BOCA RATON, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought Alister Boca Raton, a 448-unit multifamily community in Boca Raton, Florida. Bought from a joint venture between Mill Creek Residential and AIG, the property will receive $6.2 million worth of capital improvements and be renamed Cielo Boca. The property was 96 percent occupied at the time of sale.

The acquisition raises American Landmark’s Florida portfolio to 22 properties, with seven properties throughout South Florida. The company currently owns and manages approximately 26,000 apartments throughout the Southeast and Texas, and is adding another $2 billion in assets to its multifamily portfolio this year.

“This is a fantastic asset in a thriving multifamily market,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “Boca Raton’s quality of life and high-paying jobs at corporate headquarters have attracted many out-of-state residents. High-quality apartment communities like this one are in high demand. South Florida alone had the seventh-highest total employment growth year over year, which makes the region much more compelling for residents and investors alike.”

American Landmark plans to implement a variety of capital improvements throughout the property, including glass backsplash, new cabinets, updated lighting and USB ports. Community area upgrades include improved landscaping, parking lot repairs and new pool furniture.

Located at 10235 Boca Entrada Boulevard, Cielo Boca was built between 1986 and 1988 and offers one-, two- and three-bedroom units. Unit amenities include walk-in closets, wood vinyl flooring, balcony, and range. Community amenities include a car care station, swimming pool, playground and tennis court.

Situated across the Sandalfoot Cove neighborhood of Boca Raton, the community is conveniently located near vital transit corridors and employment centers. US-441 is less than five minutes away and the Florida Turnpike is less than 10 minutes away, offering convenient access to West Palm Beach and Miami. Florida Atlantic University is under 20 minutes away.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. 

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LONDON – Greystar Real Estate Partners, a global leader in the investment, development and management of high-quality rental housing properties, announced the launch of a new flagship fund series to develop purpose-built rental housing properties in the United Kingdom. 

Greystar U.K. Multifamily Fund I (“GSUM I”), which will be managed by affiliates of Greystar, will target £750 million in capital commitments from institutional investors and will leverage Greystar’s vertically integrated platform to establish a best-in-class portfolio focused on London. 

“There’s a significant need for professionally developed rental housing in the U.K. as the current stock is under-supplied, outdated and poorly managed,” said Bob Faith, Founder and CEO of Greystar. “The creation of this vehicle enables us to apply our market knowledge as well as our operational and development expertise to make an institutional-quality housing portfolio that appeals to a diverse base of renters.”

Through its development-led strategy, the vehicle will seek to capitalize on the significant supply-demand imbalance in major markets driven by secular declines in new housing deliveries and shifting preferences towards rental housing. The vehicle will focus on efficient design, asset quality, and superior amenities and services to deliver a highly differentiated product that is largely absent in the U.K. With more than 3,500 units currently under development and nearly £5 billion assets under management in the U.K., Greystar is well-positioned to develop and operate a best-in-class portfolio. 

Greystar has a track record of success investing throughout the U.K., having closed more than £5.5 billion in transactions since entering the market in 2013. Notably, the company has bought more than 30,000 student units and launched three portfolio brands. Moreover, Greystar is one of the largest investors in modular construction in the U.K., having invested in projects totaling approximately £500 million. The company boasts a deep bench of talent, with a vertically integrated London-based team of 130 employees experienced in investments, development, and property operations.

“Launching this vehicle represents an vital milestone in further expanding our operations in the U.K.,” said Mark Allnutt, Greystar’s Senior Managing Director of Investment Management, U.K. “We have established a strong track record of putting capital to work in U.K. rental housing and are currently evaluating a robust pipeline of investment opportunities as we work to further institutionalize the sector.”

GSUM I is plotted to be the first in a flagship series of UK rental housing funds that will capitalize on Greystar’s established U.K. platform and deep local market knowledge to source, underwrite and do on rental housing investments to drive superior risk-adjusted returns.

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VANCOUVER, WA – Continuing the expansion of its multifamily value-add platform, San Diego-based Pathfinder Partners has bought Creekside Village Apartments – a 132-unit multifamily community at 3100 Falk Rd. in Vancouver, Wash. – for $29 million from an affiliate of the ConAm Group. 

Constructed in 1992, the 12.08-acre project consists of 15 two-tale residential townhome buildings, four three-tale residential buildings and a one-tale building, which houses the clubhouse, leasing office and fitness center.

According to Lorne Polger, senior managing director of Pathfinder Partners, Creekside Village – a small drive from Portland, Ore.  – meets his company’s criteria of making opportunistic investments in strong, mid-tier cities in the western U.S. “Vancouver is a highly well loved community in the greater Portland metropolitan region, an area which we believe is poised for significant growth in the next several years,” he said. “Additionally, we were attracted to the property’s central location – just five minutes from both 1-5 and 1-205 and downtown Vancouver and ten minutes to Portland International Airport and  Portland’s trendy eastside.”

Polger says multiple improvements are plotted for the property, including “upgrades to the exterior, common areas and unit interiors, which we believe will allow us significant value-add opportunities.”

The community is comprised of 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bathroom townhome units and 72 three-bedroom/two-and-one-half bathroom townhome units averaging 1,293 square feet – large by traditional multifamily standards. Creekside Village also features covered parking, a hot tub and swimming pool, direct access garages in 84 townhome units and a children’s playground.

Financing was provided by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.

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