SAVANNAH, GA – Carter Multifamily announced its acquisition of six garden-style apartment communities in the Savannah, Georgia metropolitan area for a total buy price of approximately $84.3 million. 

Alhambra – Located in Savannah, Georgia, Alhambra is situated in the increasingly desirable, Victory Heights neighborhood just east of downtown Savannah and minutes from the area’s major retail centers. Set among graceful live oak trees, Alhambra offers spacious one-, two-, and three-bedroom garden and townhome-style apartments. As renovations and improvements at the property commence, the community will be rebranded as Ascend Midtown. 

Azure Cove, Kessler Point & The Arbors – Azure Cove, Kessler Point and The Arbors are adjacent to each other and located in northeast Savannah, Georgia (Garden City, GA) approximately six miles equidistant southeast to downtown Savannah and six miles northwest to the Pooler suburb. Azure Cove consists of 144 units with a mix of one, two, and three-bedroom floorplans; Kessler Point has 120 units with one, two, and three-bedroom floorplans; and The Arbors has 108 units with two and three-bedroom floorplans. 

Carriage House & Ridgewood – Carriage House and Ridgewood are located 2 miles from each other in Savannah, Georgia in the amenity rich Abercorn Street retail corridor near the area’s two major hospitals, two university campuses and Hunter Army Airfield. Both properties offer 144 units each and a mix of one-, two-, and three-bedroom floorplans. 

“We are excited to add these properties to our growing Southeast portfolio and to expand our presence in the Savannahmarket where, according to Yardi Matrix, average occupancy was 94.3% at the end of Q1 2019 and has remained steady since 2016. We believe this is largely due to significant job and population growth in the Savannah MSA along with continued demand for housing paired with a limited pipeline of new apartment construction,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition the properties to be best-in-class apartment communities to serve the area’s large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas.

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SEATTLE, WA – Security Properties bought Brookstone at Edgewater, a Class A townhome-style multifamily property located in Puyallup, WA for $41.5 Million. Security Properties now owns 21 assets totaling over 4,700 units in the Puget Sound marketplace.

Brookstone at Edgewater was originally constructed in 2013 and consists of 147 units spread out across 37 residential buildings and 6.09 acres. The community boasts some of the largest townhome-style floorplans in the entire submarket with an average unit size of 1,466 square feet. In fact, nearly 50% of units have a footprint in excess of 1,700 square feet. Additionally, each unit includes three-tales of living space along with a two car direct access garage. 

The community is located within the city of Puyallup, WA, in the South Hill/Fredrickson area.  The third largest city in Pierce County, Puyallup is home to approximately 40,000 residents with a median household income of ~$65k/year. Puyallupis situated on just over 12 square miles at the base of Mount Rainier and is approximately 15 minutes from Downtown Tacoma, 25 minutes from Sea-Tac International Airport and 45 minutes from Seattle. At the property level the site fronts 176th Street East, a primary arterial. The site is within 2 miles of Highway 161, a major north-south connector and 4 miles of Highway 512, a major east-west connector. This location offers residents quick access to Puyallup and downtown Tacoma employers, retailers, and local public transportation.

The business plot is a longer-term yield investment with light upgrade characteristics. Security Properties will be converting the bonus rooms, found in all 3-bedroom units, into fourth bedrooms. Additionally, they will be upgrading the flooring throughout the main level of all units as well as moderately improving the community’s amenity package. 

According to Alex Gauper, Investment Manager at Security Properties, “Brookstone at Edgewater represents our firm’s continued effort of locating high-quality assets in submarkets with strong employment infrastructure and limited future apartment supply. The unique blend of three-tale townhome floorplans with direct access garages set within a low density park-like environment results in a rental offering unmatched in the area. By combining a favorable cap rate with today’s low interest rates, we look forward to generating strong cash-on-cash returns for our investors.” 

The property will be managed by Security Properties-affiliate Security Properties Residential.

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PHILADELPHIA, PA – FCP announced the $117.9 million acquisition of Edgewater, a 286-unit luxury high-rise apartment community at 2323 Race Street in Center City Philadelphia, PA, from institutional investors advised by J.P. Morgan Asset Management. 

The buy price includes excess land that can be developed, a stand-alone parking garage (in addition to parking beneath the building) and a revenue producing billboard along I-676.

The acquisition of Edgewater is FCP’s fourth Class A Center City Philadelphia investment and builds on the firm’s very active multifamily acquisition activity over the past 12 months with 4,766 units bought throughout the United States.

“Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market,” said FCP Associate, Drew Schwartz. Mr. Schwartz continued, “Edgewater presented us with an opportunity to invest in a premier asset in a market in which we continue to seek investments. We were able to close the transaction with all cash and didn’t obtain a loan, allowing us to quickly do this large transaction.”

Edgewater’s 286 large units (60% are 1,000+ square feet) are distributed between a 12-tale tower and 20, three-tale townhomes in a balanced mix of studio, one-, two- and three-bedroom residences.

Located in the Logan Square neighborhood on the Schuylkill River, Edgewater residents delight in immediate access to the Schuylkill River Trail, Fairmount Park, which is the largest urban park in the country, and an abundance of cultural and art museums. The community is within walking distance to Philadelphia’s Central Business District and exciting retail, dining and nightlife options including grocery options, Whole Foods and Trader Joes.

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