BALTIMORE, MD – Funds managed by Ares Management and investment partner TruAmerica Multifamily announced the acquisition of a 1,402-unit multifamily portfolio in suburban Baltimore for $236 million.

The portfolio consists of residential units spread across six properties located in some of the strongest multifamily sub-markets in the greater Baltimore metropolitan market: Dominion at Eden Brook and Dominion Kings Place in Columbia, Lakeside Mill in Owings Mills, Ellicott Grove in Ellicott City, Arborview at Riverside and Liriope in Belcamp, and Dominion Constant Friendship in Abingdon.

The properties are well-located near major military, government and corporate employers in the area. While maintained to institutional quality standards, approximately 50 percent of the units in the portfolio are slated to be renovated, offering a significant value-add opportunity.  The partnership will implement a multi-million dollar renovation and repositioning program across the entire portfolio.  Exterior upgrades will consist of significant landscaping, painting and refreshing of building exteriors, updated signage and common area updates.  The residential units will be renovated to include new appliance packages, faux-wood hard-surface flooring, new countertops and upgrades to existing cabinets.  

“We have been looking to work with TruAmerica, an experienced partner, for a long time and are excited we found this opportunity to make significant value in an attractive portfolio of geographically-diverse Baltimore metropolitan area assets,” commented Steven Wolf, Partner in Ares Management’s Real Estate Group.  “This investment is representative of our U.S. equity value-add strategy, which focuses on areas with strong employment centers and unit-enhancement opportunities.”

“This portfolio was brought to us as part of a strategic marketing campaign, where only buyers with proven track records and strong reputations were considered. Ares and TruAmerica proved to be an unbeatable partnership of financial strength and certainty of execution,” said TruAmerica President and CEO Robert E. Hart.

The Ares Real Estate Group, with approximately $10.4 billion in assets under management across equity and debt strategies, has a significant presence in the multifamily sector. Over the past decade, Ares’ U.S. equity value-add strategy has invested in over 27,000 units across its most recent funds.

This is the second significant investment for TruAmerica in the region since entering the market five months ago with the $187 million acquisition of three apartment communities in Baltimore and Annapolis totaling 1,004 units.  With the acquisition of the Baltimore Residential portfolio, TruAmerica now has more than 32,000 multifamily units under management with 2,400 in Maryland. 

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SANTA MONICA, CA – Century West Partners, a Los Angeles-based developer of upscale apartment communities, announced the completion of Chelsea, a collection of luxury rentals located in the heart of downtown Santa Monica. Showcasing contemporary design with luxe finishes, Chelsea includes 56 units set above ground floor retail serving both Chelsea and surrounding residents. Century West Partners delivered the new rentals to meet heightened demand for quality living spaces in the highly sought city. The community is actively leasing and the Grand Opening celebration occurred Thursday, November 10.

“Chelsea epitomizes the concept of uber luxury, well amenitized living” said Randy Fifield, principal of Century West Partners. “This community is designed to set the bar in rental living with its mix of high design elements and finishes, exceptional resident amenities package, and unparalleled city and beach adjacent location.”

Chelsea’s units are set within a four-tale building atop 6,000 square feet of retail services anchored by two restaurants occupying 3,150 square feet and 2,850 square feet respectively. The collection includes spacious studios, as well as one-bedroom and two-bedroom units. Floorplans are designed to meet the needs and wants of the increasing number of discerning renters actively looking in Los Angeles today and include panoramic ocean views, enviable set of high-end appliances, finishes and tech-friendly features.

“Renters have become more sophisticated and so have their tastes,” said Michael Sorochinsky, co-founder and principal with Century West Partners. “Chelsea’s offering addresses steep demand for well amenitized housing in Santa Monica.”

Envisioned for design-minded renters, Chelsea’s apartments feature masterfully crafted gourmet kitchens with fired oak end cabinets, white quartz countertops, stainless steel Viking appliances, GROHE faucets, and filtered drinking water systems. Interiors boast high efficiency dual-paned windows and doors, walk-in closets and central heating and air conditioning. Bathrooms feature double bowl sinks and separate tub and shower glass enclosures. Tech-related offerings include Nest thermostats, controllable Nuvo streaming devices, Harman Kardon Revel in-wall or in-ceiling speakers, and USB charging ports.

In addition to the distinctive design and luxury finishes of the units, Century West Partners expects leasing at Chelsea to be driven significantly by the community’s robust set of resident amenities. These include complimentary WiFi in all public spaces; safe controlled community access; reserved underground parking; gourmet espresso bar; a landscaped relaxation deck; rooftop lounge with stunning city and ocean views, fire pit, BBQ and flat-screen TVs; bike storage and bike repair vending machine and station; simple online rent payment, service requests and amenity reservations; onsite dry cleaning pick-up and drop-off services; daily newspaper delivery to common area lounge; auto detailing and eco-friendly on-site car wash arrangements.

Los Angeles-based Nadia Geller Designs provided interior design services for the community. The firm selected all unit and common area materials and furnishings, as well as furnished two model units. All lobby furniture, including the entryway chandelier, were custom designed by the interiors team.

“Chelsea is our seventh community collaboration with Century West Partners,” said Nadia Geller, Principal and Managing Director of Nadia Geller Designs, Inc. “Our inspiration for the interiors was beach, modern luxury, and approachable casual sophistication. We sought to bring the feeling of an elite boutique hotel into the lobby, and are extremely proud of the results.”

Chelsea’s completion is significant in part because of continued limited new development in Santa Monica. “This market remains a high-barrier-to-entry locale for new development,” said Steve Fifield, co-founder and principal of Century West Partners. “With demand for upscale rentals here so high, yet so small new product available, we expect Chelsea’s units to lease very quickly.”

Chelsea is located at 1320 2nd Street in downtown Santa Monica. The community provides immediate access to the city’s many attractions including unique boutiques, world-class dining experiences, the bustling farmers market, Santa Monica Pier, and iconic Third Street Promenade. Adjacent to the ocean, Chelsea is designed to offer residents respite from life’s bustle and promote an active lifestyle with access to the beach, endless bike paths and stunning hiking trails. Public transportation in Santa Monica is better than in most other parts of the Los Angeles area.  Numerous bus lines including the Blue Bus are on every corner of Downtown Santa Monica.  The expo line on the corner of 4th and Colorado connects Santa Monica to Downtown LA, Pasadena, San Fernando Valley, South Bay, Long Beach and dozens of points in between.

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