DENVER, CO – Bascom Northwest Ventures has bought 1000 South Broadway Apartments, a 260-unit Class-A infill apartment community located in the dynamic city of Denver, Colorado at 1000 South Broadway, Denver, Colorado. The $90.5 million acquisition ($348,076/unit) closed on October 18, 2019.  Terry Daly of Cushman & Wakefield (“CW”) arranged the $54.50 million loan with Wells Fargo Bank. The property management team will be Avenue 5 Residential.

The property was bought with investment proceeds derived from the sale of a successful 15-year investment in an urban infill property in Bellevue, Washington.  

Built in 2015, 1000 South Broadway is located in Wash Park with convenient proximity to Denver’s major retail, restaurant and employment centers. With small access to the Broadway Station light rail, residents benefit from brilliant accessibility to Denver’s largest employment centers in the Central Business District and the Denver Tech Center, where companies such as DaVita, Arrow Electronics, DISH Network and Newmont Mining are located.  The Pearl District and SoBo are located just minutes from the property, which have some of Denver’s best eateries and nightlife in town. 

Brian Wirtz, Managing Member of Bascom Northwest, comments, “1000 South Broadway Apartments was a rare core-plus asset located in one of Denver’s fastest growing markets. The quality of the asset, proximity to employment, transportation, and entertainment coupled with exciting development potential were extremely attractive to us.  The Washington Park submarket was very compelling to us due to highly desirable demographics, high home prices, an affluent renter base, and walkable retail and entertainment.”

Since 2005, Bascom and its affiliates have bought over 37 multifamily properties in the Colorado market, totaling 11,803 units, becoming the most active buyer during that timeframe.   In 2016, Bascom sold The Breakers Resort, the second most valuable multi-housing trade in the nation for the year and the largest apartment deal in Colorado history.  Over the past twelve months, Bascom has completed over $1.5 Billion in multifamily transactions throughout the United States.  

Calvin Ruan, Acquisitions Director of Bascom Northwest, comments “We plot to upgrade the property’s amenity package to attract affluent, young professionals as the submarket continues to develop and become one of Denver’s most desirable neighborhoods. Community improvements will include upgrades to the clubhouse house, addition of co-working spaces, sky lounge and exterior enhancements.”

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CHARLESTON, SC – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought Alta Brighton Park, a 329-unit community in the Nexton community of Summerville, South Carolina, just north of Charleston. The project will undergo an $800,000 capital improvements program and will be renamed Elevate at Brighton Park.

The acquisition marks the second property in American Landmark’s South Carolina portfolio, with the firm growing its presence in the Charleston area. The company currently owns and manages approximately 28,000 apartments throughout the Southeast and Texas, and is continuously closer to its goal of adding $2 billion in assets to its multifamily portfolio this year.

“The Summerville-Charleston MSA has shown favorable fundamentals conducive to future growth in demand for housing, particularly with labor expansion in the hospitality and tourism sector as well as the Mercedes-Benz Sprinter van plant that opened last year in North Charleston, which is expected to reach 1,300 workers,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With an unemployment rate of 2.5 percent that’s well below the 3.7 percent national average, Charleston remains just as vital to our strategy ever since our initial entry to the area one year ago.”

The Charleston-based NKF Multifamily Capital Markets Team including Senior Managing Director Alex Okulski; Vice Chairmen Sean Wood, John Heimburger and Dean Smith; and Managing Directors John Munroe and Jason Kon brokered the transaction. NKF Executive Managing Directors Bill Weber and Matt Mense, along with Senior Managing Director Ari Schwartzbard and Managing Director Henry Stimler, arranged the financing on behalf of American Landmark.

American Landmark plans to implement a variety of capital improvements throughout the property, including Wi-Fi thermostats, electronic smart locks, master closet organizers and frame bath mirrors.  Community upgrades will include added pool furniture, dog park agility equipment and landscaping beautification.

Built in 2019, Alta Brighton Park is located at 115 Fantastic Lawn Drive. One-, two- and three-bedroom units include custom cabinetry, wood-style flooring, private balcony or patio, stainless steel energy efficient appliances and GigaFi – South Carolina’s first gigabit internet service. Community amenities include a saltwater swimming pool, outdoor lounge area with grills, 24-hour fitness studio and private resident clubhouse.

Alta Brighton Park is found within the burgeoning master-plotted community of Nexton, a 5,000-acre development positioned to become the region’s new residential and employment center. Spanning the size of the Charleston peninsula, recent investments including a car manufacturing operation by Volvo as well as office, housing and retail sites that are expected to raise the area’s population by approximately 16,000 to 20,000 new residents.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States, with a current portfolio consists of approximately 28,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. 

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SAN JOSE, CA – Urban Catalyst, a multi-asset opportunity zone fund based in San Jose, has submitted preliminary plans to the City of San Jose for their multi-family apartment project—Madera @ Google Village. The project is a joint venture with the CEO of San Jose-based Aedis Architects, Thang Do, Fellow of the American Institute of Architects (FAIA). It’s located in the heart of downtown San Jose adjacent to the plotted Google Village and Diridon Station, the largest multi-modal transit hub on the West Coast. Once completed, Madera @ Google Village will have the ability to house 250 tenants and will include 4,000 square feet of ground-floor retail space and parking along the West San Carlos Street frontage at 470 W. San Carlos Street in downtown San Jose.

“Less than a half mile away from a major railroad station and transportation facility, this project will offer the community an exciting new transit-oriented development,” said Paul Ring, Urban Catalyst Partner and EVP of Development & Construction. “Providing housing and amenities so close to a transit hub is a fantastic way to activate the area as we work to make downtown San Jose a more sustainable and livable option.”

Madera @ Google Village will feature 80 large, suite-style apartments—a mix of studios and two-bedroom, three-bedroom, four-bedroom and five-bedroom units. Along with first floor retail, the podium level will be a multi-functional and interactive space that includes a co-working space, a central community room with kitchen, a hot tub, and a gym.

With construction slated to start in Q1 2021 and complete in Q4 2022, the project will use cross-laminated timber (CLT), which consists of three, five, or seven layers of lumber aligned at right angles and then glued together to form strong structural panels. CLT has undergone extensive testing in Europe, where it is widely used for mid-rise urban infill, industrial, educational and civic structures, but it is still relatively new to the U.S. market and the state of California. As CLT gains in popularity, it’s expected that demand will grow due to the beneficial features it offers, including design flexibility, less waste, quick installation, fire protection, and increased seismic and acoustic performance compared to a standard wood product.

“We’re excited this property will be the first cross-laminated timber (CLT) housing project in Silicon Valley and one of the first in California,” said Do. “CLT is a fantastic approach to building that takes advantage of pre-fabrication to reduce construction time and cost, while bringing significant benefits to slowing down climate change.”

The Madera @ Google Village project aligns with Urban Catalyst’s approach of focusing on walkability between its properties, a concept unique to the company’s impact strategy. The partnership with Do adds to Urban Catalyst’s development effort, as the company buys a diverse set of projects in the downtown San Jose Opportunity Zone.

“Within walking distance to many of our other properties and close to the future Google campus, this project encourages pedestrian mobility, reduces traffic congestion and drives revitalization of the area,” said Josh Burroughs, a partner and COO of Urban Catalyst. “We look forward to expanding our portfolio and making a network of projects that can play off each other to generate a positive impact on the downtown ecosystem.”

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