SCOTTSDALE, AZ – Fifty Mission Capital, LLC and its founding principals, Jared Black and Peter Anadranistakis of Scottsdale, Arizona, announced that they have reached an agreement-in-principal to buy all of the outstanding capital interests of Forefront Capital Master, LLC, the “general partner” of an existing real estate investment management practice devoted to multifamily communities located in Texas, specifically including its portfolio of 12 apartment communities in core Texas markets comprising approximately 950 apartment units as of the date of this press release.

Forefront Capital Master, LLC owns a controlling interest in (and a profits participation interest within) an existing apartment portfolio in Texas markets including Austin, Dallas and Amarillo bought at a cost basis of just under Seventy Million Dollars ($70,000,000.00).

After the November 1st anticipated consummation of the “stock buy” transaction, the selling founders are expected to continue to help Fifty Mission Capital and Forefront Capital Master in acquiring additional apartment communities in core Southwest.

Jared Black, the controlling principal and founder of Forefront Capital Master, retains a 50% stake in the firm alongside of Peter Anadranistakis of Fifty Mission Capital at the closing of the acquisition. Jared was a majority owner and founder of Forefront and prior to 2016 served as the General Counsel of The Wolff Company, a real estate investment manager focused on multifamily investments.

“We could not be more pleased with this dynamic portfolio of apartment communities in prime locations including Dallas, Amarillo, Greenville, Henderson, and Austin bought over the past three years by the founders of Forefront with the help of a host of investors” said Peter Anadranistakis in connection to the agreement. “Jared and I are excited to bring this business under the umbrella of Fifty Mission Capital and to continue to do business with the Texas-based founders of Forefront on new business in Texas. We believe with our proven asset management methodologies and our innovative technologies, we will drive revenue and decrease costs in the entire Texas portfolio. We expect that with an investment of a few million dollars principally targeted to physical plant improvements at the properties, which are anticipated to start in late 2019, that we can drive the value of the entire portfolio upwards of twenty million dollars in an approximate two-year time frame. We are excited to close the buy transaction and to continue to focus on quality “C” and “B” multifamily apartment acquisition opportunities throughout the Southwest. We expect to close our first acquisition in Phoenix in October of 2019, prior to the close of the buy transaction for Forefront, bringing the principals of Fifty Mission Capital, LLC, control and ownership of 13 unique apartment communities, most in excess of 70 units.” 

Fifty Mission Capital also announced that it has an additional property in escrow in the burgeoning and expanding Phoenix Midtown area, just north of downtown Phoenix, commonly known as “Midtown Flats” apartments. Fifty Mission Capital will be seeking capital commitments for this opportunity in the next calendar month.

Phoenix Midtown has had several announcements of new real estate developments in late 2019 including over one billion dollars ($1bn) in residential, multi-family, commercial, and hospitality development within the past six months alone. With the acquisition of the next property in Phoenix Midtown, Fifty Mission Capital, as a “general partner” and controlling principal, will break the 1,000-unit mark, a significant milestone in apartment community ownership, that is anticipated to exceed $100 Million in commercial real property assets under management (e.g. “AUM”) by the end of fiscal year 2019.

Jared Black, CEO of Fifty Mission Capital and the Founder and Managing Partner of Black Law Group PLLC, a boutique investment management law practice, stated, “With the addition of these new methodologies and innovations including the infusion of technology into our real estate, we expect that our investors will be incredibly pleased with the increase of property value for the private positions now held in their portfolios in these properties. Peter brings over 30 years of real estate experience and I am honored to call him my business partner. We are truly excited to being the process of building a capable investment management staff devoted to wise apartment investing in every part of the business cycle.”

Fifty Mission Capital is a joint venture between Peter Anadranistakis of O2. Capital and Jared Black of Black Law Group PLLC that focuses on the ownership and management of apartment communities in desirable locations in the Southwest, preferably in excess of 70 units but in values trending below $20MM.

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SEATTLE, WA – Freshwater Investments announced the acquisition of Bayview Apartment Homes, a multifamily community in Federal Way, WA. This is the fourth property in the Seattle metro area that Freshwater adds to its portfolio. The company also owns Stinson Apartment Homes in Everett, WA, The Lighthouse in Kent and Novela Apartment Homes in Lynnwood.

Alex Rozenfeld, Freshwater Investments Founder and Managing Partner, said, “Seattle metro area continues to attract major investors capital, making it tougher to win new deals. That, in turn, makes this new acquisition a excellent reason for Freshwater and our investors to celebrate.”

The seller of the property was Weidner Apartment Homes, and its Acquisition Manager Ryan Schwarzer made a comment: “Bayview was a fantastic property for Weidner, and one that should continue to benefit from the flight-to-affordability seen throughout the South Sound. Freshwater Investments demonstrated utmost professionalism during the transition. This level of diligence, care, and overall pride of ownership will bode well for the property moving forward.”

Built in 1986, Bayview Apartments consists of 83 units and offers a mix of large studios, one- and two-bedroom apartments with an average unit size of 762 square feet. The property is located in Federal Way, about 30 minutes from Seattle downtown, about 15 minutes from Kent Valley – the 4th largest distribution center in the U.S. and 6 minutes away from Federal Way Transit Center – regional bus service to Seattle, Tacoma, and Sea-Tac Airport. Some of the community amenities include business center, Central courtyard with seasonal outdoor pool and spa, laundry facilities on site and carports available for lease. Freshwater is plotting value-add exterior and in-unit improvements to offer better homes to the residents.

Bayview will be managed by Avenue5, the largest property management company in the area. 

“We are thrilled to have the opportunity to continue growing our partnership with Freshwater Investments,” affirmed Lisa Ellis, division president at Avenue5 Residential. “As a firm that currently manages 51 properties and 8,434 units in the Seattle market, we look forward to leveraging our expertise in order to exceed Freshwater’s leasing, revenue, and market traction goals.”

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HOUSTON, TX – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought Elan 99 West, a 360-unit multifamily community in the suburban Houston community of Katy, Texas. The property will undergo a $1.35 million capital improvements project program and be renamed Elite 99 West.

The acquisition raises American Landmark’s portfolio of properties in Texas to 36, with 12 properties in Houston. The company currently owns and manages approximately 28,000 apartments throughout the Southeast and Texas, and is past its halfway goal of adding $2 billion in assets to its multifamily portfolio this year.

“Houston remains an exceptional market to invest in, with July data from the U.S. Bureau of Labor Statistics illustrating its lead in year-over-year job growth nationwide,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “Among the 12 largest MSAs in the country, Houston reported an annual job growth rate of 3 percent, double the national average of 1.5 percent over the same time period. In addition to this job growth, the Katy Independent School District (ISD) has grown 19 percent over the past five years, ranking No.1 out of the largest Texas districts and demonstrating a flight to quality including affordability, excellent schools, and job access.”

Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office, alongside Senior Managing Director Robert Falese and Senior Director Matthew Cullison of Berkadia’s Philadelphia office, arranged the financing on behalf of American Landmark.

American Landmark plans to implement a variety of capital improvements throughout the property, including smart locks, kitchen undermount lighting, exterior ceiling fans and upgrades to site amenities, as well as landscape beautification.

Built in 2016, Elan 99 West is located at 23400 Kingsland Boulevard. One-, two- and three-bedroom units include quartz countertops, full-size washer/dryer, garden tubs with separate showers, private patios and yards, walk-in closets and wood flooring. Community amenities include an infinity pool with lounge seating, lake with jogging path, fitness center, aqua lounge massage room, outdoor kitchen and lounge and clubhouse.

Located in Katy within the Houston MSA, Elan 99 West is situated about five minutes away from Katy Mills Mall, offering a variety of dining, entertainment and retail options. Grand Parkway is less than five minutes from the asset, providing direct access to Interstate 10 and the greater Houston area.

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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