FENTON, MI – CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought Silver Lake Hills, a market-rate apartment community featuring 310 apartment homes near Silver Lake Park. 

CAPREIT will renovate the community, which is surrounded by scenic wooded grounds and several nature trails. Silver Lake Hills also features commuter-friendly access to the key employment centers to the north and south. 

“Fenton boasts a prime location between Flint and Ann Arbor, and we’re delighted to join the neighborhood and offer quality homes at a competitive price point,” said Ernie Heymann, chief investment officer for CAPREIT. “We believe this submarket will continue to grow with the continued expansion of downtown Fenton, and we look forward to serving the community.”

Situated at 320 Foley Glen Drive, Silver Lake Hills sits less than a mile east of Silver Lake and less than a mile south of Lake Ponemah. Silver Lake Park is located along the shoreline of Silver Lake and provides outdoor sports courts, nature trails and picnic areas. Fenton Lake and Seven Lakes State Park are within a small drive of the community, offering a multitude of additional recreation options. 

The community is also conveniently positioned just west of U.S. Route 23, the area’s primary north-south thoroughfare. The highway provides direct access to Flint (18 miles north) and Ann Arbor (38 miles south). 

CAPREIT’s renovation efforts at Silver Lake Hills will include new flooring, appliances, countertops, two-tone paint and fixtures. In addition to the in-unit renovations, CAPREIT plans to upgrade several community amenities, including the clubhouse, fitness center, pool and the dog park.

Silver Lake Hills consists of one-, two- and three-bedroom homes with various floor plans ranging from 700 to 1,810 square feet. Apartment interiors at the pet-friendly community include vaulted ceilings, in-home washers and dryers, controlled-access entry and private patios or balconies. 

Additional community amenities include a business center, playground, covered parking and onsite recycling options. Silver Lake Hills is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.

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SEATTLE, WA – Security Properties and Pacific Life bought HANA, a newly constructed 160-unit affordable housing complex located in the heart of Seattle, at the intersection of 6th and Yesler. This is the third affordable housing joint-venture by Security Properties and Pacific Life.

HANA is a mixed-use, podium-style, community with over 13,000 square feet of commercial space occupied by Bright Horizons daycare, and 160 apartment units. Apartments feature floor‐to‐ceiling windows, hard surface kitchen countertops, and vinyl plank flooring that is consistent with Class-A market rate product. Residents will also benefit from a 7th floor rooftop deck with community kitchen and unobstructed views of Puget Sound and Downtown Seattle. The property is minutes from light-rail as well as a wide variety of restaurants, retail amenities, and the Stadium District.

HANA was delivered in early 2019 and is presently undergoing lease-up. The property participates in a variety of local affordability programs, including Seattle’s Multifamily Tax Exemption (MFTE) program, which together restrict all units to households earning between 50% and 80% of Area Median Income (AMI). This translates to affordable rents for families earning up to $80,000, for a household of 4 people. “Given the well-documented demand for affordable housing in Seattle, HANA is a being delivered at the perfect time,” said Steve TeSelle, Director of Affordable Housing for Security Properties. “HANA will provide high-end units at a significant discount to market rents in the surrounding area.”

HANA is Security Properties’ fourth affordable housing acquisition in Washington State. The company’s Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 58 low-income housing assets. Security Properties also owns more than 13,900 conventional units across 54 properties. 

Colliers International’s apartment team of Tim McKay, Dan Chhan, and Sam Wayne represented Security Properties in the acquisition of HANA.

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SAVOY, IL – A partnership between GMF Capital and Argo Partners has bought Place at 117, a student housing property located in Savoy, IL. Place at 117 is a 192-unit, 588-bed apartment community located near the University of Illinois’ flagship campus, which boasts an enrollment of nearly 50,000 students.

Completed in 2001, the Property features two, three, and four-bedroom floor plans, all fully furnished with in-unit washer/dryers. Selected units feature patios and balconies. Amenities include a swimming pool and hot tub, clubhouse, 24-hour fitness and study centers, dog park, and direct shuttles to campus.

Prior ownership of Place at 117 spent nearly $1MM on common area renovations and other property improvements. The new partnership will continue to modernize the property and its amenities, making substantial technology upgrades throughout the complex and enhancing the property’s exteriors as well as unit interiors.

Argo Partners, a New York City based investment firm, has been actively acquiring student housing properties since 2011. 

“We are delighted to again invest alongside GMF and are excited to reinvigorate Place at 117,” commented Argo’s Matt Friend. “It is an asset with immense potential. We look forward to unlocking that potential and providing students with a best-in-class experience.”

GMF’s buy of Place at 117 follows its acquisition earlier this month of a portfolio of student housing assets at the University of Illinois and Illinois State University. GMF specializes in value-add real estate investments and manages a growing portfolio of more than 60 multifamily and student housing properties.

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