APPLE VALLEY, MN – CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought the second phase of Remington Cove, a 196-home apartment community in the Twin Cities metropolitan area. 

Based in the heart of Apple Valley about 20 miles south of Minneapolis and St. Paul, the second phase features 95 apartment homes and joins Remington Cove Phase I in the CAPREIT portfolio. The 101-home original phase was developed in 2015 and bought by CAPREIT in 2017. Although the two phases combine to constitute one apartment community, CAPREIT bought the phases in separate transactions. 

“We’re delighted to add Phase II to the CAPREIT family and to expand our presence in the wonderful Apple Valleymarket,” said Jay Tucker, acquisitions associate for CAPREIT. “Whether our residents prefer the small-town feel of the community or the cosmopolitan sophistication and thriving employment market of a large-scale downtown, it’s all within reach at Remington Cove.”

Situated at 15430 Founders Lane, Remington Cove residents delight in a commuter-friendly locale within walking distance of the Apple Valley Transit Station’s Metro Red Line, which provides rapid bus service throughout the metro area. Interstate 35 is within a small drive, offering prime connectivity to the Twin Cities, Minneapolis-St. Paul International Airport and many local hot spots, including the world-well-known Mall of America and Minneapolis Institute of Art. 

Additional nearby attractions include the Minnesota Zoo, Guthrie Theater, Weisman Art Museum and several sporting venues, including state-of-the-art U.S. Bank Stadium, the home of the Minnesota Vikings that opened in 2016. Many parks and trails surround the community, and recreational enthusiasts are within 17 miles of spectacular Minnehaha Park, home to 53-foot Minnehaha Falls. 

With the addition of the Phase II, Remington Cove consists of studio, 1-, 2- and 3-bedroom apartment homes ranging from 541 to 1,622 square feet. Apartment interiors feature nine-foot ceilings, full-size washers and dryers, granite countertops and stainless steel appliances. Select units include electric fireplaces, and residents also have access to additional storage.

Common-area amenities at the pet-friendly, smoke-free community include heated underground parking, two fitness centers, outdoor fire pit and picnic patio, off-leash dog park, conference room, business center and a community room with full kitchen.

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KANSAS CITY, MO – JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Summit Ridge Apartments (Summit Ridge) in Lee’s Summit, Mo. JVM Management will manage the property.

The community, which features 432 apartment homes, is located just 20 minutes from downtown Kansas City and its array of employers, attractions and cultural venues. The property’s close proximity to two interstates (I-470 and I-70) and two federal highways (U.S. 50 and U.S. 71) gives residents simple access to the entire metro area. Summit Ridge also is just more than a mile away from St. Luke’s East Hospital, the largest private employer in Lee’s Summit, and is near several well loved retail centers, including Summit Woods, Summit Honest and downtown Lee’s Summit. 

JVM plans to add value to the community by undertaking renovations such as full unit upgrades and by repurposing underutilized amenities in order to add a package delivery facility with 24/7 access to residents, expand the fitness center and improve resident gathering spaces.  

“We are extremely enthusiastic about the addition of Summit Ridge Apartments to our portfolio,” said Jay Madary, president and CEO of JVM. “This property is truly a perfect fit for us. It has the kinds of units and amenities that will appeal to today’s Class A renter in metro Kansas City, and it’s located in a thriving submarket. On top of that, we believe we’ll drive significant revenue growth through the upcoming renovations as well as our experience in the area and the implementation of our marketing, revenue management and construction expertise.”

Community amenities at Summit Ridge Apartments include a resort-style pool with sundeck and heated spa; a 24-hour fitness center with cardio and strength-training equipment; a resident lounge with a coffee bar, business center and conference room; and a dog park and separate pet washing station.

Summit Ridge Apartments offers one-, two- and three-bedroom apartment homes. The units feature 9-foot ceilings with crown molding, 2-inch plantation blinds, hardwood-style flooring, brushed nickel fixtures and hardware, ceiling fans and kitchen backsplashes. Select homes have fireplaces, and private balconies and patios.

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LOS ANGELES, CA – TruAmerica Multifamily in partnership with capital partner ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has bought Corte Bella, a 251-unit multifamily community in the Orange County city of Fountain Valley, CA for $85.8 million.

This is TruAmerica’s second significant Orange County investment in the past six months.  In February, the Los Angeles-based real estate investment firm bought a 264-unit apartment community in Huntington Beach for $90.5 million.  Both are among the largest single asset multifamily acquisitions in Orange County in 2018.

2018 continues to be an active year for TruAmerica as the firm builds upon its portfolio of more than 36,000 apartment units across the United States.   TruAmerica has bought approximately $750 million in multifamily assets, totaling 4,000 units over the past 12 months, with nearly one-third in the Southern California area.  

“Fountain Valley is a highly desirable, centrally located Orange County submarket, with a severe shortage of modern rental housing, making Corte Bella a compelling investment opportunity,” said TruAmerica Director Zach Rivas who led TruAmerica’s acquisition team.   “The vast majority of Fountain Valley’s 4,200 multifamily units were built prior to 1980, and due to high barriers to entry, there is very small new product is in the pipeline.”  

Built in 1969, Corte Bella is located on an ultra-low-density 12-acre site at 9580 El Rey Avenue.  The community features a mix of one- and two-bedroom apartment homes, with private garages in 33, two-tale residential buildings.  Common area amenities include seven swimming pools, fitness center, dog park, courtyards and barbecue picnic areas.   Corte Bella was 97 percent occupied at the time of closing. 

“Working with TruAmerica we plot to upgrade units and take advantage of the property’s unique amenities to maintain high occupancies and solidify rent levels in one of the country’s most favorable and desirable multifamily investment markets,” said Aaron Duncan, ASB Senior Vice President.

The multimillion-dollar capital improvement program will include the installation of washer/dryer connections in each of the apartments.   This will allow for the conversion of nine existing laundry facilities to a variety of new tenant amenities such as a business center, pet spa and bike storage.  

The property was marketed on behalf of the seller by the Moran & Company team of Mike Murphy, Tom Moran, Jr. and Mary Ann King. 

The acquisition was leveraged with 10-year financing through Freddie Mac’s select sponsor program, which was arranged by Berkeley Point Senior Managing Director Mitch Clarfield. 

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