ROANOKE, VA – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought a 234-unit multifamily portfolio consisting of the Northridge Village and Salem View Apartments in Roanoke, VA. Northridge Village, built in 1972, has 174 units and 192,786sf and Salem View, built in 1974, has 60 units and 48,400sf. Greenbrier Management, based in Newport News, VA, has been awarded the management contract.

The transaction closed for a price of $13,850,000, or $59,188 per unit, and FMC intends to spend about $1,400,000, or $6,000/unit, on additional cosmetic improvements to the units, clubhouse and pool area. The new owner took out two (2) separate 73% LTV Fannie Mae fixed-rate mortgages at 4.51% as part of their acquisition. 

“We are excited to build on our existing Virginia portfolio,” said Eric Mallon, one of FMC’s principals. “Roanoke is a stable market with strong fundamentals, and these properties fit perfectly within our growth strategy of acquiring value-add workforce housing in select secondary and tertiary markets. What’s more, our going-in basis allows us to generate attractive yields for our investors that we can’t find many other places.” FMC now owns about 550 units in Virginia and is actively pursuing other opportunities there. 

Northridge Village and Salem View are located 2 miles from one another, 6 miles to downtown Roanoke, and 5 miles from another Roanoke property that FMC owns locally, the Frontier Apartments. “Working with Greenbrier in Virginia over the past 18 months has allowed us to refine our systems and staffing, and we have the utmost confidence in our on-site team’s ability to do on our business plot. We feel fortunate to have aligned with such a strong operating partner in Greenbrier,” said Chris Geer, another FMC principal.

Four Mile Capital continues to pursue additional investment opportunities throughout the U.S, with a specific focus on Colorado, Virginia, Atlanta, Iowa, Wisconsin and Salt Lake City. They use an opportunistic strategy in acquiring off-market properties that fall below the radar of its institutional peers, targeting investments with a total capitalization between $20MM and $100MM, and between $5MM and $35MM of equity.

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LOS ANGELES, CA – Empire Property Group has officially expanded its high-end residential portfolio with the opening of Empire at Norton, a brand-new development in the heart of West Hollywood. Centered around the notion of livable luxury, the latest offering from the L.A. based firm checks all the boxes: form, function, convenience and smart design, with the polished modern aesthetic that has undoubtedly become Empire’s signature.

“Our very first development project, Empire at Kings, is part of the same vibrant community, so Norton marks a poignant return to our initial Los Angeles roots,” says New York-raised Craig Berberian, principal and founder of Empire Property Group. “We like this gem of a neighborhood and can’t reckon of a better place to open our doors once again.”

Located at 8017 Norton Avenue, Empire at Norton boasts five tales of boutique luxury residences that blend upscale convenience and modernist style to offer a right cosmopolitan living experience. Its 34 spacious one-, two- and three-bedroom units feature high-end finishes and a sleek, contemporary vibe. And, with Empire Property Group’s ongoing commitment to community, Empire at Norton will contribute affordable units to the City of West Hollywood’s affordable housing program. Countless amenities include innovative keyless entry systems, Nest thermostats, gas fireplaces, floor-to-ceiling windows, quartz countertops, Italian cabinetry, chef-grade appliances, ample storage, private outdoor spaces, and in-home laundry, to name just a few.

In a can’t-beat location off Crescent Heights, Empire at Norton stands proud in the heart of the city, with iconic nightlife, fantastic shopping, and celebrated foodie spots just a stone’s throw away. The perfectly designed building features multiple open areas, an all-inclusive fitness center, expansive rooftop terrace, plunge pool, and pieces by celebrated sculpture artist Heath Satow for the ultimate urban retreat.

“Each one of our buildings is designed to celebrate the landscape, and Empire at Norton is no exception,” says Berberian. “We focus on bringing our locations to life through a thoughtful balance of luxury, convenience, and unexpected design elements. We’re really proud to call West Hollywood home once again with Empire at Norton.”

The residences are available for lease now with prices starting at $4,200.

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SAN ANTONIO, TX – Officials of a joint venture comprised of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital, announced the acquisition of the 694-bed Luxx. This marks TPCO’s second acquisition in San Antonio and the third overall in 2019.

“With three completed deals in January, we are on track for the busiest quarter in our history, if not the strongest growth year we’ve experienced ever,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “We will continue to take advantage of the prevailing marketplace as we continue to expand our footprint nationwide. Our pipeline remains full, and we expect to announce additional deals in the coming weeks.”

Serving the University of Texas San Antonio, The Luxx offers numerous room layouts for one, two and four beds. The community features a Las Vegas-style swimming pool area with swim-up bar, submerged seating and outdoor cabanas, as well as a 30-person hot tub. Additional amenities include a covered patio with grills and flat screen televisions; advanced cyber lounge; private study rooms; community Wi-Fi; and a 24/7, two-tale fitness center with its own spin room. All rooms are fully furnished, complete with energy-efficient appliances, wood-style flooring, ceiling fans, washer, dryer and deluxe, modern furniture.

TPCO will operate the student housing community and oversee a multi-million enhancement program. Improvements include updating the clubhouse and installing new computer equipment. Additionally, The Luxx will receive new, LED exterior lighting, as well as refurbishments to outdoor amenities and the dog park. Front door key fobs also are being upgraded.

“Our goal is to provide any and everything a student could need to have the most successful academic experience possible,” noted Donna Preiss, founder and CEO, TPCO. “We regularly are polling our student residents and tweaking our portfolio to match their requests. Following the completion of the upgrades and the implementation of our proprietary management and marketing systems, The Luxx will be well positioned as the preferred student living community in the area.”

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