Saturday, September 30, 2017

Passco Companies Acquires Class A Transit-Oriented Multifamily Community in Dense and Growing Job Region, Alexandria, VA for $112.75 Million

The Parker Apartments, Fairfax County, Alexandria, VA

 Alexandria, VA – Passco Companies, a privately-held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired The Parker, a 360-unit multifamily community built in 2016 in Fairfax County, Alexandria, Virginia, a region experiencing exceptional job growth.

Gary Goodman

“Fairfax County, and the city of Alexandria, both provide ideal multifamily market fundamentals,” says Gary Goodman, Senior Vice President of Acquisitions at Passco. 

“The region features a combination of strong job growth, low vacancy rate, high-wage earning population, and a minimal supply of competing multifamily assets. These are the key demand drivers we look for with any new acquisition.”

Goodman explains that Forbes Magazine, recently ranked Fairfax County, as the third wealthiest county in the nation.

“These first-class demographics of the region indicate the future economic growth of the area and position The Parker to benefit for the long term,” says Goodman

The apartment community is located at 2550 Huntington Avenue, Alexandria, Virginia. David Nachison of Eastdil Secured represented the seller, a joint partnership between AEW Capital Management, on behalf of one of its closed-end funds, and MRP Realty, and Passco Companies as the buyer in this transaction.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
According to Goodman, Alexandria’s unemployment rate of 3.5 percent, coupled with new workplace facilities under construction for expanding companies, translates to an increasing population for the submarket, which will increase demand for multifamily product.

David Nachison

The Parker is strategically located at the Huntington Metro Station, offering direct connectivity to employment centers throughout North Virginia and Washington, D.C. Downtown Washington D.C., encompassing 152 million square feet of office space, is eight metro stops north of the asset.

The Parker is also a 10-minute walk from the Patent & Trademark Office (PTO), which employs 12,600 people. In addition, the National Science Foundation (NSF) recently moved to the neighborhood, bringing an estimated 2,400 new employees to the area.

 “The asset’s proximity to transportation and major employment hubs makes it easy for residents to commute to and from work and ensures the community’s long-term demand,” adds Goodman.

“Based on its unparalleled location and the lack of competition, The Parker is ideally positioned to increase in value based on the growing demand for multifamily residences in the area,” adds Goodman.

According to Goodman, at the time The Parker was purchased, the asset was 92-percent occupied.

The Parker features luxury multifamily amenities including two landscaped courtyards complete with gas grills and outdoor TVs, a resort style swimming pool and sundeck, a virtual sport simulation room, a 24-hour fitness center, a bike trail and outdoor fitness station, and a dog park and washing station, among others.

Chris Black
The acquisition of The Parker is Passco’s second acquisition in the Washington D.C. metro. In 2016, the firm acquired The Shelby, a Class A, 240-unit multifamily community.

“The Washington D.C. metro is a region that is well-aligned with our ongoing strategy to acquire quality assets in strong growth markets,” says Goodman. “We continue to find significant value here and plan to acquire more properties throughout the region in the coming months.”

For more information on this press release, please contact:

Lauren Burgos or Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Rendering One of Planned Westin Anaheim Resort, Anaheim, CA 

ANAHEIM, CA  – Orange County-based Lifescapes International has been selected to design the landscape environment for the recently announced $245 million development of the Westin Anaheim Resort, a four-diamond resort by local developer Wincome Group.

“This is a monumental project for the City of Anaheim, which drew a record 23 million visitors last year,” says Dan Trust, Executive Vice President and COO of Lifescapes International. “The city is investing substantially in its resort corridor, and we are pleased to bring our seasoned experience in creating iconic destinations to this new project.”

Rendering Two of Planned Westin Anahaim Resort

Lifescapes is known for designing the landscapes of some of the world’s most iconic hotels, including the Bellagio Resort & Casino, Margaritaville Hollywood Beach Resort, Fontainebleau Miami Beach (remodel in 2008), and the Wynn Las Vegas, among many others.

“We understand that today’s consumers expect luxury amenities that integrate seamlessly into a destination’s overall look and feel,” Trust explains.  “For that reason, we will create a design that is both luxurious and functional, delivering an inviting environment that guests will enjoy for years to come.”

Rendering Three of Planned Westin Anaheim Resort

According to Paul Sanford, CEO of Wincome Group, “We knew that working with such a high caliber company as Lifescapes International would bring value to this project.  Their designs bring a sense of luxury and sophistication that is required for a 4-diamond hotel.”

The Westin Anaheim Resort will offer more than 600 rooms situated within a 630,000 square-foot environment, rich with lavish landscaping and elegantly-designed, social gathering spaces.

Al Amador, Senior Principal/Project Designer for Lifescapes and the lead designer on this project, explains, “We are building on the developer’s vision, which is to create a haven of luxury and a hub of excitement for tourists and staycationers alike.” 

Al Amador
Leveraging the resort’s close proximity to Disneyland and Disney’s California Adventure, Lifescapes will design a luxurious rooftop deck where guests can enjoy park views and nightly fireworks shows, according to Amador.

“Urban rooftop decks have emerged as one of the hottest design trends of this decade, and our expertise in creating entertainment-driven, immersive rooftop environments is unmatched,” Amador says.

The new deck will feature ample banquette seating nestled around modern fire pits, with portable shade structures and furniture that can accommodate public gatherings as well as private parties, weddings, or corporate events. 

“On the roof, we plan to integrate a long, linear raised water feature with floating planters, bringing a visual texture to the deck’s comfortable elegance,” Amador says.

Lifescapes will also design the four-diamond luxury resort’s new pool area, including two expansive pools and a luxurious spa surrounded by lush greenery and lounge furniture.

“Anaheim attracts both families and individuals seeking fun and relaxation, and our design will offer both,” notes Amador.  “The main pool will focus on luxury, complete with private cabanas and an elite look and feel, while the secondary pool focuses on family fun, complete with an overhead structure for shade and a nearby restaurant with seating areas overlooking the pool.”

Dan Trust
Lifescapes will also design a unique motor court for the new resort, featuring specialty paving in a custom design with ample lanes for traffic. 

“Smooth, comfortable arrivals are essential to the luxury experience, and this upscale and thoughtful motor court will deliver efficiency combined with style,” explains Amador.

The motor court will feature an on-grade fountain with a stunning water feature which, according to Amador, can be turned off to allow cars to park or drive over it when needed.

The Westin Anaheim Resort is located at 1030 W. Katella Avenue in Anaheim, California, just south of the Disneyland Resort and west of the Anaheim Convention Center, which recently underwent a $190 million expansion project.

In addition to Landscape Architect, Al Amador, Lifescapes’ design team on the project includes Roger Voettiner, Vice President of Design; Mike Meyers, Sr. Project Director; Fernando Ortiz, Project Manager; and Berj Behesnilian, Field Art Director.

Michael Hong Architects will serve as the architect on the project, with HED serving as Architect of Record.  Interiors will be designed by Dianna Wong Architecture & Interior Design, while GLUMAC will oversee engineering/MEP and Englekirk handles structural engineering.

Lifescapes International is an internationally recognized landscape architectural firm that has become an influential force in the industry through its design of innovative, creative, and trendsetting landscape environments.  For nearly 60 years, the company has remained true to its mantra: “We Create Gardens People Love.” SM

For more information on this press release, please contact:

Miki Akil or Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940