PHOENIX, AZ – Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the three-property, 845-unit Acacia portfolio on behalf of its real estate funds. The portfolio – which is concentrated in Phoenix’s affluent East Valley and comprises Chandler Court and River Ranch in Chandler, Arizona, and Vista Montana in Gilbert, Arizona – represents an opportunity for Greystar to buy high-quality assets in rapidly growing, low-supply submarkets.

The Phoenix metropolitan area is experiencing explosive growth, expected to lead the nation in employment by adding over 60,000 new jobs this year. The market benefits from a diversified employment base, having added roughly 150,000 jobs in finance, technology and health care since the previous cycle’s peak. A vast majority of these jobs are being added directly in the Chandler and Gilbert submarkets. Continued population growth resulting from the area’s booming economy and job market is expected to continue to drive demand for housing and increasing rents.

“Phoenix continues to screen as a top performing market across the country in terms of fundamentals, and rising construction costs have made it hard to add new supply in these highly desirable Chandler and Gilbert submarkets,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We expect that our proven value-add strategy combined with robust job growth and limited supply will drive tremendous value.”

Originally built in the late 1980s, the Acacia portfolio largely features original interiors. Greystar’s value-add strategy will focus on extensive renovations to units, including hard-surface countertops, stainless steel appliances, new cabinet doors, and upgraded lighting, plumbing and hardware packages. The company also plans to upgrade the portfolio’s common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, and pools and spa areas.

As the nation’s largest apartment operator with 490,000 units under management, Greystar currently owns approximately 970 units in the Phoenix area and manages 24,560 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Phoenix area.

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FORT MYERS, FL – InvestRes has bought Coral Pointe at the Forum, a multifamily property located in the North Lee County submarket of Fort Myers. Coral Pointe is a 252-unit community, which will be managed by InvestRes’s in-house property management division, ResProp Management.

Coral Pointe at the Forum is a high quality, Class A community constructed in 2017, offering one to three-bedroom apartment homes with floor plans of 545 to 1,350 square feet and several resident amenities. This was a multilateral transaction aimed at deferring capital gain liabilities for one of InvestRes’s partners who sold real estate elsewhere and worked with InvestRes in connection with a 1031 exchange into the property. 

The 252-unit garden-style walk-up community sits on 13 acres just minutes from I-75 and in the center of the Forum, a 700-acre mixed-use development project featuring convenient access to retail and employment hubs.

The community’s featured luxury pool is one of several amenities offered at Coral Pointe at the Forum. Other resident amenities include two gated paw parks, a club room featuring entertainment space and billiards, an updated fitness center, community-wide WiFi, and an outdoor social lounge for residents to delight in.

“We are excited to continue growing in Florida’s Gulf Coast market. Coral Pointe at The Forum is a fantastic fit for our investors: well-built, cash flowing, and located in a growing retail and entertainment hub. Fort Myers’ continues to post low vacancy and solid job growth in technology and healthcare sectors, and we believe that continued population growth will continue to drive demand for multifamily living,” said InvestRes CIO, Joe Facchini. 

With the addition of this recent acquisition, InvestRes has now bought nine properties this year and owns more than 6,700 units across Florida.

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INDIANAPOLIS, IN – Emma Capital Investments announced the acquisitions of Brandywine Apartments, a 296-Unit Community located at 8444 Rothbury Drive, Indianapolis; and The Hunt Club Apartments located at 5421 Calder Way, Indianapolis. These are Emma Capital’s 33rdand 34th buys in the United States, bringing its total acquisitions to date to approximately 9,000 apartment units.

Brandywine is a 296-unit apartment community built in 1974. With 100% of units containing original interior finishing, Brandywine is primed for a market-supported interior value-add initiative. Hunt Club is a 200-unit apartment community built in 1972 that offers an outstanding opportunity to focus on value-add strategies with potential rent growth.  Emma Capital intends to re-brand the Properties.

“We are pleased to add these properties to our portfolio in the Indianapolis market,” stated founding Partner and Co-Owner Haya Zilberboim. “The buy of both properties with a combined 496 units results in Emma Capital further expanding its presence in the Indianapolis market to a total of approximately 1,400 units over five properties. This increased scale will allow Emma Capital to realize efficiencies in the management of its Indianapolis properties. Furthermore, Brandywine and Hunt Club provide the ability to offer a unique variety of floor plans, which will enable Emma Capital to better cater to the individual tastes of potential residents.” 

“Indianapolis has a diverse and healthy economy in a variety of business sectors including insurance & financial services, healthcare, life sciences, technology and logistics,” added Partner and Co-Owner Oz Cohen. “With a skilled workforce, a tax-friendly structure for business, and an brilliant quality of life, the city and state offer an extremely attractive environment. With only 3.3% unemployment and 1.9% annual job growth, Indianapolis is well-positioned to continue its trajectory as a city with strong growth fundamentals, and we are extremely pleased to be a part of such growth.”  

“We feel that both Brandywine and Hunt Club are strong performers and are poised to benefit from value-add initiatives such as enhanced exterior and common area amenities, and unit interior upgrades,” stated Brian Rakowski, Emma Capital’s Indianapolis Asset Manager.

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