KNOXVILLE, TN – MZ Capital Partners (MZ) announced that it has completed the acquisition of a 130-unit apartment community in the Knoxville, Tennessee suburb of Oak Ridge. The Knoxville MSA maintains the lowest apartment vacancy rate of the Tennessee metros and achieved rent growth of 6.4% in the last twelve months. 

Located at 301 Briarcliff Avenue, British Woods Apartments and Townhomes is a 10-acre full-amenity luxury community that consists of 17 two-tale garden-style buildings with a total of 130 units. MZ bought the property from a Nashville based private ownership group.

“Over the past several years, we have been looking to further build our real estate portfolio and feel the Knoxville market is among the most vibrant multifamily real estate markets in the country,” said Michael H. Zaransky, Managing Principal of MZ.  MZ Principal, Brad Zaransky added, “A growing population and job growth in the Knoxville submarket continues to make high demand for amenity rich multifamily product in the area.”

MZ will really reposition British Woods Apartments and Townhomes and over the next two years and plans to do a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded, luxury apartments in the area.

British Woods Apartments and Townhomes was built in 1987 and is located in a gorgeous landscaped treed setting with Smokey Mountain foothill views and is located in close proximity to Oak Ridge National Lab, the largest employer in the region. The Oak Ridge Public School System was rated the # 1 School District in the State of Tennessee for 2018/2019. 

British Woods Apartments and Townhomes consist of 32 one-bedroom apartments, 40 two-bedroom apartments, 36 two-bedroom Townhomes, and 22 three-bedroom Townhomes. The property was 98% pre-leased at the time of the acquisition.

All units have private balconies or patios and feature extremely large floor plans averaging over 1,000 square feet. The community also includes ample outdoor spaces, a club house and swimming pool, and individual in-unit washer dryers.

“Unit renovations will be done in phases as leases come up for renewal,” said Michael H. Zaransky.  “Common areas like the clubhouse and pool will be upgraded and a new state of the art fitness center, a dog “bark park” and outdoor recreational space will be built.” 

“We are extremely excited with this opportunity to expand our business in a market like Knoxville,” said Brad Zaransky. The greater Knoxville area has consistently been recognized as a leading U.S. city and has achieved the following rankings: Huffington Post-10 best cities to relocate; Livability Magazine-# 2 Best Places to retire, and Forbes Magazine-# 5 Best Places for Business and Careers.

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SAN BERNARDINO, CA – Tower 16 Capital Partners, in a joint venture with Henley USA, has bought Hillside Village Apartments, an 80-unit multifamily project in San Bernardino, for $11 million from a private seller. This is the first of many acquisitions the company plans to make in the Inland Empire over the next 12 to 24 months.

“While this acquisition is small for us, it fits with our criteria of purchasing assets with significant operational upside and require capital improvements,” said Tower 16 Principal Mike Farley. “Our plot is to replicate our growth in the Las Vegas market, where we now have 1,600 units, as we assemble a portfolio of multifamily properties with considerable upside.”

Hillside Village is located at 2196 Kendall Drive in San Bernardino, within one mile of California State University, San Bernardino, a strong submarket with median incomes of $57,000. The apartment complex is near parks, freeways, Loma Linda University and Victoria Gardens open-air shopping destination.

Hillside Village features one- and two-bedroom apartments with covered parking and private balconies or patios, a pool, spa, fitness center and laundry facilities. 

“We are excited about the Hillside Village acquisition as part of a larger acquisition strategy in the Inland Empire,” says Tower 16 Principal Tyler Pruett. “There is a huge need for affordable housing options as the Inland Empire continues to attract new people to the region from more expensive coastal markets.”

Demand for apartments in the Inland Empire soared to a level not seen in 16 years at the end of 2018, according to the Riverside Press-Enterprise, with vacancy rates of 3.4 percent. The average monthly rent in the region is $1,504 per month, a 5.5 percent increase over the year before, and rents exceeded $1,700 in several western San Bernardino County cities.

Real estate brokers Warren Berzack and Slavic Zlatkin of Lee & Associates represented both the buyer and seller in the transaction.

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SAN ANTONIO, TX – Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, along with Centaline Investment Management Co., a diversified platform with 13 divisions, offering professional advisory and transactional services for real estate investments and financial plotting, announced the acquisition of The Estates at San Antonio. Located at 6515 Hausman Road, the 288-bed, 58-building complex is comprised of 104 units in cottage-style, two-tale buildings and is less than two miles from the University of Texas – San Antonio (UTSA).

The Estates at San Antonio feature a variety of layouts, including two-bedroom/2.5 bath, three-bedroom/3.5 bath and four-bedroom/4/5 bath units. TPCO will manage the property.

“We remain bullish on the Texas university marketplace and are pleased to add our first student housing community serving the UTSA market,” said Adam Byrley, chief operating officer. “This marks our seventh community in the I-35 Corridor between Austin and San Marcos, making numerous economies of scale and the ability to share best practices. Following its multi-million refurbishment, we are confident that The Estates at San Antonio will take its rightful place as the market leader.”

With an average size of 1,712 square feet, each unit provides a first-floor powder room, granite tile kitchen countertops, stained concrete flooring, modern light fixtures, full-size washer & dryer and patio/balcony. Additional community amenities include a large, resort-style pool, sand volleyball court, private campus shuttle, grilling/picnic stations and 24-hour fitness center.

The property is within biking distance to all university classrooms and athletic facilities, as well as a large offering of nearby retail and restaurant outlets.

“With enrollment of more than 30,500 students, UTSA is well on its way to becoming a Tier 1 University,” noted Donna Preiss, founder and CEO, TPCO. “Since making it their goal to achieve this status, the university has increased research spending by 97 percent, provided numerous nationally ranked programs, expanded multiple campus learning facilities and substantially improved the academic prowess of students attracted to UTSA. Between the plot’s implementation in 2007 and fall 2017, first-time freshman applications increased by more than 5,000 applicants annually, and the first-time freshman acceptance rates fell by 13 percent.”

The Estates at San Antonio shortly will start a multi-million refurbishment program focusing on the clubhouse and amenity spaces.

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