SAN JOSE, CA – CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has taken over management responsibilities of three tax-credit communities south of Downtown San Jose.

The communities, Villa Monterey, Charter Court and Casa Real, feature a combined 394 apartment homes and are part of the federal government’s Low-Income Housing Tax Credit (LIHTC) program. CAPREIT is passionate about the quest to preserve affordable housing in challenging markets and regularly assumes management responsibilities of LIHTC communities. The company also regularly invests in the market-rate sector. 

“San Jose is a notoriously expensive place to live, and the market has been particularly cost prohibitive for many in recent years,” said Steven Fettig, vice president of West Coast operations for CAPREIT. “We’re always keen to help in the mission to provide quality affordable housing for hardworking professionals that don’t necessarily have high-paying tech jobs and live on more modest paychecks. We’re excited to assume management of these three communities and will work diligently to offer a quality living experience.”

Villa Monterey and Casa Real are located in East San Jose and Charter Court about 10 miles away in West San Jose. Villa Monterey is situated at 2898 Villa Monterey, west of Los Lagos Golf Course between Umbarger Road and Lewis Road. The community features 120 apartment homes consisting of one-, two-and three-bedroom layouts. 

Villa Monterey includes a sparkling pool and spa, doggy stations, playground and tot-lot, project-access program and community gate program. Residents have access to several nearby attractions, including Santa Clara County Fairgrounds, Pleased Hollow Park & Zoo, Children’s Discovery Museum and several public parks, including Hellyer County Park, Guadalupe River Park and Emma Prusch Farm Park. A plotted shopping plaza is also in the blueprint within the neighborhood. 

Charter Court is located at 1200 Ranchero Way and features 94 apartment homes consisting of one- and two-bedroom floor plans. Located near the Westgate Center and Santana Row shopping malls, in addition to the San Jose Learning Center, the pet-friendly community offers a swimming pool, laundry facilities, playground, private patios or balconies, in-home air conditioning and a live onsite maintenance team. 

Casa Real is located at 2580 Fontaine Road just east of the Bayshore Freeway. The community contains 180 apartment homes spanning one-, two- and three-bedroom layouts. Community amenities include a swimming pool, barbecue area, two laundry rooms and a playground. Apartment homes include in-home air conditioning and modern appliances. 

Including Monterey Villas, Charter Court and Casa Real, CAPREIT owns or manages nine communities in California.

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OAKLAND, CA – Wood Partners, a national leader in multifamily real estate development and acquisition, announced the grand opening of its newest luxury residential community — Alta Waverly — in Oakland, California.

Providing groundbreaking new and contemporary living with street-level retail in Oakland, Alta Waverly is located at 2302 Valdez Street. Located near the Downtown, Uptown, Lake Merritt and Grand Lake districts of Oakland, as well as a small distance to the 19th Street BART station for quick travel into San Francisco and throughout the Bay Area, Alta Waverly is in the epicenter of Oakland’s most desirable neighborhoods.

“Oakland is in a period of exponential expansion,” said Julia Wilk, Managing Director for Wood Partners. “We are thrilled to bring Alta Waverlyonline in a strategic neighborhood that provides future renters with not only proximity to Oakland’s vibrant nightlife and restaurant scene but in a location that provides endless opportunity for renters to access competitive job opportunities.”

A wide variety of employers in a range of industries nearby gives Alta Waverly’s residents access to the economic potential and high-profile jobs located in the market while providing residents with best-in-class amenities. Additionally, the community is part of The Block at Valdez, a 46,500 square-foot offering of walkable retail space on Valdez Street from 23rd to 24th Street that ties the bustling vibrancy of Uptown to the community-driven charm of the Lake Merritt neighborhood.

Alta Waverly’s impressive rooftop terrace features a TV lounge, barbecue station, dog run, fireplace, heated benches and a community garden with a view of the Oakland Hills and beyond. Additional community amenities including a DIY Maker Space, clubroom, fitness center with yoga studio and local art programming in partnership with local artists demonstrate Alta Waverly’s commitment to fostering a unique, modern living experience in Oakland. Residents will also have access to a shared electric car as part of the community’s exclusive programming.

The new residential community is an unrivaled multifamily residence, boasting high-quality interior amenities. All apartment homes include modern cabinetry and fixtures, stainless steel appliances, air conditioning, in-unit washer and dryer and hard-surface flooring throughout.

Alta Waverly totals 196 units, featuring studios, one- and two-bedroom units. This is the eighth property for Wood Partners in Northern California and the fourth in Oakland.

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RALEIGH-DURHAM, NC – Waterton, a national real estate investor and operator, announced it bought Manor Six Forks, a 298-unit multifamily property with nearly 12,000 square feet of retail space in the Millbrook submarket of Raleigh-Durham, NC. The acquisition follows Waterton’s January buy of a four-property residential portfolio in Raleigh and Charlotte, bringing the value add investor’s total North Carolina portfolio to over 2,500 apartments. 

“Demand in Raleigh-Durham is strong due to favorable demographics and a diversified economy. The area consistently ranks among the top housing markets nationwide and we are pleased to continue to expand our presence in North Carolina,” said Matt Masinter, senior vice president of acquisitions at Waterton. “Manor Six Forks offers considerable upside-potential and is consistent with Waterton’s strategy of investing in assets that benefit from our value add program to help them further compete within their markets.” 

Waterton’s initial investment plans include unit interior upgrades and renovation of the lobby, clubroom and fitness center. Other plotted improvements include enhancing the roof deck amenity space and pool improvements, including new furniture and converting the pool back to its original saltwater use. 

The five-tale wrap-style building features structured parking and a fully occupied first floor retail base featuring a craft beer and wine outlet, nail salon, fitness and martial arts studio and full-service pet care center. 

“The Raleigh metro area has experienced large population growth over the last decade and the availability of high-paying jobs, excellent quality of life and appealing warm climate should continue to drive population growth going forward,” said Masinter. “Strong apartment fundamentals are driven by a well-diversified and highly-educated young employment base and the area’s proximity to several top universities.” 

Waterton is a real estate investor and operator with a focus on U.S. multifamily, seniors living and hospitality properties. As of March 31, 2019, Waterton’s portfolio includes approximately $5.0 billion in real estate assets.

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