TAMPA, FL – Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the Park at Via Rosa Apartments located in the Brandon area of Tampa, Florida. The Property was bought in a joint venture with Aegon Real Assets US, a division of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands.

The property was built in 2000 on approximately 24-acres and offers residents large floorplans with private entrances and 9-foot ceilings. The property offers its residents brilliant access to the I-75 office corridor (22 million square feet of office space) and healthcare centers such as the Brandon Regional Hospital and the new TGH Brandon Healthplex. The property is anticipated to undergo extensive exterior and interior renovations and will be renamed 2211 Grand Isle.

“The acquisition of Park at Via Rosa presents a tremendous opportunity for us to reposition a nineteen-year-ancient property that will benefit from a significant renovation to enable it to provide high-quality rental housing for Tampa’s workforce. Furthermore, Park of Via Rosa represents the seventh property in Providence’s Tampa portfolio, and we continue to benefit from the broad strength of the overall Tampa multifamily market.” said Alan Pollack, Providence’s Chairman.

“This transaction leverages our experience and depth of relationships in the multifamily sector and illustrates our strategic goals to buy and improve workforce housing in select metro areas,” said Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA.

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MILWAUKEE, WI – MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced the buy of Frederick Lofts, a 100-unit multi-family apartment complex located in The Brewery neighborhood within a half mile of the new $524M Fiserv Forum, home of the Milwaukee Bucks (NBA) and Marquette Golden Eagles (NCAA).  

MLG Capital bought Frederick Lofts off-market for $16 million. The 270,473 square foot, 100-unit property will be managed and operated by entities related to MLG Capitaland features amenities such as a resident clubhouse, fitness center, yoga room, media room, underground parking and a roof top deck with BBQ area.

“We plot to invest capital to maintain the class A interior of the 100 units, each of which has an open loft layout, fully equipped kitchen, granite counter tops, breakfast bar, walk-in closets, central air conditioning and more,” said Andrew Bruce, Executive Vice President and Principal at MLG Capital.

“There have been a number of new developments in Milwaukee that position Frederick Lofts as an ideal place to call home. The area hosts corporate headquarters of seven Fortune 500 companies and is ranked second in Fortune 500 companies per capita when compared to the ratios of the 25 largest metro-areas. In addition, the unemployment rate in Milwaukee is 3.0%, below the national unemployment rate 3.7%, the population has increased 26% and median household incomes have increased by 38% since 2000. Most impressive, perhaps, is that $1.7 billion in investment has taken place downtown in the same timeframe,” said Bruce.

Since the inception of MLG Capital in 1987, the firm, and entities associated, have had active, exited, or pending investments totaling approximately 18.3 million square feet of total space across the United States, inclusive of more than 13,200 apartment units, with exited and estimated current value exceeding $1.63 billion.

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FENTON, MI – CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought Silver Lake Hills, a market-rate apartment community featuring 310 apartment homes near Silver Lake Park. 

CAPREIT will renovate the community, which is surrounded by scenic wooded grounds and several nature trails. Silver Lake Hills also features commuter-friendly access to the key employment centers to the north and south. 

“Fenton boasts a prime location between Flint and Ann Arbor, and we’re delighted to join the neighborhood and offer quality homes at a competitive price point,” said Ernie Heymann, chief investment officer for CAPREIT. “We believe this submarket will continue to grow with the continued expansion of downtown Fenton, and we look forward to serving the community.”

Situated at 320 Foley Glen Drive, Silver Lake Hills sits less than a mile east of Silver Lake and less than a mile south of Lake Ponemah. Silver Lake Park is located along the shoreline of Silver Lake and provides outdoor sports courts, nature trails and picnic areas. Fenton Lake and Seven Lakes State Park are within a small drive of the community, offering a multitude of additional recreation options. 

The community is also conveniently positioned just west of U.S. Route 23, the area’s primary north-south thoroughfare. The highway provides direct access to Flint (18 miles north) and Ann Arbor (38 miles south). 

CAPREIT’s renovation efforts at Silver Lake Hills will include new flooring, appliances, countertops, two-tone paint and fixtures. In addition to the in-unit renovations, CAPREIT plans to upgrade several community amenities, including the clubhouse, fitness center, pool and the dog park.

Silver Lake Hills consists of one-, two- and three-bedroom homes with various floor plans ranging from 700 to 1,810 square feet. Apartment interiors at the pet-friendly community include vaulted ceilings, in-home washers and dryers, controlled-access entry and private patios or balconies. 

Additional community amenities include a business center, playground, covered parking and onsite recycling options. Silver Lake Hills is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.

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