SAN ANTONIO, TX – Catalyst Multifamily Management, headquartered in Denver, Colorado and very active in Dallas / Fort Worth, Texas, is expanding into the San Antonio market.  On May 25th, Catalyst took over the property management responsibilities of three properties in San Antonio, totaling 390 units – Ashler Oaks Apartments, at 4100 Parkdale St built in 1971 and 150 units, Sierra Royale Apartment Homes at 6300 Rue Marielyne built in 1984 and 108 units, and Veranda Apartments at 7918 Jones Maltsburger Rd built in 1972 and 132 units. Takeover day went smoothly with the implementation of a new staff at the properties. 

Catalyst Multifamily specializes in B and C class multifamily property management and is especially strong with distressed and value add deals. 

All three properties are in fantastic locations with simple access onto major highways, grocery stores and schools. Catalyst has an aggressive hands on approach with all properties in their portfolio and the team will immediately start their proven methods for turning around these assets. Initiatives include traditional and grassroots marketing efforts targeting their desired tenants and a $4.5 MM renovation that will include curing deferred maintenance, new signage, landscaping, updating unit interiors, and pool upgrades across all three properties.

Cathy Finn, Vice-president and Managing Principal of Catalyst Multifamily Management, chose to take on the opportunity to turn this C+ asset around. “These properties should be B class deals.  Our goal at Catalyst is to take on properties that have high potential and a need for strong, well thought out and aggressive management plans.  Our property owners always see an immediate improvement in NOI, occupancy, quality of their assets and residents.  We push rents to their maximum level while maintaining strong occupancy.  Pushing value is what we do.  Typically our rents set the market.”

“We have seen what we can do in Dallas and Fort Worth so we are excited for the opportunity to expand into the San Antonio market and continue to grow the Catalyst Multifamily Management system” says Sherry Johnson, Vice President of Operations. “The market here is strong and we just had a very successful career honest here to staff Ashler Oaks, Sierra Royale, and Veranda and are proud of the training processes we implemented leading up to takeover day”.

Catalyst Multifamily Management, a subsidiary of MBP Capital, Inc. of Denver, Colorado and Dallas, Texas, has been owning and operating multifamily properties in the Dallas/ Fort Worth Metroplex since 2006 and will continue to actively buy new properties into their management portfolio.

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NEW YORK, NY – CIT Group, a leading provider of commercial lending and leasing services, announced that CIT Real Estate Finance provided a $35 million senior secured mortgage loan to a special purpose entity controlled by The Bascom Group, an owner/operator of multifamily properties, and funds managed by Oaktree Capital Management, a global investment manager specializing in alternative investments. The proceeds of the facility were used to finance the acquisition of Stone Creek Apartments, a 368-unit apartment complex located in Sacramento, California. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not told.

Brian Wirtz, Managing Partner, Bascom Northwest Ventures, LLC, said, “Stone Creek Apartments is conveniently close to downtown Sacramento’s Central Business District, which hosts over 100,000 employees and offers more than 11 million square feet of office space. We have worked with CIT on several previous transactions, and, as they have done before, CIT quickly understood the value proposition of this property and developed a comprehensive financing proposal that met our needs.”

Mark Jacobs, a Managing Director at Oaktree, said, “Stone Creek’s central location provides residents access to major transportation corridors including I-5 (10 minutes to downtown Sacramento), I-80 (88 miles to San Francisco), and U.S. 50, which offers access to San Francisco and Lake Tahoe. CIT leveraged its experience with financing multifamily real estate transactions to build a tailored financing package that helped make this acquisition possible.”

Matt Galligan, President, CIT Real Estate Finance, said, “Both Bascom and Oaktree have extensive experience as real estate investors. As new owners of Stone Creek, they are making substantial improvements to the grounds and the interior and exterior of the apartments, as well as enhancing the amenities for residents. We are pleased to extend our longstanding relationship with Bascom and look forward to working with Oaktree again.”

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HAMPTON, VA – Preferred Apartment Communities announced the sale of Trail Creek Apartments, its 300-unit multifamily community in Hampton, Virginia. 

The sale generated net proceeds of approximately $10.5 million to PAC, which PAC will utilize for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate investment loans and general corporate purposes. 

Leonard A. Silverstein, PAC’s President and Chief Operating Officer, said, “We are pleased to announce the sale of this multifamily community which we previously reported as being held for sale.”

Trail Creek Apartments offers unique one and two bedroom rental townhomes as well as groundbreaking new two and three bedroom townhomes in a gorgeous setting that combines the comforts of home with superior resident services and outstanding community amenities. The convenient location is just minutes from fantastic shopping, dining, and entertainment.

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States.  As part of its business strategy, it enters into forward buy contracts or buy options for to-be-built multifamily communities and makes mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. 

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