – Sequoia Equities announced the acquisition of The Carriages at Fairwood Downs, a 400-unit, apartment building in Renton, Washington. This marks the final piece of over $300MM in transactions beginning with the disposition of 556-units in Grand Terrace, CA in late-October and the buys of Eddyline in Tualatin, OR and The Carriages via deferred tax exchange.  This is ninth acquisition for the firm in the Pacific Northwest and second in the Seattle-metro market since 2015.  The property was developed in 1986 and is comprised of 436,583 rentable square feet in 36, two and three-tale residential buildings. 

The Carriages is located in the Fairwood neighborhood of Renton which is approximately 20 minutes from Bellevue’s central business district and relatively close to the I-405.  Situated on +/- 30 acres, the property was originally built as condominiums providing a low-density feel, an above average unit size of 1,093 sq. ft., and a 50% mix of townhomes. Property amenities include a nature trail, two pools, fitness facility, leasing center, and clubhouse. 

Sequoia will break ground on a $4+ million renovation in January to modernize the building’s apartment interiors and amenities.  Sequoia Equities’ General Partner and Vice-President of Acquisitions, Pat Reilly, clarifies, “The Carriages presents an brilliant opportunity for our investors to yield a strong return as a result of value-added renovations.  Our plot is to reposition the building through interior improvements, as well as, amenity enhancements.”  Interior improvements will include high-function, low-maintenance features like open kitchen concepts, mudrooms, and wood-plank style flooring.  Amenity enhancements will include the addition of a theater, outdoor pavilion, resident lodge, and package lockers.  

The acquisition was facilitated by Jon Hallgrimson, Eli Hanacek, Frank Bosl and Josh McDonald of CBRE. Eli Hanacek of CBRE clarifies, “Resident and investor demand for well-located, low-density suburban communities in the Pacific Northwest continues to expand with limited new supply, and even more so, for assets such as Carriages, with large floor plans and further value-add upside. Sequoia’s renovation plans for Carriages are a perfect fit for resident preferences and will certainly generate fantastic returns for all.”

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BALTIMORE, MD – GMH Capital Partners announced the acquisition of H.B. Northway’s Varsity on Charles, a 328 bed off-campus housing community adjacent to Johns Hopkins University. GMH has rebranded the community as The Academy on Charles as part of the acquisition.

“This was an opportunity we had kept our eye on since deciding to re-enter the student housing space and our team did a fantastic job bringing it to fruition” stated Gary M. Holloway, Jr., president of GMH Capital Partners. “The Academy on Charles is the premier property in the Baltimore market. The property is located just steps away from Johns Hopkins University and is a fantastic addition to the rest of our growing student housing portfolio.”

The Academy on Charles is located in Charles Village, adjacent to the Johns Hopkins University Homewood campus. This diverse neighborhood features a number of affluent homes owned by physicians and professors employed by Johns Hopkins. The Academy on Charles is perfectly situated in this historic area with a classically styled brick façade in a terraced vertical footprint. The property underwent a complete renovation by previous ownership in 2014 to become the premier asset for students of Johns Hopkins.

Through a programmatic joint venture with Principal Real Estate investors GMH has re-emerged as a prominent player in the Student Housing industry assembling some of the most iconic assets in the space. Previously, GMH’s College Park Communities division was the largest student housing company in the country, servicing nearly 70,000 beds across 29 states before its sale in 2008. GMH continue to focus on acquiring best in class Student Housing properties and conventional multifamily assets and will look to add existing assets to its portfolio in 2017. In addition to acquiring existing assets GMH will continue to focus on development opportunities.

“This was a fantastic way for our team to bring 2016 to a close as we look forward to 2017 and acquiring or developing similar assets in key markets, “finalized Holloway.

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