L5 Investments and Alamo Equities Partnership Completes $14.25 Million Acquisition of 200-Unit Apartment Community in Sparks, NV

Marina Gardens Apartments, 550 Howard Drive, Sparks, NV

Laura Cathlina

Sparks, NV -– A partnership between L5 Investments and Alamo Equities has acquired Marina Gardens Apartments, a 200-unit apartment community, for $14.25 million in Sparks, NV. The property is situated on 11.78 acres and is located at 550 Howard Drive.

The partnership is planning to add value to the property by investing nearly $4 million for needed updates and upgrades in order to better meet the demand of local renters. It will also be re-branded and re-named Marina’s Edge within the next few months.

Built in 1973, Marina Gardens is a garden-style, pet-friendly community featuring 31 two-story buildings comprised of a total of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units that include private balconies or patios, walk-in closets, and full kitchens. On-site amenities include three laundry rooms, barbeque areas, two playgrounds, and approximately 278 parking spaces.

Kenneth Blomsterberg

The property is less than one-half mile north of Interstate 80 and is one block from Sparks Marina Park, which includes a 77-acre lake and a number of recreational activities.

The community is also easily accessible to the Tahoe Reno Industrial Center, a 107,000-acre park with a 30,000-acre industrial complex that is under phased development. It is slated to be the world’s largest manufacturing industrial park and is creating tremendous job growth for the Reno-Sparks market – upwards of 50,000 jobs could be created by 2017. 

“Marina Gardens is a perfect fit for L5’s value-add investment strategy,” said Michael Flaherty, founder and CEO of L5 Investments, a Northern California-based multifamily investment firm.

 “It is well-located in an explosive growth job market and provides us with the opportunity to add significant value by improving overall management; resolving significant deferred maintenance issues; and adding features and amenities that will attract renters seeking a quality rental living environment.  We hope to continue to add similar, multifamily assets in Reno to our portfolio.”

The new ownership plans on implementing upgrades to all 200 units that will include in-unit washer and dryers; upgrades to landscaping; and introducing new branding and signage. Additionally, the property will be professionally managed by FPI, one of the largest property management companies in the nation. FPI also has a strong track record and presence in the greater Reno area.

Jeremy Cline

"Putting all the incredible and exciting market fundamentals aside, we just really liked the Sparks Marina location,” said Jeremy Cline, president and co-founder of Alamo Equities, a Bay Area investment firm. 

“So no matter what happens with the local economy, we think there will always be a strong demand to live in a cool, edgy apartment community that will provide beach cruisers and paddle boards to its tenants."

Sparks is located in the northwest portion of the state, east of Reno and about six miles from the Reno Airport. The Reno-Sparks region has been rapidly growing as large companies, including Tesla, Amazon, Apple, and SuperNAP choose bring operations to the market.

These businesses are spurring a wave of new businesses centered in technology, distribution, warehousing, and manufacturing. Tesla is currently underway with construction of its “gigafactory,” a 5.8 million-square-foot battery manufacturing facility considered to be the second largest building by volume in the world.

Michael Flaherty

Additionally, SuperNAP has made Reno-Sparks its new home and is constructing a $1 billion, 3 million-square-foot campus which is slated to be the world’s largest data center of its kind.

Laura Cathlina of Berkadia arranged the debt on behalf of the ownership. Kenneth Blomsterberg of Marcus & Millichap brokered the transaction on behalf of both the buyer and the out of state sellers, RAF, LLC and BDS, LLC, that owned the property since 2001.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

949.278.6224

www.L5invest.com.

www.alamoequities.com

L5 Investments Partnership Completes $5.82 Million Acquisition of 40-Unit Apartment Community in Seattle, WA

The Columbian Apartments, 1410 to 1414 S. Columbian Way, Beacon Hill, Seattle, WA

Michael Flaherty

Seattle, WA  – A partnership between L5 Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired The Columbian Apartments for $5.82 million in Seattle, WA.

 The 40-unit property is located in Beacon Hill, an emerging neighborhood in the south central park area, less than three miles from downtown Seattle. The partnership is planning to add value to the property by modernizing both unit interiors and exterior areas in order to better meet the demand of local renters.

Built in 1965 and located at 1410 to 1414 S. Columbian Way, The Columbian is a community consisting entirely of large two-bedroom apartments. The units feature walk-in closets, private patios and views of the Olympic Peninsula.

The property is well located, with excellent access to mass transit (the metro bus stop is in front of the property, and light rail is just minutes away) and is a short walk to Jefferson Park and the Jefferson Park Golf Course.

“The Columbian presented us with an ideal opportunity to take a well-located apartment community with significant maintenance and management issues and transform it into a coveted place to live,” said Michael Flaherty, founder and CEO of L5 Investments.

Jason Elrod

“As the Seattle residential market tightens and job growth continues to strengthen, we firmly believe that once repositioned, this property will meet the desires of area renters seeking a high-quality apartment community.”

The partnership is planning on investing approximately $1.4 million to improve and modernize the property which includes a contemporary makeover of the leasing office and common areas. The unit interiors will be renovated with new appliances and finishes as well as the addition of a washer and dryer in each apartment.

Beacon Hill is one of Seattle’s oldest neighborhoods with home prices that have been rapidly appreciating in recent years. The neighborhood sits on a high ridge overlooking Seattle and Elliot Bay. Residents enjoy all the benefits of an urban setting with easy access to the 5 and 90 Interstates, an array of retail and dining options, and nearby employment centers.

Paul Harbor and Grandbridge Real Estate Capital arranged the debt on behalf of L5 and Shuler. Jason Elrod of EHI Real Estate Advisors brokered the transaction on behalf of both the buyer and the seller, a private investor.

In June 2016, L5 Investments and Shuler Architecture acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in SeaTac, WA for $2.6 million. 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

949.278.6224

www.L5invest.com.

HFF secures $43 million financing for mid-rise apartment community in Dallas, TX

John Brownlee

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $43 million in financing for Alexan Fairmount, a 368-unit, Class AA mid-rise apartment community in Dallas’ Oak Lawn neighborhood.

  

HFF worked on behalf of the borrower, Pure Multi-Family REIT LP, to place the 12-year, fixed-rate loan with Cigna Investments.  Loan proceeds were used to acquire the property.

Alexan Fairmount is situated one block east of the Dallas North Tollway adjacent to the Maple Avenue restaurant district.  

Positioned near Dallas’ largest employment and entertainment destinations in Uptown, the Medical District, Old Parkland Campus and the central business district, the property is surrounded by the city’s top retail, dining, cultural and nightlife attractions.

 Completed in 2015, the five-story property wraps around a central pool plaza with fire pit and has additional amenities, including an outdoor gourmet kitchen with grilling station, wellness studio with CrossFit-inspired equipment, yoga and spin room, tanning studio, relaxation garden, bark park with pet grooming station, cyber café, social lounge, electronic vehicle charging stations and an access-controlled parking garage.  Alexan Fairmount’s one- and two-bedroom units incorporate luxury finishes such as keyless entry, plank flooring, 10-foot ceilings, spa showers and gourmet kitchens with granite countertops, glass-paneled cabinetry, wine racks and stainless steel appliances.

The HFF debt placement team representing the borrower was led by senior managing director John Brownlee and associate director Michael Cosby.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://www.hfflp.com/

www.sedar.com.

HFF closes sale of fully-leased retail center in Elizabethtown, PA

  

Market Street Square, 1605-1641 South Market Street, Elizabethtown, PA

 

Chris Munley

PHILADELPHIA, PA  –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Market Street Square, a 169,856-square-foot, fully-leased, grocery-anchored retail center in Elizabethtown, Pennsylvania.     

                         

HFF marketed the property on behalf of a publicly-traded REIT.  Nassimi Realty LLC, purchased the asset free and clear of existing debt.

Market Street Square is anchored by Weis Markets, Kmart and Dollar General and is also home to national and regional tenants, including Sleepy’s, Sherwin Williams, Subway and Fulton Bank.

The property has an area for a future development or ground lease on a pad site located at the entrance to the center. 

Situated on 18.6 acres at 1605-1641 South Market Street, Market Street Square is located in the dominant retail and commercial corridor in Elizabethtown, a Lancaster County community in southern Pennsylvania approximately 21 miles south of downtown Harrisburg.

The HFF team representing the seller was led by managing director Chris Munley and senior managing director Jose Cruz and associate director Michael DiCosimo.

“Grocery-anchored retail positioned within secondary markets continues to remain in high demand,” Munley said.  “This asset in particular offered the ability to add further value through development and leasing opportunities.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

http://www.hfflp.com/

www.nassimirealty.com

Stonemark Managing Barringer Square Apartments; Firm Managing 29SC’s Fifth Houston-Area Community

  

Walt Lamperski

Atlanta, GA – Multifamily property management firm Stonemark Management has been contracted to manage another Houston-area community for 29th Street Capital (29SC).

Stonemark is now leasing Barringer Square Apartments, formerly know as Clear Lake Condominiums. It is also supervising a $2 million renovation of the community, which has 284 one- and two-bedroom apartments.

29th Street Capital, a privately-held real estate investment and advisory firm, acquired the Webster, Texas community in late September. Stonemark now manages seven communities for 29SC, including five in or near Houston.

“We are excited about the opportunity to make a big difference in this community,” said Stonemark President Walt Lamperski. “Marketing, leasing and supervising large renovations like this are our strong points, and we look forward to continuing to work closely with 29SC. Our goals and skills are well-aligned,” he added.

  

“We are very excited about this asset’s potential and are looking forward to implementing and executing our business plan with the Stonemark team,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and Georgia.

For a complete copy of the company's news release, please contact:

Terri Thornton
Partner, Thornton Communications

Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com  

www.stonemarkmanagementllc.com.