JACKSONVILLE, FL – Carter Multifamily announced the acquisition of the 160-unit Laurel Pointe Apartments for approximately $13 million. Laurel Pointe is located at 3000 Coronet Lane in Jacksonville, Florida. 

Built in 1970, Laurel Pointe offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 835 to 1200 square feet of space. Located three miles southeast of downtown Jacksonville, Laurel Pointe offers convenient access to ALT 1, a major arterial highway in the region providing convenient access to the area’s largest employers, including Baptist Health, Mayo Clinic, Bank of America, and UF Health Hospital. JAXPORT, the Jacksonville Port Authority, generates more than 24,000 port-related jobs and is located seven miles from Laurel Pointe. 

“We are pleased to expand our footprint in the Jacksonville market with the acquisition of Laurel Pointe. The property benefits from its close proximity to the downtown area, central business district, and is located less than one mile from another Carter Multifamily property, Peppertree Lane. This allows the two properties to share resources, make operational efficiencies, and enhance on-site management, which residents should benefit from,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition Laurel Pointe to be a best-in-class apartment community to serve the area’s large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to apartment home interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, athletic field, internet café, and added outdoor gathering areas.

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SAN FRANCISCO, CA – American Campus Communities, the nation’s largest owner, manager and developer of high-quality student housing has commenced construction of a new on-campus student housing development in a public-private partnership with San Francisco State University (SF State).

San Francisco State University is a public research university that serves nearly 30,000 students and is part of the California State University System. This student housing project marks the first equity-financed public-private partnership for the California State University System. With a waitlist of more than 2,000 students wanting to live on the SFSU campus, the partnership will allow for a state-of-the-art solution to the need for updated student housing at affordable price points in the market. The project is the result of a development collaboration with Pacific Union Development Company (PUDC) and RLR Ventures (RLR), who have been working with SF State on the Holloway Avenue revitalization project since 2014.

“This public-private partnership with American Campus Communities and Pacific Union Development Company will help us meet the demand for modern, on-campus student housing,” said Jason Porth, SF State’s vice president for University Enterprises. “It has also made an exciting opportunity to contribute to the revitalization of Holloway Avenue.”

Upon completion in 2020, the project will be located on the southeast edge of the SF State campus, serving as a hub of student life activity and pedestrian connection between the University and its surrounding community. The 584-bed, mixed-use community will feature fully furnished apartment-style units with private and shared accommodations. Residents will have access to nearly 14,000 square feet of modern amenity space, including social and recreational lounges, and an Academic Success Center. Additionally, the community will include nearly 15,000 square feet of on-site retail. The development is designed sustainably and will pursue a LEED Gold certification.

“We’re excited to kick off our partnership with the California State University System,” said Jamie Wilhelm, ACC executive vice president/public-private transactions. “We look forward to delivering modern, purpose-built student housing and we’re very proud of the work that PUDC and RLR have done in helping SF State meet its needs through a unique partnership model.”

The new facility adds to the University’s ongoing revitalization of Holloway Avenue, which is emerging as a vibrant campus gateway. In addition to the student housing community, the corridor includes the university’s first new academic building in over two decades—the Liberal & Creative Arts Building. The four-tale, 76,000 square foot building will house SF State’s Broadcast and Electronic Communication Arts program, administrative offices, television studios, a newsroom, radio station and interdisciplinary lecture and active learning classrooms. It, too, will be open for the Fall 2020 semester.

“This project is designed to support the academic success and social interaction of SFSU students and provide vibrant retail and gathering space for the University and the surrounding community,” said Joel Roos, PUDC Principal, vice president of development.

“We are enormously proud to play a role in the University’s vision for unmatched student living as a key component of the Holloway Avenue neighborhood vision,” said Ross Robb, RLR Ventures president.

The transaction was structured under the American Campus Equity (ACE®) program, which gives universities the opportunity to expand and modernize their student housing offerings without the use of university financial resources. Under the ACE program, ACC delivers high-quality student housing at lower development costs and operating expenses as well as affordable rents to residents, without the use of taxpayer or university funds, which allows universities to dedicate their capital to educational and research facilities.

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SALT LAKE CITY, UT – Global real estate investment company Kennedy Wilson has bought Alpine Meadows, a 222-unit wholly owned apartment community in the Salt Lake City, Utah region, for $49 million.

Kennedy Wilson invested $20 million of equity in Alpine Meadows with a corresponding 10-year, $29 million loan at 4.28%. The property was bought through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50% owned 260-unit apartment community in Vallejo, California, that was built a decade before Alpine Meadows. Since 2010, Kennedy Wilson increased net operating income at Bay Village by 121%, resulting in gain on sale of $20 million to Kennedy Wilson.

“Salt Lake City is experiencing some of the most significant population and wage growth in the country as well as a boom in commercial and infrastructure development that is fueling local investment activity,” said Shem Streeter, Managing Director at Kennedy Wilson. “We see a compelling opportunity to add value to Alpine Meadows and to bring it in line with Salt Lake City’s high-quality housing options that appeal to employees in the ‘Silicon Slopes,’ students, and many others who are moving to the region for lifestyle reasons.”

Located just 15 miles from Downtown Salt Lake City, Alpine Meadows is a low-density, garden style, two-tale walk-up apartment community with one-, two- and three-bedroom units in Sandy, Utah. The area is home to major tech companies including Adobe, EMC2, Microsoft, eBay, Intel, Overstock and Backcountry.com, as well as several local ski resorts and regional retail hubs.

Beginning immediately, Kennedy Wilson will implement a $3 million upgrade to refresh both unit interiors and the property’s common amenities that currently include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area.

The acquisition furthers Kennedy Wilson’s strategy of focusing investment activity in high-growth markets and reflects the company’s continued confidence in the Salt Lake City market. Kennedy Wilson’s multifamily portfolio has grown to 2,387 units in Salt Lake City, including Foothill Place, Sandpiper Apartments, Santa Fe Apartments and Cottonwood Heights, since first investing in the region in 2012.

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