CHARLESTON, SC – Blaze Partners announced the acquisition of Planters Crossing Apartments, a 256-unit apartment community located in the North Charleston submarket of Charleston, South Carolina. The asset was bought by a newly-formed affiliate in a transaction that closed in October 2019.

Planters Crossing, located in the heart of North Charleston, offers residents proximity to many of Charleston’s largest employers and the area’s abundant lifestyle draws.  The community consists of a mix of one- and two-bedroom floor plans with additional onsite amenities including a pool, tennis courts, and a resident clubhouse. Blaze intends to invest additional capital into the improvement of the asset with a focus on interior unit upgrades and common area enhancements with the intent to better position the community within the submarket, an area that has seen a rapid transformation in recent years.  

“North Charleston has undergone tremendous change this cycle as employment drivers have migrated inland and households have sought out better housing options at more obtainable pricing. We are excited about the acquisition of Planters Crossing and the opportunity to upgrade the community and offer an improved rental experience to our residents,” said Chris Riley, Co-Founder and Managing Partner of Blaze.  “This transaction fits squarely within our opportunistic acquisition profile with significant value-add potential in the form of both operational improvements and capital upgrades.”

The acquisition of Planters Crossing adds to Blaze’s growing footprint throughout the Southeast and solidifies its ownership presence in Charleston.  “This transaction represented an opportunity to strategically grow our local presence in Charleston via an opportunistic transaction that aligns nicely with our executional capabilities,” said Eddy O’Brien, Co-Founder and Managing Partner of Blaze.  “This year has been exceptionally active for us on both the acquisition and disposition front with over $370 million of transactions closed or currently underway. We believe Planters Crossing makes for an brilliant addition to our growing portfolio.”

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KISSIMMEE, FL – FCP announces the $25.3 million acquisition of Park at Sorrento, a 208-unit apartment community in the Orlando, FL submarket of Kissimmee. The acquisition of Park at Sorrento, soon to be rebranded Mirador at Woodside, marks FCP’s 12th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa, Jacksonville and Southeast Florida.

“Park at Sorrento is a well-located workforce housing community in the Orlando metro, one of the highest growth markets in the country,” said FCP Associate, Drew Schwartz. “Residents of this community live within 30 minutes of eight of the top 10 employers in the area.”   

Kissimmee, Florida is one of the most well loved and convenient residential areas in the Orlando metropolitan area, where major employers include Walt Disney World, Universal Orlando, Seaworld, Darden Restaurants, Westgate Resorts and Lockheed Martin. The community features convenient access to four major hospitals, the 500-acre “NeoCity” technology district and an abundance of retail and entertainment amenities.

FCP extends its appreciation to Shelton Granade, Luke Wickham, Justin Basquill and the CBRE Florida Multifamily Group for their representation of the seller and to Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop for facilitating the assumption of the existing Fannie Mae mortgage.

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AUSTIN, TX – The PPA Group, a multifamily-focused commercial real estate firm, announced its merger with Casoro Capital, a family office and real estate investment firm that partners with other family offices, high net worth individuals, and institutional investors through real estate investment funds, separately managed accounts, and direct transactions. The new company, named Casoro Group, will combine the expertise of both companies to bring a stronger investment presence to the multifamily real estate market, which is in the midst of a boom thanks to increasing demand for rental housing.

“Pent-up demand for apartments is high, and when you look at the changing population in America, you can see why investing in multifamily is an attractive choice for those who want solid returns no matter what the stock market or housing market might be doing,” said Monte Lee-Wen, founder and president of The PPA Group.

According to a recent study by the National Multifamily Housing Council and the National Apartment Association, nearly 39 million people live in apartments with an average of one million new renter households formed every year. Delayed house buys, an aging population, and international immigration – which accounts for 51 percent of all new population growth in the U.S. – are the largest drivers for increased demand, according to the study.

As a vertically-integrated real estate investment firm with subsidiaries specializing in property management, construction, utility billing and management, as well as a multifamily REIT, Casoro’s investors are poised to benefit from all aspects of the increased demand for apartment complexes, student housing, and senior living facilities. Casoro seeks out multifamily assets with value-add opportunities that allow for increased rent and appreciation over the life of the investment. Casoro is actively expanding its current portfolio of properties in the DFW, San Antonio, Austin, and Houston markets.

“Our passion is to provide better homes for better lives. By updating and improving the communities in which we invest, we improve the quality of life for our residents and the quality of returns for our investors,” said Yuen Yung, CEO of Casoro Group.

Named one of the fastest-growing real estate companies by Inc. Magazine, Casoro Group employs more than 100 team members made up of industry experts with decades of multifamily real estate investment and operational experience. Casoro prides itself on its company culture, which is unique in the real estate investment industry.

“Our company values of being caring, exceptional, teachable, and bold, of speaking to inspire and being growth-oriented translate to our culture, where team members are recognized for their successes, encouraged through failures and coached throughout their careers,” Yung said. “We provide cutting-edge industry training and leadership development at all levels, and the results of this investment in our people is our continued success as an investment firm.”

To date, Casoro Group has conducted more than $1 billion in real estate transactions and provides investment opportunities through discretionary investment funds, joint-venture partnerships, 1031 exchanges and self-directed retirement accounts, as well as through its REIT, Upside Avenue, which allows all investors to benefit from the private real estate market for as small as $2,000.

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