PHILADELPHIA, PA – GoldOller Real Estate Investments announced the acquisition of Charter Court Apartments (formerly School Lane House Apartments) for $56 Million. Charter Court consists of 500 units within two interconnected eleven tale towers at 5450 Wissahickon Ave. in the East Falls section of Philadelphia.

According to GoldOller’s Chairman Richard Oller, GoldOller intends a major renovation of the property that will address virtually every aspect of the iconic 50’s vintage building, restoring it to the grandeur of its past.

“This is our first apartment acquisition in the Philadelphia area in years and for me this is walk down memory lane.  As a kid who grew up in Philadelphia, I have fantastic memories visiting relatives who lived there.  In the summer we would take the train to Queen Lane, walk a block and spend the day swimming at the apartment pool which was like a country club experience.  I loved the view of the City from the apartment and I always remember feeling vital when I was greeted by door staff who always remembered my name, I intend to bring back that feeling for all residents,” Oller said.

“We are very bullish on Charter Court and the historic East Falls section of Philadelphia.  Our plot is to implement renovations and service enhancements while maintaining a price advantage over our local competition in East Falls and at a significant discount to comparable Center City properties,”  said Jake Hollinger, GoldOller Partner and COO.  “From GoldOller’s inception, we have consistently produced brilliant returns for our investors by employing this value enhancement strategy and we are confident that our success will continue with Charter Court.” 

Charter Court residents will benefit from a complete restoration of the buildings and the grounds.  Renovations will include a new high efficiency HVAC system, new windows, upgraded hallways, a new 5,000 square foot fitness palace, an onsite spa and dry cleaner, bark park, and a cyber café.  Additionally, all of the apartments will be upgraded with groundbreaking new kitchens and bathrooms including granite countertops and high end fixtures.

“Residents will start enjoying enhanced GoldOller lifestyle management services immediately,” said Joseph Eisenstein, GoldOller’s Charter Court project coordinator.  “We are taking fantastic care to complete our improvements without disruption to existing residents, many of whom are long-term.  Key to this success is enhanced 24 hour professionalized staffing and sophisticated operational technology to say residents of activities like free fitness classes and other GO branded lifestyle services.”

Accordingly, to Kate Muckenhirn, GoldOller’s Marketing and Brand Manager, Charter Court checks all the boxes.  “The location is perfect; a small walk to Philadelphia University, Drexel University Medical School, William Penn Charter Academy and Germantown Friends School, the Queen’s Lane SEPTA rail station, and a ten-minute drive into the Center City. The current amenities are fantastic but the new amenities will be the talk of the town. The unit mix includes studios, one, and two bedroom homes with affordable rents. Add to that our GoldOller ‘Life On The Go’ Services, and it’s a home run.”

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NEW YORK, NY – Amherst Holdings announced that its single family residential platform completed the sale of a portfolio of 4,262 single family rental properties for $652 million. The purchaser is Altisource Residential, an operating partnership controlled by Altisource Residential Corporation, a publicly traded REIT, which has bought a 100 percent equity interest in the portfolio.

As part of the transaction, an Amherst sponsored entity is providing seller financing equal to 75% of the buy price. Amherst will remain the property manager for the portfolio through its subsidiary, Main Street Renewal LLC. This is Amherst’s second major transaction this year with an institutional investor.

“This sale is a marquee transaction for our single family rental business and demonstrates key aspects of our unique business model. We are making turnkey opportunities for investors globally to gain access to large portfolios of professionally managed and financed rental homes.” said Sean Dobson, Chief Executive Officer at Amherst Holdings LLC.

Drew Flahive, President of Amherst Single Family Residential said, “We have built an integrated platform with the ability to buy, develop and convert individual single family properties to rental use and then orchestrate the sale of large portfolios of these homes to institutional investors. We will continue to expand our acquisition and property management activities to meet the growing demand from both consumers and investors for high quality rental properties.” 

Amherst received legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP and Mayer Brown LLP. Nomura Securities International Inc. served as the financial advisor on the transaction.

The Amherst single family residential platform currently manages multiple pools of capital that invest in single family rental homes. Since the platform was made in 2012, it has raised more than $2.5 billion of debt and equity capital in support of its acquisition, stabilization and portfolio sale activities.

To manage its portfolio of single family homes and support its development and sale activities, Amherst founded Main Street Renewal, an internally managed, vertically integrated property acquisition, repair and management business. The company has a staff of approximately 320 professionals located in Austin, Texas and 20 regional offices and call centers.

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LAS VEGAS, NV – The Bascom Group has bought Trellis Park Crossroads Apartments, a 2009 construction 312-unit luxury apartment community located at 3825 Craig Crossing Drive, North Las Vegas, NV 89032. The $35.35 million sale closed on September 21, 2016. 

Since 2013, Bascom and its affiliates have bought 27 multifamily properties in the Las Vegas market, totaling 8,563 units.  Spence Ballif with CBRE was the broker for the sale.  Brian Eisendrath and Annie Rice with CBRE arranged the $31.5 million loan with Resource Real Estate Funding, Inc.

Scott McClave, Senior Principal of Bascom, states “Crossroads is an institutionally built asset in a rapidly improving Las Vegas submarket.  The property is nearby the 95 and 215 freeways, and less than 10 miles from The Strip, giving residents access to major thoroughfares and job centers.  As the Las Vegas economy continues to strengthen, residents will look for high quality, well amenitized living environments like Crossroads.”

Jason Hanna, Senior Vice President of Bascom, comments “We continue to see improvements in the Las Vegas market as rents and occupancies strengthen.  We are excited about North Las Vegas because it showed some of the strongest growth of all Las Vegas submarkets in the last year.  As a top-tier apartment community in North Las Vegas, Crossroads is well-poised to benefit from new ownership and positive fundamentals.”

Crossroads was built in 2009 and consists of 14 three-tale buildings situated on 15.6 acres.  Rental offerings include a range of one-bedroom through three-bedroom floorplans, with one-bedrooms accounting for 42% of the total units, two-bedroom and three-bedroom units accounting for 50% and 8% of the total units, respectively. 

The community offers tenants a robust amenity package including three pool/spa areas, two fitness centers, a clubhouse with business center, and a playground with splash park. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the high-level interior finishes and build on the existing amenity package.

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