LOS ANGELES, CA – TruAmerica Multifamily and an affiliate of Berkshire Group have bought Career Lofts, a newly constructed 142-unit Class A apartment community in Laguna Niguel, CA in an off-market transaction. 

“The buy of this well-appointed, class A asset represents a truly unique opportunity given the high-income, underserved submarket of South Orange County,” said Greg Campbell, TruAmerica Senior Managing Director of Acquisitions. “Class A assets, especially of this quality, are not often available and are particularly rare in the region.  Very small product has been delivered south of Irvine in the last couple of decades, which has made pent-up demand for Class A product in cities like Laguna Niguel,” he said.    

Developed by United American Properties, Career Lofts, which TruAmerica will rebrand as Skye at Laguna Niguel, is only the second institutional grade multifamily project to be constructed in the submarket in more than 20 years. Skye is located at 28100 Cabot Road along California State Route 73.  It features a mix of one- and two-bedroom floor plans, resort-style swimming pool and spa, rooftop lounge and fitness center, and business center with conference facilities. 

One of the most active buyers of multifamily assets in the United States, TruAmerica invests in high quality amenity rich Class A properties in neighborhoods where homeownership is unaffordable as well as Class B properties that can be renovated to make higher quality and affordable rental units for working class families and young professionals.

“Berkshire is pleased to expand its presence in Southern California and is actively pursuing additional opportunities to grow in the region.  Residents at Skye have an simple commute to the heart of the robust Orange County employment engine in the greater Irvine/Newport Beach area at a more manageable boutique scale than what is typically found in most larger multifamily complexes in the region,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group.  “The intimate size of the project, extraordinary amenity package and proximity to desirable retail and regional transit options should ensure that Skye will be a well loved choice for renters starved for high quality product.”

Principal Steve Fried and Associate Seth Hall of Mesa West Capital helped with the financing. “Skye at Laguna Niguel gave us an brilliant opportunity to finance a gorgeous Class A multifamily product in a core market for a very active sponsor in TruAmerica,” said Hall.  

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ELKTON, MD – Lowe Enterprises Investors (LEI), in joint venture with a foreign investment client, has bought the 260-unit Stonegate Apartments at 4301 Stone Gate Boulevard in Elkton, Maryland. The 19.3-acre community is centrally located on the Maryland/Delaware border and is less than one mile from I-95. The property’s location, three miles from the University of Delaware, offers brilliant connectivity to nearby employers and regional employment centers throughout the Maryland and Delaware metro area.

“Stonegate is one of the premier communities in the Elkton/Newark submarket. With limited new multifamily property development in the area, Stonegate offers an attractive opportunity to improve the property with upgrades and renovations. The area offers access to a number of major employment areas, with downtown Philadelphia, downtown Baltimore, the Aberdeen Proving Ground and the growing University of Delaware all nearby,” said Andy Sands, managing director of Lowe Enterprises Investors.

Stonegate Apartments features 26, two and three-tale buildings spread across the richly landscaped property making a park-like setting with a small central lake. The community offers one- two- and three-bedroom residences, all with washer/dryers, decks and walk-in closets. Many units have been lightly renovated, with new cabinet fronts, flooring, lighting, white appliances and plumbing fixtures. LEI will invest approximately $2.4 million in additional improvements that includes completing the remaining unit upgrades, renovating kitchens and bathrooms, adding stainless steel appliances, and replacing doors and fixtures throughout the property. LEI will also upgrade the clubhouse and common areas. Stonegate’s many well loved amenities include a resort-style swimming pool and deck, business center, fitness center and tennis courts.

The Stonegate community is located just off Interstate 95, three miles from University of Delaware and its new 272-acre Science, Technology and Research (STAR) Campus which will be a major employment center when completed. Currently, nearly 25 percent of Stonegate residents are employed by the University. The property also offers simple access to retailers, restaurants and conveniences.

LEI’s acquisition team was led by John Gaghan. Greystar has been retained to provide property management services. Hunt Mortgage secured debt for the transaction. JLL represented the seller, TA Associates.

The transaction is the latest in LEI’s active expansion of its multifamily investment portfolio in select markets across the country. In the surrounding area, the firm’s portfolio includes the 228-unit Christina Mill apartment property in Newark, Delaware bought in 2014. Most recently, LEI bought the 210-unit Fairways of Naperville in Naperville, IL outside of Chicago. Other recent acquisitions include the 264-unit Hawthorne at Bridford apartment community in Greensboro, NC and the Hamilton Ridge Apartments, a 178-unit apartment community in Raleigh, North Carolina. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.

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