PORTLAND, OR – Berkshire Group announced the buy of Cook Street Apartments in Portland, Oregon, from Seattle-based developer, Lake Union Partners. The 206-unit, Class A apartment community located in the Williams District of urban Portland will be managed by Berkshire Communities, the property management division of Berkshire Group.

This transaction represents Berkshire Group’s second multifamily investment in urban Portland in 2016 following the Lower Burnside Lofts acquisition in February.

“In purchasing Cook Street Apartments, Berkshire is continuing its strategy of investing in quality properties in key markets,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “Urban Portland and the North Williams submarket offer 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 Portland.”

Cook Street Apartments amenities include a roof-top deck, yoga studio, fitness center, library, bike storage/repair studio, and a top floor resident lounge with a demonstration kitchen. The roof deck includes a sizable trellis, multiple fire pits, and two barbeques. Units feature stainless steel kitchen appliances, hard surface countertops, and washer/dryers. The property is located adjacent to the high-end, locally-based New Seasons Market that serves as the neighborhood’s anchor grocery store.

Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Berkshire Group had approximately $6.2 billion in real estate assets under management.

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WEST OAHU, HI – International award-winning firm KTGY Architecture + Plotting announced that Kapolei Lofts in West Oahu, Hawaii, received two Awards of Excellence during the NAIOP Hawaii’s 19th Annual Kukulu Hale Awards ceremony held recently at the Royal Hawaiian Hotel in Oahu. Developed by Forest City Hawaii and designed by KTGY, Kapolei Lofts won the Green Building Award and New Project Award – Commercial/Other Over 40,000 SF. The NAIOP Hawaii’s Awards of Excellence program recognizes accomplishments in Hawaii’s commercial real estate industry, including recognition for new and renovated commercial and public projects statewide.

With 499 residential rental homes in the heart of Kapolei, Kapolei Lofts offers renters contemporary living with resort-style amenities, including a private clubhouse, cyber café, complimentary Wi-Fi, self-service pet spa and an on-site management team. Other amenities include an expansive pool and sundeck with private cabanas, daybeds and chaise lounges, poolside entertainment lanai, outdoor grilling, and state-of-the-art fitness center with Fitness On Demand. Kapolei Lofts’ Palailai Mall is part of the community parkway that connects residents with walking paths, rock climbing and more.

Kapolei Lofts is located on 17 acres at the corner of Kapolei Parkway and Wakea Street, across the street from a Foodland Grocery and just a small walk to shopping malls, schools, food spots, and a regional transportation hub. The apartment homes at Kapolei Lofts are contemporary in design, with a host of features including central air conditioning, nine-foot ceilings, walk-in closets, in-suite washer and dryer, and lanais spacious enough for outdoor dining. Kapolei Lofts offers a wide range of unit types and sizes, ranging from one-bedroom apartments to three-bedroom apartment homes – allowing for a diverse range of price points for prospective renters, according to KTGY Associate Principal Nathan Sciarra.

“The Kapolei Lofts community, a four-block series of three-tale walkup apartment buildings, serves as a gateway on the southern end of Palailai Mall, a regional green space, that connects to the Kapolei city center. The layout of the buildings helps define that part of Palailai Mall and its surrounding streets with a cohesive architectural character,” said Sciarra. “Each of the 14 buildings make a strong corner presence and, along with the clubhouse and Kapolei Lofts’ retail component, promote a mixed-use, pedestrian-friendly community with entry stoops connecting ground floor entrances directly to the sidewalk along the street.”

Kapolei Lofts was designed and constructed with sustainability in mind. “Forest City had a fantastic vision to make an innovative community with over 6,000 photovoltaic panels that output up to 2.7MW of solar energy providing approximately half of the electricity used by residents,” said KTGY’s Project Director Scott Bryans. “The residents benefit from the renewable energy generated at competitive rates and the developer benefits from the revenue generated by selling the power to the residents. Forest City also partnered with the local utility to provide each unit with a demand response water heater that stores approximately 25% of the equivalent amount of electricity generated by the solar panels.” 

According to Bryans, Hawaii’s high energy costs fueled these innovative approaches, which can serve as a sustainable model for future developments here and on the mainland. “The award-winning Kapolei Lofts includes other energy conservation features such as water and energy-efficient appliances and fixtures, electric vehicle charging stations for residents, and the use of recycled water to irrigate native plants and other landscaping,” Bryans added. 

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LOS ANGELES, CA – The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital designed to address the nation’s growing shortage of affordable workforce housing, has expanded its portfolio with the acquisition – within the past three months – of four multifamily housing communities, totaling more than 1,300 units in the key growth markets of Dallas, Austin, and Las Vegas. The acquisitions expand the fund’s total portfolio to nearly 2,500 units.

The new acquisitions are Legends on Lake Highlands, 356 units in a garden-style complex in the Lake Highlands community northeast of downtown Dallas; the View at Kessler Park, 299 units in an 11-tale high-rise in the North Oak Cliff neighborhood of Dallas; the Park at Stone Creek, 420 units in a garden-style complex north of downtown Austin; and the Enclave, 258 units in a garden-style complex just east of the Las Vegas Strip in Las Vegas.

Each acquisition advances the fund’s objective of acquiring, enriching and preserving critically needed rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse urban communities. Residents include community-serving professionals such as teachers, police officers, health care workers, service workers and others who earn too much to qualify for subsidized housing, but not enough to afford higher-cost apartments or home ownership in areas near their workplaces.

The Turner Multifamily Impact Fund seeks to address the nation’s acute housing affordability crisis by preserving the workforce housing status of the properties it buys and implementing property management improvements and resident-focused services that enhance day-to-day operations and the quality of life for its residents – while generating strong risk-adjusted financial returns for leading private and institutional investors. These programs may include after school tutoring, community health and well-being services, and neighborhood watch programs.

The fund currently owns six multifamily properties, and is expected to eventually buy and manage up to $1 billion in apartment communities in underserved urban communities throughout the country over the next two years. Previous acquisitions are located in the greater Miami-Fort Lauderdale metropolitan area, and Prince George’s County, Maryland near Washington, D.C.

“The demand for quality workforce housing continues to grow, driving rents higher in communities across the country,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “Nearly half of all renters in America spend more than 30 percent of their income on rent, and one quarter spend more than half of their income on rent. These figures are simply unsustainable over time. Our fund’s new acquisitions will make a huge difference in the lives of more than 2,100 individuals in Dallas, Austin and Las Vegas.”

Legends on Lake Highlands consists of 356 units in 27 two- and three-tale garden-style residential buildings built in 1971 and 1979. Amenities include two swimming pools, a fitness center and a dog park. The property is located near the “Telecom Corridor,” a large technology business center that accounts for more than 80,000 jobs, as well as Texas Health Presbyterian Hospital Dallas, Texas Instruments, and NorthPark Center, a large regional mall.

The View at Kessler Park is an 11-tale residential building with 299 units built in 1963 and renovated in 2012. Its amenities include a swimming pool, fitness center, resident activities center, theater with bar and billiards table, picnic area and dog park. The property is located near Downtown Dallas and the Bishop Arts District as well as UT Southwestern Medical Center and other employment centers in the medical field.

The Park at Stone Creek was built between 1981 and 1983 in North Austin, Texas, with 420 units spread across 18 acres. Amenities include two swimming pools, a fitness center, a community clubhouse, a lighted sports court, landscaped grounds with picnic and grill areas, a playground, a disc golf course, and a dog park. The property is located near public transit as well as a variety of employment drivers, including Samsung Austin Semiconductor, a GM Technology Center, Austin public schools and large retailers.

The Enclave was built in 1978 just east of the famed Las Vegas Strip, with 258 units spread across 11 acres. Amenities include two swimming pools, two sports courts, a gym, business center, remodeled clubhouse, three laundry facilities, and a dog park. The property is easily accessible by public transit, within walking distance of the University of Nevada, Las Vegas, and one mile from McCarran International Airport.

“These properties embody all the characteristics we look for in new acquisitions: they are strategically located in dense, high-demand areas, and are affordable to a workforce population that is highly diverse. Moreover, many are located near charter school campuses built by our affiliate, the Turner-Agassi Charter School Facilities Fund,” said Gee Kim, President of Multifamily Housing Initiatives. “By enriching these properties with valuable resident-focused services in the areas of education, health care and security, we can help to strengthen these communities and ensure they remain affordable to working families – all while delivering consistent returns for investors.”

Earlier this month, Turner Impact Capital announced that celebrated actress and philanthropist Eva Longoria had joined forces with the firm as a partner and ambassador for the Turner Multifamily Impact Fund. In those roles, Longoria will help raise awareness about the critical need for workforce housing in the United States and help ensure that the fund is meeting the needs of residents in urban communities.

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