COLLEGE PARK, MD – Greystar Real Estate Partners, a global leader in the investment, development, and management of rental housing properties, announced that the Company has partnered with real estate private equity firm Rockpoint Group to buy University View in College Park, Maryland.

The joint venture plans to significantly update the unit interiors and common areas to provide accommodations to compete with more recent student housing deliveries in the submarket.

The improvements include a full interior upgrade to all units, inclusive of wood-style plank flooring, new countertops, stainless steel appliances, updated furniture packages, upgraded hardware and lighting, significant enhancements to the common areas/amenity spaces and conversion of the existing pool area into a resort style amenity.

“Greystar and Rockpoint are able to add value through significant capital renovations, while still maintaining attainable rents for students,” said Cliff Chandler, Managing Director of Investments for Greystar.

“We look forward to offering the next-generation of apartment amenities designed specifically to meet the needs of students,” said Michelle Fuller, Managing Director of Real Estate for Greystar.

Located at 8204 Baltimore Ave., the student housing property is split into 2 separate buildings, with a total 1,573 beds (507 units) and 9,218 square feet of ground floor retail space. Its proximity to the University of Maryland offers students simple access to campus via a pedestrian bridge, as well as an on-site university shuttle service to campus and Downtown College Park. Additionally, University View is within walking distance to numerous restaurants and entertainment venues along Baltimore Avenue.

Powered by WPeMatico

ATLANTA, GA – Preferred Apartment Communities announced the acquisition of Galleria 75, an outstanding well-located seven acre site that was recently rezoned to allow mixed-use redevelopment, including up to 600 multifamily units. 

The property is strategically located immediately north of the Encore multifamily property development and south of the Cobb Energy Performing Arts Center off Cumberland Boulevard in Cobb County, Georgia.     

“The property currently maintains 110,000 square foot office property, which offers a unique combination of in-place yield and future redevelopment potential,” said Daniel M. DuPree, the Chief Investment Officer for PAC. 

John A. Williams, PAC’s Chairman and Chief Executive Officer, added, “Concurrent with our acquisition, we were able to rezone the property to allow mixed-use redevelopment, including up to 600 multifamily units. Because the existing office is stabilized and generating brilliant cash flow we have the flexibility to continue to own and operate the property on an “as-is” basis until such time we believe the market will reward us for adding density.”

PAC bought this property through a wholly-owned subsidiary and financed the acquisition by assuming the existing first mortgage loan from RGA Reinsurance Company, with an outstanding principal balance of approximately $5.9 million that has a maturity date of July 1, 2022 and a fixed interest rate of 4.25% per annum.  There are no loan guaranties provided by PAC.

Preferred Apartment Communities buys and operates multifamily properties in select targeted markets throughout the United States.

Powered by WPeMatico