SARASOTA, FL – Greystar announced the grand opening of Elan Rosemary, a new luxury apartment community, in Sarasota, FL. The development includes 286 units and is centrally located at 710 N Lemon Avenue at the corner of Boulevard of Arts and Lemon Avenue in the Rosemary District. The new community is minutes away from Downtown Sarasota’s Main Street, St. Armands Circle and Lido Beach.

The grand opening event will be held at the community clubhouse on November 8, 2019. The celebration will include an open house with refreshments, local cuisine, tours of the community and giveaways.

“We are thrilled to offer a new living option in downtown Sarasota,” said Lewis Stoneburner, Managing Director of Development for Greystar. “Elan Rosemary offers fantastic amenities and contemporary apartment homes close to spectacular white-sand beaches, local restaurants, shopping destinations and nearby employers.”

Elan Rosemary includes a variety of studios, one and two-bedroom apartment homes, with den option, that range in size from 550 to 1,811 square feet. Interior finishes include stainless steel appliances, French-door refrigerators, quartz countertops, modern cabinetry, tile backsplashes and wood-style flooring in main living areas. Residences include open floor plans, spa inspired master bathrooms, full size washers and dryers, balconies or patios in select apartment homes.

The community clubhouse is designed with a variety of social spaces, a chef kitchen and conference rooms. The fitness center has floor-to-ceiling windows and includes the latest cardio and strength training equipment, a yoga studio and on-demand fitness classes. Residents can delight in billiards, shuffleboard, a resort-style swimming pool with sundeck, lounge seating, outdoor kitchen, grilling stations and dining areas. The pet friendly community includes a dog park with agility course, parcel locker system and professional on-site management and maintenance team.

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WENTZVILLE, MO – 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 Peine Lakes and O’Fallon Lakes, two affordable communities in suburban St. Louis. 

CAPREIT previously had taken over the management responsibilities of the tax-credit communities and assumed ownership in October. Peine Lakes, in Wentzville, Mo., features 256 apartments homes and O’Fallon Lakes, in nearby O’Fallon, Mo., includes 266. The communities are situated in quick-growing, well-educated St. Charles County. 

“We’ve loved overseeing the management responsibilities at these communities, and we’re delighted to officially add them to our portfolio,” said Stephen Catarinella, vice president of acquisitions and business development for CAPREIT. “The northwest side of the St. Louis metropolitan area is becoming increasingly well loved, and the demand for quality affordable housing is following suit. We’re keen to take care of the local community by offering a high-quality, cost-effective living experience.”

Peine Lakes is about 45 miles northwest of Downtown St. Louis and O’Fallon Lakes 34 miles in the same direction along Interstate 70. Each community also features prime access to US-61, a primary north-south thoroughfare that stretches from Minnesota to New Orleans. The primary employment sectors in St. Charles County, which boasts a low 3 percent unemployment rate, are manufacturing, education, health services, leisure and hospitality. 

Located at 2010 Peine Road, Peine Lakes includes 205 affordable and 51 market-rate apartment homes. Wentzville is home to a General Motors assembly plant that includes about 3,300 employees, and is on pace to be Missouri’s fastest-growing city for a second consecutive decade. 

O’Fallon Lakes is a garden-style community situated at 9300 O’Fallon Lakes Drive, less than 10 miles from the largest employer in the submarket, CitiMortgage. O’Fallon is also home to the operations center of MasterCard Worldwide and Right Manufacturing, which specializes in refrigerator products. Combined, the three companies contribute about 9,000 employees to the local workforce. 

Each community consists of 1-, 2- and 3-bedroom apartment homes ranging from 802 to 1,157 square feet. Apartment interiors at the pet-friendly communities include walk-in closets, full-size washer and dryer hookups, vaulted ceilings, abundant cabinet space and private patios or balconies with extra storage. 

Common-area amenities at Peine Lakes include an expansive clubhouse, pool with sundeck and a large business center with a separate study room and conference room. Community amenities at O’Fallon Lakes include a fitness center, outdoor pool, clubhouse, athletic courts, technology room, playground and after-school learning center. Garage space is also available.

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SEATTLE, WA – In one of the largest multifamily transactions in Seattle this year, Decron Properties has bought Avana 522 (Avana), a 558-unit multifamily property in Bothell, WA for $173 million. The transaction marks the Los Angeles-based real estate firm’s entry into the Pacific Northwest real estate market.

The low-density 56-acre community was built in 1988 and expanded in 1999. Avana’s high unit count allows Decron, which owns close to 7,500 apartment units in California, to immediately enter the Seattle market with scale through a single acquisition and paves the way for additional investments in the Seattle MSA. Decron plans to invest approximately $400 million in the Seattle market over the next 36 months according to Daniel Nagel, Decron’s Chief Financial Officer.

“Seattle and its submarkets are a significant job creator market that benefits from a cluster of major employers with long-term growth prospects,” Nagel said. “In addition, our concerns about the current regulatory environment in California heightened our focus on investing outside of our home state. Avana is the result of several years of due diligence by our investment team to know the nuances of the market.”

With immediate access to Highway 522 and Interstate 405, residents are within 20 miles of some of the area’s largest employers, including the Microsoft headquarters in Redmond, Boeing’s headquarters in Everett, and companies like Google, Facebook, and Amazon which have offices in Kirkland, Redmond, and Bellevue. The property is also located near two large business parks in Bothell, the North Creek Business Park and Canyon Park, which include tenants such as Google, AT&T, T-Mobile, and Philips Medical Systems.

An simple commute to hundreds of thousands of jobs and one of the best school systems in the state, Bothell has become one of the top apartment submarkets in Greater Seattle, attracting both millennials and dual income families. Current submarket occupancy is 94.7 percent and is projected to remain strong through the next several years, according to CoStar.

Decron is one of the largest privately owned real estate firms in California with 2017 revenues of $190 million. From ground up development to value-add/rehab to asset repositioning, Decron’s investment strategy focuses on opportunities that are supported by long term growth drivers, specifically job creation, supply and demand imbalance, and strong public school systems. The discipline to focus on these three metrics has been a major contributing factor to Decron’s success in California. This same focus is the motivation behind Decron’s entry into the Seattle MSA.  

The garden-style community features a mix of one, two- and three-bedroom units. Avana includes a wide variety of amenities including two outdoor pools and one indoor pool, two clubhouses and two fitness centers, four playgrounds, indoor and outdoor basketball courts, tennis courts, picnic and barbecue areas, two pet parks and an indoor movie theater.

Decron will undertake a significant capital improvement program, including upgrading all unit interiors including upgraded stainless steel appliances, new kitchen cabinet doors and quartz countertops, and upgraded plumbing and electrical fixtures. The common community areas will also be upgraded, with the renovation of the club houses and pool areas, adding fire pits, new playground equipment, as well as modernizing the two dog parks. The company also plans to expand the capacity of the package locker facility.

Frank Bosl, Eli Hanecek, and Jon Hallgrimson from CBRE’s Seattle office represented the seller in the transaction.

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