LONG BEACH, CA – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of the Long Beach Coastal Collection, a portfolio of multifamily communities in Long Beach, Calif., for $180 million. The portfolio consists of three mid-rise properties comprised of 348 apartments total. Geoff Boler of Eastdil Secured facilitated the transaction.
Located in the center of Long Beach, the properties are conveniently walkable to the beach and downtown Long Beach’s dining, retail and employment offerings. The portfolio is anchored by the Port of Los Angeles and the Port of Long Beach, the busiest ports in the country which support more than 300,000 jobs in the Long Beach area. The communities are proximate to several of the area’s major highways, and are equidistant to the nearby employment centers of Los Angeles and Orange County.
“The Long Beach Coastal Collection is a strong addition to HGI’s West Coast portfolio given its central location in an established market that is experiencing renter demand for high quality apartment housing,” said Greg Heller, Managing Director of HGI. “We see significant opportunity for operational upside with this transaction, anticipating high occupancies and steady rent growth across the communities.”
Built in 2019 and 2020, the Long Beach Coastal Collection includes a mix of studio, one- and two-bedroom units located within a three-minute drive of each other. The properties feature market-leading amenities such as a rooftop deck with panoramic views, 24-hour resort-quality fitness centers, resident lounges, a heated pool and spa, co-working space and gaming and entertainment rooms.
The Long Beach Coastal Collection is HGI’s eighth multifamily investment in Southern California.

Powered by WPeMatico

SAN JOSE, CA – Funds managed by Oaktree Capital Management, in a joint venture with MG Properties, have bought The Platform Urban Apartments, a 551-unit community in San Jose, CA.
The Platform is a transit-oriented mixed-use community with 35,000 sf of ground floor retail, completed in 2019. Located in the Berryessa submarket of San Jose, The Platform is in a premier Bay Area location defined by strong employment growth by established and expanding global technology companies.
“We believe the Bay Area is poised for a recovery and is well priced in comparison to other markets,” MG Properties President Jeff Gleiberman said of MG Properties’ investment. “The Bay Area market is seeing explosive employment growth which we expect to drive multi-family demand.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “We are excited about our partnership with MG Properties to buy The Platform, which we believe is a high-quality asset in the attractive multi-family sector. This transit-oriented, luxury community asset will strongly benefit from the Bay Area’s continued economic recovery from the pandemic.”
The Platform Urban Apartments is a luxury community with an attractive contemporary design, an expansive resort-style common area amenity package, and well appointed, functional floorplans.
The sellers were represented by Eastdil Secured. The acquisition of the community was financed with a loan from TPG Real Estate Finance Trust Inc., an affiliate of alternative asset management firm TPG, arranged by Eastdil Secured.

Powered by WPeMatico

SEATTLE, WA – GID, a vertically-integrated real estate company with corporate offices in Atlanta, has announced the acquisition of Uplund Apartments located in Kirkland, WA, a suburb of Seattle. Built in 2021, the 409-unit community is managed by GID’s wholly-owned property management company, Windsor Communities, and has been rebranded Uplund at Totem Lake by Windsor.
The luxury development offers open-concept studio, one-, two-, and three-bedroom apartments that include stainless-steel appliances, quartz countertops, in-unit washers and dryers, and nine-foot ceilings.
The property also features coveted amenities including two landscaped terrace courtyards, outdoor gas firepits, BBQ grilling stations, outdoor TVs, and an outdoor nature walking trail, as well as resident lounges with entertaining kitchens and fireplaces, a fitness center, a dog wash station, and bike storage.
With Amazon and Microsoft world headquarters nearby and a small drive from The Village at Totem Lake, a vibrant shopping center, and a plethora of dining and entertainment options – residents will find the fantastic suburban location that offers the ideal work-play lifestyle.
Future residents can also expect outstanding customer service from Windsor Communities, which ranked number one in Overall Customer Service and Maintenance by the Kingsley Excellence Award Program in 2021.

Powered by WPeMatico