STERLING HEIGHTS, MI – FOURMIDABLE, a diversified, national real estate management and brokerage company that specializes in managing market rate, affordable, public housing, senior, tax credit and condominium communities, was awarded the management contract for Van Dyke Apartments in Sterling Heights, Michigan. 

Van Dyke Apartments is being developed through the efforts of the Chaldean Community Foundation. Construction is scheduled to start in Spring of 2019, with G. Fisher Construction of Farmington Hills, Michigan as the general contractor.

Van Dyke Apartments will consist of a single four-tale building with approximately 130 units. There will be one and two-bedroom apartment homes and 3,000 square feet of commercial space on the first floor. The financing will be a complex blend of federal, state and local dollars with required compliance and oversight by multiple public agencies and authorities. Units will be a blend of market-rate and affordable units.

“FOURMIDABLE is proud to have been selected as the property management agent for this project and is pleased to be working closely with the Chaldean Community Foundation Board and the other companies involved in this project. We are looking forward to managing such an upscale community and providing the residents of Van Dyke Apartments with quality housing,” said Michael Schocker, President of FOURMIDABLE.   

“The Board of Directors, Staff and Clients of the Chaldean Community Foundation welcome FOURMIDABLE Management to the Development Team of the Van Dyke Apartments. Our 130-unit mixed-use and mixed-income community on the Clinton River in Sterling Heights will provide 200-plus residents a remarkable living environment that includes retail in the building, as well as fitness, yoga studio, movie room and outdoor amenities. We appreciate the partnership with FOURMIDABLE, a firm that has deep experience in property management and a strong record of work with the Chaldean Community,” said Martin Manna, Director of the Foundation.

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LAS VEGAS, NV – Haven Realty Capital, a Los Angeles-based real estate investment and asset management firm has sold The Grove apartments for $34,500,000 or about $135,000 per unit.  The Grove is a well-located asset on the outskirts of Summerlin along interstate 95 in northwest Las Vegas.

Vittal Ram, Curt Allsop, Angela Bates and Doug Schuster with Newmark Knight Frank represented both the buyer and seller.

Haven bought the property in August 2016 as an REO and undertook a significant repositioning of the property. The interior of the clubhouse was demolished and rebuilt to allow for a more open floor plot and a larger fitness center. The exterior façade of the property was repaired and painted in a multi-tone color palette.  A firepit and grilling station were added to the pool area, along with a dog park to provide tenants with more amenities. The property was rebranded as The Grove with a new monument sign installed at the entrance.

In addition to the exterior renovations, 50% of the interior units was upgraded with faux-wood flooring, stainless steel appliances, grey two-tone paint, new modern counter tops, new cabinet faces and brushed nickel lighting and plumbing fixtures.

“Haven has been able to generate above market returns for investors by acquiring, renovating and stabilizing distressed and underperforming assets through intense operational management,” stated Sudha Reddy, Managing Principal of Haven Realty Capital. “It started with our investment in the single-family rental industry and we’ve been able to carry over that same operational oversight to the multifamily sector.”

“We identified the Las Vegas market as a growth market early before the institutional equity had arrived. The Grove benefited from its proximity to the Summerlin sub-market and the improving demographics along the Rainbow corridor,” added Chris Turitto, Vice President of Acquisitions at Haven Realty Capital.

The Grove was built in 1989 and is situated on 13.5 acres of lush green landscape. Located at 2901 N Rainbow Blvd in northwest Las Vegas, the property consists of 15, two-tale buildings comprised of one- and two-bedroom units. The property amenities include a 24-hour fitness center, completely renovated clubhouse, firepit and grilling station next to the pool, and a dog park.

The lead broker on the transaction, Vittal Ram, stated, “The Grove presented investors with the opportunity to buy a really solid asset in an improving sub-market with some additional upside left from renovating the remaining 50% of the units. Haven did a fantastic job taking an underperforming property and transforming it into a solid B+/A- apartment community. We saw strong demand while marketing the property and the buyer is very pleased with asset they bought.”

Las Vegas is in the midst of a strong recovery from the economic downtown that crippled the city. With the addition of two professional sports franchises, the Vegas Golden Knights of the NHL and Las Vegas Raiders of the NFL, the city has been diversifying its economic base away from gambling and hospitality. Las Vegas continues to solidify its position as a premier entertainment destination. The business-friendly environment has also been a strong driver of increased job growth in the region.

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BEAUMONT, TX – Southern Properties Capital, a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company, announced its most recent multi-family acquisition of Chelsea Apartments in Beaumont, Texas. The US Housing of Urban Development granted approval for the expansion of Southern Properties Capital’s multifamily portfolio in August.

Chelsea Apartments are located in Beaumont, Texas. Built in 1999, the property offers 8 different one, two, and three bedroom floor plans ranging from 618-1239 square feet. The 144 unit garden style community is comprised of 10 two-tale residential buildings atop 6.81 acres of land. Chelsea Apartments offer a distinctive, silent living environment with quick and convenient access to Interstate 10.

Beaumont-Port Arthur is home to impressive biodiversity and historical significance as the town boasts the first major oil discovery in Texas. Benefits from the constant expansion of the energy industry and petrochemical industry construction is a major economic driver for the area. Visitors delight in outdoor activities including fishing, hunting, birding, paddling, as well as fine dining, several theaters and music venues. The city is currently celebrating its 180th birthday.

“We are excited to add such a well-positioned and gorgeous asset to our portfolio,” stated CEO and President Daniel J. Moos. “We have several similar opportunities for expansion on the horizon.”

Transcontinental Realty Investors maintains a strong emphasis on making greater shareholder value through acquisition, financing, operation, development, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol “TCI”. Transcontinental produces revenue through the ownership and professional management of income producing apartments and office buildings that are “undervalued” or “underperforming” at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental has dramatically expanded its development capabilities associated with luxury apartment homes through its wholly owned subsidiary Abode Properties, principally on land it owns or buys.

Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet office buildings in Texas. The company has already used funds to buy additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.

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