LAFAYETTE, LA – Rhodium Capital Advisors announced the acquisition of Grand Pointe Apartments, a 266-unit garden style apartment community located in Lafayette, Louisiana. Rhodium plans to implement a comprehensive value-add program to improve the overall quality of the apartment complex and make Grand Pointe Apartments extremely unique and well positioned in the market.

Grand Pointe Apartments was built in 2006 and is spread across 14.3 acres with 9 three-tale apartment buildings, a clubhouse and maintenance building. The property is a gated community that offers tenants a tennis court, two designer salt-water pools, a playground, picnic areas with grills, a clubhouse, a fitness center and a cyber-center. The property currently offers units with walk-in closets, extra plush carpeting, outdoor storage, patios or private balconies, washer/dryer connection, ceiling fans in every room and extra-large bathtubs. Rhodium’s value-add plot looks to make significant in-unit renovations as well as community amenity improvements and the addition of resident services offered at the property.

“We are pleased to announce that we have bought Grand Pointe Apartments and are excited about the upcoming investments we will make to the property,” says Fredrick Schulman, Managing Partner of Rhodium Capital Advisors. “We believe these renovations and improvements will raise the overall quality of the asset and make Grand Pointe the “best in class” in its market.”

Grand Pointe is located in one of the most desirable areas of Lafayette with nearly 7.4 million square feet of retail within a three-mile radius. It is less than a three-mile drive to the prestigious River Marketplace, River Ranch Marketplace, and Acadiana Mall.

Known as the “Hub City,” Lafayette serves as a destination for people around the region seeking medical care, retail services, and education. The University of Louisiana Lafayette is located 15 minutes northeast from the property and has 17,500 students, 2,500 staff, and an economic impact of $755 million+ annually on the region.

Powered by WPeMatico

CHEVY CHASE, MD – FCP announced a $100 million preferred equity investment with Fairfield Properties to buy a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in Long Island, NY. Fairfield Properties is the largest multifamily owner and operator on Long Island with over 40 years of experience.

The portfolio includes the communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Freddie Mac and Citibank provided senior loans for the acquisition.

“FCP is very pleased to make its first investment in the Long Island, NY market alongside Fairfield Properties, the top multifamily owner and operator in the market,” said FCP Senior Vice President, E.J. Corwin. “This investment continues FCP’s strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets.” Fairfield Properties plans to renovate the communities, transforming the vintage properties by upgrading both interior spaces as well as exterior common area improvements. 

“We are thrilled to add these multifamily rental properties to the Fairfield Family of communities,” said Gary Broxmeyerand Michael Broxmeyer, Managing Partners of Fairfield Properties in a statement. “The locations fit perfectly into our portfolio. We look forward to upgrading them to the Fairfield Standard so we can provide a premier level of service to the residents.”

David Webb, Maxi Leachman and Brynn Wendel with CBRE Mid-Atlantic Debt and Structured Finance Team advised the buyers on the Senior Debt and Preferred Equity placement. The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel, along with Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio and also procured the buyer.

Powered by WPeMatico

BETHESDA, MD -ZOM Living and Mitsui Fudosan America will break ground in March on Maizon Bethesda, an urban transit-oriented development, located only two-blocks from the Bethesda Metro Station. The site boasts an impressive 99 Walk Score with pedestrian access to a variety of dining, entertainment and retail venues, as well as 14 million square feet of Class A office space. Bethesda’s job base has been bolstered by recent notable corporate relocations, including hospitality giant Marriott International, Host Hotels, Booz Allen Hamilton, JBG Smith, Fox 5 News and Orano USA. 

“We are excited to partner with Mitsui Fudosan America on our first joint venture together,” said Andrew Cretal, Senior Vice President of ZOM Mid-Atlantic. “Both teams are committed to bring a new level of quality, unit features and amenities to Maizon Bethesda that will truly embody luxury urban living in the most walkable location of Bethesda.”

“We are thrilled to join forces with ZOM Living, as we expand our presence in the Washington metropolitan area,” said Julius Goldman, Director of Acquisitions, Mitsui Fudosan America. “Bethesda is a vibrant city with an expanding workforce and we look forward to making a state-of-the-art development, which will have a variety of benefits for the community.”

Maizon Bethesda will feature a mix of Studio, 1BR, 2BR, 3BR and Terrace floorplans. Units will offer the sophisticated chef inspired kitchens featuring movable islands, quartz countertops, Italian style cabinetry, floor to ceiling windows with roller shades, wide plank flooring, private balconies or terraces in many units, and a keyless entry system. Terrace floorplans will feature European appliances and an upgraded finish package. Unit sizes will range from 500 to 1,800 SF.

Residents of Maizon Bethesda will also delight in a full suite of amenities concentrated primarily on the ground floor, and at the roof level. The building lobby will feature concierge service, café and e-lounge, club quality exercise facility with spin and yoga room for private training sessions. The building’s mail room will also contain a self-service package room, giving residents the option to pick up packages at any hour of the day. 

Maizon Bethesda’s rooftop deck will contain an infinity-edged pool surrounded by a landscaped terrace with seating and grilling stations. The roof level will also house a conservatory lounge where residents can relax and entertain guests. Concierge services offered to residents will include package delivery, dog walking and grocery buy and delivery.

SK+I is providing design and architectural services, and Balfour Beatty has been selected as general contractor.

Powered by WPeMatico