HOUSTON, TX – Embrey Management Services has been selected to manage The Praedium Group’s newly bought Everly Apartments in Houston.

Embrey Partners, Ltd., a diversified real estate investment company, built the luxury, upscale Everly Apartments and recently closed the sale of the multifamily residential project with The Praedium Group, a New York-based national real estate investment firm.

“Embrey is nationally recognized for building places where people want to be and for its award-winning management services,” said Garrett Karam, Chief Investment Officer. “Our reputation for demanding the highest quality and standards in everything from development location, to construction craftsmanship, to management services continues to be attractive to investors year after year.”

“We are delighted that The Praedium Group has selected Embrey Management Services to be its partner in serving residents at the Everly,” said Cindy Ash, President of Embrey Management Services. “Our goal is always to manage properties as if we live there and to elevate value for our partners like The Praedium Group.”

Everly features four, 2-tale carriage home buildings, four 4-tale apartment buildings, and two 3-tale apartment buildings. The residential units feature modern gourmet kitchens with stainless steel appliances, granite or quartz countertops, vinyl plank wood flooring, under-cabinet lighting, and custom wood cabinetry with designer hardware. Property amenities include a resort-style pool with private cabanas, an indoor golf simulator, a fully equipped fitness center with fitness-on-demand, an outdoor beer garden, and a Wi-Fi lounge with private conference rooms.  

The property is located between the Westchase and Galleria/Uptown Districts. Its central location provides residents with simple access to multiple employment hubs and high-quality retail and entertainment options.

“The acquisition of Everly Apartments fits well within our strategy of purchasing high quality assets in growth markets,” said Peter Calatozzo, Principal of The Praedium Group. “Everly provides an attractive rent for a new property with an expansive amenity set that is in close proximity to several of Houston’s major employment centers.”

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KING OF PRUSSIA, PA – Morgan Properties, one of the nation’s largest and fastest growing multifamily investors, announced today it completed a portfolio transaction to buy nearly 80 apartment communities encompassing approximately 15,000 units across eight states.

This transaction takes Morgan Properties’ total portfolio to more than 75,000 units in 15 states throughout the country, making it one of the five largest multifamily owners in the U.S. Since 2012, the King of Prussia, Pennsylvania-based owner and operator has bought more than $7 billion in total acquisition volume comprised of 50,000 units. Following this transaction, Morgan Properties has agreed to buy an additional 3,000 units from the same owner, further expanding its portfolio.

Morgan Properties bought this portfolio from Morgan Communities, a company based in Rochester, New York, which has no relation to the Pennsylvania-based company.

“Morgan Properties prides itself as a turnaround specialist in the multifamily industry and this portfolio fits our investment criteria given its size, scale, and unique repositioning opportunity,” said Jason Morgan, Principal at Morgan Properties. “We target opportunistic multifamily investments and are extremely well positioned to stabilize this portfolio for the greater benefit of the residents, employees, and investors. We assumed property management across the portfolio in July, transitioned more than 750 employees to our team, and are extremely excited to bring this transaction to fruition.”

The geographic concentration of this portfolio is primarily in upstate New York markets, including Rochester, Buffalo, Syracuse, and Albany, and Pennsylvania submarkets that include Pittsburgh and Harrisburg. The portfolio also consists of outlier assets in Memphis, Tennessee; Chicago, Illinois; Huntsville, Alabama; and Cleveland, Ohio, which represent new markets for Morgan Properties.

This transaction solidifies Morgan Properties’ portfolio concentration in the Mid-Atlantic and Northeast Region and position as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York.

“We are extremely proud of our organization for achieving this significant milestone of reaching 75,000 units. Morgan Properties continues to get better with each acquisition and with growth comes opportunity,” said Jonathan Morgan, President of Morgan Properties. “This transaction establishes us as a top five multifamily owner in the country and the largest in the Mid-Atlantic and Northeast Region. This year we have bought over $3 billion in total volume – our largest year since our founding – and remain bullish on multifamily fundamentals.”

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BELLEVUE, WA – Aegis Living, a national leader in senior helped living and memory care, broke ground on the world’s greenest senior living community, Aegis Living Lake Union set in the Eastlake neighborhood of Seattle, Wash. and blocks from the Lake Union waterfront. The building is on track to be the first helped living community to meet the most rigorous global green/sustainability building standards with a Living Building Challenge certification and is participating in the City of Seattle’s Living Building Pilot Program. In addition to a novel emission-free design approach, the organization developed new energy and water consumption benchmarks for the senior living category.

“This first-of-its-kind development is an incredible milestone for Aegis Living and the senior helped living community as a whole,” said founder and CEO Dwayne Clark. “Charting new territory to make a sustainable, green-certified facility that meets the unique needs of our residents demonstrates that building green can be achieved in this industry.”

Built to be emission-free, Aegis Living Lake Union will use standard electricity to support the entire 70,000 square-foot building, including large appliances and kitchen equipment, significantly reducing overall environmental impact. The community will offset more than the building’s total energy demand through various energy reduction measures, an onsite solar array and an offsite solar energy farm. Key features include improved insulation such as triple pane windows and thermal insulation for exterior walls, heat recovery through forced-air ventilation, a recirculating heat pump system, LED lighting and sensors to monitor use, installation of all high-efficiency appliances and more. The community will save approximately 320,000 kilowatt-hours annually – equivalent to planting more than 12,000 trees each year. Another 1.7 million kilowatt hours will be generated between the solar array and offsite energy farm. 

All non-drinking water will be supplied through captured rainwater and treated greywater; the community will reserve potable water for consumption only. These measures will save more than 140,000 gallons of water annually for the life of the building.

Helped living communities are behind the green building curve largely due to the challenge of residents spending approximately 95 percent of their days on the premises, more than any other building occupancy type. This constant use of resources makes it more hard to mitigate demand with green building mechanisms. 

“Navigating how we would offset our building’s total energy demand with fulltime resident use has been a challenging, yet rewarding process,” said Walter Braun, senior vice president of development. “We look forward to the development process and seeing our vision come to life.” 

Modeled after a modern shellhouse, the building design will pay tribute to the 1936 University of Washington men’s rowing team that took gold at the Berlin Olympics. The building features 79 living spaces, including a mix of studio and one-bedroom options and select apartments dedicated to memory care. Amenities include a spa/wellness center with a salon, massage parlor and fitness center. Signature for Aegis Living communities, residents will delight in a variety of gathering spaces to spend time with family, friends and neighbors, including an onsite cinema and sky lounge and a terrace with views of Lake Union. More details on building design and amenities will be released closer to the building’s opening in Spring 2021. 

The Lake Union community (located at 1936 Eastlake Ave. E) is one of seven new properties currently in development for Aegis Living. Earlier this year, Aegis Living broke ground on an expansive waterfront property in Kirkland, Wash. Its Overlake/Bellevue, Wash. community is set to open in late 2020 and will be the largest property in company history. Other Washington communities will soon be built in the Greenwood, Laurelhurst, and Ballard neighborhoods of Seattle. The company also has plans to open Aegis Living San Rafael (California) in 2021.

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