OAK BROOK, IL – Inland Real Estate Acquisitions announced that it facilitated the acquisition of Alexan Riverdale Apartments, a 212-unit multifamily property located in the Morris County, New Jersey, community of Riverdale, approximately 25 miles northwest of New York City. Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 6000 Riverdale Road near the intersection of Interstate 287 and Route 23, the property is situated on 15 acres and was constructed in 2010. Alexan Riverdale Apartments consists of two four-tale buildings featuring 77 one-bedroom and 135 two-bedroom units, a two-tale clubhouse, 243 underground parking garage spaces and 170 outdoor surface spaces. Each unit includes luxurious interiors and modern amenities, including granite countertops, gourmet kitchens, nine-foot ceilings, hardwood floors and a private balcony with select units. The property offers residents a variety of community amenities, including a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, a state-of-the-art fitness center with a yoga and spin studio, a lounge with billiards, a game room and a business center.

“What I really liked about this property was the quality of construction, that every unit has covered parking and the fact it is in a residential community,” said Cosenza. “The property is also conveniently located next to multiple shopping and dining amenities, and is positioned to draw residents employed in the nearby areas of Wayne, Parsippany, Morristown and Midtown Manhattan.”

As of the acquisition date, the property was approximately 98 percent leased. The property will also be renamed The Reserve at Riverdale.

To date, Inland Real Estate Acquisitions, Inc. has facilitated $44 billion of buys including retail centers, apartments and single-tenant properties.

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LAS VEGAS, NV – Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, in partnership with Continental Realty Advisors, a Denver-based multifamily investment and management firm, have completed the acquisition of three apartment complexes totaling 1,194 units, located in the north and east suburbs of Las Vegas. Terms of the deal remain undisclosed.

The portfolio includes the 402-unit Loma Vista Apartments in North Las Vegas, as well as the 440-unit Stonegate Apartments and 352-units Stonegate West Apartments located on the eastside of Las Vegas. The properties are close to primary employment centers in Las Vegas such as the Strip, the expanding Las Vegas Medical District and Union Village development, and the northern industrial and manufacturing hubs. Las Vegas is currently experiencing pent-up demand for rental housing due to historic lows in new development, and both the North and East Las Vegas submarkets currently have no active or plotted new development.

“We are excited for the opportunity to buy a portfolio with scale at a significant discount to replacement cost,” said Senior Vice President of The Roxborough Group, Matt McCormick. “The Las Vegas market is experiencing a significant recovery in employment, wage and population growth, yet the growth in new rental housing remains below peak levels and significantly behind most major cities throughout the country. We see significant room for rent increases in this sector.”

The portfolio is the second acquisition for the partnership in Las Vegas, which bought Turtle Creek Apartments in the Las Vegas suburb of Henderson in November of 2015. This property was recently rebranded as “Tesoro Ranch” and has experienced significant rental growth upon completion of its common area upgrades. The business plot for the portfolio calls for a light renovation of a subset of the individual units and a full upgrade of common areas to capitalize on the rent growth in the market. The renovation will bring the properties in line with their competition in each submarket.

“The opportunity to buy this portfolio and add another 1,200 apartment units to our holdings in Las Vegas is the result of a strategic effort between CRA and Roxborough,” said David Snyder, chairman of Continental Realty Advisors. “We intend to grow our southwest portfolio and welcome the opportunity to offer quality, renovated apartment lifestyles to the region. We want to embrace the Las Vegas community and hope it will appreciate a conscientious owner that values its residents and their living needs. We are excited to be part of their lives.”

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LOS ANGELES, CA – According to Manny Gonzalez, FAIA, LEED AP and principal, with international, award-winning KTGY Architecture + Plotting, National Multifamily Housing Council’s (NMHC) research shows that aging boomers will represent a larger share of growth in the apartment market as millennials start to marry, have children and buy homes.

From affordable senior rentals to luxury living, the demand for age-qualified apartment homes is higher than ever. And with 10,000 people a day turning 65 through 2030 that demand will continue to grow. “Just like the millennials who fueled the recent surge in apartment construction, the 55+ renters are looking for many of the same things. They rank proximity to grocery stores, dining and entertainment at the top of their list,” Gonzalez said.

“Demographic studies and historical patterns also point to the 55+ cohort downsizing and choosing a more convenient lifestyle,” said Gonzalez.

Incorporating Universal Design into active adult apartments is critical for attracting new residents and for allowing existing residents to remain in their apartment as their lifestyle needs change, Gonzalez commented. “Incorporating Universal Design is key and the best Universal Design is invisible. You don’t know it’s there until you need it,” Gonzalez said.

One example, Gonzalez states, is Kohler’s grab bar that doubles as a wall shelf for shampoo or soap or as a towel rack. Other examples include a walk-in or curbless shower, no-step entry and outlets in the hallway at switch height so no one has to bend over to plug in the vacuum. “It is more than just placing a microwave at chair height,” Gonzalez said.

Some of the 55+ renters are looking for a second home near family, particularly when grandchildren are involved. “Boomers don’t want to sleep on the couch every time they visit their son or daughter, nor do they want to sell their home. An apartment offers a home away from home. And, should the child go at some point, they don’t have to worry about trying to sell that second home,” said Gonzalez.

A fantastic design element inspired by millennials is to allow residents to customize the entry to their units, Gonzalez suggested. “If the design team doesn’t, this cohort will figure out a way to do it themselves. Incorporating a window box, photo frame or pot shelf can do the trick and help keep decorations from getting out of control, especially during the holidays,” said Gonzalez.

“After catering to millennials for some time, the industry needs to give these growing number of renters what they need as they easily could become more vital than the much-prized millennials,” Gonzalez said.

A frequent speaker at the most prestigious national and regional industry events, Gonzalez will offer his expertise and insights at NMHC OPTech Conference and Exposition on November 16, 2016, in Dallas, Texas. He will be a featured panelist at NMHC OpTech’s general session, “The New Hip-sters: Plotting Now for an Older Demographic,” along with panelists Helen Foster, principal, Foster Strategy, LLC; Tim Hermeling, executive vice president, marketing, Cortland Partners; and Cristina Sullivan, COO, Gables Residential.

Gonzalez has also been invited to speak at BizFed Institute’s NextUp Forum, “Housing Now – Turning NIMBY to YIMBY” on Friday, November 18, 2016, held at Woodbury University in Burbank, Calif. Gonzalez will be a featured panelist in the session, “NIMBY to YIMBY: Digging for Answers to Get Shovels in the Ground” and will discuss how cities and developers can convert opponents, NIMBY (Not In My Backyard), to proponents, YIMBY (Yes, In My Backyard).

Gonzalez is the managing principal for KTGY’s Los Angeles office. He is responsible for the design, land plotting and production of residential and mixed-use developments throughout the U.S., including active adult and affordable multi-family communities as well as mixed-use residential, office and/or hotel/hospitality with retail.

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