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NB Private Capital Acquires Student Housing Property Near Sacramento State University for $38.5 Million

ALISO VIEJO, CA - NB Private Capital, the new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate, has closed on The Element, a student housing property near Sacramento State University. The property, built in 2003 and renovated in 2016, was offered as a Delaware Statutory Trust and eligible for 1031 investors. The property was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91,800,350, of which approximately $38.5 million came from investor equity.

The property has 216 units and 792 beds with a mix of one, two, three and four-bedroom floor plans. As part of its renovation, The Element features stainless-steel appliances, common area furniture, window treatments and additional amenities like a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered half-court basketball, lighted sand volleyball court, game room and private campus shuttle.

“2018 has been an incredible year for the NB Private Capital team. With the completion of The Element syndication we have raised $64 million year-to-date and $40 million since our re-introduction to the investment world as NBPC,” said Founder and President Brian Nelson. “In addition to many of the same people who propelled Nelson Brothers Professional Real Estate to one of Inc. 500’s Top 5 fastest growing real estate firms in the country, we have been adding to our teams. Our primary focus continues to be performance, communication and relationships.”

As it relates to The Element, Nelson added “Finding and buying quality real estate has always been at the core of our model and The Element is no exception. The city of Sacramento is growing and has led the nation in rental growth rates over the last couple of years. The same is true for Sacramento State University, which has been setting enrollment records year-after-year. To be able to buy a class-A property in this market, with best-in-market amenities, is a real win for us.”

11/19/2018 10:25 AM

The Bainbridge Companies to Develop Student Housing Community Adjacent to the University of Florida

GAINESVILLE, FL - The Bainbridge Companies, a leading owner, developer and manager of luxury communities in the eastern U.S., announced it has completed the purchase 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-story, 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 great 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.

11/19/2018 10:23 AM

Preferred Apartment Communities Acquires 200-Unit Multifamily Community in Charlotte, North Carolina

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 acquire 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 acquired 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, creating operational efficiencies for both communities, and brings the total unit count to 484 between the two properties."

11/16/2018 09:19 AM

Decron Properties Acquires 208-Unit Silicon Valley Apartment Community for $84.6 Million

LOS ANGELES, CA - Decron Properties has acquired 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 created 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 acquire an asset like Willow Creek, that fit our investment strategy, are difficult 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 short 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 acquire 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. 

11/16/2018 09:00 AM

Artisan Hill Apartment Community Brings 237-Units to Richmond’s Trendy Fulton Neighborhood

RICHMOND, VA - Artisan Hill Apartments, the centerpiece of revitalization efforts in Greater Fulton has begun pre-leasing with a scheduled occupancy for the end of November.

The apartment community consists of two new buildings as well as the revitalization of the original historic Robert Fulton school house which became Fulton Hill Studios in 1997. The art studios, a 3,000 square-foot fitness center, market-cafe, and a ceramics studio, are all amenities designed to foster a sense of community and support for artists and other residents.

Developed by Fulton Hill Properties, in partnership with the City of Richmond, Artisian Hill is located minutes from Church Hill, Shockoe Bottom and downtown Richmond and will offer one and two bedroom apartments. A heated 75-foot saltwater lap pool, sky lounge, bike parking and repair shop, garage parking, soccer field, and a dog wash will be available to the residents.

President and Owner of Fulton Hill Properties, Margaret Freund, was born and raised in Richmond and has worked on bringing this project to fruition for more than 10 years. 

Freund is a passionate facilitator of community improvement through renovations and development including projects such as Bottom’s Up Pizza, Lady Byrd Hat, Canal Crossing, Haxall View and The Lofty. 

This development is based on “creative living for the adventurous”. Artisan Hill to have the benefits of Urban living while being surrounded by nature.

“I love this neighborhood. With a rich history and a diverse and engaged community, Greater Fulton is a great place to be. I want Artisan Hill to be an integral part of this community, and, like the community, inclusive and welcoming,” said Freund.

11/15/2018 09:10 AM

Bridge Investment Group Acquires 247-Unit Monaco Apartment Community in Salt Lake City, Utah

SALT LAKE CITY, UT - Gelt, a Los Angeles-based real estate investment and asset management firm, announced it has sold Monaco Apartments, a 247-unit apartment property in Salt Lake City. The property is well-located in an area between downtown Salt Lake City and Sandy City.

Danny Shin and Brock Zylstra of Marcus & Millichap represented both the buyer, Bridge Investment Group, and Gelt in the transaction.

Gelt acquired the property in July 2014 and made significant enhancements to the asset including rebranding the property with a new name and signage. Some of the key improvements included the addition of a sport court and dog park, painting the exterior of the buildings, and renovating the leasing office, clubhouse, and fitness center.

“Gelt saw Monaco Apartments as an opportunity to do what we do best: identifying an asset in a strong job market and making needed strategic operational and capital improvements to add value and bring rents to market rates,” said Keith Wasserman, a partner with Gelt, Inc. “We were able to achieve an approximately 140 percent cumulative yield for our investors, and a 2.4 multiple on their equity investment, inclusive of cash flows and sale proceeds.”

Jeff Harris, Gelt’s COO added: “Understanding that there is a tremendous amount of capital chasing workforce multifamily housing investments especially in a market with strong fundamentals like Salt Lake City, we determined it was an ideal time to sell Monaco. This sale frees up capital for us to make additional acquisitions as we are looking to acquire another 1,000 units in Salt Lake City and a total of 2,000 units throughout the Western U.S. over the next year.”

Monaco Apartments was built in two phases in 1973 and 1978 and is situated on 10.49 acres at 4115 South 430 East in Salt Lake City.  The property consists of 23, three-story buildings and includes one- and two-bedroom units that feature stainless steel appliances, walk-in closets and private balconies/patios. Some units offer fireplaces and washers/dryers.

“Monaco Apartments presented investors an exciting opportunity to acquire a great property in Utah,” noted Shin. “We were confident that the property would attract a great deal of interest from buyers due to its location in a desirable community and solid historical performance.  The submarket continued to show strength and growth potential as proven by the high occupancy and increases in rental rates, especially in the renovated units.  The new owner is well-positioned to further increase revenue through continuing the renovation program and enhancing the amenity package.”

The asset is near the 15, 215 and 80 Interstates as well as Route 89. Its central location is also accessible to University of Utah, Salt Lake City International Airport, Salt Lake City Community College and Westminster College. The property is situated within a densely populated area with approximately 376,000 people within a five-mile radius.

Salt Lake City is the social, economic, and cultural center of the Salt Lake City metropolitan area, one of the fastest growing metropolitan areas in the country. The area’s growth is partially due to the recent clustering of tech-related corporations along an 80-mile swath from Provo to Ogden that has become known as Silicon Slopes. Additionally, Downtown Salt Lake City has become a thriving entertainment, shopping, and dining district that attracts visitors from across the region.   

11/15/2018 09:08 AM

Waypoint Residential Launches Management Division to Manage Seven Student Living Communities

BOCA RATON, FL -Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it has created Waypoint Student Living to manage Waypoint Residential’s student housing assets. Waypoint Student Living will immediately assume responsibility for seven of Waypoint’s 15 student housing properties and over 3,300 beds.

“The launch of Waypoint Student Living reflects our commitment to vertical integration, which is key to our investment strategy,” said Scott Lawlor, Chief Executive Officer of Waypoint Residential. “We expect Waypoint Student Living to grow considerably as a welcome addition to Waypoint Management Services, which manages our conventional multifamily properties.”

Waypoint Student Living will manage:

First Street Place, which serves East Carolina University in Greenville, NC

18 Seventy-Nine, which serves Sam Houston State University in Huntsville, TX

Midtown Corpus, which serves Texas A&M in Corpus Christi, TX

Chapel Ridge and Chapel View, which serve the University of North Carolina in Chapel Hill, NC

The Lodge at Athens, which serves the University of Georgia in Athens, GA

The Social at Auburn, which serves Auburn University in Auburn, AL

“Waypoint Student Living enables us to deliver an exceptional student living experience while providing economies of scale,” said Teresa DeVos, Managing Director of Property Operations for Waypoint Residential, who will oversee Waypoint Student Living. “The new group illustrates Waypoint’s model of developing expertise and managing assets in our key sectors of conventional multifamily, student and senior rental housing.”

Waypoint Student Living has assembled a team of professionals with extensive experience in student housing management. Jason White, a 21-year industry veteran, will be responsible for day-to-day operations. Additional team members include Daniel Griffin, Regional Manager; Angelia Jarvis, Director of Operations Systems; Emily Austin, Director of Marketing; and Patricia Moralez, National Director - Operations Specialist.

Waypoint Residential entered the student living sector in 2016. Today, its portfolio totals over 8,000 beds across 15 properties.

11/14/2018 09:15 AM