NASHVILLE, TN – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Verse on Bell, a 336-unit garden-style asset in Antioch to be renamed Lyric on Bell. The acquisition punctuates American Landmark’s re-entry into the Tennessee multifamily market, following historically successful multifamily investments in the state. The property was 95 percent occupied at the time of buy.

American Landmark, and its equity partner Electra America, continue to selectively buy properties in brilliant locations across the Southeast and Southwest. The company has completed 23 property acquisitions worth $1.4 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio.

The firm plans to implement approximately $3.72 million in interior and exterior capital improvements throughout the property. Unit enhancements will include new kitchen cabinet doors, tile backsplash, spray kitchen countertops, washer/dryer, electronic key fobs, and USB chargers. Community upgrades will include a package locker system and clubhouse renovations.

“Nashville is experiencing a continuous revitalization in employment, with over 1 million payrolls for the first time and the 2.7 percent unemployment rate essentially indicating full employment,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With financial and manufacturing activities continuing to supplement the area’s labor market, the variety of jobs helped make the choice of returning to the Tennessee market an simple one.”

“Our acquisition strategy entails having a long-term vision for areas we make investments in,” added Joe Lubeck, CEO of American Landmark. “With Amazon bringing a new Center of Excellence for its Operations business that will make 5,000 jobs, Nashville is a dynamic city that promises steady growth, supplementing its multifamily market in the process.”

Verse on Bell features one-, two-, and three-bedroom units. Unit amenities include dishwasher, range, pantry, fireplace, walk-in closets, black appliances, plank flooring, and balcony/patio. Community amenities include a clubhouse with business center, 24-hour fitness center, two resort style pools, a dog park, two lighted tennis courts, and picnic/recreation areas.

Located at 455 Arbor Place, Verse on Bell is located near vital transit routes and employment hubs. Located less than five minutes away from Interstate 24, Verse on Bell is about 20 minutes away from Downtown Nashville, surrounded by major employers including Vanderbilt University, Nissan Stadium, Bridgestone Arena, Saint Thomas Midtown Hospital, and Adventure Science Center, among others.

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LAS VEGAS, NV – Sunroad Enterprises, a San Diego-based real estate investment and development firm, recently bought the 234-unit Adobe Ranch Apartments located in Henderson, Nevada for an undisclosed price. The firm has already begun significant interior and exterior property renovations and part of repositioning and rebranding the property as Cyan.

“With Henderson’s continuous job growth, demand for housing, and strong demographics, repositioning Cyan provides needed, modernized housing units in the area,” said Dan Feldman, President of Sunroad Asset Management. “Cyan provides Sunroad Enterprises the ability to continue our multi-family repositioning and property management expertise in the Las Vegas market.”

The two-tale property was built in 2003 and offers one- and two-bedroom units with certain units including direct access garages. Cyan’s shared amenities include a clubhouse, large swimming pool with a grill area, fitness center, business center, and pet park.

“Sunroad Enterprises plans contemporary renovations for the each of the property’s units as well as the creation of a modernized clubhouse and pool area that are tailored for today’s tenants,” Michael Dow, Executive Vice President of Sunroad’s Multifamily Division. “Our renovation plans for Cyan’s units include the installation of upgraded cabinets, quartz countertops, stainless steel appliances, resurfaced tubs, hardwood floors, and new light fixtures and doors.” 

The acquisition of Cyan increases Sunroad Enterprises’ rapidly growing Multifamily Division, which is now more than 4,000 units in various stages of new vertical construction or active value add renovation.  Sunroad’s multifamily growth has been primarily focused in California, Arizona, Washington and Nevada.

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BOISE, ID – Global real estate investment company Kennedy Wilson has bought Cottonwoods Apartments, a wholly-owned 188-unit apartment community in Boise, Idaho for $24 million. Kennedy Wilson invested approximately $11 million of equity (including closing costs) and secured a $14 million loan from Freddie Mac at a fixed rate of 4.33% for 10 years. The off-market buy reflects a continued focus on recycling capital into properties with value-add components in high growth markets.

“Boise has emerged as one of the fastest growing metro areas in the United States and one of the top-performing markets in our multifamily portfolio. New residents are drawn to Boise by the strong local education system, high-quality employment opportunities, relative housing affordability, lower taxes, job growth and lifestyle perks,” said Nick Bridges, Managing Director at Kennedy Wilson. “With Cottonwoods, we have the opportunity to take a very well-located property and add significant value through a top-to-bottom renovation program that will bring the property in line with the best multifamily properties in the area.”

Beginning immediately, Kennedy Wilson will initiate a large-scale renovation and rebranding of the property. More than $6 million will be invested to upgrade the unit interiors, improve the clubhouse, fitness center and pool, and address deferred maintenance projects. This will be most significant reinvestment into the property since it was built in 1986 and upon completion the apartments will be renamed “Reedhouse” as a tribute to the rich history of the site.

The apartments are located in Southeast Boise between a private lake and the Boise River, providing most of the units with waterfront views. The property is just minutes from some of the best employers in Boise, including Albertsons Companies, Micron, and the JR Simplot Company, as well as Boise State University and Downtown. Residents have direct access to public transportation, lush parks and walking/biking paths, including the 25-mile Boise River Greenbelt that follows the river through the heart of the city.

“We are excited about the potential to find and make value within the Boise multifamily market and plot to continue exploring opportunities to expand our presence there,” added Bridges. “With nearly 1,200 units owned currently, we hope to grow to 2,000 units in the Boise area by the end of 2020 through new acquisitions and development.”

Over the next several years, Kennedy Wilson has plans to develop 166 multifamily units on seven acres of land directly adjacent to the properties in its Boise portfolio, as well as 278 units on a fully-entitled, 22-acre site on the Boise River greenbelt in the high-income submarket of Eagle, Idaho.

The acquisition of Cottonwoods is the fifth significant buy for Kennedy Wilson in Boise since the company started investing in the region in 2014. Kennedy Wilson’s other assets include Whitewater Park Apartments with 324 units, Edgewater with 300 units, River Pointe with 204 units and Rosewood Apartments with 168 units. All of the Boise multifamily properties were secured through off-market transactions, bought directly from private sellers.

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