CHATTANOOGA, TN – Militello Capital, a greater Washington, DC private equity firm, announced the acquisition of Riverview Grande apartments, a 269-unit multi-family apartment community located in the Northshore submarket of Chattanooga, Tennessee.

The acquisition marks Militello Capital’s tenth multi-family investment completed through its joint venture with QR Capital, an Atlanta-based real estate investment firm. Riverview Grande was bought for $24.75 million, with capital support led by registered investment advisors (RIAs) seeking access to vetted and privately held income-producing real estate investments on behalf of their High Net Worth clients.

“Chattanooga embodies what we look for in a real estate market:   population growth driven by a diverse economy combined with built-in supply constraints,” said Matt Brady, Co-Founder and Chief Operating Officer of Militello Capital.  “This investment, our first in Chattanooga and our third in the state of Tennessee, is consistent with our real estate strategy and is a perfect addition to our portfolio of income-producing properties.”

The Property was built in phases between 1964 and 1972 and consists of spacious two and three-bedroom units. Because of its proximity to downtown Chattanooga, the expanding Northshore commercial district and the University of Tennessee – Chattanooga, the Property attracts a excellent mixture of young professionals, families and students. 

“The Property’s location in the vibrant Northshore market, combined with our plotted renovations that are focused on enhancing the property’s curb appeal and interior finishes, will allow us to attract residents looking for a nice community with close proximity to the expanding downtown Central Business District,” said Daniel Malino, Principal of QR Capital.

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NEW YORK, NY- The New York office of Hines, the international real estate firm, and Welltower, a leader in health care infrastructure, announced that they have closed on the acquisition of a development site at 139 E. 56th Street on the northeast corner of Lexington Avenue and 56th Street in midtown Manhattan. Existing commercial structures on the site will be demolished to make way for construction of a 15-tale senior living community with retail at the base.

With this development, Hines and Welltower aim to address the aging demographic with a new residential building for Manhattan’s vastly underserved senior population in need of helped living and memory care services. The new residence will offer the highest quality of care and the latest in health care innovation, while making an environment focused on wellness and community. Design and development plans are currently underway and will be announced in greater detail at a later date.

“Hines is delighted to partner with Welltower in our first venture into the senior living sector. Welltower’s proven track record and vision in health care infrastructure combined with our local development expertise will complement one another well,” stated Hines Senior Managing Director Tommy Craig.

“Consistent with Welltower’s focus on high-quality assets in major metropolitan markets, we expect this project will support a more connected model for health care delivery to seniors, especially those who face cognitive challenges, helping them live better as they age,” said Mercedes Kerr, Senior Vice President, Business Development. “Welltower is known in the investment community for its unparalleled partnership network. We’re very pleased to be partnering with global real estate leader Hines and believe it exemplifies that we are the partner of choice in health care real estate.”

Stephen Meringoff and Dennis Riese, the owners of the two adjacent properties that comprise the site, joined together and engaged Eastern Consolidated to represent them in this sale. Terms of the transaction were not told.

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DISON, NJ – Mack-Cali Realty Corporation announced Roseland Residential Trust reached an agreement or completed the acquisition of various partners’ interests in Port Imperial on the New Jersey Waterfront and in East Boston. In addition, Roseland is actively marketing for sale Andover Place in Andover, Massachusetts.

Roseland Residential Trust was formed January 1 to own, manage, and develop Mack-Cali’s luxury multi-family residential portfolio. As part of the formation, Marshall Tycher became chairman and Andrew Marshall became president and chief operating officer. The multi-family portfolio is projected to more than double in size from approximately 7,000 apartment homes either operating or in construction to over 14,000 apartments by year-end 2018.

Port Imperial:

Weehawken, New Jersey: The buyout of its partner’s interests in five Port Imperial waterfront development parcels. Concurrent with the acquisition, Roseland commenced construction on one of the bought parcels, RiverHouse, a 100 percent wholly owned 295-apartment home community.

Weehawken: The buyout of its partner’s interests in Port Imperial South 4/5 Garage and Retail, thereby increasing Roseland’s ownership to 70 percent.

Weehawken: Parcel 2 (potential condo parcel) will be transferred to a new entity with Roseland and its joint venture partner each holding a 50 percent ownership stake.

The cost of the Weehawken transactions is approximately $36 million.

West New York, New Jersey: The buyout of its partner’s 25 percent subordinate interest in RiverTrace, a 316-apartment community. Roseland now holds a 50 percent subordinate interest in the joint venture with UBS. The cost of the acquisition was approximately $11.3 million.

East Boston:

East Boston, Massachusetts: Bought its majority partner’s interest in the 175-apartment Portside at East Pier 7 on the East Boston Waterfront, thereby increasing Roseland’s interest to 85 percent. The cost of the acquisition was approximately $38.1 million. Roseland is currently building the adjacent 296-apartment project, Portside 5/6, also 85 percent owned by Roseland.

“The acquisitions outlined above provide Roseland with greater ownership along one of New Jersey’s most valuable remaining waterfront areas, in addition to our waterfront presence in East Boston. It enables us to achieve one of our primary strategic objectives—to be the premier waterfront developer and owner in New Jersey and other Core markets,” said Marshall Tycher, chairman of Roseland. “We were able to reach this goal at very attractive valuations, while at the same time greatly simplifying the ownership of our holdings.”

These transactions result in Roseland acquiring 100 percent interests in land holdings in five valuable Port Imperial waterfront parcels with development potential for approximately 900 apartment homes and 300,000 square feet of office space, in addition to greater ownership interests of 175 apartment homes in the master-plotted Portside at East Pier community. Additionally, Roseland increased its participation to an 85 percent interest in Portside 5/6—a 296-apartment home project currently under construction, as well as Portside 1-4—a plotted mixed-use project, all at Portside at East Pier facing downtown Boston.

In addition, Roseland has begun marketing for sale the 220-apartment home Andover Place in Andover, Massachusetts. The Company is seeing strong interest and anticipates entering into a contract within the next 30 days.

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