Author: ipgocorp

SEATTLE, WA – Security Properties and Intercontinental Real Estate Corporation purchased Echo Lake Apartments, a 289-unit apartment property with 8,999SF of retail built in 2009 and located in Shoreline, WA. Security Properties now owns a total of 18 assets in the Puget Sound region.  The asset was purchased in the fourth joint venture between Security Properties and Intercontinental.

Echo Lake Apartments are located in the Seattle suburb of Shoreline, WA. The community offers convenient access to major employment, transportation, retail and recreation. Twenty minutes south of Echo Lake is Seattle’s Central Business District, the Pacific Northwest’s largest employment center accounting for over 300,000 jobs. Twenty minutes to the north sits Boeing’s Everett Factory. The factory employs over 40,000 workers and produces Boeing’s large aircraft, 747s, 767s, 777s and the new 787 Dreamliner.

The location offers a wide range of transportation options as mass transit, SR 99 and I-5 are all easily accessible. The site is located directly on the rapid ride “E Line”, neighboring the Shoreline Park & Ride and blocks from the Aurora Village Transit Center. Echo Lake is also adjacent to SR 99 and a 5-minute drive to I-5, offering direct routes north to Everett and south into the Seattle CBD. Additionally, the future Shoreline Light Rail Station site is less than 5 minutes southeast of the property.  

The property is situated in a unique setting along the shores of Echo Lake. Immediately next to the resident clubhouse lies the 12-acre Echo Lake Park with expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile Interurban Trail.

Living at Echo Lake also provides residents access to Shoreline’s top performing schools. The highly desired Shoreline School District is rated 9/10 by greatschools.org and #10 on the Niche.com 2017 list of Best School Districts in Washington.

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket.  With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area.  Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline.”

According to Jessica Levin, Senior Director, Acquisitions for Intercontinental, “Seattle is a dynamic market and we are excited about the employment drivers in the area. Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo Lake Apartments an excellent long term investment for our investors.”

Allen Logue, Associate Director, Acquisitions for Intercontinental added, “Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a ‘first ring’ suburban location exhibiting strong market fundamentals and close proximity to major arterials and public transportation nodes.”

The property will be managed by Security Properties-affiliate Madrona Ridge Residential.

MIAMI, FL – Robbins Electra, one of the fastest-growing multifamily owner-operators in the Southeastern U.S, has announced the acquisition of Broadwater at the Hammocks, a 424-unit apartment community in Miami, Fla. The company intends to renovate and rebrand it as “Lago Paradiso.”

This acquisition in Miami increases the company’s Florida presence to 31 properties with approximately 9,000 total units. Nationally, Robbins Electra’s portfolio includes over 23,000 apartment units totaling over $2.5 billion in value.

“The acquisition of Lago Paradiso demonstrates our confidence in Miami’s strong job market and continued population growth,” said Joe Lubeck, CEO of Robbins Electra. “The conditions of the market have created a healthy demand for apartments. We plan on upgrading the apartments’ interiors as well as the community amenities, ensuring that it remains a welcoming, reasonably priced community for professionals and working families.”

According to the U.S. Census Bureau, Miami-Dade is the most populous county in Florida with a population of 2.69 million, rising by 7.8 percent in the past five years. The county has also experienced strong employment growth, with the adjusted unemployment rate falling to 5 percent in April.

Robbins Electra will carry out a multimillion-dollar property renovation at Lago Paradiso, upgrading apartment interiors and enhancing the community’s amenities. Located at 15000 SW 104th Street, Lago Paradiso features one- and two-bedroom apartments in two-story buildings, and offers resort-style amenities including two swimming pools, a fitness center, a jogging trail, a sand volleyball court, and an indoor racquetball court.

The community is conveniently located near the Florida Turnpike, the Palmetto Expressway, as well as Miami International Airport and Miami Executive Airport. Within walking distance, residents can also take advantage of nearby shopping centers, fine restaurants, entertainment, and a public library. The property is currently 98% occupied with average monthly rents of approximately $1,218.

NEW YORK, NY – New York-based real estate investor/developer Soho Properties announces the commencement of sales for 45 Park Place, an exclusive collection of 50 contemporary Loft and Tower residences in the New Downtown area of Tribeca designed by architect Michel Abboud of SOMA, with interiors by designer Piero Lissoni – for his first New York residential condominium development. Stribling Marketing Associates is directing the sales and marketing efforts for the property, with a team led by Elizabeth Stribling.

Additional artists involved in the creation of this limited edition of unique residences include Ismael Leyva as the architect of record. The tower’s plaza, garden and neighboring museum will be designed by world renowned architect Jean Nouvel.

“We are proud to be working with such an extraordinarily creative design team and excited to see 45 Park Place coming to fruition,” said Sharif El-Gamal, chairman and CEO of Soho Properties. “This remarkable tower will be a striking contribution to the New Downtown. It is incredible to see our vision for the building and the overall neighborhood materializing.”

Floorplans at 45 Park Place feature a fresh perspective from SOMA, offering buyers an uninterrupted experience, especially in the full-floor Tower residences, which seamlessly integrate into the iconic New York City skyline. Loft residences pay homage to the quintessential Tribeca experience, enveloping buyers with its space and volume.

Exclusive amenities, also designed by Piero Lissoni, include a spacious double-height, 24-hour attended lobby and garden, a luxurious 50-foot indoor pool and spa, a resident’s lounge, fitness center, yoga/barre studio and a children’s playroom. High-end finishes, materials, appliances, and fixtures have been hand-selected and include exclusive design elements by top luxury brands, such as Gaggenau and Boffi.

Construction commenced at 45 Park Place in June 2016 and is expected to be completed in early 2019. The sales office at 74 Leonard Street in Tribeca replicates a full-floor residence at 45 Park Place.

IRVINE, CA – SARES REGIS Group, headquartered in Irvine, CA, has launched construction on three apartment communities, totaling 348 units, in downtown Long Beach. The Alamitos, 136-units and The Linden, 49-units, have started construction and are on the eastern edge of downtown in the vibrant East Village. The third community, The Pacific, with 163-units, is on the west side of downtown, and is part of the Civic Center master-plan redevelopment.

“We are delighted to provide quality housing to enhance the growing vibrancy of downtown Long Beach,” said Chris Payne, Managing Director of SARES REGIS Group. “Downtown is fast becoming a great place to live, with abundant amenities nearby. Long Beach is undergoing a revitalization of its urban core stimulating new housing demand and we believe this is just the beginning of great times ahead for Long Beach.”

All three communities are adjacent to urban amenities, including restaurants, bars and shopping. Also within walking distance will be the Metro Blue Line, which provides a direct connection to downtown Los Angeles. 

The communities offer striking and unique architecture complimenting each of the neighborhoods.  They also provide stylish interior and exterior amenities including courtyards with active dining and gaming, state-of-the-art fitness centers, rooftop decks, game rooms, bike rooms and pet amenities.  Apartments will offer contemporary finishes with modern kitchen and bath features, washers and dryers, recessed lighting, stainless steel appliances, and USB charging ports. All buildings will be LEED Certified, and are designed by Long Beach based architects Studio One Eleven. 

The Alamitos. Located at 1st Street and Alamitos Avenue, The Alamitos will offer 136 apartment homes plus 2,500 square feet of ground-floor restaurant space, and six floors of apartments. The unit mix will consist of studios, and one- and two-bedroom floorplans, ranging from 660 square feet to 1,620 square feet. Construction began in May 2017 and will be completed in early 2019.

The Linden. The Linden, at 4th Street and Linden Avenue, will provide 49 apartment homes plus 2,500 square feet of ground-floor retail, along with five floors of apartments. The unit mix will be an even split of one and two bedroom apartments, ranging from 700 square feet to 1,570 square feet. Construction will begin in June 2017 and will be completed in early 2019.

The Pacific. The Pacific, at 3rd Street and Pacific Avenue, with 163 apartment homes, will have seven levels of apartments. The unit mix will include ground floor townhomes on all street frontages, and studios, one- and two-bedroom apartments.  Ten percent of the units (17) will be reserved for moderate income residents.  Construction will begin in July 2017 and will be completed in summer of 2019.

SARES REGIS Group of Irvine, California, is a privately held real estate development, investment and management firm that focuses on commercial properties and multifamily communities in the western U.S.  Since its founding in 1993, SRG has developed and acquired more than $7 billion in commercial and residential assets.

SCOTTSDALE, AZ – Colony Starwood Homes, a leading single-family rental real estate investment trust, announced that it entered into a purchase agreement with Waypoint/GI Venture, LLC pursuant to which it will acquire a portfolio of 3,106 single-family rental homes that the Company currently manages for approximately $815 million.

The GI Portfolio is located entirely within the Company’s existing markets, including Southern California, Northern California, Chicago, Atlanta, Tampa, Phoenix, Miami and Orlando. As of March 31, 2017, the GI Portfolio was 95.8% occupied.

“This transaction represents another important growth milestone for Colony Starwood Homes, continuing our focus on increasing scale, enhancing market density and realizing incremental operational efficiencies across our platform,” said Fred Tuomi, the Company’s Chief Executive Officer. “The GI Portfolio Acquisition presents an attractive opportunity for the Company to efficiently convert a large portfolio of homes from managed to wholly owned assets, all within our current market footprint with concentration in the high growth California market.”

Pursuant to the Purchase Agreement, the GI Portfolio Acquisition is expected to close in the third quarter of 2017, subject to the satisfaction of various closing conditions.

Colony Starwood Homes is one of the largest publicly traded owners and operators of single-family rental homes in the United States. Colony Starwood Homes acquires, renovates, leases, maintains and manages single-family homes in markets that exhibit favorable demographics and long-term economic trends, as well as strengthening demand for rental properties.

ORLANDO, FL – An Investcorp-TruAmerica Multifamily joint venture has acquired a 708-unit, two-property apartment portfolio in Orlando, FL for $98 million. The purchase of the 360-unit Montevista at Windermere and the 348-unit Highpoint Club marks TruAmerica’s entry into the Southeast property markets.

Los Angeles-based TruAmerica, one of the 50 largest multifamily owners in the United States only four years after its founding, has been actively seeking investment opportunities in Florida since establishing an East Coast office in the Fall of last year, according to Eastern U.S. Director of Acquisitions Matthew Ferrari.

“Investment sales in Florida have been much slower in the first half of the year which has created a frenetic and competitive market for quality assets,” said Ferrari, who leads TruAmerica’s East Coast operations out of its Arlington, VA-based office.  “We were able to leverage our successful track record and relationships to acquire these properties in what was a very intense competition.”

Both Montevista and Highpoint are institutional quality assets each located in desirable neighborhoods with great schools less than 10 miles from Downtown Orlando.  Each community features a mix of one-and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center.

The joint venture plans an extensive value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves.  Improvements also will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors.   When completed, each community will be better suited to meet the growing demand for quality apartment living by the thousands of people that continue to move to Orlando each year.

More than 60,000 people moved to Orlando last year and the population is expected to grow by 7.7% through 2021, providing a steady flow of potential new renters to the region, according to CBRE Econometric Advisors.

“The Orlando economy has diversified well beyond tourism and is now home to new jobs from a broad group of employment sectors including healthcare, telecom, bio tech, and high technology,” added Brian Kelley, Managing Director with Investcorp’s Real Estate Group, which has now partnered with TruAmerica on eight multifamily investments throughout the United States.  “These sectors have fueled the Orlando job engine, which is leading the rest of the nation in employment growth.”

The investment will benefit from seven-year floating rate agency debt financing arranged by Richard Jordan’s Atlanta-based CBRE team.

The Orlando-based team of Shelton Granade, Luke Wickham and Justin Basquill, also with CBRE, marketed the property on behalf of the seller.

MIAMI, FL – ZOM Florida, and Invesco Real Estate, a global real estate investment manager, recently broke ground on MAIZON AT BRICKELL, a 262-unit multifamily highrise located within the Brickell district of Miami. This distinctive project will comprise both an 8 and 19 story midrise and highrise structure with attached structured parking, and occupies an excellent location within walking distance of Mary Brickell Village, Brickell City Centre, Miami Avenue and Brickell Avenue shopping venues, as well as over 50 restaurants within a five block radius.

“We are excited to partner with Invesco Real Estate on our first ever development venture together” said Kyle Clayton, ZOM Florida’s Development Vice President. “Our project site has excellent pedestrian access to the numerous retail, entertainment, and employment locations available in Brickell, and is also convenient to downtown Miami via the multi-modal public transportation nearby. Maizon will bring a new level of quality, unit features and amenities to the burgeoning West Brickell neighborhood.”

“We are very enthusiastic about the future of the Brickell neighborhood and the Miami market as a whole. Invesco Real Estate looks forward to working with ZOM to deliver a high quality product that will be distinctive in the market. We’re hopeful that the new relationship with ZOM will bring opportunities for future high quality investments benefiting our institutional clients,” said Evan Roth, Acquisitions Director at Invesco Real Estate.

Maizon is expected to deliver the first units in Q1 2019, with pre-leasing starting in late 2018. ZRS Management, LLC has been retained to provide leasing and property management services. Construction financing was provided by Santander Bank. Moss is the general contractor, and MSA Architects, Inc. is the architect firm for the project.

ZOM is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed over 17,750 apartment units nationwide, with an aggregate value of nearly $3.3 Billion.

DALLAS, TX – Steadfast Apartment REIT III announced that it has acquired The Pointe at Vista Ridge (formerly known as Enclave at Vista Ridge), a 300-apartment-home community located in the Northern Dallas submarket of Lewisville.  The purchase price was approximately $44 million.

“Dallas is a growing region with demographic trends that are a good fit for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” said Ella Neyland, president of Steadfast Apartment REIT III, Inc. “Additionally, The Pointe at Vista Ridge enjoys an ideal location in the midst of a thriving neighborhood with numerous lifestyle amenities for our current and future residents.”

Completed in 2003, The Pointe at Vista Ridge includes 11 three-story buildings with one-, two- and three-bedroom apartment homes that average 1,080 square feet. In-place rents average $1,187 per month and the community is currently 94.3 percent occupied.

The Pointe at Vista Ridge’s amenities include a resort-style pool with an outdoor kitchen, 24-hour fitness center, playground, clubhouse with resident lounge and theater, outdoor BBQ grills, business center, a sand volleyball court, walking trail, game room with billiards and game station, a pet park and washing area, a tanning bed, car-washing station and covered carports. Every apartment home in the community features nine-foot ceilings, washer/dryer connections, crown molding, faux granite countertops, ceiling fans and private balconies or patios.

As part of the Steadfast Value Enhancement Strategy, STAR III plans to renovate all unit interiors to include an upgraded appliance package, new laminate countertops, new plumbing fixtures, new vinyl wood flooring and carpeting, and upgraded lighting when turning apartments between residents.

Located in Lewisville, 20 miles north of downtown Dallas, the community offers easy access to many Dallas-area business parks including Frisco Business Parks, Legacy West Development, Legacy and Granite Business Parks, and the Platinum Corridor. The Pointe at Vista Ridge is also located adjacent to Vista Ridge Mall and is just minutes from Stonebriar Centre.

STAR III believes the Dallas area is well-positioned for long-term success as it continues to benefit from a diverse range of industries and growth including the anticipated completion of Toyota’s U.S. headquarters later this year.

With the acquisition of The Pointe at Vista Ridge, STAR III has invested approximately $176 million with five multi-family properties, totaling 1,212 apartment homes, in Colorado, Georgia, Illinois and Texas.

PORTLAND, OR – For a new apartment building, Sky 3 has quite the social life.  Sky 3 is a brand new 15-story mixed-use development located at 1221 SW 11th Avenue offering 196 apartment units, innovative amenities for active lifestyles, shared social spaces, and 14,500 square feet of ground floor retail space.

It will celebrate its grand opening with a private reception at the community on June 6, 2017 that will include the project team, city officials and local business leaders. An open house for the public with light refreshments and tours of the community will follow the reception from 4:00pm to 6:00pm. 

“We are delighted to celebrate the grand opening of Sky 3 and hope that it has a positive impact on downtown Portland’s housing market,” says Rich Worthington, President and COO of the Molasky Group which developed Sky 3.  “The building is an asset to downtown Portland and it will offer its residents modern apartment living with innovative common areas and amenities that reflect today’s social lifestyle, on-site retailers and great access to all that Portland has to offer.” Local roaster, Coava Coffee, will be the first retailer to open on Sky 3’s ground floor retail space and additional retail space will accommodate a full-service restaurant/bar.

The community is professionally managed by Greystar and includes studios, one, and two-bedroom floor plans and penthouse units ranging in size from 518 to 1,416 square feet. Interior finishes include stainless steel appliances, two-tone white/dark brown contemporary kitchen cabinetry, quartz countertops, tile backsplashes, plank wood-style flooring. Residences feature dramatic nine foot ceilings, spacious walk-in closets, washers and dryers as well as large private balconies and patios in select units.

What truly sets this community apart are its amenities and social spaces including a demonstration kitchen, wine cellar available for private tastings, free Wi-Fi in common areas, a fitness center, game room, library, business center, meeting rooms and concierge service. The rooftop patio includes an outdoor lounge, covered seating, a fireplace and BBQ grilling stations. The pet-friendly community includes a dog grooming station and for bicyclists, a dedicated and secure storage room, wash and repair station.

“Sky 3 affords residents wonderful access to arts and entertainment,” said John Crawford, Director for Greystar.  “The community is situated in the Cultural District in close proximity to the Portland Art Museum, Oregon Historical Society, Arlene Schnitzer Concert Hall, Portland Farmer’s Market, and the beautiful Park Blocks. People who live at Sky 3 can readily walk to the best places in Portland.”

Sky 3 will offer 39 affordable units at 80% of median income through Portland’s Multiple-Unit Limited Tax Exemption (MULTE) program. The affordable component makes apartments accessible to a broader demographic and will add value to a community in need of affordable housing solutions.

ANAHEIM, CA – JPI, a leader in the development of Class A multi-family communities, has announced the closing of construction financing for Jefferson Stadium Park’s Phase II, consisting of 376 luxury apartment homes, including 12 live-work units. The community is located on a prime 17.6-acre site within the prestigious Platinum Triangle area in Anaheim, California – directly adjacent to Angel Stadium of Anaheim.  Jefferson Stadium Park, a master plan development, will consist of three phases, and will ultimately result in the construction of 1,079 luxury apartment homes, a 1.1-acre public park, as well as 14,600 square feet of community-oriented retail space.

The Jefferson Stadium Park Phase II finance closing, which represents a total Phase II investment of $132 million, follows the announcement of the development’s Phase I finance closing, with an investment of $128 million.  Jefferson Stadium Park Phase II construction financing is provided by East West Bank, based in Pasadena, California, with a focus on both US and Greater China markets, as well as  First Community Bank, based in Santa Rosa, CA including 9 branches located in the San Francisco Bay Area. 

“JPI’s investment in Anaheim’s Platinum Triangle affirms our confidence in the City’s leadership to make Platinum Triangle a new downtown for Southern California’s Orange County,” said Todd Bowden, JPI’s Western Region Senior Vice President and Managing Development Partner.  JPI currently has four projects in various stages of development within Platinum Triangle, with a total anticipated value upon completion of over $675 million. “The City’s vision for this area, and investment in the infrastructure, has created an environment that encourages private, multi-use development, and is an effort worthy of investment for the long term,” said Bowden.

Anaheim’s Platinum Triangle has been in an urban re-use planning process spanning over a decade.  The City expects that Platinum Triangle will generate in excess of $1.5 billion in investment. “Jefferson Stadium Park represents the ideals that the City originally envisioned for Platinum Triangle,” said Anaheim Mayor Tom Tait. “JPI’s investment in the area – not only Stadium Park, but Jefferson Platinum Triangle, equates to approximately one-third of the City’s goals for developer investments.”

In June, 2016, JPI received unanimous approval for the project from the Mayor and City Council. In September 2016, it was announced that JPI had partnered with Grand China Fund, a Beijing-based private equity real estate fund, in a Joint Venture to develop both Phase I and II of Jefferson Stadium Park.  Laurie Mathers, the U.S. based Head of Acquisitions for Grand China Fund, commented that: “On behalf of our investors, we would like to thank JPI for leading our joint venture through another critical stage of the construction process. Securing financing for such a major development is a significant milestone and we look forward to delivering quality housing for Anaheim’s current and future residents.”

Gus Villalba, Managing Regional Partner of JPI’s Western Division, said: “The closing of both Phase I and Phase II financing, coupled with the investments from our Chinese partners, gives us great confidence in Platinum Triangle, and the ability to continue to attract investors from the global market.”

Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment, including Major League Baseball’s Los Angeles Angels of Anaheim, and the National Hockey League’s Anaheim Ducks.  Additionally, the project is located one mile from the Downtown Disney Shopping District; Disneyland, and California Adventure theme parks.  It is also located within ten miles of Anaheim’s top five employers: Disneyland Resort, Kaiser Foundation Hospital, Hilton Anaheim, Cash Call, Inc., Mortgage Division, and Anaheim Memorial Medical Center.