LYNCHBURG, VA – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought the 156-unit Ancient Mill Townhomes in Lynchburg, VA in an off-market transaction. Ancient Mill, built in 1975 and sitting on 15.4 acres, consists of one-, two-, three-, and four-bedroom townhome units and has a competitive amenity package, including a pool and fitness center. Greenbrier Management, based in Newport News, VA, has been awarded the management contract.

The transaction closed July 1, 2019, for a price of $10,750,000, or $68,910 per unit and $75 per square foot. As part of their acquisition, new ownership assumed a 55% LTV Fannie Mae fixed-rate amortizing mortgage at 5.05% and placed a $2M supplemental loan on the property, fixed at 5.08%. FMC plans to update the pool area and leasing office, as well as invest in energy efficient and water saving measures in the units, but the physical asset has very small deferred maintenance, with roofs less than 10 years ancient and mechanicals and unit interiors updated in the past 8 years.

Fresh off a 234-unit Roanoke acquisition in January 2019, FMC now owns about 700 units in the state of Virginia and is looking to add even more. “Lynchburg is an brilliant example of an under-the-radar market that gets us excited, and we’re thrilled for the chance to reinvest in this community. It’s one of the most stable and diverse economies in the state, with positive job and population growth, limited apartment supply and low market vacancy, and anchored by a growing university,” said Eric Mallon, one of FMC’s principals. “We also like the affordability metrics in city like Lynchburg, where we can provide quality housing for our tenants at reasonable rents, but still generate attractive yield for our investors.” Liberty University is located about 4.5 miles from Ancient Mill and has roughly 15,800 on-campus students; including online degree programs, total enrollment is over 100,000 students, resulting in a $1B annual economic impact to the city of Lynchburg.

FMC will implement more sophisticated and thoughtful management, utilizing their institutional-quality asset management platform to control operational expenses and make strategic decisions for the asset. “Buying a stabilized property with limited deferred maintenance, low-leverage amortizing debt, and at a basis well below replacement cost allows for a honestly straightforward business plot while still achieving above-market risk-adjusted returns,” said Andrew Jumbeck, VP of Acquisitions for Four Mile.

Four Mile Capital continues to pursue additional value-add investment opportunities throughout the U.S, with a specific focus on Colorado, Virginia, the Carolinas, Iowa, and Wisconsin. They use an opportunistic strategy in acquiring off-market properties that fall below the radar of its institutional peers, targeting investments with a total capitalization between $10MM and $100MM, and between $4MM and $35MM of equity.

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DENVER, CO – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Cap Hill, a luxury apartment community located in Denver’s historic Capitol Hill neighborhood.

Situated just south of Downtown Denver and within blocks of the State Capitol Building, the podium-style community features 197 apartment homes and an elevated resort-style pool and spa deck. In addition to stunning views of downtown and the Rocky Mountains, the location possesses a superb Walk Score of 94 and Bike Score of 97, with fantastic pedestrian access to many of the area’s restaurants, retail and conveniences.

“We’re thrilled to welcome our first residents into the building and are confident they’ll thoroughly delight in Modera Cap Hill’s boutique hotel ambiance and the spectacular rooftop views,” said Chris Schramm, vice president of development for Mill Creek. “While providing an outstanding resident experience remains our top priority, we believe their experience will be further boosted by the vibrant neighborhood and its multitude of options.” 

Located at 1200 Grant Street, Modera Cap Hill residents have simple access to Civic Center Park, Cheesman Park and Denver Botanic Gardens. The neighborhood is surrounded by some of the city’s most notable dining, shopping and entertainment options, including a vast variety along the 16th Street Mall, South Broadway, Cherry Creek and the emerging Uptown neighborhood. 

Colfax Avenue flanks the neighborhood to the north and Speer Boulevard to the southwest, which serve as two of the primary downtown thoroughfares. Interstates 25 and 70, along with 6th Avenue, are a small drive from the community and provide connectivity to the key locales and employment centers throughout the metro area. Additional nearby attractions range from art districts to rustic music halls and high-end sports venues, including Coors Field and Pepsi Center. 

Modera Cap Hill offers studio, one-, and two-bedroom homes with an average square footage of 783. Townhome layouts are also available. Additional community amenities include a club-quality 24-hour fitness center, virtual fitness room, resident lounge with social space, coffee bar, conference room and pet spa. The elevated pool and spa deck includes barbecue grills, a double-sided fireplace and outdoor television. Residents also have access to dedicated bike storage, cruiser loaner bikes and a private parking garage. 

Apartment interiors are equipped with wood plank-style flooring, 9- to 10-foot ceilings, stainless steel EnergyStar appliances, quartz countertops, pendant lighting, tile backsplashes, built-in storage and shelving, French door refrigerators, full-size washers and dryers, Nest Thermostats, urban mudrooms or gear wall systems. Select homes offer 18-foot ceilings, separate dining areas, pantries, soaking tubs, linen closets and private balconies or patios. 

Including Modera Cap Hill, Mill Creek has developed or is developing eight communities in the Denver area. Modera Observatory Park and Modera River North are now leasing and Modera West Wash Park and Modera LoHi are currently under construction.

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CLEARWATER, FL – The Bainbridge Companies, the 10th-largest apartment developer and a leading owner and manager of luxury multifamily communities, announced the start of preleasing at Bainbridge Bayside, a resort-like apartment community on the Tampa Bay waterfront in Clearwater.

The community, located at 19355 US Highway 19 N, features 360 apartment homes. Bainbridge Bayside delivers sweeping views, designer interiors, a white-sand beach and a sophisticated amenity package rivaling that of a five-star resort. It will welcome its first residents in August 2019.  

“We are tremendously excited about what Bainbridge Bayside brings to this area,” said Bob Thollander, President of Development, Florida for Bainbridge. “It has a serious waterside ‘wow’ factor. With its natural beauty, lush greenery, breathtaking design and outstanding array of amenities and services, Bainbridge Bayside offers a rare chance to embrace a luxurious, maintenance-free lifestyle right on the bay.”

Bainbridge Bayside neighbors a variety of restaurants and shopping opportunities, including the Clearwater Mall. The community also is just 20 minutes away from Clearwater Beach and Tampa International Airport. 

Amenities at Bainbridge Bayside help residents embrace both the activity and the relaxation that waterfront living can provide. The community includes a private, white-sand beach overlooking Tampa Bay, a beachside hammock garden, kayaks and stand-up paddleboards for resident use, a resort-style pool with sunshelf that overlooks the bay and a boardwalk with seating area and fire pit. 

Understanding that today’s modern economy means more renters are working from home, Bainbridge Bayside gives them the chance to do that in style and luxury with its work-from-home offices featuring streaming capabilities. The community also provides residents with abundant opportunities to connect with others and improve their well-being with features like a 24-hour fitness center with spin bikes and strength-training machines; a yoga studio and private training room featuring Fitness on Demand; and an outdoor clubroom and lanai with television, fireplace and pool views. 

Bainbridge Bayside offers luxurious one-, two- and three-bedroom apartment homes. Each of the stylish homes promotes an ease of living and a worry-free lifestyle. Kitchens feature white cabinets, ceramic-tile backsplashes, quartz countertops and chef-inspired stainless-steel GE appliance suites.

Plank flooring in the kitchen and living areas, carpeting in the bedrooms, oversized walk-in closets, double vanities, 5-foot by 5-foot showers with dual shower heads, walk-in laundry rooms, private balconies and private attached garages with direct access are available in select homes.

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