PHOENIX, AZ – TruAmerica Multifamily, in joint venture with an institutional capital partner, has bought a two-property, 472-unit apartment portfolio in Tempe, AZ for $67.3 million increasing its local portfolio to more than 2,400 units. 

“We continue to be net buyers in Phoenix, and Tempe in particular,” said TruAmerica Director of Acquisitions Chris MacLeod.  “Nearly six out of 10 residents in Tempe are renters making it the highest propensity to rent-vs-own submarket in Arizona.  Despite the robust population and job growth, not much product has been added to the inventory.  What has been built, is higher priced mid- and high-rise development, out of the reach of the majority of the area’s renter population.   This has made a severe supply/demand imbalance and an extremely competitive investment environment.  In the end, it was our local relationships and reputation for execution that was key to acquiring the portfolio,” said MacLeod.

The portfolio is comprised of 276-unit Highland Park and 196-unit Park View, located within a block of one another near the I-10 and Baseline Road, one of the major east/west arterials in Tempe.  Each low-density garden style development was built in the early 1980s and feature one-, two- and three-bedroom apartment homes.  

Each community is highly amenitized with resort style pools, fitness centers, clubhouses and recreational areas.  The properties are within a 20-minute commute from three major employment hubs: Sky Harbor, Downtown Tempe, and Papago, which accounted for more than 50 percent of the job growth experienced by the Phoenix metro from 2017 to 2018.  

With the majority of apartment units still in their original condition, Highland Park and Park View represent a strong value-add opportunity for TruAmerica. TruAmerica will initiate a significant capital improvement program across the portfolio including upgrading apartment interiors, renovating all community amenities and refreshing exteriors and landscaping to meet the demands of today’s renter. 

The acquisition was leveraged with favorable financing through Freddie Mac’s Select Sponsor Program originated by the CBRE Capital Markets team led by Vice Chairman Brian Eisendrath.

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WASHINGTON, DC – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced the grand opening of Modera Sedici, a luxury apartment community located on the venerable grounds of the former Italian Embassy.

The captivating community offers 134 apartment homes, including 22 with distinct customized floor plans in the redeveloped original Italian Embassy building. The additional 112 residences are located in a newly constructed nine-tale high-rise that complements and links to the iconic historic structure. Situated along esteemed 16th Street in the nation’s capital, Modera Sedici is built with an enchanting European cosmopolitan aesthetic interior design and features many restored original features. 

“Modera Sedici is one of the most unique communities in the nation, and certainly in the Mill Creek portfolio,” said Sean Caldwell, senior managing director of the Mid-Atlantic region for Mill Creek Residential. “We worked extensively to preserve the charming qualities and original aesthetic of the Italian Embassy building to cultivate a truly one-of-a-kind living experience in one of the most appealing areas of the city.” 

Among the historic components in Modera Sedici are restored parquet, a grand piano, original travertine and modern marble. The community also includes the Soggiorno – a grand ballroom with preserved crown moulding and parquet floors, and the Biblioteca – a curated resident lounge with fireplaces and stunning millwork. The original Neo-Renaissance architecture was maintained in the redevelopment of the embassy building, which Grand Central Station architects Whitney Warren and Charles Wetmore originally designed in 1925.

Located at 2700 16th Street NW, Modera Sedici residents are interconnected to three of the city’s most-desirable neighborhoods – Adams Morgan, the U Street Corridor, and Columbia Heights – and their variety of boutique shopping, nightlife and dining options. Residents will also benefit from Modera Sedici’s position in a quieter part of the downtown area. 

“While the awe-inspiring beauty of the building is what first stands out, our primary mission remains the same as it always does – to provide an exceptional living experience,” said Joe Muffler, managing director of development for Mill Creek Residential. “With its silent location, elegant interior features and quick accessibility to the city’s bustling hot spots, we believe Modera Sedici will set the standard for refined apartment living in the area.”

Modera Sedici consists of studio, one-, two- and three-bedroom homes with two-tale townhome-style layouts available. Additional community amenities include the Vista – a rooftop terrace with city views; the Palestra – a club-quality fitness center with elite equipment imported from Italy; and the Terraza – a programmed green space with water features, covered seating and grills. The community also includes a historic piazza with public and private seating areas and 24-hour concierge service.  

Apartment interiors include several luxurious touches, including upscale GE or Bosch appliance packages that include in-home washers and dryers, Kohler and Moen fixtures, classic-tiled kitchen backsplashes, Kaindl wood plank-style flooring in French Walnut or Orchard Walnut, genuine Italian marble counters in the historic kitchens and baths, elegant recessed lighting and spa-inspired bathrooms with illuminated mirrors, mosaic tile floors, showers, tubs and floating vanities.

The commuter-friendly site provides near-direct access to K Street in downtown, the Capital Beltway and Silver Spring, a thriving business hub on the northern edge of the Metro Area. 16th Street is one of the city’s only north-south thoroughfares and borders Modera Sedici to the east. Fuller Street borders the community to the south and Mozart Street to the west. 

Modera Sedici is the seventh development community by Mill Creek in the Washington, D.C. area.

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CHARLOTTE, NC – FCP and partner Terwilliger Pappas Multi Family Partners (TPMP) announced two separate transactions totaling $128.6 million. The first, Solis Waverly, was sold for $84.4 million to Dallas-based Lantower Residential. In a separate transaction, Solis Ballantyne was sold for $44.2 million to Continental Realty Corporation of Baltimore, MD. 

“FCP felt fortunate to develop these properties with Terwilliger Pappas, the Southeast’s top developer of best in class multifamily communities,” said FCP Managing Partner, Lacy Rice. “Both communities set a high standard, contributing to the success of their distinctive neighborhoods.” 

“Solis Waverly and Solis Ballantyne provided an brilliant opportunity to partner with FCP on two of the Southeast’s most desirable sites,” said CEO of Terwilliger Pappas, Peter A. Pappas. “Our team’s interest in developing best in class communities aligns well with FCP’s strategy of delivering superior results to their investors. We look forward to pursuing new opportunities with FCP.”  

Solis Waverly, with development completed in 2016, is a 375-unit luxury multifamily project in Waverly, a pedestrian-friendly, master plotted community with an urban feel and featuring Class A retail and office space, attractive single-family homes and a 146-room Hilton Garden Inn with a rooftop pool. Waverly’s 90 acres just south of I-485 feature 250,000 square feet of prominent retail uses (developed by Childress Klein and Crosland Southeast) anchored by a Whole Foods that was announced just after FCP and TPMP committed to building Solis Waverly. Leasing of the property was managed by Bozzuto. 

Solis Ballantyne, also completed in 2016, is a 194-unit, Class-A luxury community located in Charlotte’s premier suburban submarket, Ballantyne. The property features elevators and conditioned corridor access as well as walkability to Charlotte’s most accomplished public schools. Solis Ballantyne is convenient to the many restaurants, shops and recreational amenities that are a part of Ballantyne. Commercial amenities include Ballantyne Corporate Center, a nationally recognized corporate office campus containing more than 4 million square feet of Class A office. Leasing of the property was managed by Bozzuto.

The Ballantyne submarket had the highest occupancy in the Charlotte market during the latest downturn (2008-2011) at 93.8% and only two multifamily properties have sold in the last 10 years in Ballantyne (other than Waverly), with no Class-A sales. Charlotte’s job and population growth continue to exceed peer cities. The city is third in population growth in 2017 for large U.S. cities and boasts population growth of 155% from 2000-2017 for the Ballantyne submarket. 

FCP and Terwilliger Pappas extend their appreciation to Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE for their representation in the sale of Solis Waverly and to Andrea Howard, Jim Sewell, David Guttingand Derrick Bloom of JLL for the Solis Ballantyne sale.

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