NAPLES, FL – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, bought two properties through affiliated entities, one on the east coast of Florida and one on the west coast, in the fourth quarter of 2018. Both properties were bought with third party partners. Sabal Key, a 200-unit Class B multifamily apartment community in Naples, and Parrots Landing, a 408-unit Class B multifamily apartment community in North Lauderdale, will expand PRG’s presence in the state. PRG will operate both rental communities and plans to renovate, upgrade, and modernize the properties to offer an attractive option for tenants. Debt financing for Sabal Key was arranged by CIT Bank and by Berkeley Point Capital (now known as Newmark Knight Frank) for Parrots Landing.

Sabal Key will be rebranded Alvista Golden Gate under PRG’s proprietary brand, Alvista Communities®. The property was built in 1988 and comprises 25 two-tale buildings on a 17.3-acre site. The attractive community offers several amenities, including a swimming pool and sundeck, a clubhouse, two lake-front decks, and a dog park. At the time of the sale, 21 units were unoccupied due to storm hurt. Those units will be renovated and receive a rental premium for the upgrade.

“We believe there is significant upside to increase rents through the renovation of the down units, implementation of a comprehensive unit renovation plot, amenity upgrades, and operational and rent management improvements,” said Ron Orgel, managing director of acquisitions for PRG’s eastern United States region. “The previous owners had upgraded only three units, leaving a significant opportunity for us to renovate and enhance most of the remaining units.”

Orgel also emphasized the prime location of the property. “Sabal Key is within minutes of Interstate 75; gorgeous white-sand beaches; upscale shopping; health care, government, and tourism employment centers; public and private golf courses; and a plethora of public recreational amenities.”

The property sits across the street from the Golden Gate Community Park, which features a large fitness center, a pool with water slides, athletic fields, a playground, and a large dog park.

Parrots Landing was rebranded Alvista Lauderdale and is consistent with PRG’s strategy to buy larger apartment communities that offer competitive amenities in their respective markets. The property, built in 1986, comprises 17 three-tale walk-up buildings on a 22-acre site with two swimming pools, a clubhouse and fitness center, tennis court, and picnic areas.

“PRG believes significant upside exists through the implementation of a comprehensive in-unit renovation plot, amenity upgrades, introducing typical charges for utilities, exterminator fees, admin fees, etc., and operational and rent management improvements,” said J. Michael Fried, CEO and founder of PRG.

Located in the Miami-Fort Lauderdale-West Palm Beach metro area, the location offers convenient access to Broward County employment centers, 9 miles northwest of Fort Lauderdale and 12 miles southwest of Boca Raton. PRG also owns a nearby property, Alvista Pembroke Landings, in Pembroke Pines, Florida.

“Parrots Landing was ideal for our multifamily value-added strategy,” Fried said. “The previous owner didn’t upgrade amenities or apartment units, other than installing vinyl plank flooring in some units. We have an overall renovation program to improve the rental marketability of the apartments and the value of the property.”

With the acquisitions, PRG now owns five properties in Florida totaling more than 1,400 units.

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WAUKEE, IA – Besyata Investment Group and The Scharf Group, both NY-based single family offices, have completed the Phase II acquisition of Autumn Ridge Apartments in Waukee, IA. They bought a total of 434 Units for a buy price of $58M.

Autumn Ridge is a 434 class “A”, new construction luxury apartment community located in vibrant Waukee (suburban Des Moines), Iowa. The community is located within Dallas County, the 5th fastest growing county in the US. The community offers quick access to the top employers of Des Moines/West Des Moines including Wells Fargo, Mercy Medical Center, Principal Financial Group and Athene USA Corporation, as well as limitless shopping, dining and entertainment destinations, most notably, it is within ten minutes of the Jordan Creek Town Center, the 4th largest shopping complex in the Midwest.

The immediate area near the property has one of the strongest demographic profiles within the Des Moines MSA. Waukee has experienced exponential growth over the last two decades, it was named the fastest growing city in Iowa. The job market is booming and has made a strong draw for young educated professionals. The property is in the Waukee Community School District, one of the best and fastest growing school districts in the state. Waukee is known as an active, family-friendly city with plenty of outdoor leisure opportunities. Autumn Ridge has convenient access to all the finest recreational activities in the West Des Moines areas.

The Des Moines market is experiencing strong fundamentals through job and population growth driven by a robust economy and a business-friendly investment environment, asking rents in the submarket have risen considerably in the past few years. Occupancy rates have continued to remain strong and the pace of demand in the next 4-5 years is expected to outpace that of new supply.

A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.

A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.

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HONOLULU, HI – Douglas Emmett hosted a grand opening event celebrating the completion of 491 new workforce housing units at Moanalua Hillside Apartments. The new apartments include studios and one-bedroom units designed to serve individuals and families in the 80 percent to 120 percent Average Median Income (AMI) range. 

“The expansion of Moanalua Hillside Apartments provides critically needed workforce rentals for local families, individuals and military personnel,” said Douglas Emmett President and Chief Executive Officer Jordan Kaplan. “With the completion of this project, we have already turned to our announced downtown conversion of 1132 Bishop from office to residential with the goal of meaningfully impacting the supply of affordable rental housing on O’ahu.”

“There is a huge unmet demand for affordable housing in the City and County of Honolulu,” said Mayor Kirk Caldwell. “Douglas Emmett is stepping up by providing nearly 500 new workforce housing units at Moanalua Hillside Apartments. This provides our residents the opportunity to live more resilient lives and we are grateful to Douglas Emmett for building this much needed housing product.”

The grand opening ceremony included a traditional Hawaiian blessing and maile lei untying, brief remarks from Douglas Emmett executives and Mayor Kirk Caldwell, and the presentation of a $20,000 check to Red Hill Elementary School. 

“We are deeply grateful for the generous gift from Douglas Emmett and know that these funds will contribute to enhancing the education of our keiki,” said Rory Vierra, Principal of Red Hill Elementary School. “As one of Moanalua Hillside Apartments’ neighbors, we can see and feel the effect of the revitalized apartments and are proud to welcome more residents to Moanalua and our Red Hill community.”

Upgrades accompanying the expansion of Moanalua Hillside Apartments include an 8,000 square foot fitness center, a yoga studio, two saltwater pools, recreation areas, and a new management and leasing office.  As the largest developer of workforce rental properties for families in Hawai’i, Douglas Emmett is currently working on converting 1132 Bishop, a 25-tale downtown Honolulu office building, into approximately 500 new workforce rental apartments and also operates the Villas at Royal Kunia and Waena Apartments on O’ahu.

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