GILBERT, AZ – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Town Commons in Gilbert, AZ.  Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Town Commons is a 24-building residential complex complete with two 2-tale townhouse buildings, ten 2-tale carriage homes, and twelve 3-tale garden style buildings. Ranging from 776 to 2,197 square feet, the property features a well-balanced unit mix of one-, two-, three- and four- bedroom homes including a selection of townhome and carriage home variations. 

Constructed in 2018, Town Commons is fit out with luxury unit interior finishes, premier community amenities, and convenient access to Phoenix employment corridors and walkable family-friendly retail. Unit interiors include granite countertops, designer lighting, full size washer/dryers, and private access to garages in townhomes and carriage homes. Community amenities include a resort style swimming pool, an outdoor lounge with bonfire pits and BBQ grills, a state-of-the-art clubhouse including a Cyber Café, a private work space with 55-inch presentation TV, a fitness center with TRX equipment, a dog park, and a children’s splash pad. 

“Town Commons is located in Gilbert, a municipality in Phoenix’s Southeast Valley that has experienced strong employment and population growth,” said Mr. Calatozzo. “The Property is centrally located between several of the MSA’s largest employment hubs and a small distance to Downtown Gilbert’s Heritage District, providing tenants with simple access to several retail, dining and entertainment options.”       

Shaun Houlihan, Analyst of The Praedium Group, added: “The Property’s location provides residents with access to the award-winning Gilbert Unified School District.  Additionally, as part of Gilbert Town Square, Town Commons benefits from a diverse set of retail and entertainment options within walking distance, totaling more than 400,000 sf.”

Residents of Town Commons have fantastic connectivity across the state, with convenient access to US-60, US-202, US-101 and I-10. Within a 30-minute commute, residents can arrive at more than a dozen employment corridors; the East Valley (20-30 minutes) has seen vast growth, welcoming the expansions/relocations of major national corporations such as JP Morgan and Intel, while Gilbert’s own CBD (10-15 minutes) recently welcomed a 2,500-person corporate campus for Deloitte. 

Town Commons’ location within the Gilbert Town Square provides residents access to vibrant retail just steps outside their doors. The mixed-use center features restaurants, retail shops, fitness centers, a 44-lane bowling alley and a 14-screen megaplex Regal movie theater.  Just minutes from the Property is the Gilbert Heritage District, a bustling local foodie destination with an extensive array of food options that attracts both locals and out of town visitors for its year-round events, including farmers markets and concerts. 

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SAN ANTONIO, TX – The NRP Group, a vertically-integrated, best-in-class developer, builder and manager of multifamily housing, today announced its San Antonio Team has broken ground on Acero, an upscale multifamily development situated west of the city’s historic Southtown and King William neighborhoods.

The community will sit alongside San Pedro Creek, which is currently being redeveloped into a world-class recreational park. When completed, the park will incorporate 3,905 linear feet of walkways, public art, architecture, local crafts, historic preservation, ecosystem restoration and native landscaping.

A 323-unit complex offering a mix of market-rate and workforce apartments, Acero will cater to everyone from young professionals entering San Antonio’s hot job market to retirees looking for convenient, hassle-free living in one of America’s most active cities.

“We are thrilled to be offering housing of the highest quality in San Antonio, which has experienced incredible growth in recent years,” said NRP Co-Founder and Chief Executive Officer J. David Heller. “Acero will add a unique living experience to an already vibrant neighborhood.” 

Acero will be comprised of a mix of studio, one-, two-, and three-bedroom apartments across five buildings with ample surface parking and attached garages.

Spanning more than 10 acres, Acero includes amenities such as a resort style pool, a state-of-the-art fitness center, outdoor grills, a fire pit, a dog park and a pet wash. Residents will also experience the convenience of 24/7 package concierge, a cyber-lounge, bike storage and repair facilities, and work-from-home conference areas. 

The site features convenient access to I-35/I-10 and South Flores Street, bringing jobs, education and entertainment to Acero residents’ doorsteps. It is also located just west of Blue Star, a well loved Southtown destination serving as a hub for San Antonio’s artistic community.

“With Acero, The NRP Group is harnessing the best of San Antonio’s vital and vibrant community,” said NRP Vice President of Development Alastair Jenkin. “The apartments offer unparalleled access to top-notch dining, entertainment and culture, along with superior amenities. NRP’s commitment to Texas has never been stronger.”

The NRP Group is developing Acero with equity partner Cornerstone Holdings.

“NRP constructs fantastic communities with blue-chip amenities in prime locations which are very attractive to tenants—its track record speaks for itself. We’re very excited to be partnering with a right best-in-class company,” said Neville Vere Nicoll, president at cornerstone holdings.

The project is also being developed in partnership with the San Antonio Housing Trust Public Facility Corporation (SAHTPFC). The partnership guarantees 50 percent of units at Acero will be leased to residents who earn less than 80 percent of the area median income. 

“Acero is another example of NRP’s commitment to meeting the housing needs of all within our community,” said San Antonio City Councilman for District 1, Roberto C. Treviño. “Housing is one of our most vital initiatives and it will be fantastic to see a new residential community in this neighborhood that also provides an affordable component.” 

The NRP Group expects Acero to be completed in Spring 2021.

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TAMPA, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, and JV partner, RSE Capital Partners, one of the most active multifamily investors in the country, have bought a five-property multifamily portfolio with assets in Texas and Tennessee. The 1,848-unit portfolio includes apartment communities in the Dallas-Fort Worth market and the Nashville suburb of Hendersonville, Tennessee. American Landmark bought the portfolio for $246.77 million in a privately negotiated off-market transaction.

The acquisitions raise American Landmark’s portfolio to approximately 28,000 units throughout the Southeast and Texas, with the firm already halfway towards its goal of completing $2 billion in acquisitions by the end of this year. Recently, American Landmark and RSE bought Eastport Apartments, a 440-unit apartment community in Jacksonville, FL. This portfolio acquisition marks the JV’s sixteenth investment in over $800M of multifamily assets.

“The Southeast U.S. and Texas continue to show signs of strong population and labor growth, a deciding factor taken into account when acquiring these properties,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The Dallas-Fort Worth market ranked second in the country in jobs added and Nashville is illustrating one of the lowest unemployment rates in the country, a trend that we look for in the markets where we invest.”

American Landmark and RSE plot to implement $17.9 million in capital improvements for community and apartment amenities. Improvements include adding stainless steel appliances, new cabinets, new lighting and plumbing fixtures, and USB plugs. Amenity improvements include installation of electronic locks, package locker systems, new pool furniture, as well as clubhouse and fitness center renovations.

The properties in the portfolio include:

Meadows of Bedford, a 490-unit asset to be renamed The Logan. Located at 1400 Sierra Springs Drive in Bedford, Texas, the community was built in 1985 and was 95 percent occupied at the time of sale.

Remington Hill, a 440-unit apartment community to be renamed Laurel Heights at Cityview. Situated at 5701 Overton Ridge Boulevard in Fort Worth, Texas, the property was built in 1986 and was 96 percent occupied at the time of sale.

Rock Ridge Apartments, a 226-unit multifamily community to be renamed Ranch Three O Five. Located at 305 Ranch Drive in Arlington, Texas, the asset was built in 2003 and was 96 percent occupied at the time of sale.

Summer Villas Apartments, a 460-unit multifamily community in Dallas to be renamed The Regent. Situated at 17717 Preston Road, the asset was built in 1984 and was 95 percent occupied at the time of sale.

Windsor Park Apartments, a 232-unit multifamily community in Hendersonville, Tennessee to be renamed The Hamilton. Located just outside of Nashville at 100 Windsor Park Lane, the property was built in 1985 and was 91 percent occupied at the time of sale.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States with a current portfolio consists of approximately 28,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. 

RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in $3.5 billion of institutional multifamily assets and deployed over $320 million in 2018. 

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