MADISON, WI – The McKenzie Apartment Company’s newest development, Timber Valley Apartments, opened its second 60-unit apartment building of the $50M luxury apartment development on January 4th of this year. Amenities are at the heart of the development’s focus. Timber Valley has a total of 120 units currently completed, with another 54 units expected to open in May of 2019, plus more on the way.

Developer and owner, John McKenzie, states that Timber Valley has “an amenity and end package that rivals any other apartment community in the state of Wisconsin.” 

Common areas feature various indoor amenities, including two state-of-the-art fitness centers encompassing a yoga studio with virtual workout classes, a health spa featuring an infrared sauna and tanning bed, game room, theatre room, large community room with a gourmet kitchen and fireplace, complimentary coffee bar, and a conference room. 

Additionally, the outside community areas, set to open Summer of 2019, will feature an outdoor heated pool, a poolside bar with several outdoor televisions and grills, a fire pit, and a community garden area. This pet-friendly complex will also include many amenities for pets, including a large dog park with various pet play obstacles and pet-grooming stations located in every building. All buildings will also include a car wash station located within their underground parking and individual storage areas. 

The amenities aren’t meant to overshadow the apartments themselves, but, which are spacious and feature modern, sleek finishes. Current residents and prospective tenants touring the property comment on how the entire feel of the complex resembles that of a mountain lodge or getaway resort, which can make coming home feel like getting away all at the same time.

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ATLANTA, GA – A joint venture led by Campus Realty Advisors and T2 Capital Management has bought a portfolio of four student housing communities totaling 2,282 beds.  The properties are in four university markets across the U.S. including Central Washington University, Stephen F. Austin University, Austin Peay State University and Georgia Southern University. The buy expands Campus Realty’s student housing operations into a national footprint. The joint venture will immediately invest significant additional capital into these six- to eleven-year-ancient properties including improvements to unit interiors and amenities to boost their appeal and cash flow.  

Joining the investment with Atlanta-based Campus Realty and privately held T2 out of Wheaton, IL, is Realiance International Real Estate Partners, a Dutch investment group based in Amsterdam.  Campus Realty will provide asset management services and oversee the major renovations of the properties. The joint venture has engaged Asset Campus Housing to provide property management services.  

Jeff Brown of T2 noted that “This opportunity fits squarely in our value-add strategy.  We’re pleased to be able to expand our programmatic venture with Campus Realty with these strategically positioned assets.”  The group plans to upgrade the unit interiors, amenity areas and clubhouses with a focus on catering to the needs of today’s students.   According to Brown, “Our plot is to implement the capital and operating strategy for these properties quickly and efficiently.  We will then judge our success based on the positive experiences of our residents.”  Randy Herron, a Principal with Campus Realty, added “We search out and buy underperforming assets, and reposition them with market-competitive improvements while maintaining value rents. We look forward to rebranding these properties while providing top-quality service to make a fantastic living experience for students and value for our partners.”

T2 Capital Management focuses on providing capital to transitional and opportunistic middle-market commercial real estate assets throughout the United States. They provide capital structured as joint venture equity, bridge loans, mezzanine loans, and preferred equity.  As a contrarian investor, T2 primarily focuses on property types that appear to be undervalued or poised for recovery.

Campus Realty Advisors is a boutique investment and development company focused on making value in off-campus student housing.  Campus Realty identifies college markets and properties that offer significant profit potential for its partners and then executes strategic market specific plans to capitalize on the opportunities.

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CHICAGO, IL – Oakwood, wholly owned by Mapletree Investments, announced the acquisition of Jones Chicago by Mapletree, a modern 25-tale residential property at 220 West Illinois Street, in Chicago’s RiverNorth neighborhood. Renamed as Oakwood Chicago River North, the property will offer business professionals, individual travelers and long-term residents a luxurious furnished apartment experience – as well as unfurnished leases of nine months or more – in one of Chicago’s most vibrant, in-demand neighborhoods.

“Mapletree is pleased to expand its footprint in the United States (US), with Oakwood Chicago River North joining our portfolio, which currently includes properties situated in Los Angeles, Redwood City, Seattle and Raleigh,” said Chua Tiow Chye, deputy group chief executive officer. “Chicago is a top destination for many of the world’s largest companies, and we invested significant resources in selecting the best neighborhood for Oakwood’s global clients, as well as corporate and leisure travelers.”

Oakwood is rapidly increasing its management of corporate housing and serviced apartment assets worldwide, including plotted properties in Dubai, Thailand and China. “The addition of Oakwood Chicago River North – which will be one of Oakwood’s premier furnished and serviced apartment properties in the US – to our growing portfolio reflects our evolving approach to global expansion,” clarified Chris Ahearn, chief executive officer, Oakwood. 

Designed with both modern luxury and sustainability in mind, Oakwood Chicago River North comprises 188 units on 25 floors and offers a variety of flexible, one- and two-bedroom configurations. The Hartshorne Plunkard Architecture-designed building is LEED Gold Certified and boasts spectacular city views with floor-to-ceiling windows. Amenities include a rooftop lounge, a pool and sundeck area, modern athletic/fitness facilities, a covered dog run and dog-washing stations, and more. Notably, the address carries a Walk Score of 95 – ideal for pedestrians and residents to traverse the city.

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