LOS ANGELES, CA – Berkshire Group announced the buy of One Santa Fe in Los Angeles, California. The 438-unit Class A apartment community located in the Arts District of Los Angeles will be managed by Berkshire Communities, the property management division of Berkshire Group.

“The buy of One Santa Fe reflects our focus on purchasing quality multifamily properties in select markets across the country,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “The Arts District of Los Angeles offers a rich quality of life for residents drawn to the bustling restaurant, retail and nightlife scene in the immediate neighborhood in close proximity to the heart of downtown Los Angeles. With over 80,000 square feet of ground floor commercial and retail space, One Santa Fe offers numerous conveniences such as an organic grocer and dining options for both the residents and the neighborhood.”

Designed by renowned architect, Michael Maltzan, One Santa Fe has been featured in the Museum of Contemporary Art (MOCA) and the Los Angeles Times as a significant recent achievement in residential architecture. The property spans approximately one quarter of a mile over four city blocks and consists of two buildings situated around the retail paseo.

One Santa Fe features a mezzanine level pool, a sixth-floor sundeck with a BBQ and dining area, a fitness center and private yoga/Pilates studio. The property also features three whirlpool spas, multiple BBQ and dining areas, a fully-equipped resident clubhouse, and an outdoor cinema equipped courtyard. Units feature stainless steel kitchen appliances, quartz countertops, European-style cabinets, central heat and air conditioning, and washer/dryers.

Powered by WPeMatico

ATLANTA, GA – Admiral Capital Group and Wood Partners announced that they successfully completed the sale of 3833 Peachtree, a 222-unit multifamily property located in Atlanta, Georgia.

Admiral Capital and Wood Partners, as a joint venture, originally bought 209 of the 240 units in the broken condominium conversion project in 2012. The investment provided an opportunity to buy a well-located asset in need of value-add capital at a discount to replacement cost.

During its ownership, Admiral repositioned the property to enhance its appeal as a premier community within the highly sought-after Atlanta submarket of Buckhead. A new outdoor pool and cabana area were installed, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded to complete the “live, work, play” environment tenants were seeking. In addition to the capital spent on common areas, Admiral and Wood Partners bought an additional 13 units during the hold period.

“3833 Peachtree was another successful execution for Admiral,” said Daniel Bassichis, Co-Founder of Admiral Capital Group. “Atlanta has experienced very strong job growth, and we will continue to invest in this market.”

“We are thrilled with the execution of our business plot on 3833,” stated David Robinson, Admiral Co-Founder. “It has been very rewarding to be a part of transforming this property into such a high quality community for the residents.”

Wood Partners Director Curtis Walker added, “We are proud of our work to breathe new life into 3833 Peachtree. From adding unique design features to buying back condo units, the team executed a complex plot for a successful investment.”

Both the buyer and seller were represented by Jones Lang LaSalle’s Atlanta team.

The sale represents the eighth realization for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund, L.P. (“ACRE I”). Admiral has three remaining ACRE I assets under management including two multifamily properties (Kent, Washington and Manhattan, New York) and one hotel property in Fort Worth, Texas. Additionally, 3833 Peachtree is one of several Atlanta area communities in Wood Partners’ portfolio.

Powered by WPeMatico

LOS ANGELES, CA – CBRE Capital Markets’ Debt and Structured Finance team has arranged $75.3 million in financing for the acquisition of a six-property, 1,520-unit multifamily portfolio located in North Carolina and South Carolina.

Steve Heffner, Nate Sittema, and Kristen Reilley of CBRE’s Charlotte office arranged the financing on behalf of Middle Street Partners. The 10-year, fixed-rate loans were provided by Freddie Mac.

“Five out of the six properties are located in Columbia, a stable multi-family market that is very familiar to Middle Street Partners,” Reilley said. “This acquisition presented a perfect opportunity to buy assets that are consistent with Middle Street Partner’s strategic focus, and the Freddie Mac financing made the best option to generate yield for their investors.”

The properties included in the transaction are:

Chason Ridge, located at 600 Scotia Lane, Fayetteville, North Carolina; 252 units.

Forestbrook, located at 2805 Shadblow Lane, West Columbia, South Carolina; 180 units.

Gable Hill, located at 310 Ross Road, Columbia, South Carolina; 180 units.

Hampton Greene, located at 500 Gills Creek Parkway, Columbia, South Carolina; 304 units.

St. Andrews Commons, located at 1340 Longcreek Road, Columbia, South Carolina; 336 units.

Waterford, located at 1340 Longcreek Road, Columbia, South Carolina; 268 units.

The Class B, garden-style apartment complexes are conveniently located near major interstate systems and employment hubs, and provide affordable living options for all employment income brackets. With no immediate plans for renovations, the units will remain attractive housing options within a diverse and stable economy including government, education, insurance, financial services and healthcare.

In 2015, the Columbia market absorption of 800 units was in line with the total new deliveries of 952 units. The overall Columbia market has 2,995 units under construction and 1,936 units proposed. The majority of the new supply remains focused in the Downtown Columbia submarket and primarily consists of Class A+ communities allowing the properties in the portfolio to differentiate themselves.

Powered by WPeMatico