MIAMI, FL – Starwood Capital Group, a global private investment firm focused on real estate and energy investments, announced that it has bought through a controlled affiliate a stabilized multifamily affordable housing portfolio with 4,448 units located in 21 communities. Terms of the transaction were not told. 

The bought portfolio is 96% occupied and located predominantly in Dallas-Fort Worth, Houston and across Florida. The portfolio’s high-quality garden-style residential units feature top-tier amenities, including swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities. 

The properties in the portfolio have an average vintage of 2004, boast low vacancy rates, and offer affordable options for renters in attractive Texas and Florida markets. These metropolitan areas are projected to experience robust economic and population growth over the next five years, and most are projected to see five-year income growth of greater than 5 percent, according to commercial real estate firm CBRE. In addition, Texas and Florida rank first and second, respectively, in business-friendly state rankings and continue to attract new residents due to high quality of life and low cost of living factors, compared to other United States markets. 

“This transaction is an extension of Starwood Capital’s successful investments in the affordable multifamily housing sector, and we are pleased to add these residential communities to our growing multifamily portfolio,” said Mark Keatley, Managing Director at Starwood Capital.  “In fact, this acquisition brings Starwood and its affiliates’ total ownership of affordable housing properties to nearly 20,700 units, making us one of the Top 10 largest owners in the United States.

This investment was a rare opportunity to buy high-quality, well-located affordable housing assets in scale. There is a persistent supply/demand imbalance for high-quality affordable housing in these markets. Furthermore, we believe the existing income in this portfolio has significant downside protection, along with multiple opportunities for upside. Thus, we are confident this portfolio is well positioned to deliver attractive risk adjusted returns to our investors.”

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OAKLAND, CA – CIM Group announced that it has topped out its eight-tale residential development, featuring 333 apartments and ground floor retail, at 40 Harrison Street at Jack London Square, a 12-acre entertainment and business destination on Oakland’s waterfront. The apartment development is bounded by Embarcadero West, Alice Street, and Harrison Street, and is also adjacent to the San Francisco Bay Trail. The building is anticipated to be completed in summer 2020.

CIM Group brings its long-standing development and operational expertise to enhance Jack London Square and also brings real estate uses, which are underserved to the neighborhood as it has done in other communities across North America. The new residential development at 40 Harrison Street is located on one of three land parcels, which CIM bought in March 2016, along with seven buildings in Jack London Square — three office buildings with ground and second floor retail; three retail buildings; and a parking structure with ground floor retail. 40 Harrison Street was used as surface parking prior to CIM commencing construction.

The development of 40 Harrison Street and ongoing leasing activities at Jack London Square advance CIM’s program to bring a complementary mix of uses and offerings that appeal to residents, visitors, and tenants. 40 Harrison Street residents will have the area’s many shopping, dining, entertainment, and recreation options at their doorstep.

The apartment building’s architectural design takes full advantage of its waterfront location with a glass façade providing sweeping bay views, balconies, and landscaped courtyards. The building will offer a host of on-site amenities including communal gathering spots, outdoor terraces and lounges, fitness center, and a bike storage and care facility, with residences configured as studio, one- two- and three-bedroom floor plans. It will also include 2,400 square feet of ground floor retail that will further enliven the pedestrian street experience.

CIM has been involved in the Greater Bay area since 2001, when it identified the community as possessing the attributes that fit its stringent criteria for qualified communities, which includes established and emerging urban areas with solid infrastructure and transportation networks. CIM’s first Oakland acquisition took place in 2007, and today, CIM is completing the construction of Uptown Station, a redevelopment of a former department store located in the Uptown district of downtown Oakland into a 355,000-square-foot office building leased by Square, and is also under construction at 1150 Clay Street, a 16-tale, 288-unit apartment building.

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HOUSTON, TX – ClearWorth Capital announced its recent acquisition of The Palm on South Padre, a 299-unit multifamily asset located in Corpus Christi, Texas. 

The project fronts South Padre Island Drive and is near several significant demand drivers, including Texas A&M Corpus Christi, the Naval Air Station, and one of the largest health care and surgical centers in South Texas. Community amenities include two swimming pools, onsite dog park, and a large outdoor courtyard.

The ClearWorth Capital team will implement a thorough overhaul of the interior and exterior features of the property resulting in a dramatic physical transformation. Improvements include new and renovated social areas and common spaces. Unit interiors will receive a full upgrade, including new flooring, cabinet fronts, countertops, appliances, window treatments, lighting and plumbing fixtures, and kitchen backsplashes. Additional enhancements include new signage, landscaping redesign, and a fresh exterior paint scheme.

The Palm on South Padre will be the twelfth renovation undertaken by ClearWorth Capital. ClearWorth is teaming up with Houston-based NOI Property Management, continuing a long partnership between the two companies.

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