LOS ANGELES, CA – Walker & Dunlop, Inc. announced that it completed the $55,000,000 sale of The Estelle on behalf of Canfield Development, Inc. to an affiliate of The Green Cities Company.
The property, a 61-unit luxury multifamily community in West Los Angeles, was built in 2020 as for-sale condominiums and was converted to for-rent apartments amid the pandemic. The property boasts exceptionally large floor plans averaging 1,474 square feet and was 30% leased at the time of the sale.
In addition to its spacious units, The Estelle offers residents a resort-style living experience with a state-of-the-art fitness center, Mediterranean pool, and ample green space, including three landscaped rooftops. Situated within a mostly residential neighborhood, The Estelle features stunning views of Los Angeles while also offering convenient access to the city’s employment nodes, dining, culture, nature, and retail.
The sale was handled by Walker & Dunlop’s Blake Rogers, Hunter Combs, Alexandra Caniglia, and Javier Rivera. Mr. Rogers commented, “Class A transactions in Los Angeles have been rare since the onset of the pandemic, with The Estelle representing just the fourth closing of an institutional quality asset in the city since April 2020. While we anticipate Class A sale velocity to accelerate as a result of the rapidly-improving multifamily fundamentals, this sale and solid leasing performance during this environment speaks to the fact that Canfield Development made an unparalleled asset with unique, wellness- and environmentally-minded features that cater perfectly to Los Angeles renters. This property will undoubtedly see durable and resilient growth for years to come.”
“We are very proud of The Estelle and how the building came out. It’s one of the most gorgeous buildings we’ve developed, with a thoughtful, luxurious design, exceptional amenities, and sweeping views of the city. We’re confident that the high-quality, infill asset will prove to be a highly valuable investment for The Green Cities Company,” said Serge Shirikjian, CFO of Canfield Development. “Walker & Dunlop’s team was an brilliant partner in facilitating this disposition, and we look forward to working with them again as we continue to build our signature communities throughout Southern California.”

Powered by WPeMatico

CHICAGO, IL – Golub & Company and Petiole Asset Management announced a joint venture acquisition of Lakehaven Apartments in Carol Stream, IL, marking the first residential joint venture between the two firms and the third overall. The acquisition closed on April 29, 2021. Golub & Company will provide property management and leasing services effective immediately.
Lakehaven Apartments, located at 732 Bluff Street in Carol Stream, DuPage County, IL, was constructed in 1984 and is the newest apartment community in this mature suburban township. The property, while close to major employers and highways, also benefits from its pastoral setting surrounded by 100 acres of park land and lakes. The 492 apartment homes are spread across 41 buildings and feature a mix of 1-, 2-, and 3-bedroom layouts ranging in size from 700 to 1,100 square feet with an average unit size of 868 square feet. Amenities include a clubhouse, resort-style pool, fitness room and fenced dog park.
Leading the acquisition were Adam Small, Senior Vice President of Acquisitions; Ania Najder, Director of Acquisitions; and Kristin Nason, Regional Portfolio Manager, all from Golub & Company, and Chris Lord, Principal of Petiole Asset Management. The seller, Lakehaven Apartments LLC, was represented by JLL’s Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard.
“Lakehaven has recently undergone an in-unit and amenity repositioning program yet offers new ownership the ability to incrementally improve upon the previously completed program to offer top-quality amenities and unit finishes,” said Small. “From the perspective of the submarket there has been very limited new supply which we believe will bode well for occupancy over the long-term,” he added.
Founded in 1960, Golub & Company is a multi-generational developer, operator and investor of commercial, residential and mixed-use properties. Its current projects are located across core U.S. markets including Chicago, Minneapolis, Denver, and South Florida. Petiole Asset Management AG (formerly The Family Office) is a Zurich-based asset management firm with a track record of managing $2B in alternative investments.
“The value-add potential and strong market fundamentals make this an attractive acquisition opportunity,” said Michael Newman, President and CEO of Golub & Company. “After completing successful office acquisitions of 111 W. Washington Street in the Central Loop and International Tower in the O’Hare market, we are thrilled to partnering once again with Petiole Asset Management on this exciting project.”

Powered by WPeMatico

JACKSONVILLE, FL – Ashcroft Capital, a fully integrated multifamily investment firm, announced its acquisition of Elliot Baymeadows, a garden-style apartment community in the Royal Lakes neighborhood of southern Jacksonville. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community.
Elliot Baymeadows, which offers 352 apartment homes, boasts a convenient location just east of Interstate 95 and within a quick commute of the key retail districts of Jacksonville and St. Augustine. The property was bought through Ashcroft Capital’s new $150 million Value Add Fund, and it becomes Ashcroft’s second community in Jacksonville, joining Southside Villas, which is located just south of downtown. Ashcroft will perform a series of interior and exterior renovations at Elliot Baymeadows, which was originally built in 1986.
“We are huge believers in the Jacksonville market, and we look forward to augmenting our presence in the city,” said Frank Roessler, founder and chief executive officer of Ashcroft Capital. “We believe Elliot Baymeadows has a tremendous upside with its opportune location within a desirable, commuter-friendly neighborhood. The community already possesses a charm of its own, and our plotted upgrades will deliver the quality finishings that residents of this submarket have come to expect.”
Since its inception, Ashcroft Capital has bought more than 10,000 units in Jacksonville, Dallas-Fort Worth, Orlando, Fla., and Tampa, Fla. Last month, the company also entered the metro Atlanta market with its acquisition of Halston Riverside, and it continues to pursue acquisition opportunities there. Ashcroft Capital is also looking to enter the Charlotte, N.C., Raleigh-Durham, N.C., and Phoenix markets.
The in-home renovations at Elliot Baymeadows will include the installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, vinyl plank flooring, new lighting and plumbing fixtures and a refreshed color scheme. Refurbishments are also plotted for the community’s clubhouse and fitness facilities, while building exteriors will be repainted. The community’s amenities package will be enhanced as well by converting tennis courts to sports courts and adding package locker systems.
Situated at 9480 Princeton Square Boulevard S, Elliot Baymeadows is within moments of several fine dining options, a Publix Supermarket and the St. Johns Town Center open-air mall. Residents can access I-95 and nearby Routes 152 and 115 to easily travel to nearby white sand beaches, a wide array of schools and several key locales throughout the metropolitan area.
“We’re not shy in our ambition to stand out as one of the top living options in the market,” said David Deitz, president of Birchstone. “We look forward to implementing our signature brand of people-first service at the community and are keen to connect with our newfound residents. The location with the lake views and simple commuter options speaks for itself. Without a doubt, Elliot Baymeadows will be a leading property within this submarket of Jacksonville.”
Elliot Baymeadows offers a variety of one- and two- bedroom apartment homes, ranging in size from 500 to 1,100 square feet. Apartment homes feature nine-foot ceilings, energy-efficient appliances, breakfast bars, in-home washers and dryers, large closets and private patios or balconies.
Common-area amenities at the pet-friendly community include a 24-hour fitness center, two swimming pools, courtyard, picnic and grilling areas, waterfront, two tennis courts, playground and pond. Residents also have access to bike storage and a package-delivery service.

Powered by WPeMatico