OCEANSIDE, CA – The REMM Group has been awarded property management of The Dylan by the asset’s new owners, 29th Street Capital. They bought the Oceanside multifamily community January 31, 2019. Plans for the real estate asset include capital improvements of the 207 units and expansive grounds. 

Richard Marshall, Vice President of Acquisitions for Southern California, for 29th Street Capital said the company plans capital improvements totaling over 1.75 million, approximately $8,500 per unit. 

Renovations will include modern flooring, new cabinet fronts, interior doors, hardware and appliances as needed. There are also plans to improve exterior areas with a new barbecue area, patio pavers and higher-quality finishes.

Marshall said, “We chose The REMM Group to manage the property because of their depth of experience making multifamily assets shine and providing tenants with a warm, inviting atmosphere.” 

Sara D’Elia, IREM Orange County’s 2019 Real Estate Professional of the Year and CEO of The REMM Group said, “This is a unique property with open space, gardens and a grassy green area conveniently located near downtown Oceanside. We look forward to using our expertise in multifamily renovation to fulfill the owner’s vision to add even more comfort and luxury to the apartment community.”

Marshall added, “The REMM team are Southern California specialists. This is our first property in San Diego County and we appreciate their additional insight into the market.” 

The REMM Group manages 41 Southern California multifamily communities, nine in San Diego County.

The Dylan is a pet-friendly apartment community with large one, two and three- bedroom floor plans that include dishwashers, garbage disposals and private patios. The amenities include a Fitness Center, two pools, a playground and covered parking. The luxury apartment homes are conveniently located 5 miles from the ocean and 2 miles from Marine Corps Base Camp Pendleton.

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BOCA RATON, FL – Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced development on six projects for a total investment of more than $325 million. These investments include expanding into the Northeastern and Western United States with projects in Hackensack, New Jersey and Denver, Colorado.

Waypoint also launched its new Walcott and Volaris brands. Both Walcott and Volaris properties are designed to offer luxury multifamily living with high-end finishes and amenities. Walcott is designed for urban areas, current projects include Denver, CO, Hackensack, NJ and Jeffersonville, IN. Tampa and Sarasota, FL are the locations for the first Volaris projects, which cater to suburban communities.

Recent Waypoint developments include:

The Walcott Denver, a 122-unit multifamily project in Denver, CO. Located in the well loved Jefferson Park neighborhood, Waypoint broke ground on the project in October 2018 and expects to complete construction in 2020. The property is designed to offer high-end amenities within walking distance to restaurants, boutiques, nightlife and an RTD rail station, as well as convenient automobile access to downtown Denver, Interstate 70 and Interstate 25.

The Walcott Hackensack, a 235-unit multifamily development in Hackensack, NJ that broke ground in early December 2018 and is slated for completion in 2020. Located on a highly desirable core urban infill site in Hackensack’s rapidly revitalizing downtown, The Walcott Hackensack is a luxury, transit-oriented development just blocks away from a New Jersey transit station and a bus stop with service to Manhattan.

The Walcott Jeffersonville, a 214-unit apartment community in Jeffersonville, Indiana’s Ancient Jeffersonville Historic District opportunity zone on the Indiana side of the Ohio River immediately across from Louisville. In addition to market-leading finishes and luxury amenities, the Walcott Jeffersonville is well located in the center of a revitalizing downtown and will provide simple access to Louisville’s employment, recreation and entertainment options. Construction is targeted for completion in mid-2020.

Volaris Live Oak in Sarasota, FL, which is Waypoint’s second property in the area, is a 300-unit project consisting of 6 four-tale luxury, elevator buildings centered around a clubhouse, fitness center and other amenities. Construction started in November 2017, and leasing commenced in January 2019. Volaris Live Oak is located approximately five miles east of downtown Sarasota, near the 880,000 square-foot University Town Center Mall.

Volaris Starkey Ranch in Tampa, FL is a 384-unit “traditional neighborhood development” style apartment project with a combination of two-, three- and four-tale buildings, as well as a large clubhouse, fitness center and resort-style pool. Volaris Starkey Ranch is the only rental project in the Starkey Ranch master-plotted community. Construction started in November 2017, and leasing commenced in January 2019.

Estraya Georgetown, a 270-unit, Class A apartment community with a grand clubhouse and a resort-style pool on more than 15 acres in Georgetown, TX, approximately 25 miles north of downtown Austin. The Estraya Georgetown is prominently situated on the site of a former horse ranch at the top of one of the highest bluffs in Georgetown overlooking Southwestern University. The groundbreaking took place in December 2017. Pre-leasing is expected to start in mid-2019.

“These projects illustrate the breadth and depth of Waypoint’s approach to conventional multifamily development in urban and arterially connected suburban markets around the country,” said Eric Hade, Chief Development Officer. “We see continuing opportunities to pursue fantastic sites in a wide range of primary, secondary and tertiary cities with diverse economies, vibrant populations and attractive quality of life attributes.”

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ATLANTA, GA – Atlanta based Crown Bay Group along with its partners, are pleased to announce their acquisition of Southlake Cove, a 346 unit property in Jonesboro, and Vineyard Point its sister 108 unit property in Riverdale, both South Atlanta submarkets. This is their first acquisition in 2019.

Of the two Cardinal single tale style properties Southlake Cove is located on Jonesboro Road, which enjoys a highly accessible location, just minutes from the Southlake Mall, all major huge box retailers and from I-75, while Vineyard Pointe fronts on the busy I-85.The previous owners spent $4million dollars on capital works across the properties during 2018. The property has a gorgeous swimming pool and an exercise center.  The new owners will carry on with some interior upgrades to units, new signage, and a washer-dryer rental program will be place in place. 

The properties benefit from an outstanding location, not far from the Hartsfield Jackson airport, the busiest airport in the world.  There are plans for a 320 acre mixed-used development near Hartsfield-Jackson International Airport.  The estimated $500+ million project, currently known as “Airport City,” is expected to bring up to 5,000+ jobs to the area. 

Crown Bay Group are still bullish about the fundamentals and continued growth of the Atlanta market as a whole, and especially in its southern sub-marks with a demand for excellent quality work force housing. “We feel that although the multifamily cycle is potentially peaking, as long as caution is used, seeking out and being disciplined about acquiring only deals that still make financial sense today, then we are still buyers. The market here is still experiencing a high growth period, with its employment growth and increase in population,” says Crown Bay CEO Steve Firestone.

The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group.  “We have a strong management team with exceptional local market knowledge. This acquisition is consistent with our value-add strategy and acquisition criteria, and reinforces our portfolio presence in the area.” Say’s Crown Bays CEO.

“This is another fantastic acquisition for our investors,” says Steve, “Our focus is on buying at the right price and being able to add further value.” 

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