HOUSTON, TX –A partnership between Auerbach Funds and Blue Magma Residential has bought Park Texas Apartments, a 78,960 Square Foot, 587-unit Class “C” Apartment Community in Houston, Texas. Located at 11911 Martin Luther King Jr. Blvd, Park Texas Apartments currently have 249 uninhabitable units out of 587. These units are in their current condition due to a variety of factors including hurricane hurt. 

The Partnership plans to make a substantial investment into the rehabilitation of the asset, including repairing the defunct units, renovating the clubhouse, and performing necessary roof and mechanical repairs, landscaping, driveway and common area improvements.

Park Texas Apartments is located approximately halfway between interstate 610 and Sam Houston Tollway, near Leisure activity Airport in the Southeastern Houston submarket. This immediate area has seen rapid revitalization and growth in recent years. Not only is the site located within a Tax Increment Reinvestment Zone, but the complex will also benefit from several substantial investments in the area including the $44.6 million Veterans Home project and corresponding roadwork extension funded by the State of Texas and U.S. Department of Veterans Affairs, and a $72 million construction project for the new Sterling Aviation High School. 

Of the acquisition, Peter Auerbach, CEO of Auerbach funds stated, “We believe that investing in heavy value-add multifamily can be very successful in growing submarkets in established cities like Houston, and are looking forward to contributing to the velocity in the Southeast submarket.”  

Reuven Oded, CEO of Blue Magma added, “We plot on making a community by delivering an improved product at market rates, which would provide not only strong returns for the investment, but also enhance the quality of life for our tenants.”

Auerbach Funds is a New York-based real estate private equity fund manager with over 2.1 million square feet under management in 8 states throughout the continental US with a total asset value in excess of $250 million. Blue Magma Residential is a Tampa, FL-based real estate investment and management firm with a 20 – plus year track record and over 8,000 apartment units throughout Florida, Georgia, Alabama, Mississippi and Texas.

Powered by WPeMatico

TEMPE, AZ – Bascom Arizona Ventures, a subsidiary of Irvine, California-based private equity firm The Bascom Group, has bought the Tempo at McClintock Station Apartments (“Tempo”). Tempo is a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The price was $89.2 million, or $210,377 per unit. The seller was P7 McClintock Station Owner.

Tempo at McClintock Station is a Class A multifamily property situated in the booming North Tempe submarket. Residents of Tempo have “doorstep” access to the Valley Metro Rail, which provides access to Downtown Tempe, the campus of Arizona State University, Sky Harbor International Airport, and Downtown Phoenix.

Tempo is a highly amenitized, institutional quality Class A property and was constructed in 2017 by luxury apartment builder Fore Property Company. The property offers residents a wide selection of unique 1, 2 and 3-bedroom apartment homes that feature exclusive community and state of the art amenities. Amenities include a BBQ/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, a volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, gated Community, dog park with self-service dog grooming area, community clubhouse, and a 24/7 state of the art fully-equipped fitness center with separate yoga and spin studios.

The new ownership plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.

“Tempo provides an exceptional, high quality, low-risk, off-market investment opportunity in the ever-growing ASU/Tempe area,” says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. “Tempo offers a new build, soon to be stabilized, core asset, with tremendous upside through mark-to-market rental rates, loss-to-lease burn off, and the elimination of lease-up concessions.”

Oaktree Real Estate Finance II, LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smithand Annie Rice of CBRE, for the acquisition.

Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.

Powered by WPeMatico

BRANDON, FL – ResProp Management was selected to provide full-service property and construction management for The Park at Avilla and The Park at Pienza. The two properties combined consist of 200 garden-style apartment units in Brandon, Florida, a suburb of Tampa.

The Park at Avilla and The Park at Pienza are within two miles from one another and are composed of two-tale buildings with private entries to each unit. They offer large, open floor plans averaging 1,138 SF (Pienza) and 1,034 SF (Avilla). The properties have a complete amenity package, which includes clubhouses, pools, and sports courts.

The proximity to Tampa Bay’s largest employment centers like the I-75 Office Corridor, Downtown Tampa, and the Westshore Business District make these two properties a highly desirable location for residents working in different parts of the metro area. They are also close to premier shopping and entertainment including Westfield Brandon Mall, The Estuary, and Brandon Boulevard Retail. 

Clint Miller, Director of Business Development for InvestRes (parent company of ResProp) states, “We are excited to again work with Ryan Smyth and the 29th Street Capital team on their second and third acquisitions in Tampa Bay. The Park at Pienza and Avilla will start an immediate interior and exterior renovation plot on both properties. We look forward to continuing working with them as they continue to expand in the Florida market.”

With the recent addition of The Park at Avilla and The Park at Pienza into the portfolio, ResProp Management now manages more than 8,000 units across Florida. This latest addition was made possible through the partnership with 29th Street Capital. 

“We are excited to build our portfolio in the Tampa Bay area,” said Ryan Smyth, Vice President of Acquisitions for Florida. “29SC feels that the strong market fundamentals will continue for the foreseeable future and help drive renter demand.”

Powered by WPeMatico