WASHINGTON, DC – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has bought The Reserve at Ballenger Creek Apartments in Frederick, MD (Washington metropolitan area). The buy closed on July 10th, and property management responsibilities have been transferred to Mission Rock Residential.

The community, built in 2000, is located near Interstates 70 and 270, providing direct access into Washington D.C. and its surrounding markets. The community offers a mix of one-, two-, and three-bedroom units ranging from 750 to 1,150 square feet in size. Each unit is equipped with its own private balcony or patio area. 

“The Reserve at Ballenger Creek presented an opportunity to buy a well-maintained asset in a strong market where we can continue growing our presence,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “The property’s vintage, size, location, and amenity base are aligned with our vision, and we will continue looking for opportunities in the Mid-Atlantic.”

Select units feature vaulted ceilings and new carpeting, as well as open kitchen layouts with maple cabinetry, modern appliances, built-in wine racks, and walk-in pantry closets.

Community amenities include a clubhouse with free Wi-Fi, a fitness center and cardio theater, and landscaped courtyards and playgrounds. The Reserve at Ballenger Creek is set apart by its additional unique community amenities, including a car care center and dog park. 

HZ bought the property with plans to renovate units with quartz countertops, black appliances, new tile backsplashes, plank flooring, new lighting and plumbing fixtures, and more. In addition, exterior siding, trim, paint, and carpentry across the eight total buildings will be updated, and a package locker system will be installed. 

Frederick County has experienced strong, long-term economic growth, and regional employers have been successful in attracting and retaining its millennial population. In 2018, Amazon announced the construction of a new corporate headquarter in Arlington, VA (48 miles from the property), comprising 2.1 million square feet and expected to accommodate 25,000 employees. Further, The Reserve is located near several large employers, including Leidos Biomedical Research, Frederick Regional Health Systems, and the area’s largest employer, Fort Detrick.

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DALLAS, TX – Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, has reached financial close on the third phase of Northside, a mixed-use student housing community for The University of Texas at Dallas. The $38M expansion of the development with partners Dallas-based developer Wynne/Jackson and equity partner Star America will add an additional 370 beds to the community.

The third phase of the project will include mid-rise apartments located on a 5-acre lot adjacent to Phase 2, as part of the dynamic Northside community that serves the more than 25,000 students, faculty, staff and young professionals of the University and greater Richardson, TX area. Upon completion, the apartments will be leased and managed by Balfour Beatty Communities, as with the Phase 1 and 2 units.

The project will be built by Dallas-based Andres Construction, with Architecture Demarest as the lead design firm, the same firms responsible for the successful delivery of Phase 2. The project broke ground earlier this month and is expected to be delivered in July 2020 to accommodate occupancy for the 2020/2021 school year.

“The first two phases of the Northside project have successfully transformed the student experience at UTD, offering dynamic living spaces and convenient access to shops, food and entertainment,” said Bob Shepko, Division President of Balfour Beatty Campus Solutions. “We are very pleased to expand of this success and partner once again with Wynne/Jackson and Star America in support of UTD’s continued growth.”

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WASHINGTON, DC – Madison Marquette, a national private fully-integrated real estate services provider and investment manager, in a joint venture with GFH Financial Group B.S.C. (GFH), a Bahrain-based asset management, wealth management, and commercial real estate development group, announced the acquisition of a portfolio consisting of six private-pay senior living communities in California, Washington and Michigan. 

The Communities comprise 509 units/589 beds with a unit mix of independent living, helped living and memory care; and are operated by Senior Resource Group, JEA Senior Living and Senior Village Management — three best-in-class senior living operators. The two parties have formed a joint venture entity, which will own the assets, with GFH as the Investment Manager and Madison Marquette as the day-to-day manager of the portfolio. 

“Through our recent platform activities in the space, we have studied the senior living sector carefully and have timed this transaction to benefit from what we believe are small-term industry dislocations and long-term demographic tailwinds” said Amer Hammour, Chairman of Madison Marquette. “Additionally, we are very pleased to be partnering with GFH on this seed portfolio and look forward to deepening our partnership in the space with them.”

The properties comprising the portfolio include: Independence Village, Brighton, MI; Chateau at River’s Edge, Sacramento, CA; Chateau on Capitol Ave, Sacramento, CA; Callaway Gardens, Kennewick, WA; Summer Wood, Moses Lake, WA; and Pine Ridge, Spokane, WA.

The Portfolio is stabilized (92% average occupancy, avg. 1Q 2019) and diversified by acuity, location, and operator, and is comprised of three distinct sub-portfolios each managed by one operator: (i) Independence Village (Brighton, MI); (ii) Chateau Portfolio (Sacramento, CA); and (iii) JEA Memory Care Portfolio (Washington State). 

“With healthy occupancy, strong market demand, and an industry standard NOI margins of 34.4%, this portfolio offers attractive and stable in-place cash flows, and should be well-positioned for additional growth through incremental rate increases during the hold period,” said Salime Yacoubi, Managing Director/Investments, Madison Marquette. “We intend for this to be an anchor transaction that will grow our acquisition activities in the senior living space.”

“This transaction represents an attractive opportunity to establish a foothold in the senior living market by acquiring a diversified pool of established income producing assets with industry leading operators. The increase in Baby Boomers approaching 70+ is making unmet demand in this segment of the market and we are excited that our partnership with Madison Marquette will allow us to benefit from that expected growth,” commented Hisham Alrayes, CEO of GFH.

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