NEW BRAUNFELS, TX – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought its fourth multifamily asset in the state of Texas within six months: Lakeview Villas, a 313-unit luxury community in New Braunfels.

The community benefits from a prime location in New Braunsfels, which has been recognized as the second fastest-growing city in the nation for the past two years, according to Jake Niles, Director of Acquisitions – West at Passco Companies.

“This opportunity to buy this asset in a rapidly expanding city is perfectly aligned with our investment strategy of purchasing top-class multifamily properties in locations with strong long-term outlooks,” clarifies Niles, noting that the population of New Braunfels has increased by 58% since 2000 and at a rate of 7.2% between July 2017 and July 2018 alone. “With an average of 15 new people moving to town each day last year, the city has become a hub of growth in the heart of the Texas Hill Country.”

Niles notes that many residents are drawn to the submarket because it features tranquil surroundings of rivers, lakes, and extensive areas of greenery, while still offering close proximity to Interstate 35 and under-40-minute commutes to the two major metropolitan areas of San Antonio and Austin.

“New Braunfels is becoming a key location for those who work in San Antonio or Austin but delight in quieter and spacious living options,” confirms Niles. “Additionally, recent and upcoming deliveries of retail, office, and mixed-use product are bringing more jobs and convenience to the immediate area, further increasing interest in the city.”

Despite the influx of commercial development, the pipeline for multifamily remains low, driving up the value of quality assets like Lakeview Villas. The community’s location within the award-winning Comal Independent School District and close proximity to the Gruene Historic District are also attractive to potential residents, notes Niles.

“The offering process was extremely competitive for this asset, with several potential buyers involved,” continues Niles. “Based on our diligence, strong industry relationships, and experience in investments with similar profiles, we were ultimately able to bolster our portfolio with this brilliant addition.”

Lakeview Villas offers an impressive array of community amenities including a resort-inspired pool with tanning ledge and outdoor kitchen, poolside lounge and fire pit, state-of-the-art fitness center, tanning beds, and a resident clubhouse. It also features a lake on the grounds, surrounded by a walking trail, which can be seen from most units.

The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style flooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen, and private detached garages.

The property is located at 2090 Sundance Parkway in New Braunfels, Texas.

Will Balthrope, executive managing director, Jordan Featherston, senior associate, and Drew Garza, senior associate, all with Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), represented the seller, Koontz Corporation, in the transaction.

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CHICAGO, IL – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the 134-unit, 388-bed 30 East on behalf of its real estate funds. The asset is located in the sought-after South Loop neighborhood of Chicago and represents an opportunity for Greystar to buy an optimally located, purpose-built student housing high-rise property that serves nearly 50,000 students attending the seven universities located within a half-mile of the property.

Notably, the property entered into a 10-year, 340-bed master lease with Columbia College in August, and the remaining 48 beds are fully leased for the 2019/2020 academic year. As a global leader in student housing, Greystar will leverage its extensive institutional knowledge to maximize efficiencies at the property to drive optimal performance.

“The acquisition of 30 East complements Greystar’s strategy of acquiring high-quality student housing assets in prime locations like the incomparable South Loop,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We believe this was a particularly attractive investment opportunity for us given the lack of purpose-built student housing in the immediate area. The master lease with Columbia College grants us certainty of cash flow from a reputable, creditworthy institution, while the ability to re-lease the units to summer interns allows us ensure the property remains productive year-round.”

Completed in 2017, 30 East is located in Chicago’s South Loop neighborhood, a well-located submarket that provides unparalleled accessibility to the Chicago Metropolitan Area. It is located within two miles of more than 20 colleges and universities with a combined population of approximately 100,000 students, offering an average door-to-class commute time of under ten minutes. The property boasts a transit score of 100 and a walk score of 98, and it is located within a five-minute walk to three CTA stops and seven Divvy stations. Furthermore, its location near Chicago’s well loved Lake Michigan means residents can easily take advantage of local attractions including beaches, Millennium Park, Grant Park and Chicago’s world well-known “Museum Campus.”

The 17-tale property consists of 27 studio units, 26 one-bedroom units, 55 two-bedroom units, 13 three-bedroom units, and 13 four-bedroom units, with an average unit size of 781 square feet. All units come complete with modern furnishings, full-size stainless steel kitchen appliances, in-unit washers and dryers, hardwood-style flooring, quartz countertops, and free cable and wireless high speed internet. Moreover, the building offers high-end community amenities such as a third-floor terrace and dog park, a state-of-the-art fitness center, and a sky lounge and terrace.

As the nation’s largest apartment operator with over 500,000 units under management, Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investment and management opportunities throughout the Chicago area.

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ST LOUIS, MO – Lux Living and Huge Sur Construction have completed the sale of Tribeca, a 160-unit luxury apartment community in the Central West End. The sale price of $44,000,000 (or $275,000 per unit) represents a record setting price per rentable square foot on the open market ($403.69/sf).

Built in 2018 near Washington University and Barnes-Jewish Hospital, the units in the six-tale asset boast unparalleled design (Carrera quartz waterfall islands, herringbone marble backsplash, nine-foot ceilings, private balconies), and cutting edge smart living tech (smart locks, Nest thermostats, wall mounted smart hubs powered by Alexa). 

Community amenities include an outdoor resort-style salt water swimming pool and spa, a concierge robot, both an indoor and outdoor bar with a first in-class 6-tap self-pour beer & wine system, a tenant curated resident marketplace, 24-hour fitness center, pet park & spa, outdoor lounge with fire pits, fire place, bocce ball court, enclosed garage, and more. 

“Our motto, ‘Live Smart’ has been a fantastic example of blending multifamily and hospitality to cater to the next generation renters focused on technology, community and experiential living,” said Victor Alston of Lux Living.

Will Mathews, Tyler Hague, Bob Galamba, and Gregory Russell of Colliers International were the brokers representing the buyers in the transaction. 

“Our platform facilitated the deal between a highly respected California-based operator – and one of the best regional developers, showing once again our ability to source capital from outside the region to deliver the best possible results,” said Will Mathews Managing Director of Colliers International.

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