DALLAS, TX – Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, recently completed a $25 million mixed-income multifamily apartment community in southwest Houston.
Provision at West Bellfort, a 144-unit gated community made as part of the Hurricane Harvey recovery effort, is located in the Alief neighborhood of Sugar Land, Texas, a mix of diverse multicultural neighborhoods and commercial properties.
Gardner Capital developed Provision at West Bellfort in partnership with both Texas-based and national partners at Amegy Bank, Raymond James and Fannie Mae, bolstering its growing presence in the Houston market.
We appreciated the opportunity to work with local and national partners in Houston while helping the city and community continue to recover from Hurricane Harvey, said Michael Gardner, President and CEO of Gardner Capital. As we expand our work in affordable housing and real estate development across the country, Houston, Dallas and Austin remain our primary markets, and Provision at West Bellfort is a terrific example of multiple industry leaders coming together to make an outstanding complex in a diverse neighborhood.
In addition to one-, two- and three-bedroom units, the complex also includes four-bedroom duplexes to serve larger families. Apartment amenities include a clubhouse, multipurpose community room, fitness center, cyber lounge and pool.

Powered by WPeMatico

NASHVILLE, TN – Nashville-based private equity real estate firm, The Clear Blue Company (CBC), announces its $61.4 million acquisition of Louisville, Lexington and Southern Indiana apartment communities. The portfolio consists of 1,186 total units across six properties that CBC and its partners are committed to revitalizing and maintaining. Nashville-based Elmington Property Management will manage the properties.
We ve been eyeing opportunities in Louisville and Lexington for quite some time. The area s consistent growth and economic resilience is impressive. We expect the city’s growth trajectory to mirror some of the escalations we ve experienced in Nashville, said Clear Blue CEO and founder, Nick Ogden. Like Nashville, the major employer base is relatively insulated from economic cycles, so this opportunity is the one we ve been waiting for. We re excited to revitalize workforce housing so that tenants and communities can be proud of where they live. We re thrilled that our mission is now extended further into Kentucky and Indiana.
CBC bought the portfolio from Read Property Group. The Kirkland Company and Capstone Companies brokered the transaction, which includes the following properties:
Louisville, Kentucky: Iroquois Gardens, King George and Victoria Gardens Lexington, Kentucky: Abigail Gardens New Albany, Indiana: King David Jeffersonville, Indiana: King Solomon
Equity for the transaction was raised through a single source family office.
At Clear Blue, we re committed to the long-term investment in our portfolio properties and their surrounding communities, said Ogden. We re interested in not only the financial but also the social impact of our properties as we strive to provide well maintained and affordable homes for our tenants. Our investors share that vision and commitment.
The transaction was finalized June 30, 2020. It was initiated in October of 2019 and was set to close in March 2020. At that time though, the transaction was derailed due to economic uncertainty initiated by COVID-19.
I am particularly proud of my team for their perseverance through this transaction, said Ogden. During the search for a new lender, we were able to better know the small-term impacts of COVID on our properties and subsequently make adjustments for long-term durability. Through this uncertain economic time, we are even more committed to our thesis that workforce housing can provide strong social and economic returns.

Powered by WPeMatico

EL SEGUNDO, CA – Griffin Capital Company, a leading private alternative asset manager, announced the closing of its fourth land acquisition in a qualified opportunity zone. Legacy at Encore is the second joint venture multifamily community Griffin Capital is developing in partnership with Legacy Partners.
Griffin Capital has identified nine multifamily properties partnering with five joint venture developers, including: a 475-unit mid-rise apartment community in downtown Los Angeles with Avalon Bay Communities; a 375-unit two building property in Silver Spring, Maryland with Bozzuto; two multifamily developments with Greystar Real Estate Partners (300 units in Austin, where development started in November 2019, and 500 units in Baltimore); three communities with Fairfield Residential (365 units in Austin, 284 units in Houston, where development started in December 2019, and 310 units in Hyattsville, MD in suburban Washington, DC); and, two multifamily communities in partnership with Legacy Partners (the recently bought 228-unit property located in Tampa, Florida and 363 units in Aurora, Colorado, where development started August 2019).
Griffin Capital anticipates commencing development on all properties by November 2020 and are targeting all to be completed by May 2023.
Kevin Shields, Chairman and CEO of Griffin Capital stated, We have partnered with a phenomenal group of best-in-class multifamily developers through whom we culled nine outstanding development opportunities. Each of the nine properties were in the forward development pipeline of our partners – either under contract or letter of intent – prior to the QOZ map having been released in mid-2018. Each property, therefore, was pursued by our partners purely on an economic basis completely independent of the QOZ legislation.

Powered by WPeMatico