SAVOY, IL – A partnership between GMF Capital and Argo Partners has bought Place at 117, a student housing property located in Savoy, IL. Place at 117 is a 192-unit, 588-bed apartment community located near the University of Illinois’ flagship campus, which boasts an enrollment of nearly 50,000 students.

Completed in 2001, the Property features two, three, and four-bedroom floor plans, all fully furnished with in-unit washer/dryers. Selected units feature patios and balconies. Amenities include a swimming pool and hot tub, clubhouse, 24-hour fitness and study centers, dog park, and direct shuttles to campus.

Prior ownership of Place at 117 spent nearly $1MM on common area renovations and other property improvements. The new partnership will continue to modernize the property and its amenities, making substantial technology upgrades throughout the complex and enhancing the property’s exteriors as well as unit interiors.

Argo Partners, a New York City based investment firm, has been actively acquiring student housing properties since 2011. 

“We are delighted to again invest alongside GMF and are excited to reinvigorate Place at 117,” commented Argo’s Matt Friend. “It is an asset with immense potential. We look forward to unlocking that potential and providing students with a best-in-class experience.”

GMF’s buy of Place at 117 follows its acquisition earlier this month of a portfolio of student housing assets at the University of Illinois and Illinois State University. GMF specializes in value-add real estate investments and manages a growing portfolio of more than 60 multifamily and student housing properties.

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SEATTLE, WA – Security Properties and Pacific Life bought HANA, a newly constructed 160-unit affordable housing complex located in the heart of Seattle, at the intersection of 6th and Yesler. This is the third affordable housing joint-venture by Security Properties and Pacific Life.

HANA is a mixed-use, podium-style, community with over 13,000 square feet of commercial space occupied by Bright Horizons daycare, and 160 apartment units. Apartments feature floor‐to‐ceiling windows, hard surface kitchen countertops, and vinyl plank flooring that is consistent with Class-A market rate product. Residents will also benefit from a 7th floor rooftop deck with community kitchen and unobstructed views of Puget Sound and Downtown Seattle. The property is minutes from light-rail as well as a wide variety of restaurants, retail amenities, and the Stadium District.

HANA was delivered in early 2019 and is presently undergoing lease-up. The property participates in a variety of local affordability programs, including Seattle’s Multifamily Tax Exemption (MFTE) program, which together restrict all units to households earning between 50% and 80% of Area Median Income (AMI). This translates to affordable rents for families earning up to $80,000, for a household of 4 people. “Given the well-documented demand for affordable housing in Seattle, HANA is a being delivered at the perfect time,” said Steve TeSelle, Director of Affordable Housing for Security Properties. “HANA will provide high-end units at a significant discount to market rents in the surrounding area.”

HANA is Security Properties’ fourth affordable housing acquisition in Washington State. The company’s Affordable Housing Group maintains a national footprint with an existing portfolio of more than 8,000 units across 58 low-income housing assets. Security Properties also owns more than 13,900 conventional units across 54 properties. 

Colliers International’s apartment team of Tim McKay, Dan Chhan, and Sam Wayne represented Security Properties in the acquisition of HANA.

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COLUMBUS, GA – Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has bought Greystone at the Crossings, a multifamily property in Columbus, GA. 

The property, renamed “The Lory of Columbus” consists of two hundred ninety-two (292) dwelling units across fifteen (15) three-tale multifamily apartment buildings, a community building, and twelve detached garage structures. The property was originally constructed in 2011 and 2012, on 22.41 acres featuring a yucky area of 343,570 square feet.

The Columbus Metropolitan Area includes four counties in Georgia, and one in Alabama. Fort Benning, the 182,000-acre military facility extending from Chattahoochee County, GA, into Russell County, AL, is the metro’s largest economic driver. More than 100,000 people are either stationed at the base or employed by it, resulting in a $4.75 billion impact on the regional economy.

The Lory of Columbus is located in the North Columbus area, known as a diverse suburban area with established neighborhoods such as Green Islands Hills and Ancient Town. The property is within walking distance of Ancient Town – a unique 300-acre development with 60 acres of commercial real estate including a town square with restaurant dining and shopping. The property is also located less than 5 minutes from I-185, making the commute to downtown Columbus less than 20 minutes and to Fort Benning 30 minutes.

This is the first acquisition in Columbus, GA for a Lexerd-sponsored fund.

Albert Lord III, Founder and CEO of Lexerd, said, “We are very excited to announce this acquisition, as we continue to search for strategic investments throughout the Southeast US. This property is located in a growing neighborhood with simple access to schools, shopping and restaurants. The Lory units are very well maintained, offering strong amenities and an ideal location providing simple access to downtown.”

Mr. Lord added, “We are always evaluating opportunities and will continue to leverage our real estate contacts in the region to enhance our growing multifamily portfolio.”

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