BOULDER, CO – Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., announced the acquisition of Kensington Apartments adjacent to the University of Colorado at Boulder.
Since its founding in 2001, Brickstone has been involved in more than $1 billion of real estate transactions, including more than $500 million in Boulder.
“Kensington is a continuation of our core investment thesis: investing in residential and commercial real estate assets that are in highly constrained markets and generate opportunistic yields,” said Daniel Otis, founder of Brickstone. “The fact that this property has never traded hands since its development more than 50 years ago is a substantiation of why we continue to invest heavily in Boulder.”
Just blocks from the University of Colorado at Boulder campus, Kensington Apartments offers 163 units and a host of amenities designed specifically for students, including an onsite laundry facility, underground parking, fitness center, indoor pool, clubhouse and much more.
As part of their contribution to the thoughtful growth and revitalization of Boulder and the city’s aging properties, Brickstone will launch a comprehensive, two-year renovation program aimed at fully upgrading and modernizing the community’s unit interior finishes, including cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures.
In addition to the interior improvements, Brickstone will extensively upgrade the life safety features, amenities, clubhouse and exterior landscaping, making the property nearly new again.
“We are excited to add Kensington to our extensive portfolio of Colorado communities, and for the opportunity to enhance the property to better serve the needs and desires of its residents and of this fantastic city and institution,” Otis said. “With the iconic Flatirons as a backdrop, Boulder is one of the most gorgeous places to live in the nation. The city continues to grow rapidly because of the prestige of the university and the rapid influx of technology companies choosing to call Boulder home. With our investment in Kensington, we look forward to contributing to this dynamic growth by providing a safe, fully-renovated community that caters to the active and modern lifestyle that Boulder residents desire today.”

Powered by WPeMatico

FORT WORTH, TX – Cottonwood Group, a private equity real estate investment firm, announced that it has bought a 480-unit multifamily portfolio in Fort Worth, Texas with Dallas-based Texsun Holdings. The Portfolio consists of the Woodstone Apartments, located at 6051 Bridge Street, and Bridge Hollow Apartments, located at 5801 Bridge Street.
Cottonwood bought the Portfolio through the Cottonwood Real Estate Founders Fund, a multi-strategy open-finished fund. The Portfolio is the second multifamily acquisition between Cottonwood and Texsun this year. The partnership bought two multifamily assets, the San Mateo Apartments and Heights on Perrin Apartments in San Antonio, last month.
“We are thrilled to complete another transaction with Texsun and to add such a high-quality asset to our Texas portfolio,” said Mark Green, Chief Investment Officer at Cottonwood. “While other traditional investors may be pulling back due to economic and market uncertainty, we remain bullish on the multifamily sector.”
The business plot includes a renovation and repositioning of the approximate 342,000-square-foot Portfolio, for which Cottonwood and Texsun have budgeted approximately $5 million.
“Our team is excited to build upon our relationship with Cottonwood to complete another successful acquisition in Texas,” said Sean Fogelman, Managing Partner and Co-Founder of Texsun Holdings. “We are keen to continue expanding our presence in Texas, and the Fort Worth Portfolio acquisition plays a key role in helping us achieve that goal.”

Powered by WPeMatico

NEW YORK, NY – Meadow Partners, an institutional middle-market real estate investor, announced that it has bought 305 East 11th Street and 310 East 12th Street, adjacent multifamily residential buildings in the East Village for approximately $58 million. 60 Guilders, LLC, a New York City real estate management and investment firm, is Meadow s operating partner for the property.
Located between First and Second Avenues and totaling 89 units, the elevatored buildings are connected by an 11,000 square foot courtyard. Constructed in 1940, the buildings studios, and one- and two-bedroom units include distinct architectural features with arched doorways and moldings. The property is ideally located near shopping, retail, nightlife, and multiple public transportation options.
Jeffrey Kaplan, Managing Partner of Meadow Partners, said, The East Village is one of lower Manhattan s most well loved neighborhoods with a unique selection of restaurants, shopping and social life options that appeal to a diverse tenant group. This off-market transaction is a testament to Meadow s strong relationships with leading owners and developers throughout New York City and the deep experience we bring to investing in the East Village for the past 13 years. We look forward to modernizing and enhancing the value of these properties in one of Manhattan s most exciting neighborhoods.
An affiliate of Cerberus Capital Management provided debt financing to support the acquisition.
The acquisition of this property marks Meadow s ninth investment in the East Village and brings total residential units the Firm has bought in the submarket to 430 since inception.

Powered by WPeMatico