Joint venture between Sagard Real Estate, Arrowmark Partners and Western National Group acquires 158-unit multifamily community in Riverside, CA

 

 Laura Khouri

RIVERSIDE, CA, Dec. 16, 2024 – Western National Group (WNG) has acquired  Vista Imperio, a 158-unit garden-style multifamily community built in 2005 located in Riverside, California.

 Vista Imperio was acquired in a joint venture partnership with Sagard Real Estate, ArrowMark Partners and WNG. The transaction was completed by Sagard Real Estate’s newest open-end fund in conjunction with ArrowMark Partners and WNG’s programmatic co-GP venture.

Michael K. Hayde

Located in the highly sought after Riverside enclave of Sycamore Canyon, Vista Imperio provides residents with access to top-rated schools, wilderness recreational parks, and quality retail.

 

 Vista Imperio is within a quarter mile of 12+ million square feet of class A industrial buildings, two miles from the University of California, Riverside, and uniquely situated between I-215, SR 91, and SR 60, allowing easy access to the Inland Empire’s major employers offering jobs in healthcare, education, financial services, and manufacturing.

 

Nominal new construction starts and absorption outpacing near-term deliveries coupled with 5-year population growth estimates of 4.0% (vs 2.8% nationally) and job growth outpacing the national average will maintain strong demand for quality multifamily communities. 

 John Maurer

 

“Acquiring Vista Imperio with a respected partner like Sagard represents an important milestone as the beginning of a strategic relationship to invest in markets that we believe will provide strong fundamentals for multifamily owners,” said Michael K. Hayde, CEO of Western National Group.

 

“This transaction is a testament to our firm’s ability to identify high-conviction opportunities at what we believe is an inflection point in the market to begin strategically acquiring high-quality multifamily communities for our portfolio.”

Vista Imperio pool at the 158-unit garden-style multifamily
community at 5880 Lochmoor Drive, built in 2005
and located in Riverside, CA

Vista Imperio offers a mix of one- and two-bedroom units, fifty percent of the units have direct-access garages while the remainder of the units have private garages, oversized patios, and a resort-style pool area. The investment allows for value-add opportunities to further the property’s desirability as best in the submarket with approximately one-third of the units with a classic finish and identified common area enhancements. 

 

“We’re pleased to begin building a portfolio of quality attainable apartment investments like Vista Imperio in markets we believe will outperform in the coming years, at what we predict to be bottom market pricing this cycle,” shared John Maurer, Senior Portfolio Manager and Head of Equity for Sagard Real Estate. “Late 2024 and 2025 appear to be attractive vintage years for new real estate investments.” 

 

The property will be managed by Western National Property Management (WNPM), a subsidiary of WNG specializing in multifamily communities and commercial properties across California and Nevada. With one-third of Vista Imperio’s units unrenovated, the community presents an opportunity for targeted improvements that will modernize and enhance its appeal to middle-income residents.

 

“Our mission is to create vibrant communities tailored to our residents’ needs, with the agility to adapt and improve in ways that positively impact both renters and owners,” said Laura Khouri, President of WNPM.

 

“In today’s sensitive multifamily landscape, we maintain a human-centric approach to management and remain committed to delivering exceptional services that exceed residents’ expectations and increase asset value for ownership.”

Contact:

 Vivian Lu

vliu@thesmartagency.com

https://www.vistaimperioapartments.com/.

 

$16.7 million refinancing secured by JLL Capital Markets for 100 Howe, located in the highly desirable Campus Commons submarket of Sacramento, CA

Olga Walsh

SAN FRANCISCO, Dec. 16, 2024 – JLL Capital Markets has secured a $16.7 million refinancing for 100 Howe, a premier 130,000-square-foot boutique office complex in Sacramento, California.

JLL worked on behalf of the borrower, a subsidiary of Fenway Capital Advisors, and secured the five-year, interest-only loan through the lender, Goldman Sachs.

100 Howe is strategically located between the Campus Commons, Highway 50 and Sierra Oaks office submarkets of Sacramento. The property’s prime location provides tenants with proximity to University Village, Howe Avenue and East and Midtown Sacramento, as well as convenient access to major freeways, public transportation and the American River Bike Trail.

Bharat Madan

Originally constructed in 1981 and comprehensively renovated in 2019, 100 Howe now stands as one of the most sought-after Class A office spaces in the area. 100 Howe offers an array of amenities designed to enhance the workplace experience.

These include shared outdoor spaces, on-site lounge space and conference center and ample parking. The property showcases modern, professional-finished and highly functional suite layouts. The two-building complex boasts a 95% occupancy rate, with a diverse tenant mix, including the State of California and Mutual of Omaha.

100 Howe, a premier 130,000-square-foot boutique
office complex in Sacramento, CA

The refinancing provides the borrower with additional runway, allowing for a strategic exit from the investment when market conditions are more favorable.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Director Olga Walsh and Vice President Bharat Madan.

For more news, videos and research resources, please visit JLL’s newsroom. 

Contact:

  Kristen Murphy

 JLL Director

 Public Relations

Phone: +01 617 543 4873

Email: kristen.murphy@jll.com

 

 

 

  

 Lululemon opens expanded retail location 
at 113-115 West Broughton Street,
 Savannah, GA

SAVANNAH, GA, Dec. 16, 2024 – Lululemon, a leading athletic apparel, footwear and accessories company that has been named the Forbes Retailer of the Year, recently opened a new 5,531 square-foot retail store at 113-115 W. Broughton Street in downtown Savannah. 

 

The company’s flagship Savannah store, which is located on Broughton Street between Barnard Street and Whitaker Street, marks a significant expansion from the store’s previous 2,590 square-foot location at 309 W. Broughton Street, offering more than twice the retail space.

 

“We’re deeply honored to help Lululemon find a larger retail space on Broughton Street to meet the growing needs of their customers throughout the greater Savannah area,” said Judge Realty founder and CEO Lori Judge, who leased the property. “Lululemon is an iconic brand, and this beautiful retail store will serve as a popular destination for local residents as well as visitors.”

 

The newly expanded Lululemon store on Broughton Street is open Monday through Thursday from 10 a.m. to 7 p.m., Friday and Saturday from 10 a.m. to 8 p.m. and Sunday from 10 a.m. to 5 p.m.

 Lori Judge

Lululemon operates more than 720 retail stores around the globe and has more than 38,000 team members. Originally founded in 1998, the company is known for its high-performance fabrics, functional design and innovative products.

 

The new Lululemon store on Broughton Street is located in two high-profile retail spaces formerly occupied by MAC and Frankie & June and is the latest addition to the growing retail scene in downtown Savannah.

 

The building is owned by Acadia Realty Trust (NYSE:AKR), an equity real estate investment company that owns exceptional commercial properties in Savannah and across the United States.

 Contact:

Capricorn Communications

912.441.1285

pr@capricorncomm.com

www.capricorncomm.com

 

Central Florida Homebuilding Supplier Blackton Inc Receives Orange County Sheriff’s Foundation Award and Other Industry Accolades

 

                 

 Matt Grundon (left), Senior Project Manager, Ashton Woods Homes and Blackton’s Quality Control Manager Cristian Marrero who received the “Outstanding Trade Supervisor” award for the third quarter from Ashton Woods Homes

 ORLANDO, FL --- Blackton, Inc., one of Florida’s largest and most active suppliers of materials to the homebuilding industry, recently was presented with an award from the Orange County Sheriff’s Foundation (OCSF) for its contribution to the foundation’s Hero Home project. 

Penny Moores

The Hero Home project is a joint effort by local builders and trusted contractors to build a new home for sale and donate the proceeds to the OCSF which supports the Orange County Sheriff’s employees and families in need as well as innovations in crime fighting.

 

“When our industry leaders join to give back to the community by volunteering and supporting those who serve us, we not only promote the interests of the industry, we strengthen the communities that the industry serves,” said Michael “Micky” Blackton, Chairman of the firm.

 

Earlier this year, Blackton Inc.’s Quality Control Manager Cristian Marrero received the “Outstanding Trade Supervisor” award for Q3 from Ashton Woods Homes. 

 

Michael “Micky” Blackton

Blackton’s Director of Account Administration Penny Moores received the “Orlando Central Regional All Star” award from KB Home for her exceptional dedication to the homebuilder’s operations team.

Blackton said the awards are a testament to his team’s commitment and dedication to excellence.

 

Blackton Inc. has been supplying the home building industry from Jacksonville to Tampa for more than six decades. The family-owned supplier is headquartered on Alden Road north of downtown Orlando, with locations in Leesburg and Holly Hill.

 

CONTACTS:

Michael “Micky” Blackton

 Chairman,

 Blackton Inc. 

407-898-2661 

Micky@Blacktoninc.com

 

Beth Payan

 Larry Vershel Communications 

407-461-3781

 Beth@LarryVershel.com