ATLANTA, GA – A portfolio of market rate apartment communities valued at over $13.5 million, comprising 380 units totaling approximately 384,000 SF in Atlanta, Georgia and Greensboro, North Carolina was bought by a partnership of New York-based Auerbach Funds as general partner of Auerbach Opportunity Fund, I LP and Boston-based Nicas Group Capital.

Auerbach Funds is a real estate private equity fund manager with over 2.1 million square feet under management in 8 states throughout the continental United States.  Nicas Group is an integrated real estate investment and management company that provides acquisition, asset management and property management services.

The properties in the portfolio include Autumn Ridge, comprised of 134 units located at 4969 Central Drive, Stone Mountain, GA 33083; Pine Hill, comprised of 106 units located at 685 Rountree Road, Riverdale, GA 30274; and Timber Hollow, comprised of 140 units located at 3200 Trent Street #A, Greensboro, NC 27405. The assets were bought for $5.90 million, $4.00 million and $3.85 million respectively. The Partnership will also invest into capital improvements and interior and exterior upgrades for the properties. The renovations will include enhanced security systems, necessary roof and mechanical repairs, landscaping, driveway and common area improvements, and substantial cosmetic upgrades to the apartment units complete with groundbreaking new appliances.  

Nicholas Leap, Principal of Nicas Group Capital, stated, “We believe in the growth of both the Atlanta and Greensboro MSA, and are excited for the opportunity to participate in the economic development of the areas and enhance the quality of life for our tenants by bringing a sense of community back to the assets.”

Peter Auerbach, founder and CEO of Auerbach Funds, stated, “We look forward to our partnership with Nicholas Leapand Nicas Group Capital. Together, our companies share a common mission of ‘doing well by doing excellent’ and these properties provide an brilliant platform for this endeavor.  By marrying the interests of our business plot and our investors with the interests of our residents, we believe this investment will have a positive impact for all involved.”

For Auerbach Funds, this acquisition represents its third and fourth assets in Atlanta, bringing the total multifamily units in the Atlanta area controlled by Auerbach Funds to 536, and its first asset in Greensboro.

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HATTIESBURG, MS – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of Vie at Hattiesburg located near the University of Southern Mississippi (“USM”).  With this latest transaction, Vesper’s student housing portfolio now totals over 17,000 beds.  Vie at Hattiesburg is the eighth student housing community that Vesper has bought over the last 12 months.

Vie at Hattiesburg is a 792-bed apartment community that caters to students enrolled at the University of Southern Mississippi.  Completed in 2006, Vie at Hattiesburg is located just over a mile from campus.  The Property consists of two- and four-bedroom floor plans – all with bed-to-bath parity.  The apartments feature large fully-equipped kitchens, washers and dryers, patios/balconies, cable television, and high-speed internet.  The Vie’s residents delight in a full range of amenities including a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab, poolside lounge with TV, sand volleyball court, and private shuttle.

Vie at Hattiesburg’s prior owner had recently completed a $2M renovation which included upgrades to flooring, appliances, furniture, clubhouse, and the fitness center. Vesper is plotting to invest an additional $600,000 to further upgrade the amenities, enhance the property’s exteriors, and make substantial technology upgrades throughout the complex.

“Our acquisition of Vie at Hattiesburg is part of a strategy to buy well-located properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder and Principal of Vesper Holdings. We are pleased to expand our portfolio into Mississippi and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is the 8th largest in the United States.  Vesper’s portfolio, including Vie at Hattiesburg, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS). 

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IRVINE, CA – The Bascom Group has bought Corona Del Norte, a 29-unit infill apartment community located in the desirable South Bay submarket in Torrance, California. The $6.3 million sale ($217,241/unit) closed on October 12, 2018. Steffan Braunlich with Berkadia Real Estate Advisors brokered the sale.  East West Bank provided Bascom with an acquisition loan to finance the buy.  James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

Del Norte is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Del Norte include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota’s former 110-acre corporate campus, located a few blocks from Del Norte, recently sold to a commercial real estate operator who is plotting a major redevelopment. 

James D’Argenio, Senior Principal with Bascom, comments “We jumped on this opportunity once it hit the market. The seller was the original developer who took fantastic pride in physically maintaining the asset. We are inheriting the property with 40% of the units vacant, so we can efficiently modernize a bulk of the interiors while enhancing the exterior and overall community.”

Lee Nguyen, Senior Vice President of Operations for Bascom, comments “The South Bay region continues to be a strong draw to younger generations of tenants. To appeal to this group, we plot to give a modern update to the unit interiors and property exterior.  Del Norte presents a strong value-add opportunity in a location we are very excited about.”  

Del Norte marks Bascom’s 38th multifamily property closed in Los Angeles County and its 173rd multifamily property closed in California.  Over the past twelve months Bascom has bought $1.3 billion in multifamily properties throughout the United States.

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