VIERA, FL -Preferred Apartment Communities announced that it bought Artistry at Viera, a newly constructed 259-unit Class A multifamily community in Melbourne, Florida. Built in 2018, Artistry at Viera, is located in the Viera submarket of Melbourne, Florida, a 22,000-acre master plotted community located in the central coastal region of Brevard County.

Jeff Sherman, the Company’s Executive Vice President and Managing Director of Multifamily stated: “Coastal Florida markets continue to demonstrate sound investment fundamentals and Melbourne is no different.  Artistry at Viera is exceptionally well located, surrounded by affluent demographics, and is proximate to top rated schools, parks, shops and restaurants.”  

This acquisition increases the Company’s multifamily portfolio to 33 multifamily communities across ten states. The Company financed the acquisition utilizing a non-recourse first mortgage loan from MetLife Investment Management on behalf of a client. The first mortgage loan is for a ten-year term and amortizes over a 30-year period. There are no loan guaranties provided by PAC or our operating partnership.

“The property features high quality interior finishes and a best in class amenity package.”  Mr. Sherman added, “We are also excited to continue our relationship with premier multifamily developer, Davis Development.”

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LONG BEACH, CA – LMC, a leader in apartment development and management, announced the start of leasing at Oceanaire, a luxury apartment community located in the heart of downtown Long Beach. First go-ins are anticipated for this summer.

Oceanaire features 216 apartment homes, near-direct proximity to the beach off Ocean Boulevard and high-end finishes. The podium-style community offers seven tales of apartment homes along Ocean Boulevard and boasts views of the ocean, port and downtown. 

“Downtown Long Beach possesses such a distinctive vibe with its signature shoreline and variety of shopping, dining and entertainment options,” said JJ Abraham, division president of California for LMC. “We are thrilled to join the neighborhood and offer what we believe is a top-of-market experience for our residents that perfectly complements the laid-back beach vibe.”

Located at 150 Ocean Boulevard, the midrise community sits within a mile of the eclectic East Village Arts District and a small walk from the Aquarium of the Pacific. The neighborhood boasts a Walk Score of 90, signifying a walker’s paradise where most daily errands do not require a vehicle. Several transit options are within a half-mile of the community, including Long Beach Transit Mall, Pacific Station and 1st Street Station. 

Along Ocean Boulevard and throughout downtown, Oceanaire residents have prime access to a variety of boutiques, restaurants, craft breweries and waterfront dining. Shoreline Village, and its boardwalk shops and scenic harbor views, is a small walk south of the community. The Pike Outlets provide another nearby dining and entertainment district across the street from the community. Pine Avenue and The Promenade provide additional shopping options to the north. 

Oceanaire offers studio, 1-, 2- and 3-bedroom apartment homes with two distinctive designer-inspired end options. Expansive kitchens are delivered with custom pendant lighting, Samsung stainless-steel appliances, quartz countertops, upgraded cabinetry with under-mount ambiance lighting and ceramic-tile backsplashes. Additional apartment features include luxury vinyl-plank flooring, in-home washers and dryers, roller shades, Nest thermostats, and in master bedrooms, walk-in closets and large bathrooms with quartz countertops and ceramic tile shower surrounds. 

Community amenities include outdoor terrace seating with daybed lounges, swimming pool, yoga lawn, clubroom with TVs, outdoor bar and lounge, state-of-the-art fitness center, barbecue/dining area. Pet-owning residents can utilize Victory Park, which is located adjacent to the community. Residents also have access to two levels of podium-style parking.

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SAN FRANCISCO, CA – San Francisco skyline watchers will have a chance to lease in the city’s newest architectural eye candy. Named for its prime downtown address, 500 Folsom announced it has begun pre-leasing. The 42-tale tower has 537 residences, including 32 penthouses spanning the top four floors and 109 below-market-rate apartments. Leasing rates will start at $3,500 per month for residences that range from 480 sq. ft. to 1,366 sq. ft.

500 Folsom defines high-end vertical living in San Francisco. The impressive structure, designed by Skidmore, Owings & Merrill (SOM) and Fougeron Architecture, rises boldly in the city’s burgeoning ‘East Cut’ neighborhood. Residents of the 440 ft. tower’s upper floors have unobstructed city views and glimpses of the Bay Bridge, Oracle Park and the new Chase Center. 

The building has breezy, light-filled apartments with high-end finishes and appliances, as well as the social and wellness amenities downtown city dwellers expect. Amenities include an expansive club room and two outdoor terraces. The building’s sprawling ninth floor offers residents a hot tub, BBQ areas, two sun decks with stunning views and a fire table, a Fit Club fitness center and community garden. 500 Folsom’s other fitness amenities include the HIIT Zone, a high intensity training room featuring Peloton® bikes and TRX rack system and a Flex & Flow yoga studio with ballet barre. The building is also equipped with a dog-washing station and six levels of underground parking.  

500 Folsom’s architectural prowess, stylish finishes, spacious rooms and curated amenities place it on par with any of San Francisco’s elite downtown residences. Offering an attractive live-work-play lifestyle starting at $3,500 a month, 500 Folsom’s more attainable price point is sure to attract the Bay Area’s newest tech transplants. 

500 Folsom offers residents a truly upscale living experience. Residences include high-end kitchen appliances by GE, Caesarstone countertops and full-size washers and dryers. 

500 Folsom is designed to achieve LEED Silver certification standards. The building features natural ventilation through operable windows, exterior shading, high-performance glass and an energy-efficient hydronic heat pump system at each residence. The structure is equipped with low-flow fixtures and photovoltaics to pre-heat boilers, while a rainwater harvesting and greywater system collects, treats and recycles water for landscape irrigation. Additionally, the building uses high-recycled content and other materials that meet strict low-emissions and low-VOC standards. 

Home to the city’s new Transbay Transit Center, Salesforce Tower, Salesforce Park and many of the largest names in tech, 500 Folsom’s neighborhood – The East Cut – is where it’s all happening downtown. Residents of this bustling hub are near San Francisco’s Museum of Modern Art (SFMOMA), Ferry Building and sought-after restaurants and shops along the Embarcadero. Global tech companies such as Facebook, Google, Salesforce and Slack also call the East Cut home. The East Cut boasts a Walk Score of 96, with ample public art, abundant Bay views, highly accessible transit and extensive dining options.  

500 Folsom residents will have the opportunity to live in an architecturally significant building designed by Skidmore, Owings & Merrill (SOM), the same firm responsible for the Transbay District’s master plot and numerous landmark projects, including the International Terminal at San Francisco International Airport, Moscone Center’s recent expansion and Cathedral of Christ the Light in Oakland. The building’s foundation consists of two midrise podium blocks, designed by Fougeron Architecture, that along with the tower form a gateway and paseo, linking Folsom Street to Clementina Street and the future location of Oscar Park. The entry space, with its broad opening and high ceiling, is described as an “urban living room”. It invites residents and guests to occupy the space, which is bookended by retail. The tower’s developer is Essex Property Trust, Inc.

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