NEW YORK, NY – Bridge Seniors Housing Fund Manager, an affiliate of Bridge Investment Group, announced the buy of Somerby Senior Living Services, a premier seniors housing operator in the Southeastern United States, and a nine-property portfolio of seniors housing assets.

The buy of Somerby will allow Bridge to offer a more vertically integrated property management model within the seniors housing space. As of the end of 2018, Bridge owns 90 properties across two private equity funds managed by Bridge Seniors Housing Fund Manager.

The nine seniors housing properties bought represent a collection of modern, Class-A communities, located in prime Southeastern markets. The portfolio features a mix of Independent Living, Helped Living, and Memory Care units, providing residents the luxury of aging in place.

Birmingham, Alabama-based Somerby has established itself as a leading management company over the past several years, particularly in the Southeastern United States. Industry veteran David Grady, alongside his experienced team, will continue to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and over 1,350 property-level employees. The properties currently managed by Somerby are over 94% occupied, which far surpasses the industry average.

“We are thrilled to bring David Grady and the Somerby team onboard. The portfolio and the team are best-in-class, with a compelling combination of product, people and markets. We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” said Robert Chapin, CEO of Bridge Seniors Housing Fund Manager.

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ARLINGTON, TX – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Arlington Commons in North Arlington, TX. Peter Calatozzo, Managing Director of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Arlington Commons consists of a 4-tale elevatored building with an attached structured parking garage, 10′-12′ ceilings, and views of the adjacent Rolling Hills Country Club golf course, Downtown Fort Worth, and Downtown Dallas.  The Property’s unit mix consists of one- and two- bedroom homes ranging from 580 SF to 1,418 SF.  Unit interiors feature granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full size washer/dryers, and balconies or patios.  Community amenities include a swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on demand, valet trash, dog park with dog wash station, electronic parcel lockers, and a lounge deck with BBQ grills.

“Arlington Commons is located in the City of Arlington, a municipality which continues to grow its employment base and expand its position as the entertainment mecca of North Dallas,” said Mr. Calatozzo. “Arlington has seen significant population growth over the last decade and strong home price appreciation.  With limited delivery of new multifamily properties over the last several years, the submarket has a favorable supply and demand dynamic.”

Mr. Calatozzo continued, “The acquisition of this property fits well within our strategy of purchasing quality assets in growth markets.  The Dallas-Fort Worth metroplex continues to experience substantial population growth and strong employment gains, which have been and continue to be facilitated by a significant number of corporate relocations and expansions within the MSA.”

Josh Kogel, Associate of The Praedium Group, added: “Arlington Commons is an asset that is well positioned in a market with limited new supply.  The Property’s convenient location benefits from a variety of easily accessible corporate headquarters and employment hubs, as well as newly developed entertainment and retail.”

Arlington Commons is centrally located within the Dallas-Fort Worth MSA and roughly equidistant from the major employment centers in both downtown Dallas and downtown Fort Worth. The property provides fantastic accessibility and connectivity throughout the Metroplex, as it is proximate to I-30, SH-360, and SH-161, and sits only 12 miles south of the DFW airport.

North Arlington is proximate to both a growing employment base and an expanding entertainment district. The property benefits from close proximity to a diverse employment base such as GM Financial, D.R. Horton, General Motors, the Fantastic Southwest Industrial District, the University of Texas-Arlington, Texas Health Resources, the Centreport Business Park, American Airlines Group, and UPS.  In addition, the property is located less than four miles from Arlington’s Entertainment District, which includes AT&T Stadium (home to the Dallas Cowboys), Globe Life Park/Globe Life Field (home to the Texas Rangers), Texas Live!, and Six Flags Over Texas/Hurricane Harbor.

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LINCOLN, NE – GMH Capital Partners and AGC Equity Partners announced the Partnership’s acquisition of Aspen Lincoln, a 632-bed student housing community located in Lincoln, Nebraska. The transaction is the Partnership’s fourth student housing asset bought and/or developed by its joint investment fund. The seller was Aspen Heights Partners and Virtus Real Estate Capital.

Aspen Lincoln is a 203,552-square-foot off-campus student housing community consisting of five floors and 182 units, located just two blocks from the University of Nebraska-Lincoln and four blocks from O Street’s bars and restaurants. GMH plans to rename the community Academy Lincoln.

“Aspen Lincoln marks yet another upscale addition to our existing ultra-core student housing portfolio,” said Gary M. Holloway Jr., President of GMH Capital Partners. “As a company that is both passionate and committed to maximizing property performance and making quality living experiences for all of our residents, we are excited to re-enter the Nebraska market, where we once had a very large student housing presence, to further enhance Aspen Lincoln and add value for existing and new student residents.” 

At the Asset, students can delight in fully-furnished apartments with private bathrooms, large kitchens, and new appliances, as well as top-of-the-line amenities including a 24-hour fitness center; California-style pool and hot tub; tanning areas; study lounges and computer labs; in-unit washers and dryers; courtyards with grilling and fire pits; and utility allowance. 

Aspen Lincoln also provides students with convenient access to grocery and retailers such as Walgreens, Hy-Vee, and Target; entertainment venues such as the Pinnacle Bank Arena, Lied Center for Performing Arts, and the Memorial Stadium; and well loved dining options like Noodles & Company, The Mill, The Coffeehouse, and Raising Cane’s. 

The Partnership between GMH and AGC is focused on acquiring and developing core and value-add student housing properties.

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