HOUSTON, TX – Keener Investments announced that it has bought a 314-unit multifamily portfolio in League City, TX. The properties will be managed by Keener Management, and Keener Construction will renovate the unit interiors, upgrade amenities, and perform light exterior upgrades.

“This portfolio is a significant addition to our growing footprint in the Houston Bay Area,” said Stephen A. Smith, Chief Executive Officer of Keener Investments. “We continue to seek acquisitions that allow us to leverage our management and renovation teams and this portfolio adds scale to our ongoing efforts in the immediate area.”

The portfolio consists of two multifamily communities, one is named The Shore (176-units) and the other is named Harbor Walk (138-units). Both properties are Class-B, were built in the mid-1980s, and have an average unit size of 880 square feet. Both properties boast rich amenities that include a swimming pool, fitness center, business center, and private playground.

The properties benefit from their proximity to major retail and employment such as NASA, Clear Lake Regional Medical Center, UTMB, and the shipping and petrochemical industries located at the Port of Texas City. Both properties are zoned to Clear Creek ISD.

Keener Investments has now completed over $150 million in transactions since 2016 and is continuing to actively buy multifamily communities in Texas that fit our value-add strategy.

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ALISO VIEJO, CA – NB Private Capital, the new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate, has closed on The Element, a student housing property near Sacramento State University. The property, built in 2003 and renovated in 2016, was offered as a Delaware Statutory Trust and eligible for 1031 investors. The property was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91,800,350, of which approximately $38.5 million came from investor equity.

The property has 216 units and 792 beds with a mix of one, two, three and four-bedroom floor plans. As part of its renovation, The Element features stainless-steel appliances, common area furniture, window treatments and additional amenities like a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered half-court basketball, lighted sand volleyball court, game room and private campus shuttle.

“2018 has been an incredible year for the NB Private Capital team. With the completion of The Element syndication we have raised $64 million year-to-date and $40 million since our re-introduction to the investment world as NBPC,” said Founder and President Brian Nelson. “In addition to many of the same people who propelled Nelson Brothers Professional Real Estate to one of Inc. 500’s Top 5 fastest growing real estate firms in the country, we have been adding to our teams. Our primary focus continues to be performance, communication and relationships.”

As it relates to The Element, Nelson added “Finding and buying quality real estate has always been at the core of our model and The Element is no exception. The city of Sacramento is growing and has led the nation in rental growth rates over the last couple of years. The same is right for Sacramento State University, which has been setting enrollment records year-after-year. To be able to buy a class-A property in this market, with best-in-market amenities, is a real win for us.”

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GAINESVILLE, FL – The Bainbridge Companies, a leading owner, developer and manager of luxury communities in the eastern U.S., announced it has completed the buy of more than 11 acres in Gainesville, Fla. near the University of Florida, on which it will develop Campus Circle Gainesville, a 492-bed student housing community. The community will open in advance of the 2020-2021 academic year. Bainbridge’s joint venture development partner is Diamond Realty Investments, Inc.

Located at the intersection of SW 38th Terrace and Hull Road, the four-tale, garden-style Campus Circle Gainesville is adjacent to campus and two existing shuttle shops. Hull Road is the major thoroughfare through the south side of campus and leads directly to the nearby student wellness center and athletic fields, including the site of the recently announced $50 million Gators baseball stadium. The property will appeal to students because of its location between the campus and the fastest-growing retail corridor in Gainesville. The corridor includes Butler Plaza, a 2 million-square-foot lifestyle center with more than 150 retail and restaurant options, including Trader Joe’s, Whole Foods, and numerous other national chains. 

“We are extremely excited about this project,” said Alex Eyssen, Vice President of Student Housing for Bainbridge. “This property will combine a fantastic location with exactly the kind of highly amenitized living experience that today’s college students demand. The large site, no longer common adjacent to a Tier 1 university like University of Florida, allows for plenty of amenity, recreation, wellness and study space. Additionally, we are looking forward to expanding Bainbridge’sexisting presence in student housing with this community.”

Common-area amenities will include an outdoor lounge and study area, resort-style courtyards, and a swimming pool with WiFi-enabled sundeck and private cabanas. Campus Circle Gainesville will feature a 24-hour fitness center with cardio theater and yoga studio. Additionally, it will have a clubhouse with several spaces, including a lounge and gaming room. Considerable effort was given to the expansive 24-hour private study area, which includes open study space, group study areas and a larger conference space. Other community amenities will include dog-walking trails, scooter parking spaces, and both indoor/outdoor bike storage.

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