DALLAS, TX – Noel Management Company, along with partners Silverado Interest and Pegasus Real Estate, announced the acquisition of Ashford Apartments, a 264-unit, garden-style apartment community in Carrollton, Texas. The property, completed in 1995, is comprised of 35 residential buildings, built on a 19.4-acre site with a 2-acre lake.

Ashford Apartments offers nine distinct floor plans with an impressive selection of one and two-bedroom apartments. Residents can currently delight in a generous suite of amenities including fully-equipped kitchens with quartz countertops, full-size washer and dryer connections, spacious closets, and private patios or balconies. Certain homes also include townhome split-level designs, premium carpeting, direct access garages and private, fenced-in back yards. Every apartment is designed to allow one’s personal style to shine through with fashionable touches and customizable options that set the gold standard for contemporary apartment living. 

The community also boasts a resort-inspired swimming pool with poolside cabanas, sand volleyball court, and outdoor kitchen area with seating. Residents can take advantage of the Cyber Lounge with high-speed Internet access, a fantastic spot for socializing or wrapping up some work over the weekend, as well as a fitness center with professional equipment and catch and release on-site lake. From scenic wooded, pool, and lake views to the reserved covered parking, Ashford Apartments takes special care of resident needs with sophisticated luxury and modern style that go hand-in-hand. 

The community will undergo an extensive $2 million upgrade to the exterior building, as well as to its individual apartment units. Plotted upgrades include the installation of granite counter tops, tile backsplash, new black appliance packages, farmhouse sinks, plank flooring, Bluetooth shower heads, USB outlets, and LED lighting. The community will also incorporate a dog park, an outdoor fireplace, and more green space into its amenity offerings, in addition to painting the entire exterior of the building and updating the pool furniture. 

“We are excited to expand our footprint with the acquisition of Ashford Apartments. This highly attractive area in a prime market provides our residents with unparalleled accessibility to major employers, retailers, nationally ranked schools, key regional suburbs, and Downtown Dallas. We are very enthusiastic about the plotted improvements to the community and projected return on our investment,” stated Lenny Licht, CEO of Noel Management. 

Located in the nationally acclaimed Carrollton-Farmers Branch Independent School District, the community is bordered by major Texan suburban cities such as Farmers Branch, Richardson and Plano. 

The neighborhood of Southeast Carrollton provides its residents with a comfortable, suburban way of life with close proximity to all the attractions and amenities of Downtown Dallas. With a prime location and a comprehensive amenities list that will be expanded through a community-wide upgrade, Ashford Apartments has undoubtedly become a rising star on the Texan multifamily real estate horizon.

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LOS ANGELES, CA  — TruAmerica Multifamily, in partnership with Oaktree Real Estate Income Trust, has bought Anzio, a 448-unit class “B” multifamily community in Atlanta.

Anzio represents the third deal TruAmerica has bought in Atlanta this year and continues the firm’s growth in the Southeast in a meaningful way, according to TruAmerica Co-Chief Investment Officer Matthew Ferrari.  In January, TruAmerica bought Junction at Vinings, a 360-unit community, and The Prato at Midtown, a 342-unit property in separate transactions totaling $127.35 million. 

“The Atlanta market offers brilliant multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, making strong job and population growth.  This has resulted in tremendous demand for well-located, quality rental properties” said Ferrari, who oversees the firm’s acquisition team.

Anzio is located at 3100 Sweetwater Road in Lawrenceville, and is part of the broader Gwinnett County submarket.  TruAmerica was attracted to the area’s educational system and pro-business government that is attracting top employers, according to Ferrari.  Gwinnett County is one the fastest growing counties in the nation, having more than doubled its population since 2000. 

Built in 1986 and sitting on 35.4 acres, Anzio features a mix of one- and two-bedroom homes with large floorplans averaging 975 square feet.  Anzio provides TruAmerica with an opportunity to transform all 448 homes to a more modern end level with stainless “faux” steel appliances, hard surface flooring, tile backsplashes, upgraded plumbing and lighting fixtures and new washer and dryers.  TruAmerica will also make significant upgrades to the common areas including the community’s two pools and surrounding decks, clubhouse, fitness center, barbecue and outdoor dining areas, dog park and sports courts.  

Brian Eisendrath and Annie Rice of CBRE Capital Markets, Inc. facilitated the debt on behalf of TruAmerica and Oaktree. 

Nathan Swenson of Cushman & Wakefield represented both parties to the transaction. 

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BOSTON, MA – Cottonwood Group and Hana Alternative Asset Management jointly announced the closing of Hana’s cornerstone investment in Cottonwood’s EchelonSeaportbdevelopment in Boston, the first investment into an under construction greenfield development by a Korean asset management firm in recent history. This transaction marks the beginning of a strategic partnership through which the two groups will join forces to expand their collective real estate capabilities and investment portfolio in the United States. 

EchelonSeaport, the largest residential project underway in the city of Boston is located in the newest and most vibrant neighborhood, the Seaport District. The project consists of two condominium towers and one multifamily tower, with 60,000 sq. ft of residential amenities above a commercial retail podium of over 125,000 square feet. The delivery of the first phase of the project is slated for Q4 2019. Despite the mature stage of the development, Cottonwood was able to structure a strategic participation for Hana into the project that satisfies the investment criteria of Hana as their cornerstone transaction while improving the return profile for the EchelonSeaport development. 

The new partnership will strengthen and enhance the breadth and depth of Hana’s existing real estate portfolio in the United States by allowing it to tap into Cottonwood’s rapidly growing investment platform. Through having Cottonwood as their strategic real estate investment and asset manager, Hana will be able to capitalize on both debt and equity investment opportunities with superior returns to augment their absolute return investment portfolio in the United States. 

This partnership will focus on real estate investment opportunities in primary markets such as Boston, New York, Los Angeles, San Francisco, and Seattle. Together, Cottonwood and Hana will be well positioned to capitalize on opportunities in different stages of the asset life and real estate market cycles. 

Hee Seok Kim, Chairman and CEO of Hana announced, “We are thrilled to be part of Boston’s largest residential development, EchelonSeaport. An investment in a condominium and multifamily asset, such as EchelonSeaport, during the construction phase of the development’s lifecycle is an vital step toward achieving our portfolio diversification and expansion goals. Further, we believe that the strategic partnership with Cottonwood is an vital first step on the road to strengthening our market position in the competitive United States real estate market.” 

Alexander Shing, Chairman and CEO of Cottonwood Group, said “We are very excited to be growing the relationship with Hana after their debut investment in Cottonwood’s flagship EchelonSeaport development in Boston, MA. This strategic partnership reaffirms Cottonwood’s continued ability to deliver superior returns and value to its investors and capital partners through its real estate investment platform.”

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