Monday, October 31, 2016

Drever Capital Management Fund Acquires 240-Unit Aria at Rollingbrook Apartments in Houston’s Booming Baytown Submarket


Aria at Rollingbrook, 1700 Rollingbrook Drive,  Baytown Submarket, Houston, TX

BAYTOWN, TX — Drever Capital Management (DCM) has acquired Aria at Rollingbrook, a 240-unit Class A apartment community previously known as Watercolor, a half-mile from ExxonMobil Baytown, the largest petrochemical plant in the U.S., and adjacent to Chevron Phillips 66 Chemical’s joint-venture Cedar Bayou facility in Houston’s booming Baytown submarket.

DCM, which also recently acquired the empty, bankrupt 52 story First National Bank Tower at 1401 Elm Street in downtown Dallas, purchased Aria at Rollingbrook at 1700 Rollingbrook Dr., Baytown, from The Leyendecker Group of Houston. The price was not disclosed.

Clint Duncan
“This is more than an acquisition of a year-old Class A stabilized apartment community with an excellent I-10 location and a high 90% occupancy,” explains Noah Drever, senior managing director of Drever Capital. “It is a strategic investment for our fund in one of Houston’s strongest suburban economies that’s driven by the downstream petrochemical sector.”

Drever said Baytown’s Gulf Coast location, between Galveston and the Port of Houston Ship Channel, means that Aria residents working in engineering, industrial construction or maintenance can choose from over 120 petrochemical employers in East Harris County without getting bogged down in long commutes. 

“Residents can also put down roots and not have to relocate when they complete a project or assignment,” he noted.

Baytown alone is the home of over 20 petrochemical facilities including the nation’s biggest petrochemical plant ExxonMobil Baytown which consists of four separate facilities.

“We’re well positioned to attract some of the 4300 employees and personnel maintaining the plant,” said Drever. “Additionally, the Chevron Phillips 66 Chemical plant, with its $6 billion construction campaign, will generate approximately 500 jobs annually during the next six years on top of an existing 9,000 employee base.”

Drever discussed the upcoming renovation program and upgrades. “Our residents are hardworking people who also want a quality lifestyle plus great value and personalized services for their money while our investors want safe and socially responsible returns.”

Noah Drever
Drought-tolerant irrigation and landscaping will be added throughout to create a park-like retreat and add recreation space, contends Drever. A commercial-grade outdoor kitchen/bar will be incorporated into the pool area. In response to resident demand, interior upgrades will include granite kitchen countertops, and E-Star appliances and washer/dryer in each unit.

Drever Capital Management, which won the 2016 Information Management Network commercial real estate Social Responsibility Award, is continuing to live up to its motto of “Doing Well by Doing Good” by offering monthly rent discounts to teachers and educators, firefighters and police officers, medical workers, and active and former military personnel.

The new owner is also donating an apartment in Aria to a Baytown police officer. Explains Barbara Moffitt, regional vice president of operations: “Our residents are dedicated middle class working people who go the extra mile for all of us in the community everyday so we create programs to repay them, to give back.”

The acquisition was brokered by Clint Duncan, senior vice president-investment properties of CBRE’s Houston office who represented the seller. Tom Cabibi, director of Acquisitions for Drever Capital, represented the buyer. Freddie Mac provided the financing. .

Tom Cabibi
“This was a complex deal that was fully marketed nationwide but Noah Drever stepped up to the plate, signed a pre-negotiated ‘as is’ contract and executed on the spot with no delays, without going through batteries of lawyers, and shaving three weeks off the contract negotiating process.” said Duncan.

“Noah and his team had done their deep due diligence quickly and thoroughly, they were open to feedback, took direction from us, did exactly what they said they would do and exercised real patience with the seller. Patience was the key to this transaction.”

Duncan also said Baytown’s growth, coupled with an expansion at the Port of Houston and the export of downstream petrochemical products, will ensure a demand for top-tier apartment and single family housing for years to come.

Population projections are exceptionally bullish, according to B.J. Simon, associate director of Baytown Economic Development Foundation. Growth ranged from 78,000 in 2010 to 86,000 in 2016 to 90,000 in 2019. Most of the influx are industrial construction workers.

 “Over the life cycle of the two megaprojects—ExxonMobil and Chevron Phillips, 22,000 people will have worked at those facilities,” he said. “The rule of thumb is that 15% of the workers will be retained, remain in the market, work with other construction contractors along the Gulf Coast and be deployed to other projects in the area.”

Bill Gilmer
The increasing global demand for plastics will be heavily supplied out of Baytown petrochemical plants, notes Professor Bill Gilmer, Ph.D., director of the Institute for Regional Forecasting at the University of Houston’s C.T. Bauer College of Business.

“These huge downstream plastics plants will turn out railcar after railcar of plastic pellets that  will be deployed nationwide to every manufacturing plant that turns out plastic parts for, say, cars or toys or anything that uses plastics in a finished product.”      

The City of Baytown has been gearing up for the surge in skilled workers, contends Mayor Stephen DonCarlos. “Mobility issues are being addressed with new roads and boulevards that open up new areas to development. Regarding public safety, we’ve added more police officers, firefighters and paramedics to reduce response time

“The City Council has encouraged quality over quantity in development of both multifamily and single family dwellings,” he added. “Employment opportunity is everywhere and proximity to Houston, with its sports, entertainment, shopping and restaurant scene and distances to Intercontinental and Hobby airports, can be measured in minutes.”

Don Carlos, Mayor, Baytown, TX
Indeed, residents can find almost everything they want in Baytown, added Mayor DonCarlos. The city now has two Walmarts, the redeveloped Baytown Mall, Kroger Marketplace, a new HEB store, the city-owned Pirates Bay Waterpark, while a new little theatre is under construction and Max Bowl is being expanded.

Drever Capital Management and its principals have been impact investors in multifamily and senior housing communities since 1968 and have built or redeveloped 170,000 workforce apartments valued at over $20 billion.

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

Chris Barnett
Chris Barnett Communications
2001 Fillmore St. Suite 104
San Francisco, CA 94115
(415) 921-5092 office
(415) 336-5092 mobile



élan on Marks in Downtown Orlando's NorthQuarter District is Defined by Luxury Urban Design and Superior Tilt-Up Construction


Marisol Santiago Soderstrom

ORLANDO, FL --- Presales will get underway soon for downtown’s élan on Marks – 10 luxurious four-story residences with rooftop terraces designed by the renowned Phil Kean, to be constructed by River Oaks Builders with exceptionally durable building materials.

Marisol Santiago Soderstrom of Premier Sotheby’s International Realty, who is marketing the project, said there is nothing else like this in downtown Orlando.  Inspired by its environment, the urban brownstone design of élan on Marks is not only unique and contemporary, but its solid, precast concrete walls provide unmatched thresholds for wind resistance and water penetration.

Phil Kean
 “The construction represents the gold standard for luxury townhomes due to its superior safety, sound and energy insulation,” Soderstrom explained.

“We expect great success from this development and encourage buyers to make a reservation today as there are only ten brownstones available and they will go quickly,” Soderstrom said, adding “When you put a team together that includes Phil Kean Design with Michael Madden’s River Oaks Builders, the result is timeless appeal that’s nothing short of spectacular.”

 “élan on Marks  is within walking distance of Lake Highland Prep school, several upscale restaurants, entertainment and cultural venues, the major employment centers of downtown Orlando to the south and the main campus of Florida Hospital to the north.

Located on Marks Street in the heart of the “NorthQuarter” that’s evolving as the fastest growing urban district in Orlando, “élan on Marks offers distinctive, sustainable townhome residences with a clean efficient look inside and out that will appeal to young urban professionals and those who want to live, work and play in the downtown area,” Soderstrom said.

The project will start construction in early 2017 and the exterior shells will be completely erected within 90 days, accing to Soderstrom.   The solid precast tilt-up concrete walls, which have been tested and proven to withstand winds in excess of 250 mph, also provide fantastic insulating and sound proofing. “The benefits of tilt up construction are countless,” she said.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com.
  


Andrew Baird, CPA, Joins Capital Square 1031 as Controller

                                 
Andrew Baird
RICHMOND, VA (Oct. 31, 2016) - Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced today that Andrew Baird, CPA, has joined the company as controller.

“Andrew’s successful 10-year track record in real estate accounting will make a strong addition to our finance operations,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

“He will be an effective part of the team responsible for executing systems developed for the acquisition, finance, management and ultimate sale of upwards of a billion dollars of real estate. We are thrilled to welcome him to our team during this time of rapid growth.” 

Baird brings more than a decade of accounting experience with real estate and financial services companies. He spent three years with Apple Hospitality REIT (NYSE:APLE) as an accounting director, responsible for SEC reporting, treasury management, and business combinations.

Previously, he spent eight years in the audit practice of Ernst & Young, where he managed engagements for several real estate and financial services companies, which included audits of financial statements, business combinations and issuances of public debt and equity.

He earned a bachelor’s degree and master’s degree in accounting from Brigham Young University.

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

Julie Leber                                                                         
Spotlight Marketing Communications                    
949.427.5172, ext. 703                   


Healthcare Landlord Leasing Specialist Michelle Lagos Joins Meridian as Senior Asset Manager


Michelle Lagos

IRVINE, CA -- Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities for the healthcare sector, announced today that healthcare leasing specialist Michelle Lagos was hired as the senior asset manager and will play an active role in the management of Meridian’s Southern California portfolio.

“In her new position, Lagos will be assisting Meridian’s healthcare group in the asset management of Meridian’s value-add healthcare properties in both northern and southern California,” said John Pollock, chief operating officer of Meridian.

John Pollock
“We are excited about our continued growth and look forward to offering our clients the wealth of knowledge and expertise our collective team brings. 

Lagos’s extensive leasing experience provides us with a local perspective and helps solidify a foundation for our Southern California office.”

“Joining Meridian was a natural fit,” said Lagos. “Not only do I bring many years of experience in leasing medical office space in the LA healthcare real estate, but I also get to work with a passionate group of professionals who have a wide range of experience. 

"With Meridian aggressively expanding its foothold in Southern California through development projects and acquisitions of value-add healthcare properties, the timing was right.”

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

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963