TAMPA, FL – Preferred Apartment Communities announced the acquisition of the Lodge at Hidden River, a 300-unit Class A multifamily community in Tampa, Florida constructed in 2017.  

“We bought this newly constructed property through a real estate loan investment PAC made to construct the property over two years ago,” 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 The Prudential Insurance Company of America. The first mortgage loan is approximately $41.7 million, bears interest at a fixed rate of 4.32% per annum, matures in October 2028 and amortizes based on a 30-year schedule.  There are no loan guaranties provided by PAC or our operating partnership. 

Mr. Sherman added, “We are excited to expand our portfolio in Tampa, which is a market that continues to show strong macro fundamentals. The Lodge at Hidden River not only has high-end finishes and an expansive amenity package, but stands apart from its competition with its preservation of natural wooded greenspace throughout the community.”

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select target markets throughout the United States.  As part of their business strategy, they may enter into forward buy contracts or buy options for to-be-built multifamily communities and may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. 

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BINGHAM FARMS, 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, continues to expand its portfolio in Michigan, this time in the Flint area.

FOURMIDABLE has been selected as the new managing agent for Vanderbilt Townhomes specifically to help this property reach its full potential. It is the shared vision of the property owner and the FOURMIDABLE team that, with proper management and an infusion of capital to renovate the property and individual units, Vanderbilt Townhomes can be an asset in helping to revitalize the greater Flint area.

Michael Schocker, FOURMIDABLE president, said, “We see Vanderbilt Townhomes as an vital addition to our management portfolio, and are looking forward to bringing it to the high-quality standards residents have come to delight in across all of our communities.”

Paul Lalli, Vanderbilt Townhomes owner, noted, “After spending two months researching different property management companies, I’m very excited that I chose to partner with FOURMIDABLE. They not only have the experience turning distressed properties around, they have the best plot to go my project forward.” 

Vanderbilt Townhomes is a market rate rental community consisting of 152 multi-family units across 19 townhouse-style buildings in Mt. Morris, Michigan, about 10 miles north of Flint. Vanderbilt Townhomes, a pet-friendly community, offers spacious two- and three-bedroom floorplans, unfinished basements, private entryways, and ample green spaces with rents ranging from $495 to $625 per month.  Water and trash is included in the rent.

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AUSTIN, TX – Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, in a joint venture with TH Real Estate (THRE), an affiliate of Nuveen, the investment management arm of TIAA, one of the world’s largest real estate investment managers, announced the acquisition of the 464-bed student housing complex, Signature 1909.

“Located in the heart of Austin’s West Campus neighborhood, Signature 1909 already has an unprecedented 500-plus person interest list for the 2019/2020 academic year following its 100 percent prelease for 2018/2019 eight months prior to the building even opening,” said Donna Preiss, founder and CEO, TPCO. “Preiss continues to seek student housing opportunities in high demand areas within walking distance of one or more major institutions of higher learning. With Axis West Campus, University Village at Austin and University Estates at Austin, we already have a strong presence in the market, providing us with invaluable insights into what today’s students want and need to have a successful academic career. With West Campus neighborhoods achieving 5.55 percent average rental growth since 2010 and indications that the University of Texas at Austin student enrollment will grow by 5.4 percent by 2020, we believe that Signature 1909 offers tremendous upside for leasing and rental growth.”

Located at 1909 Rio Grande St., in Austin, Texas, the 17-tale high-rise community is located within simple, three-minute walking distance from University of Texas at Austin and is in the midst of a large offering of nearby retail and restaurant outlets. Completed in fall 2018, the property offers premium one-, two-, three-, four- and five-bedroom open floorplans. All units include private bedrooms and bathrooms, as well as in-unit laundry.

The controlled-access building features a rooftop pool with infinity spillover pool and ample lounge seating, picnic lounge and built-in “Instagram Frame” showcasing the aerial view of campus for the perfect selfie. Additional amenities include a 24-hour fitness centers, two private study rooms with flat screen televisions, large study bar with floor-to-ceiling windows, four lounge areas and two community kitchens. Students also may use the building’s four-and-a-half tale underground parking garage and bike storage. Outdoor grill stations, 24/7 package pickup and access to free tanning round out amenities.

“Signature 1909 is our third joint venture with THRE, and we continue to seek additional opportunities with them and other well-respected partners with multiple investment objectives,” said Susan Folckemer, Preiss chief acquisitions & development officer. “The acquisition of this project marks our fourth student-centered apartment community in Austin, Texas, bringing our current market presence to 3,640 beds.”

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