WASHINGTON, DC – Madison Marquette, a national private fully-integrated real estate services provider and investment manager, in a joint venture with GFH Financial Group B.S.C. (GFH), a Bahrain-based asset management, wealth management, and commercial real estate development group, announced the acquisition of a portfolio consisting of six private-pay senior living communities in California, Washington and Michigan. 

The Communities comprise 509 units/589 beds with a unit mix of independent living, helped living and memory care; and are operated by Senior Resource Group, JEA Senior Living and Senior Village Management — three best-in-class senior living operators. The two parties have formed a joint venture entity, which will own the assets, with GFH as the Investment Manager and Madison Marquette as the day-to-day manager of the portfolio. 

“Through our recent platform activities in the space, we have studied the senior living sector carefully and have timed this transaction to benefit from what we believe are small-term industry dislocations and long-term demographic tailwinds” said Amer Hammour, Chairman of Madison Marquette. “Additionally, we are very pleased to be partnering with GFH on this seed portfolio and look forward to deepening our partnership in the space with them.”

The properties comprising the portfolio include: Independence Village, Brighton, MI; Chateau at River’s Edge, Sacramento, CA; Chateau on Capitol Ave, Sacramento, CA; Callaway Gardens, Kennewick, WA; Summer Wood, Moses Lake, WA; and Pine Ridge, Spokane, WA.

The Portfolio is stabilized (92% average occupancy, avg. 1Q 2019) and diversified by acuity, location, and operator, and is comprised of three distinct sub-portfolios each managed by one operator: (i) Independence Village (Brighton, MI); (ii) Chateau Portfolio (Sacramento, CA); and (iii) JEA Memory Care Portfolio (Washington State). 

“With healthy occupancy, strong market demand, and an industry standard NOI margins of 34.4%, this portfolio offers attractive and stable in-place cash flows, and should be well-positioned for additional growth through incremental rate increases during the hold period,” said Salime Yacoubi, Managing Director/Investments, Madison Marquette. “We intend for this to be an anchor transaction that will grow our acquisition activities in the senior living space.”

“This transaction represents an attractive opportunity to establish a foothold in the senior living market by acquiring a diversified pool of established income producing assets with industry leading operators. The increase in Baby Boomers approaching 70+ is making unmet demand in this segment of the market and we are excited that our partnership with Madison Marquette will allow us to benefit from that expected growth,” commented Hisham Alrayes, CEO of GFH.

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SEATTLE, WA – Greystar, a global leader in the development, investment, and management of multifamily housing, announced its first-ever residential development in Portland, Oregon. Comprising 182 apartments and approximately 8,000 square feet of retail spaces, the soon to be named project recently started construction with an official groundbreaking ceremony. Located at the corner of Southwest 18th Avenue and Southwest Salmon Street in the neighborhood of Goose Hollow, the project marks Greystar’s expansion across the Pacific Northwest, which currently includes offices in Seattle and now Portland.

“As the burgeoning city of Portland evolves in its wide array of job offerings and housing demands, we are thrilled to start construction and bring to market our first of, hopefully, many fantastic projects for local area residents,” said Aaron Keeler, Senior Director, Development at Greystar, Pacific Northwest.

Slated to open in 2021, the eight-tale community will introduce both market-rate and affordable rental residences, under Portland’s inclusionary zoning mandate. Bought from TriMet, the transit-oriented site will provide simple access to nearby light rail transportation stops including Kings Hill Station, which provides direct access to downtown Portland. The community will be minutes away from Providence Park, multiple bus stops and the 405-Interstate freeway.

Future residents will also have convenient access to Multnomah Athletic Club, Lincoln High, and Providence Park, home to Major League Soccer team, the Portland Timbers, and the American professional women’s soccer team, the Portland Thorns. Designed by SERA Architects, the community’s design will draw inspiration from New York City’s iconic Flatiron Building and reflect a sustainable design with dynamic spaces for its residents.

“At the heart of Goose Hollow’s best amenities and local entertainment, this community will introduce a modern and eclectic address for future residents looking to live in the center of one of Portland’s most exciting neighborhoods,” said Doug Burges, Director of Development at Greystar, Pacific Northwest. “We look forward to celebrating the groundbreaking of this momentous milestone for Greystar and for the neighborhood of Goose Hollow.”

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TAMPA, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, and RSE Capital Partners (RSE), one of the most active multifamily investors in the country, have bought a 360-unit apartment community in one of the most desirable parts of Tampa, Florida. Westly Shores Apartments, formerly Price Waterhouse Cooper’s (PwC) corporate campus and now market-rate apartments, was sold by an owner of multifamily assets across the nation.

American Landmark intends to inject $1 million into renovations and improvements, and will rename the property “Amira at Westly.”

The property is located five minutes from Tampa International Airport and directly adjacent to the Westshore Business District, Tampa Bay’s largest office community.

The acquisition of Westly Shores brings American Landmark’s Florida portfolio to 24 properties, with five properties in the Tampa Bay region. American Landmark currently owns and manages approximately 28,000 apartments throughout the Southeast and Texas and is adding another $2 billion in assets to its multifamily portfolio this year.

Additionally, this acquisition marks the seventeenth investment between the joint venture partners in over $875 million of multifamily assets. Last month, American Landmark and RSE bought Mezza Apartments, a 440-unit apartment community in Jacksonville, FL as well as a five-asset, 1,848-unit portfolio in the Dallas-Fort Worth metro area and the Nashville suburb of Hendersonville, Tennessee.

Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley represented the seller, with Executive Managing Director Bill Weber and Managing Director Matt Mense providing a Freddie Mac CME 10-year, fixed rate loan.

“Tampa Bay is a perennial market favorite for its consistent job growth and population growth,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The Bay area’s 27,500 new private-sector jobs – the third-highest number of jobs among all Florida metro areas made in the past year – illustrates the positive momentum this MSA continues to delight in and another reason for investing in this property.”

Built in 1999, Westly Shores is located at 6105 Paddock Glen Drive and was formerly PwC’s corporate campus. The company’s conference center was demolished, leaving room for American Landmark to build additional units and amenities. Over a third of the property’s one- and two-bedroom units have original interiors, and are primed for upgrades. American Landmark will also add a $1 million newly revamped and renovated clubhouse.

Westly Shores is well located close to major demand drivers, and is directly adjacent to the Westshore Business District, home to over 4,000 businesses, 97,000 employees, and surrounded by some of Tampa’s top shopping destinations.  Tampa International Airport is less than five minutes from the property; downtown Tampa is 12 minutes away. The property offers convenient access to Hillsborough Avenue and the I-275 and SR-60 intersection.

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