GAINESVILLE, FL – The Bainbridge Companies, a leading owner, developer and manager of luxury communities in the eastern U.S., announced it has completed the buy of more than 11 acres in Gainesville, Fla. near the University of Florida, on which it will develop Campus Circle Gainesville, a 492-bed student housing community. The community will open in advance of the 2020-2021 academic year. Bainbridge’s joint venture development partner is Diamond Realty Investments, Inc.

Located at the intersection of SW 38th Terrace and Hull Road, the four-tale, garden-style Campus Circle Gainesville is adjacent to campus and two existing shuttle shops. Hull Road is the major thoroughfare through the south side of campus and leads directly to the nearby student wellness center and athletic fields, including the site of the recently announced $50 million Gators baseball stadium. The property will appeal to students because of its location between the campus and the fastest-growing retail corridor in Gainesville. The corridor includes Butler Plaza, a 2 million-square-foot lifestyle center with more than 150 retail and restaurant options, including Trader Joe’s, Whole Foods, and numerous other national chains. 

“We are extremely excited about this project,” said Alex Eyssen, Vice President of Student Housing for Bainbridge. “This property will combine a fantastic location with exactly the kind of highly amenitized living experience that today’s college students demand. The large site, no longer common adjacent to a Tier 1 university like University of Florida, allows for plenty of amenity, recreation, wellness and study space. Additionally, we are looking forward to expanding Bainbridge’sexisting presence in student housing with this community.”

Common-area amenities will include an outdoor lounge and study area, resort-style courtyards, and a swimming pool with WiFi-enabled sundeck and private cabanas. Campus Circle Gainesville will feature a 24-hour fitness center with cardio theater and yoga studio. Additionally, it will have a clubhouse with several spaces, including a lounge and gaming room. Considerable effort was given to the expansive 24-hour private study area, which includes open study space, group study areas and a larger conference space. Other community amenities will include dog-walking trails, scooter parking spaces, and both indoor/outdoor bike storage.

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CHARLOTTE, NC – Preferred Apartment Communities announced the acquisition of CityPark View South, a 200-unit Class A multifamily community in Charlotte, North Carolina constructed in 2017. 

CityPark View South features an expansive clubhouse and high-end amenity package, highlighted by a resort-style saltwater pool, 24-hour package locker system and Energy Star stainless steel appliances. 

“The opportunity to buy this new and attractive community came through a real estate loan investment that PAC made for the development of the community over two years ago and once again demonstrates the imbedded value inherent in these loans,” said Jeff Sherman, Executive Vice President and Director of Multifamily Investments for PAC. 

 PAC bought this community through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Prudential Affordable Mortgage Company. The first mortgage loan is approximately $24.1 million, bears interest at a fixed rate of 4.51% per annum, matures in June 2029 and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership. 

Mr. Sherman added, “CityPark View South is the second phase to PAC’s existing CityPark View asset, making operational efficiencies for both communities, and brings the total unit count to 484 between the two properties.”

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LOS ANGELES, CA – Decron Properties has bought Willow Creek, a 208-unit multifamily community in San Jose, CA for $84.6 million, increasing its annual investment activity for the year to a record $345 million.

Decron’s other 2018 acquisitions include Bridgecourt, a 220-unit mixed-use community with apartments and ground floor retail in Emeryville, CA, which closed in January, and its $173 million acquisition of Avana 522 in Seattle, WA last month, the largest single investment in Decron’s history.

Decron has made a substantial footprint in Northern California since entering the multifamily market three years ago. With Willow Creek, the Los Angeles-based diversified real estate firm’s local portfolio now totals five properties and 858 units.

“The Northern California multifamily investment market is extremely competitive and the opportunities to buy an asset like Willow Creek, that fit our investment strategy, are hard to find,” said Decron Chief Financial Officer Daniel Nagel. “We will continue to be active, but patient in the market, as we continue to look for the right kind of assets.”

Built in 1985, Willow Creek consists of a mix of one- and two-bedroom floor plans. All units include full-size washer and dryer, central heating and air conditioning, walk-in closets, patio or balcony, and enclosed garages or covered parking. The common areas include two resort-style pools and spas with poolside Wi-Fi access, a health and fitness center, lighted tennis court, a children’s play area and landscaped courtyards.

Willow Creek represents an exceptional value-add opportunity. Decron plans to undertake a significant capital improvement program, which will include upgrading unit interiors. Common area improvements will include renovating pool areas, the fitness center, as well as new landscaping and exterior paint to enhance the curb appeal of the property.

The property is located in the neighborhood of Willow Glen, a small walk from the Fruitdale VTA light rail station. This puts residents less than a 10-minute train ride away from Google’s proposed eight-million square-foot downtown San Jose Campus.

“As a long-term investor, the proposed Google campus was another compelling reason for us and our investors to buy this well-located property with long-term upside,” said David Nagel President and CEO of Decron Properties.

Decron was also attracted to this property because of its BMR component. The property operates under a Regulatory Agreement that requires 20 percent (42 units) of the community to be rented at (BMR) below market rents to tenants with household incomes at or below 60 percent of the Area Median Income.

“These units always will be in high demand, which will allow overall occupancy at the property to exceed market rate averages and help to generate strong and stable cash flows,” added Nagel.

Salvatore Saglimbeni, along with Stanford Jones, and Philip Saglimbeni from Institutional Property Advisors’ (IPA) Palo Alto office, represented the seller in the transaction.

“The median price for a home in San Jose is more than $860,000, pricing many residents out of the for-sale housing market and resulting in tremendous demand for quality rental housing like Willow Creek,” said Saglimbeni, IPA’s senior managing director.

Decron is one of the largest privately owned real estate firms in California with 2018 Revenues that will exceed $200 million. Decron’s portfolio includes more than 7,500 apartment units and 1.5 million square feet of garden, office and retail centers. 

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