RICHMOND, VA – 37th Parallel Properties Investment Group announced the acquisition of a three-property portfolio in Austin and San Antonio, Texas on behalf of their investors and family office partner. The acquisition marks the firm’s reentry into the Austin market, a target investment market for 37thParallel, ranked as the “#1 Place to Live” by US News & World Report for the past three years. This is the firm’s sixth acquisition in San Antonio, bringing their portfolio in the metro to over 1,100 units.
The properties include: Bridgehead Apartments, a 128-unit, garden-style, multifamily community in Austin, TX; Melrose Place Apartments, a 132-unit, garden-style, multifamily community in Austin, TX; Tradewinds Apartments, an 84-unit, garden-style, multifamily community in San Antonio, TX.
“Owned and operated by a local family for over two decades, these assets have benefited from superb long-term ownership,” said Dan Chamberlain, Managing Partner and Chief Operating Officer. “Having bought a previous deal from the same family, we were thrilled when they approached us with the opportunity to work together again.”
Bridgehead sits in an irreplaceable location in the hills of the coveted Westlake area of Austin, providing residents with exceptional canyon and greenbelt views of the Texas Hill Country. The property, built in 1985, features a mix of one- and two- bedroom units, balconies, and multiple greenspaces with covered porch swing and gazebo-style seating from which to delight in the expansive vistas. Residents also delight in exclusive, direct trail access to the Pennybacker Bridge Overlook Trail and Shepherd Mountain.
Melrose Place, also built in 1985, consists of 132 duplex and fourplex units with large floorplans averaging 909 square feet. The property sits less than one mile from both the 7,000 employee Apple Americas Operations Center and the site of the upcoming $1 billion Apple campus projected to use 15,000. 37th Parallel will perform asset management services for Melrose Place for a family office based in Minneapolis, Minnesota.
The surrounding areas of both properties are notoriously hard to develop due to strict environmental development codes and the perpetual preservation of large tracts of land. “The supply-demand dynamic, with no new units under construction within a 6-mile radius of Bridgehead, and only 72 units within a 4-mile radius of Melrose Place, makes a high barrier-to-entry that further bolsters our investment thesis,” says Chamberlain. “Rents in the Northwest Austin submarket, where both deals are located, rose 6.6% during the last twelve months, which is the highest growth rate in the metro. This growth, along with a metro-best submarket occupancy of 94.3% and in-place rents 20% below their respective competitive sets, is ideal for our value-add investment strategy.”
Tradewinds is in the Windcrest suburb of Northeast San Antonio. Built in 1983, the property features a mix of one- and two- bedroom units and townhomes. Community amenities include a pool with sundeck and an expansive picnic area with barbecue grills. “Tradewinds is located within a 3-mile radius of two other assets managed by 37th Parallel, which will provide operating efficiencies for this property and our other portfolio assets nearby,” says Chamberlain. “Furthermore, due to the portfolio-nature of this transaction, we believe our acquisition basis for all three assets is lower than if each was bought individually, further insulating the investment and providing the opportunity for strong, risk-adjusted returns.”
All three deals were 97.6% occupied or higher at the time of acquisition.
This acquisition also marks the first investment from 37th Parallel’s inaugural fund. The fund vehicle, launched in November 2019, seeks to buy value-add and core-plus multifamily real estate in the Southeast and Texas. “We are thrilled to be able to invest in this project on behalf of our fund investors. This investment is ideal for the fund’s mandate of investing in multifamily assets bought below replacement costs in attractive markets with capital needs and value-add potential,” says Chad Doty, Managing Partner and Chief Executive Officer.
The acquisition was funded with new investor equity and will benefit from long term, capped, floating-rate agency debt financing, arranged by Cutt Ableson and Colin Marusak out of Berkadia’s Houston office. The properties will be managed on-site by Roscoe Properties, based in Austin, who manage over 15,000 units in the Austin metro area and over 38,000 units overall. 37th Parallel extends its appreciation to Charles Cirar, Michael Wardlaw, and Colin Cannata of CBRE’s Texas Multifamily Team, who represented the Seller in the transaction.

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MIAMI BEACH, FL – Miami Beach s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire s Row, announced that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support completion of the 18-tale project, which is now more than halfway complete and on schedule for next fall s projected delivery date.
In total, 57 Ocean, which is being developed by Multiplan Real Estate Asset Management (MultiplanREAM), will feature 70 units, including 18 flow-through Sky Residences and a $35 million, full-floor penthouse. To date, more than half of the units have sold to buyers from high income tax states, including New York and California, as well as high-net-worth individuals from Latin America.
Already, MultiplanREAM, which was founded by internationally revered Brazilian developer Dr. José Isaac Peres, has invested approximately $150 million in cash into the project, ensuring that each benchmark has been met with swift precision and efficiency. The added financing underscores the well-documented success of the project and its strength in the market — especially in the midst of the current COVID-19 pandemic.
57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers, but also providing another reassurance for their real estate investment, said Marcelo Kingston, Managing Partner of MultiplanREAM. We are extremely proud to work with Bank OZK, the nation s preeminent construction lender of marquee properties. We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.
Bank OZK is pleased to be financing the final phases of 57 Ocean s construction and to be working with such a reputable developer, said Greg Newman, Managing Director of Originations at Bank OZK. The strong financial capacity of MultiplanREAM, coupled with such a unique real estate asset, exemplify the high standards Bank OZK consistently seeks in its project financings.
The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright.
We are delighted to be working with MultiplanREAM in supporting the capitalization of this outstanding product, said de Zárraga. This liquidity will enable the developer to pursue new opportunities that may emerge during moments of the current global crisis while expanding its footprint in the State of Florida.
Adding to the momentum, MultiplanREAM and 57 Ocean s exclusive residential brokerage, Fortune Development Sales, have reported a string of back-to-back transactions at the property. In just 45 days, 11 units totaling $46 million have gone under contract — an average of 1.3 sales per week. One of the top sales was a four-bedroom, four-and-a-half-bath residence (No. 1702) for $7.3 million to a New York-area buyer. Buyers have singled-out the project for its unparalleled location, contemporary designs, and robust assemblage of holistic Blue Wellness amenities and services.
The excitement surrounding this development continues to build among ultra-luxury homebuyers worldwide — a testament to MultiplanREAM s tremendous vision and subsequent success, said Edgardo Defortuna, CEO of Fortune Development Sales. We are now looking forward to the next huge milestone – 57 Ocean s topping off later this summer.
Designed by award-winning architect Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer Patricia Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to four-bedroom residences — starting at $1.5 million — with sizes ranging from 1,200 to 3,600+ square feet. The well-appointed homes will feature expansive terraces, each stretching up to 12 feet deep, as well as contemporary Italian kitchens and baths by Poliform. In addition to the 10 Sky Residences, which start at $6.95 million, 57 Ocean s last-remaining penthouse — designed by Sofia Joelsson of Sofia Joelsson Design — is priced at $35 million.
Five-star amenities will include a holistic spa with treatments by One Ocean Beauty and a wellness pavilion with a thermal suite and a relaxation and meditation area — as well as poolside treatment cabanas, a state-of-the-art fitness center with top-of-the-line MyIsle training equipment by MyEquilibria, and an indoor Technogym fitness center. There will also be a children s activity room, 24-hour concierge services, pool and beachfront concessions and attendants, direct access to the adjacent Miami Beach Walk, and more.

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PALM COAST, FL – ConcordRENTS announces the Grand Opening of Central Landings at Town Center Apartment Homes, a $26.7 Million affordable housing community, consisting of 150 apartment homes serving those making 40% – 80% of the area median income, located in the Palm Coast Town Center.
As the newest affordable apartment community within the last 9 years, Central Landings is dedicated to provide safe and quality housing for the expanding needs of families in Flagler County. The community will appeal to the most discerning preferences including traditional 3-Tale Garden style building designs as well as unique Carriage Homes over Garages. Each home will be fully equipped with granite countertops and CleanSteel energy efficient appliances, along with other modern finishes. The residents will also be able to take advantage of community amenities with a business center, Amazon HUB package center, heart healthy cardio and fitness studio, walking trails with Get Fit stations, regulation bocce ball court and dog park.
Palm Coast Town Center is a master development with a vision of 2,500 multifamily residential units, 1.4 million square feet of office space, 3.4 million square feet of commercial space, including a movie theater, hotel and nursing home. The Town Center currently includes the Palm Coast City Hall, with 14,000 square feet of retail, Epic Movie Theater and multifamily residential units from Central Landings Senior Living, Palm Coast Senior Living and Reserve at Brookhaven that are also all managed by ConcordRENTS. Additionally, Palm Coast Landing is a shopping center bordering the Town Center, anchored by Super Target, Michaels, Pet Smart and other nationally known retail establishments.
Funding for Central Landings Apartment Homes comes from $13.4 Million in Tax-Exempt Bonds, issued by the Housing Finance Authority of Volusia County, $9.3 Million in equity, from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corporation, and additional sources provided through the Developer, Atlantic Housing Partners, L.L.L.P.
ConcordRENTS is a national leader in high quality, customer-focused property management of affordable multifamily rental housing. ConcordRENTS manages over 100 properties in Florida.

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