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Waypoint Residential Acquires Student Housing Community Serving University of North Carolina

CHARLOTTE, NC - Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it acquired 901 Place, a 576-bed, purpose-built student housing property that serves the University of North Carolina at Charlotte. Since entering the sector in 2016, Waypoint has acquired a total student housing portfolio of nearly 7,000 beds across 14 properties.

“We are pleased to own and operate a substantial number of quality student housing properties,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “With strong fundamentals driving the sector, student housing will remain an important component of our rental housing portfolio.”

901 Place is the fifth property acquired by Waypoint as part of a $102 million five-property student housing portfolio. The other properties in the portfolio were acquired in May 2017 and include: Maverick Place, serving the University of Texas at Arlington; High View Place, serving the University of Texas at San Antonio; Rebel Place, serving the University of Nevada at Las Vegas; and Spring Place, serving the University of North Carolina at Greensboro. The closing for 901 Place occurred after balance of the portfolio to allow for the assumption of in-place financing.

Built in 2000, 901 Place is a garden-style gated community proximate to the UNC Charlotte campus. The property boasts a competitive array of amenities, including a clubhouse, computer lab, game room, swimming pool, fitness center and yoga studio, as well as sand volleyball, tennis and basketball courts. Waypoint plans to invest over $3 million in property upgrades across unit interiors, common areas and amenities.

“901 Place is an excellent representation of Waypoint’s approach to its student housing business,” said Jeremy Pemberton, Chief Acquisition Officer of Waypoint Residential. “The property serves a university with a tremendous growth profile and is located in a state that we find attractive due to its positive macro fundamentals. Additionally, 901 Place represents an opportunity for us to bring to bear our real estate expertise and platform to add value through a meaningful repositioning and rebranding program.”

07/20/2018 09:09 AM

Napali Capital Acquires 187-Unit Westwood Apartments in Rapidly Growing Dallas Submarket

SOUTHLAKE, TX - Napali Capital announced the acquisition of Westwood Apartments in Dallas. The 187-unit property is located southwest of the city and just minutes from downtown. This acquisition brings the company's current portfolio total to eight properties, with three of these located in the DFW metroplex.

Westwood Apartments was built in 1969 and consists of 187 one, two, and three-bedroom units divided among 15 buildings. It is situated adjacent to Briar Gate Park and is near schools, Fiesta Supermarket, and many other retail and dining establishments. The popular Bishops Arts District is also just five miles away, offering residents additional dining and entertainment options.

Napali Capital plans to immediately rebrand Westwood Apartments and invest more than $400,000 for property upgrades and amenity improvements over the next 12 months. The company will retain Place 10 Residential to continue daily onsite management.  

"DFW continues to present a wealth of opportunity for our company and investors," said Napali Capital co-founder and Managing Partner, Thomas Black, M.D. "This area in particular is positioned for impressive growth over the next several years, and we are excited to be part of it."

The area surrounding Westwood Apartments is poised for massive growth. Dallas' GrowSouth Strategy aims to jumpstart local growth of that will to continue throughout the next several years through added infrastructure and capital improvements to bring businesses, additional public transportation and an increased demand for housing the area. Directly south of the apartments is the RedBird area, which also is experiencing revitalization through redevelopment. 

This purchase aligns with Napali Capital's strategy to acquire properties in areas with a strong economic base, low unemployment and job growth. In addition to Texas, Napali Capital currently owns properties in Georgia and plans to enter the Charlotte, North Carolina, market later this month.

07/20/2018 09:05 AM

Security Properties Acquires 228-Unit Seasons at Farmington Apartment Community in Bend, Oregon

BEND, OR - Security Properties and a university endowment purchased Seasons at Farmington, a 228-unit, Class-A multifamily community located in Bend, OR for $45,500,000. This is Security Properties' first acquisition in Bend. 

Seasons at Farmington is located in the Old Farm District, just southeast of Downtown Bend. In recent years Bend has become nationally recognized for its relatively low cost of living paired with its high quality of life. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Les Schwab Amphitheatre, an outdoor, riverfront venue that hosts a mix of year round concerts and events.

Bend has become the home of a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants. 

The units at Seasons at Farmington offer a mix of 1- and 2- bedroom floorplans. The apartment homes feature well-appointed kitchens, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a comprehensive amenity package including a swimming pool, a clubhouse with lounging areas and a fitness center, a dog park, and an outdoor fire pit.

The asset represents a core-plus investment with light interior and exterior renovation characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces. 

Davis Vaughn, Senior Director of Investments at Security Properties says, "Bend has been a target market for SP for several years because of the compelling combination of affordability and quality of life.  This is a top-of-the-market asset that should provide excellent returns for our investors as Bend continues to grow."

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

07/19/2018 09:25 AM

Development Group Unveils Last True Waterfront Condominium Building in San Francisco

SAN FRANCISCO, CA - The John Buck Company, Paramount Group, Inc., and SRE Group Ltd have officially unveiled the stunning vision for One Steuart Lane, a 20-story, last-of-its-kind condominium development situated directly along San Francisco's waterfront. Designed by world-renowned architecture firm Skidmore, Owings & Merrill (SOM), One Steuart Lane will evoke a sense of timeless elegance and sophistication, emulating the vast natural beauty that surrounds it.

The 120 residences will comprise one- to three-bedroom floor plans as well as penthouse residences that will range in size from approximately 900 to 3,100 square feet. Each residence will boast floor-to-ceiling windows with elevated ceiling heights displaying extraordinary natural light, with many featuring private balconies or terraces which will boast direct, unobstructed views of the Bay Bridge and Ferry Building. Envisioned by a team of internationally renowned designers, the rich interiors will conjure a sense of classic elegance with the finest finishes and fixtures available. A thoughtfully curated collection of amenities and services will include a residents' lounge with full kitchen, dining and outdoor gathering spaces, private fitness center, spa with water therapy showers and sauna, outdoor jacuzzi surrounded by a sun terrace, 24-hour lobby and valet attendants along with an approximately 4,500-square-foot retail space. 

"One Steuart Lane represents an opportunity that will likely never again exist in San Francisco. From the meticulously designed residences set squarely on the waterfront to the unparalleled views and prime location, One Steuart Laneoffers a world-class urban lifestyle for buyers who seek a private sanctuary but still desire a connection to the heart of the city," said Ben Kochalski, Principal, The John Buck Company.  "The San Francisco market has proven ready for a building of this caliber right now as tech titans open new offices in the city. With limited for-sale inventory slated to hit the market in the coming years, demand will grow for upscale housing that offers subtle, yet high-class design elements and is conveniently located next to the growing tech hub."

To achieve a vision that evokes both elegance and modernity, the development team engaged SOM and Rottet Studio to conceptualize a design that uniquely expresses the indoor-outdoor lifestyle of California living. Targeting LEED Gold certification, One Steuart Lane will also boast a minimally reflective, ultra-clear glass facade that will take advantage of the abundant sunlight and cool ambient climate in San Francisco to passively heat the residences and reduce energy consumption. 

"One Steuart Lane's ambition is to match the best site on the West Coast with truly world class architecture. The building connects owners visually and literally with the extraordinary natural and urban beauty of San Francisco. Pairing this architecture with Rottet Studio's renowned interiors brings a level of design to our waterfront on par with the best residences in the world," added Mark Schwettmann, Design Director of SOM in San Francisco.

07/19/2018 09:23 AM

Olympus Property Completes Acquisition of Hawthorne Apartment Community in Jacksonville, Florida

JACKSONVILLE, FL - Olympus Property announced the acquisition of Hawthorne in Jacksonville, Florida, a newly developed, Class A garden-style apartment community with a two-story "Big House Design."

Hawthorne is the fifth asset to be added to Olympus Property's Fund 8. This fund includes five properties diversified across four states. Investors gain direct access to these deals alongside Olympus at the same cost basis, without any mark up or catch up fees.

"Fund 8 provides our partners a geographically diverse real estate portfolio of the fastest growing markets across the United States," said Braden Barr, Senior Investment Officer at Olympus Property. 

Hawthorne features a central location. The property is situated down the street from Deerwood Office Park, home to many corporate offices including Blue Cross Blue Shield, Merrill Lynch, Duetche Bank, and State Farm. In addition, the Saint Johns Town Center, a 4.5 million square foot high-end lifestyle center, is less than five miles north of the property. The property is located within the Butler/Baymeadows office corridor, home to 61,500 jobs, and offers quick access to Downtown Jacksonville with its proximity to the J Turner Butler Boulevard.

"Hawthorne is one of the most desirable assets within the Jacksonville market due to its superior location and unique two-story design," said Chase Bennett, Director of Acquisitions.   

Hawthorne offers residents luxury amenities both inside the units and within the community. Unit features include granite countertops, designer cabinets and fixtures, black appliances, designer wood kitchen floors, gourmet kitchen islands with accent lighting, 2" faux wood blinds, tile bathrooms, garden tubs, washers and dryers, ground floor private entrances, as well as one and two car direct access garages in select units. Community amenities include a resort-style pool with cabanas and an outdoor kitchen, state-of-the-art fitness center, cyber cafe with coffee bar, poolside fire lounge, dog park, complimentary wifi throughout clubhouse and pool area, limited access entry gates, and detached garages.

Olympus Property, founded in 1992, is a fully integrated real estate investment firm based in Fort Worth, Texas. Over its 26-year history, the company has become a successful and recognized name in the multi-family industry.  Olympus currently owns and manages over 17,000 units across ten states including Texas, Florida, Oklahoma, Arizona, Arkansas, Tennessee, Georgia, New Mexico, Utah, and California. 

07/18/2018 09:05 AM

Abode Red Rock Apartment Community Opens Doors in Hot Southwest Las Vegas Submarket

LAS VEGAS, NV - Transcontinental Realty Investors and Abode Properties announced that the Abode at Red Rock apartments in Las Vegas, Nevada will be open and accepting leases within the week.

Abode Red Rock apartments is a 308 unit, Class A, mid-rise residential superstructure composed of 1 and 2 bedroom apartment units available in two design finishes. Units feature gourmet kitchens with high quality stainless steel appliances, islands, tile backsplash, quartz counters, and modern cabinetry with the self-closing hinges. Also included in each unit is designer lighting, stand-alone showers, oversized garden tubs, wood plank flooring, high ceilings, stackable GE washer and dryer, large picture windows and deep walk-in closets.

The building’s stylish design provides multi-color roof tiles, a façade of warm Mediterranean colors, real and simulated stone, and exterior gas lanterns. Property amenities include an internal parking structure, private courtyards, pedestrian zones with cobblestone sidewalks, a rooftop lounge with fire pits, a 24-hour state-of-the-art fitness facility, resort-inspired pool surrounded by lush landscaping, separate wading pool with beach front access and common areas equipped with Wi-Fi. In addition, the property boasts outdoor terraces with BBQ grills, a fenced pet park, and modern clubhouse with full a service kitchen and media lounge.

Located in the highly desirable Spring Valley area, Abode Red Rock is within walking distance of Tropicana Beltway Center, a popular shopping and retail area with grocery stores, shopping and restaurants. The community is surrounded by amazing views, from the mountains of Red Rock Canyon National Park to the nighttime city lights of the Las Vegas Strip.

“Our strategy of developing assets in sustainable and emerging markets across the United States is serving us well,” commented President and CEO Daniel J. Moos. “Abode Red Rock is located within Las Vegas’s hottest residential submarket called the 'Southwest' and is a prime example of our continuing strategic focus and success.”

07/17/2018 09:24 AM

Trammell Crow Residential Announces Groundbreaking at Diagonal Crossing Apartments in Boulder

BOULDER, CO - Trammell Crow Residential, a national multi-family real estate developer, announced that it will host a groundbreaking ceremony to honor the start of construction on Diagonal Crossing, a mixed-use apartment community on the northern edge of Boulder. 

TCR is donating three of the six parcels to local nonprofit organizations – Studio Arts, Meals on Wheels and Naropa University, which will utilize the space for community art classes, a meal distribution facility and faculty housing, respectively. The remaining three parcels will consist of one with 250 market-rate homes, one with 85 affordable homes and another with dedicated retail space. The affordable homes will be developed and owned by a partnership of Allison Management and Koelbel and Company.

“As the vast majority of Boulder’s housing stock consists of single-family homes and smaller buildings converted into apartments, the demand for quality apartment housing has grown well beyond the available homes in the market,” said Jarvie Worcester, Managing Director of Mountain States Division for TCR. “We believe the Diagonal Crossing community will help meet the demand while also creating housing opportunities for the firefighters, nurses, police officers and others who work to serve and protect the community. We’re also thrilled to give back to the community by donating parcels to three wonderful local nonprofits.”

Studio Arts is a nonprofit art education organization that provides high-quality ceramics programs the Boulder Pottery Lab and partners with similar arts organizations. The Boulder chapter of Meals on Wheels provides fresh, nutritious meals to people in need in the city, regardless of age or income. Naropa University is a Buddhist-inspired private liberal arts college based at 2130 Arapahoe Avenue. 

Diagonal Crossing will achieve LEED Silver certification and will be built to a minimum 60 HERS Index, which measures home energy efficiency. As the master developer, TCR will handle the logistics for all six parcels, including utilities, landscaping, roads, sidewalks and streetlights. 

Situated at the northern entrance of Boulder 3600 State Highway 119, the site, which has been vacant for many years despite its prime location, is bordered by Independence Road to the south, 47th Street to the west and Highway 119 to the east. Two out-lots at the community will connect to green space and a multi-use recreational trail. 

Diagonal Crossing will consist of studio, one- and two-bedroom homes. Community amenities will include a 6,000-square-foot clubhouse and fitness center, outdoor swimming pool and spa, bike storage, B-Cycle station and a landscaped center promenade with public art displays. Apartment interiors will be equipped with quartz countertops, tile backsplashes, stainless steel appliances and nine-foot ceilings. Many will feature covered parking and storage lockers.

07/17/2018 09:22 AM