LOS ANGELES, CA – Ascenda Capital, in partnership with American Landmark Apartments, has arranged the acquisition of a six-property portfolio of apartment communities across Texas consisting of 2,284 units. The rental communities, located in five of the Lone Star State’s fastest-growing markets — Austin, San Antonio, Houston, Irving and The Woodlands – were bought from Provident Realty Advisors. Ascenda invested as a Limited Partner in the transaction. 

Ascenda dealt directly with the sellers in this off-market acquisition. The acquisition represents Ascenda’s ninth investment in multifamily assets since its founding last year. It is evidence of the company’s continuing commitment to building its multifamily portfolio.

The firm with which Ascenda partnered, American Landmark, is among the fastest-growing multifamily owner-operators in the U.S. The company owns approximately 25,000 apartments throughout the Southeast and Texas. It plans to add another $2 billion in properties to its growing multifamily portfolio this year.

“At Ascenda Capital, we use our innovative strategies in identifying opportunities to buy real estate with long-term financial upside,” said Matthew Avital, founder of the Los Angeles, Calif.-based firm. 

“We focus on primary and secondary markets throughout the U.S. We specialize in value-add, core-plus and LIHTC multifamily properties.”

The portfolio consists of: The 320-unit Hyde Park at Lake Wyndemere, 2109 Sawdust Rd., The Woodlands, renamed Artisan at Lake Wyndemere. Occupancy is 96.8%; The 476-unit Hyde Park at Enclave, 12951 Briar Forest Dr., Houston, renamed Hayden at Enclave. Occupancy is 95.1%; The 306-unit Manor at Castle Hills, 1835 Lockhill Selma Rd. San Antonio, renamed Alon at Castle Hills. Occupancy is 97.7%; The 350-unit Hyde Park at Ribelin Ranch, 9900 McNeil Dr., Austin, renamed Asten at Ribelin ranch. Occupancy is 96%; The 576-unit Hyde Park at Wells Branch, 2801 Wells Branch Pkwy., Austin, renamed Beck at Wells Branch. Occupancy is 93%; The 256-unit Lakepointe at Las Colinas, 5353 W. Las Colinas Blvd., Irving, renamed The Blvd. Occupancy is 96.8%.

Ascenda Capital is a privately-held real estate investment and lending firm focused on the strategic acquisition and financing of U.S. multifamily assets.

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WALNUT CREEK, CA – Sequoia announced the acquisition of Shaliko Apartment Homes, a 152-unit, Class-A apartment building located in Rocklin, CA. This acquisition increases the firm’s portfolio holdings to more than 13,200 units. The property was developed in 1990 and is comprised of over 154,000 residential square feet in 19, two-tale buildings.

The property is situated in an affluent neighborhood bordering Roseville, Granite Bay, and Loomis. With this ideal location, Sequoia’s executive team voiced having a unique opportunity and hidden potential in the community stating, “Given its residential setting, and large floorplan sizes, the community offers a more home-like feeling than is typical.”

Terms of the transaction were not told, but Sequoia shared that it plans to invest over $1M to further modernize the apartments and amenities of the property. Sequoia’s management arm will provide the day-to-day management services for the building.

Established in 1986, Sequoia has always remained committed to its mission of striving to make the ordinary a small more special by inspiring our employees and making communities where people can expect more out of everyday life. Over 25,000 residents come home to a Sequoia community at the end of the day. 

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SAVANNAH, GA – Carter Multifamily announced its acquisition of the 159-unit Ascend at Savannah for approximately $13.2 million. 

Built in 1970 and comprising 159 units on an 8.55-acre site, Ascend at Savannah is located in Savannah, Georgia at 10714 Abercorn Street, approximately seven miles south of downtown Savannah. Nestled in a wooded area with a private lake, the property offers 1-, 2-, and 3-bedroom apartment units ranging from 744 to 1050 square feet of space. Ascend at Savannah provides residents with simple access to some of the area’s premier healthcare, cultural, retail, entertainment, and office hubs via Harry S. Truman Parkway, White Bluff Road, and Interstate 516. 

“We are excited to add this property to our growing Southeast portfolio and to expand to the Savannah market where apartment rents increased roughly 6% over the last year, and occupancy is expected to hover around 95% throughout 2019. Ascend at Savannah is a charming apartment home community for residents who are seeking apartment housing in a desirable area with plentiful job, cultural and entertainment options nearby,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition Ascend at Savannah to be a best-in-class apartment community 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. There are also plans to add a fenced-in pet park and dog spa, on-demand fitness center, internet café, and added outdoor gathering areas.

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