SALEM, MA – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that it has bought Vinnin Square Apartment Homes, a 148-unit apartment community in Salem, Mass., on behalf of its Fund VI investors. The community will be renamed Bell North Shore and be managed by Bell.

Located 14 miles from downtown Boston, Bell North Shore is ideally located in one of the country’s most desirable housing markets. The community combines a peaceful coastal atmosphere with convenient commuting options.

Bell North Shore is minutes from both Route 128 and the nearest commuter rail station in Swampscott, Mass., which provides a 30-minute train ride to Boston’s North Station. The community is also directly across the street from the Swampscott Mall, with anchor tenants including major grocery, pharmacy and home supply stores.

“The Greater Boston area features some of the world’s best universities and healthcare institutions,” said John Blaylock, Senior Vice President of Investments, Bell Partners. “This submarket continues to experience strong rental growth which should continue in the near term.” 

Bell North Shore features two five-tale buildings, 16 luxury townhomes and two separate buildings containing six units each. All of the apartment homes have nine-foot ceilings, open kitchens, walk-in closets, full size washers/dryers and central air conditioning. The community also includes parking below two of the buildings, as well as a resident clubhouse, outdoor swimming pool, fitness center, walking trails and lighted tennis courts.

Including Bell North Shore, Bell Partners operates seven communities in the Boston metro area.

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PHOENIX, AZ – TruAmerica Multifamily, which owns and operates nearly 2,000 multifamily units in Phoenix AZ, has bought Covington Park, a 520-unit garden-style apartment community for $77.26 million.

Built in 1999, Covington Park is located in Phoenix’ Northwest Corridor. It is one of the newest communities in the submarket, with much of the surrounding inventory built in the 1970s and 1980s. Despite the continuing influx of new residents seeking job opportunities, no new multifamily communities are under construction or plotted within three miles of the property. This has made a severe supply/demand imbalance, according to TruAmerica Director of Acquisitions Chris MacLeod who led the acquisition team.

“Demand for multifamily housing throughout metro Phoenix continues to be driven by robust employment and population growth,” MacLeod said. “Phoenix was the top performing employment market in the Western U.S. in 2018, adding 65,000 jobs, trailing only New York and Dallas over a two-year span. The MSA is projected to add 118,000 new residents annually through 2026.  We continue to view Phoenix as one of the top markets in the United States for multifamily investment.” 

Covington Park features a mix of one-, two- and three-bedroom homes with nine-foot ceilings, private balconies or patios, walk-in closets, and washer/dryers. Common area amenities include a three-acre community park, lighted basketball and volleyball courts, three swimming pools, a playground, a newly renovated fitness center, a dog park, a resident clubhouse, and package receiving lockers. The Property also includes 105 detached garages.

The property represents a strong value-add opportunity as 100 percent of the apartments are in their original condition. TruAmerica’s multimillion-dollar capital improvement plot will include the renovation of all unit interiors as well as targeted improvements to exteriors and amenity spaces to make a highly differentiated product among the competitive set in the market that meets the ongoing demand for quality, affordable multifamily housing.    

The acquisition was leveraged with 10-year floating rate financing through Freddie Mac’s Multifamily Green Advantage platform arranged by CBRE Capital Markets Vice Chairman Brian Eisendrath. 

Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch from CBRE’s Arizona office marketed the properties on behalf of the seller.

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles, and is one of the country’s most active multifamily investors and manages an $8.7 billion portfolio of approximately 40,000 units.

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SAN DIEGO, CA – Davlyn Investments, a prominent California multi-family and commercial property investment firm, recently closed escrow on the $60,000,000 “off-market” buy of Metro Gateway, a newly-built, 187-unit, luxury, Class A+, “Core” multi-family community in Riverside, California.  Metro Gateway was constructed in 2017 and is Davlyn’s eleventh acquisition in Southern California’s Inland Empire.  The JLL team of Sean Deasy and Ryan Fitzpatrick represented the seller, MBK Rental Living.  Ryan Blair with City National Bank arranged financing.

Aaron Pacillio, Chief Investment Officer of Davlyn, described the investment as follows, “Metro Gateway presents the opportunity to buy Riverside’s first and only truly transit-oriented apartments.  The property is adjacent to the Riverside-La Sierra Metrolink rail station, which is second only to Los Angeles’s Union Station in ridership, thus saving our residents from onerous commutes into neighboring markets.  Further promoting the property’s appeal is its walkability to multiple neighborhood grocers and restaurants.  Its best-in-class amenity offering and unit finishes enhance the community’s desirability to Riverside’s growing ‘lifestyle’ renter segment.”  He added, “Ultimately, Metro Gateway’s new vintage, attractive location and unique market position will promote strong rental growth and reduce exposure to major capital expenditures during our investment period.”

Jon Williams, CEO of Davlyn Investments, stated that, “Increasing living and business costs in Los Angeles and Orange County are driving businesses and households to the Inland Empire in droves.  Its population growth of 9.4% since 2010 bears this out.  Metro Gateway’s southwest Riverside address uniquely situates it between the Los Angeles, Orange County and Inland Empire employment markets, thus allowing it to capture these demographic changes.  With immediate access to the 91 Freeway and adjacency to the Riverside-La Sierra Metrolink station, this location provides a strategic advantage for residents looking to facilitate their commute to neighboring regions.  Accordingly, this acquisition is consistent with our long-term investment strategy to expand our presence in the Inland Empire.”

Metro Gateway follows Davlyn’s recent $34.8 million acquisition of The Summit in Chino Hills, CA.  Davlyn Investments is a San Diego-based owner/operator of apartment communities and office buildings throughout California. Since Its founding, the firm has bought in excess of $1.3 billion in real estate assets.  The company is headed by Jon Williams and Paul Kerr.

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