LOS ANGELES, CA  — TruAmerica Multifamily, in partnership with Oaktree Real Estate Income Trust, has bought Anzio, a 448-unit class “B” multifamily community in Atlanta.

Anzio represents the third deal TruAmerica has bought in Atlanta this year and continues the firm’s growth in the Southeast in a meaningful way, according to TruAmerica Co-Chief Investment Officer Matthew Ferrari.  In January, TruAmerica bought Junction at Vinings, a 360-unit community, and The Prato at Midtown, a 342-unit property in separate transactions totaling $127.35 million. 

“The Atlanta market offers brilliant multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, making strong job and population growth.  This has resulted in tremendous demand for well-located, quality rental properties” said Ferrari, who oversees the firm’s acquisition team.

Anzio is located at 3100 Sweetwater Road in Lawrenceville, and is part of the broader Gwinnett County submarket.  TruAmerica was attracted to the area’s educational system and pro-business government that is attracting top employers, according to Ferrari.  Gwinnett County is one the fastest growing counties in the nation, having more than doubled its population since 2000. 

Built in 1986 and sitting on 35.4 acres, Anzio features a mix of one- and two-bedroom homes with large floorplans averaging 975 square feet.  Anzio provides TruAmerica with an opportunity to transform all 448 homes to a more modern end level with stainless “faux” steel appliances, hard surface flooring, tile backsplashes, upgraded plumbing and lighting fixtures and new washer and dryers.  TruAmerica will also make significant upgrades to the common areas including the community’s two pools and surrounding decks, clubhouse, fitness center, barbecue and outdoor dining areas, dog park and sports courts.  

Brian Eisendrath and Annie Rice of CBRE Capital Markets, Inc. facilitated the debt on behalf of TruAmerica and Oaktree. 

Nathan Swenson of Cushman & Wakefield represented both parties to the transaction. 

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BOSTON, MA – Cottonwood Group and Hana Alternative Asset Management jointly announced the closing of Hana’s cornerstone investment in Cottonwood’s EchelonSeaportbdevelopment in Boston, the first investment into an under construction greenfield development by a Korean asset management firm in recent history. This transaction marks the beginning of a strategic partnership through which the two groups will join forces to expand their collective real estate capabilities and investment portfolio in the United States. 

EchelonSeaport, the largest residential project underway in the city of Boston is located in the newest and most vibrant neighborhood, the Seaport District. The project consists of two condominium towers and one multifamily tower, with 60,000 sq. ft of residential amenities above a commercial retail podium of over 125,000 square feet. The delivery of the first phase of the project is slated for Q4 2019. Despite the mature stage of the development, Cottonwood was able to structure a strategic participation for Hana into the project that satisfies the investment criteria of Hana as their cornerstone transaction while improving the return profile for the EchelonSeaport development. 

The new partnership will strengthen and enhance the breadth and depth of Hana’s existing real estate portfolio in the United States by allowing it to tap into Cottonwood’s rapidly growing investment platform. Through having Cottonwood as their strategic real estate investment and asset manager, Hana will be able to capitalize on both debt and equity investment opportunities with superior returns to augment their absolute return investment portfolio in the United States. 

This partnership will focus on real estate investment opportunities in primary markets such as Boston, New York, Los Angeles, San Francisco, and Seattle. Together, Cottonwood and Hana will be well positioned to capitalize on opportunities in different stages of the asset life and real estate market cycles. 

Hee Seok Kim, Chairman and CEO of Hana announced, “We are thrilled to be part of Boston’s largest residential development, EchelonSeaport. An investment in a condominium and multifamily asset, such as EchelonSeaport, during the construction phase of the development’s lifecycle is an vital step toward achieving our portfolio diversification and expansion goals. Further, we believe that the strategic partnership with Cottonwood is an vital first step on the road to strengthening our market position in the competitive United States real estate market.” 

Alexander Shing, Chairman and CEO of Cottonwood Group, said “We are very excited to be growing the relationship with Hana after their debut investment in Cottonwood’s flagship EchelonSeaport development in Boston, MA. This strategic partnership reaffirms Cottonwood’s continued ability to deliver superior returns and value to its investors and capital partners through its real estate investment platform.”

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CENTENNIAL, CO – Walker & Dunlop announced that it structured $52,035,000 in financing for three Class A senior housing properties totaling 196 units in Colorado Springs and Centennial, Colorado. Each of the properties, MorningStar at Jordan, MorningStar at Mountain Shadows, and MorningStar at Bear Creek, is owned in a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East.

Walker & Dunlop played an vital role in the transactions, utilizing its deep expertise in Fannie Mae financing to ensure the lending documents were consistent and compliant with Shari’ah law, which has implications on the payment and receipt of interest. This laid the foundation for a timely and efficient closing process of just 40 days. The Walker & Dunlop team was led by Managing Director, Stuart Wernick, alongside Jeff Ringwald and Bill Jackson, who specialize in senior housing properties. Each of the three assets was refinanced with a ten-year, fixed-rate loan that included interest-only for a part of the term.

Mr. Wernick commented, “Working with our partners at Fannie Mae, we were able to tailor Fannie Mae’s program to meet our client’s unique needs. These complex transactions required diligence, attention to detail, and coordination among several Walker & Dunlop teams to facilitate a smooth process.”

“As baby boomers continue to age, communities like MorningStar at Jordan, Mountain Shadows, and Bear Creek are becoming increasingly critical to offering housing and care to our most vulnerable citizens,” added Mr. Ringwald. “These properties have a lot to offer for both residents and the surrounding community, and we are honored to have played a role.”

Managed by MorningStar Senior Living, each of the three senior housing communities is well-located and outfitted with best-in-class community amenities such as beauty salons, theaters, chapels, wellness centers, activity/craft rooms, a computer center, and walking paths surrounding the property. Built in 2014, MorningStar at Jordan is a three-tale, 84-unit helped living and memory care facility located in Centennial, Colorado. The property is adjacent to Cherry Creek State Park, and just 16 miles from Denver’s central business district. MorningStar at Mountain Shadows was built in 2013 and comprises one two-tale building with 64 helped living and memory care units. MorningStar at Bear Creek is a one-tale property with 48 units and specializes exclusively in Alzheimer’s patients. Mountain Shadows and Bear Creek are both located in scenic neighborhoods on the outskirts of Colorado Springs.

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