FPA Multifamily, identified by King County public records as the buyer, acquired the assets, which offer a total of 155 units. FPA Multifamily ranked 19th in the Top 50 Multifamily Property Management Firms of 2022 report, with a portfolio occupancy of 95 percent. The portfolio includes the 168-unit The Hub at Tallahassee, the 168-unit The Social 1600 and the 134-unit The Social Tallahassee. Intercontinental Real Estate Corp. has sold two communities in the Ballard neighborhood of Seattle for $41.5 million. Executive Summary. Marketing Description. The property was sold for $74.2 million, or roughly $337,272 per unit. 2023 Multi-Housing News. Completed in 2009, the property comprises one 35-story and one seven-story tower as well as 17,000 square feet of retail and dining space adjacent to the recently completed Wintrust Arena and Marriott Marquis Hotel. publication offers and more. All Rights Reserved. The latest multifamily news, delivered every morning. The biggest property in the portfolio, The Hub at Tallahassee spans 11.8 acres and comprises 32 buildings with 168 units and one-, two-, three- and four-bedroom apartments, varying from 727 to 1,516 square feet. Portfolio consists of: Dave Savage has extensive East County experience having closed over 70 multifamily transactions there throughout his career. Faith was also part of President Donald Trumps April 2020 post-lockdown economic revival panel, though its not clear what role he played. Monument Ridge Apartments. CHADDS FORD, PA. San Francisco-based investment firm FPA Multifamily has acquired Valleybrook at Chadds Ford, a 352-unit multifamily property located about 30 miles southwest of Philadelphia . JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 2023 Multi-Housing News. Banking and financial services industry set to become largest investor in AI. As developers, Bozzuttos development unit has developed over 16,000 residences and approximately 800,000 feet of retail space. Community amenities include a fitness center, business center, community room, swimming pool and basketball court. Selby & Company Purchases 262-Unit Apartment Community in Rancho Cucamonga for $92MM, Property West Residential Acquires 284-Unit Multifamily Property in Oceanside for $110MM, US Banks Worry Commercial Real Estate Valuations May Pose Broader Economic Consequences. Mr. Graf joined Pinnacle in 1996 and took the title of CEO in 2006. 51 apartments in 3 buildings in 2 towns in Hillsborough County NH. View contacts for FPA Multifamily to access new leads and connect with decision-makers. According to the Mercury News, which first reported on the sale, the portfolio was acquired for a total of $134.8 million. If youre looking for a multifamily or commercial real estate loan, leave it to our team of experienced capital markets experts. Numerous retail and dining options in WestEnd Square are within 1.5 miles and respectively less than 3 miles away from the properties. Throughout the year, the company has been an active seller in the Sun Belt, trading ReNew on Sunset, a 224-unit community in San Franciscos North Bay area, as well as ULake, a 401-bed student housing community in Tampa, Fla. View Flyer. Shorenstein Places 62-Story, 1.1MM SQFT Aon Center up for Sale in Kearny Real Estate Sells 730,000 SQFT Industrial Portfolio in Corona for Clearwater Living Readies New 101-Unit Assisted Living Memory Center in Newport Wood Investments Companies Sells 4,000 SQFT Sherwin-Williams in Beaumont for $3.24MM, Industrial Market Is Hitting Record Occupancy, But Industry May Be Stabilizing. Some multifamily owners, including some multifamily syndicators, choose to self-manage a property. FPA Multifamily, LLC is a vertically integrated, principal investment organization led by managing principal, Greg Fowler, who started with a 4-unit apartment building 36 years ago and has now completed over USD 20 billion in transactions. 10 unit SFR and small multi-unit portfolio. NW., close to Belay. Copyright 2023 Trivericon Inc./Financial Intelligence/Multifamily Refinance. According to the Mercury News, which first reported on the sale, the portfolio was acquired for a total of $134.8 million. The Company focuses on real estate investments utilizing institutional private equity for apartment investments. For more news, videos and research resources on JLL, please visit our newsroom. The property features studios and one- and two- bedroom floorplans, averaging 521 square feet. Constructed in 1987, The Eln Summit at Alpine located at 2660 Alpine Blvd consists of 36 large(650sf) 1 Bedroom /1 Bath units and 72 large (850sf) 2 Bedroom /2 Bath units. By Catherine Sweeney. Then, well offer some statistics on the next 10 firms listed by MultiHousing News in order to give you a bit more perspective on the multifamily market. Tenants include Joffrey's Coffee, PharmScript of Florida, Ademco Inc. and Tri-Ed Distribution.The seller was a group of property investors. Amenities include a BBQ area, fitness center, playground, basketball court and swimming pool. If the property is managed poorly due to lack of experience, the owners and investors could lose far more than the 8-12% theyd be saving due to self-management. The Row Gelt Inc. has received $85.5 million for The Row and The Union, two multifamily properties in Kent and Federal Way, Wash. Berkadia brokered the transaction on behalf of the seller. Over our 36 year history, we have acquired approximately. Image courtesy of Porchlight Photography. Unlike certain property management firms on this list, FPA focuses on both asset . Executive Managing Director Jim Crews and Managing Director Jeems Lochridge represented the seller. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. In addition, most multifamily lenders, including Fannie Mae and Freddie Mac multifamily lenders, banks, and CMBS lenders generally prefer to see a reputable property management firm attached to a project, particularly if the investor or sponsor does not have specific management experience. The 18-story apartment building was sold by Kennedy Wilson for $55.5 million, or about $311,797 per unit, according to previous reporting from The Registry. The company also arranged a $15.6 million loan for the purchase of Belay Apartments. See more properties for . FPA Multifamily has acquired Monument Ridge Apartments, a 201-unit community in Flagstaff, Ariz., for $45.5 million. Image courtesy of Cushman & Wakefield. Located at 1303 Ocala Road, 1600 Old Bainbridge Road and 1327 High Road, the communities are within one and 2 miles of each other and 2 miles away from the Florida State University campus and the Doak Campbell Stadium. Apr 28, 2023. Active, Closed, This describes the type of investor this organization is (e.g. Get financial, environmental, and social returns with sustainability solutions. He founded the firm in 1985 and retains direct control over a variety of business operations, including development, acquisitions, and leasing. All apartment buildings also offer a number of amenities, including laundry services, pools, picnic areas and more. Explore better ways to find, grow and run commercial properties with our innovative portfolio of real estate technology. Amsdell Cos. Intercontinental Real Estate was represented by a CBRE team led by Vice Chairmen Eli Hanacek and Jon Hallgrimson, Executive Vice President Mark Washington and First Vice President Kyle Yamamoto worked on behalf of the seller. FPA Multifamily is a real estate investment firm utilizing institutional private equity for apartment investments. Located at 6559 15th Ave. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. The 108-unit Eln Summit at Alpine sits upon a 4.5-acre lot and consists of 81,900 rentable square feet with 165 parking spaces. If youd like to be featured in Brokers Corner, send your deal to[emailprotected]. Both properties are located within proximity to Alpines commercial district which offers a variety of dining, social, and recreational opportunities. Property management firms typically charge 8-12% of the monthly gross rent of an apartment property, though there are many alternative payment arrangements, with some companies operating on a flat-fee basis, and yet others taking a reduced portion of the rent for an equity stake in the property itself. FPA Multifamily Pays $42M for 2 Seattle Communities, Top 50 Multifamily Property Management Firms of 2022, Top Marketers: When to Redevelop a Website, Why RCLCO Encourages SFR Developers to Ready Their Shovels, Wood Partners Breaks Ground on North Carolina Community, Harbor Group Seals $122M Refinancing for Texas Property, BRIDGE Housing JV Breaks Ground on San Diego-Area Affordable Community, Crescent Communities Kicks Off Raleigh-Area Project. The other two properties include the 168-unit The Social and the 134-unit The Social Tallahassee, two properties comprising 14 and 20 buildings with the same floorplans, averaging 1,064 and 1,080 square feet, respectively. Noba Apartments. The buyer, FPA Multifamily, ranks 14th on the list of the nation's top multifamily portfolio owners with a total of 54,118 units, according to an October report by Multi-Housing News. The property also features covered parking and a rental office. The property contains a mix of one- and two-bedroom apartment units ranging in price from $2,513 to $2,873 per month. Find media contacts, and get access to commercial real estate news and announcements. FPA Multifamily is part of the Real Estate industry, and located in Illinois, United States. For the purposes of this guide, we have slightly simplified the format for firms listed 11-20. October 13, 2022. Find real estate services, solutions and partners at JLL locations near you. Unlike MultiHousing News, however, well dig in a bit deeper into the history and management of the top 10 individual firms, so you, the reader, can get a better idea of the property management business and whom, you, as the investor, may wish to hire. The properties are located at 1303 Ocala Rd., 1600 Old Bainbridge Rd. She also serves on its board of directors. What is a Non-Recourse Loan in Multifamily Real Estate? The companys main headquarters is located in Charleston, N.C., though the firm has secondary offices in a variety of smaller cities. The buyer, FPA Multifamily, LLC, was represented by Casey Mauge of Fairway Commercial Partners. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. FPA Multifamily is continuing its expansion across the Bay Area, recently acquiring a three-building multifamily portfolio in the region. Like Morgan Properties, in 2019, Cortland made a mega-acquisition of a 7,085 unit portfolio in the Southeast United States for a sizable $1.2 billion. Sprinkler system & fire alarm system in 3 Bear Hill Rd. Of the various suburbs across San Diego County, Alpine is a hidden gem says Arby Eivazian one of the sellers representatives, The two scaled assets in this transaction are among the finest living East County has to offer.. The company headquarters are located in San Francisco, California with regional offices in Atlanta, Denver . The firm has transacted on approximately $11 billion of apartments totaling 520 buildings in excess of 104,000 units and over 400 realized investments. In addition, many of the property management companies we list own many or all of the properties they manage, and may or may not offer separate management solutions to outside investors. The properties are also close to Seattles central business district and South Lake Union, in proximity to large employers in the tech and life science industries. FPA Core Plus Fund IV invests in multifamily properties in top . BH Management, however, is only one division of BH Companies, which was founded by Harry Bookey in 1993. Vice President - Eastern US Portfolio Manager FPA Multifamily, LLC Jul 2017 - Present5 years 10 months Atlanta, Georgia Oversight of residential operations, construction, commercial leasing,. RangeWater Real Estate is currently lead by President and CEO Steven L. Shores, who has lead the firm since its inception. FPA Multifamily Acquires 415-Unit Multifamily Portfolio in San Jose for $134.8MM, Alameda County Eviction Moratorium Ends, But Not Lifted in All Cities, Commercial Loan on 250,000 SQFT City Square in Oakland Placed on Lender Watchlist, The Sobrato Organization Proposes 432-Unit Multifamily Community in Menlo Park, Study: US Warehouses Present an Untapped Solar Energy-Generating Potential, Could Make Sector More Important for US Economy, Pacific Development & PGIM Announce Project Details for 368-Unit Launch in Alameda, Panoramic Interests 1,032-Unit Mixed-Use Project Site in Oakland Faces Foreclosure, Nibbi Jumps into Modular Construction with Sango Court Project in Milpitas, South Korean Investor Acquires 3.2-Acre San Jose Redevelopment Site for $27.6MM, Industrial Market Is Hitting Record Occupancy, But Industry May Be Stabilizing. FPA Multifamily Purchases 234-Unit Apartment Portfolio in Alpine for $54.1MM, Interwest Capital Group Pays $45.6MM for 142-Unit Apartment Community in Ontario, FPA Multifamily Sells 128-Unit Asset in Visalia for $30.65MM, FPA Multifamily Seeks $1.35B Capital Raise for New Apartment Fund, R.W. San Francisco-based FPA Multifamily is one of those firms, which recently raised $970 million for its latest commingled fund, according to industry sources, the FPA Core Plus Fund V. The company has listed on its website that it has a national investment program for its transactions and included in that strategy are the markets of the San . Both communities are within walking distance of the Ballard Ave NW retail corridor, Ballards Brewery District and Golden Gardens Park, providing easy access to various retail centers, dining options and entertainment venues. "This shift in market conditions and demand for multifamily housing will impact the underwriting of new projects moving forward," NAI's report read. By Kate Snyder With more than 350 employees, Guardian's management portfolio consists of approximately 130 communities with more than 8,500 units across four states. The. Since 1982, ACI Apartments has been a leader in San Diego apartment investment. We empower you to shape a brighter way forward. The Bozzutto Group was founded in 1988 and currently reports having more than 2,700 employees throughout the United States. By The Registry Staff August 23, 2021 CGI+ Real Estate Investment Strategies, in partnership with a family office, has acquired a two-property, 712-unit multifamily portfolio in Atlanta from an FPA Multifamily affiliate in an off-market transaction for $144.75 million. JLL Capital Markets closed the sale of the 470-unit and 1,152-bed portfolio in Tallahassee, Florida. Browse properties for sale or lease that fit your location and unique needs. The firm has transacted on approximately over $20 billion of apartments totaling 700 buildings in excess of 130,000 units and over 450 realized investments. JLL marketed the property for the seller FPA Multifamily. Senior Directors Stewart Hayes and Scott Clifton and Analyst Jack Goldberger of JLL Capital Markets represented the seller in the transaction. Improve value through positioning, marketing and leasing of vacant space in owned assets. The same source shows that Berkadia Commercial Mortgage LLC arranged a $6.9 million Freddie Mac loan for the acquisition of Noba Apartments on behalf of buyer. The firm has transacted on approximately $11.9 billion of apartments totaling 530 buildings in excess of 107,000 units and over 415 realized investments. - Mark Jarrell, head of Greystone's portfolio lending group. The market has three properties under construction, that will add some 1,111 bedrooms to the current inventory, Yardi Matrix data shows. Vice President - Eastern US Portfolio Manager, Regional Project Manager, Multifamily Reinvestments, Find your B2B customer within minutes using affordable, accurate contact data from Datanyze, FPA Multifamily headquarters are located in 1919 S Wabash Ste 100, Chicago, Illinois, 60616, United States, FPA Multifamilys main industries are: Real Estate, FPA Multifamily appears in search results as Fpa Multifamily LLC, Fowler Property Acquisitions LLC, FPA Multifamily, Fowler Property Acquisitions, Fpa Apartment Opportunity Fund V LP, Get Free Access to FPA Multifamily Contacts Info. Community amenities include resident lounges, swimming pools and fitness centers. & Endowments, foreign and domestic pension funds, family offices, and top tier fund of funds. A San Jose redevelopment site that was slated to be sold at a foreclosure auction was acquired at the eleventh hour by 2007 - 2023 Mighty Dot Media, Inc. All rights reserved. The three-story community was built in 2013. A team of investment advisory brokers from HFF, made up of Sean Fogarty, Marty OConnell, Wick Kirby and Kevin Girard represented the seller in the deal. Community amenities of the properties include pools, fitness centers and resident lounges. The controlled-access property was built one year earlier, in 2012. Prior to heading RangeWater, Shores worked as a manager for Hines, a real estate development firm. For Sale. In Seattle alone, FPA Multifamily now owns five properties offering a combined 637 units. We have no connection or affiliation with any government agency and are not a lender. In contrast to most of the firms on this list, which only accept investments from private, accredited investors or large institutions, such as other real estate funds or investment firms, Essex Property Trust has been structured as a public REIT since 1994 (the firm was founded in 1971) and currently trades on the NYSE as ESS. We are encouraged by the future growth prospects at Florida State University that will only benefit the student housing market in Tallahassee, said Hayes. Totaling 415 residential units, the recently acquired properties include Sierrabrook Apartments, which is located at 1265 N. Capitol Ave.; the Casa Verde Apartments, located at 2050 McKee Road; and Pacific Terrace West at 498 Boynton Ave. Lincoln Property Company is currently led by CEO Tim Bryne. This is the seventh value-add fund in the apartment series. FPA Apartment Opportunity Fund V closed in 2015 and invested in 38 assets, totaling 10,000 units. DeFrancishas more than two decades of experience in multifamily acquisitions, development, and property management, with a specific focus on value-add projects. As one might expect, BH Architecture and Design and BH Construction services provide architectural and construction services to both in-company properties and outside clients. With over 10,000 experts across the globe, we're ready to help you buy, build, occupy, and invest in commercial real estate assets. 2916 W College St Shreveport, LA 71109. Ancient City Capital paid $57.8 million for the properties, funded by a 35-year, $70.6 million loan originated by the Housing Finance Authority of Leon County and funded by Bank of New York Mellon, Yardi Matrix data shows. Edit Lists Featuring This Company Section, Minneapolis apartments built in 1800s sell to FPA Multifamily for almost $7 million, Suburban apartment complex fetches $75 million, $63.05 Million Inland Empire Multifamily Sale Brokered by Marcus & Millichaps IPA Division, California Investors with Funds Raised in 2016, Western US Investors with Funds Raised in 2011, West Coast Investors with Funds Raised in 2000, California Investors with Funds Raised in 2013. SHARE THIS ARTICLE. The Hub at Tallahassee. FPA Multifamily, a San Francisco-based real estate investment firm focused on the acquisition of multifamily properties in U.S. high-growth markets, has launched its next fund, FPA Apartment Opportunity Fund VII, according to Real Estate Alert. The units feature central air conditioning and heating, mirrored closet doors, fully equipped kitchens, and private balconies or patios. The Lex is located at 2138 S. Indiana Ave., in the heart of the McCormick Square entertainment district. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. The firm has transacted on approximately over $20 billion of apartments totaling 700 buildings in excess of 130,000 units and over 450 realized investments. Company profile page for FPA Multifamily LLC including stock price, company news, press releases, executives, board members, and contact information The portfolio encompasses a total of 470 units across three properties, including the 168-unit The Hub at Tallahassee, the 168-unit The Social 1600, and the 134-unit The . However, this is generally not advisable unless the company already has a good amount of experience with ownership. FPA Multifamily Snags Luxury Chicago Community, Top Marketers: When to Redevelop a Website, Why RCLCO Encourages SFR Developers to Ready Their Shovels, Wood Partners Breaks Ground on North Carolina Community, Harbor Group Seals $122M Refinancing for Texas Property, BRIDGE Housing JV Breaks Ground on San Diego-Area Affordable Community, Crescent Communities Kicks Off Raleigh-Area Project. All Rights Reserved. All three properties are located less than one mile from campus and are proximate to downtown Tallahassee. Units Managed 2019: 37,335. We use cookies to provide you with a great experience and to help our website run effectively. Mr. Hanacek stated in prepared remarks that both communities are eligible for a capital improvement plan. Essex Property Trust, Inc. is currently led by President and CEO Michael J. Schall, who joined the company in 2005 and took on his current role in 2010. Prior to serving as the chief executive of Lincoln, Mr. Byrne founded and lead the Bryne Company, a residential and retail real estate development firm that he founded in 1976.
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fpa multifamily portfolio