Connecticut apartment community goes for $70M
Paredim Partners has recently acquired Eaves Trumbull Apartments, a 340 unit Class A luxury apartment community situated on 38 acres in Trumbull, Connecticut, for $70.25 million.
Paredim’s purchase of the property from Avalon Bay Communities, in partnership with LEM Capital, represents a significant addition to the Company’s portfolio of prime apartment communities.
Excellently located with direct access to the Merritt Parkway and Route 8 and offering convenience to both New York and Connecticut destinations, this late 1990s-era Class A property is almost fully occupied and serves young families and professionals that commute to employment centers in Fairfield and southern New Haven Counties.
“We are investing in a well-located, high-quality asset with a unique and irreplaceable setting and property with great upside potential,” explained David Parisier, Paredim’s Managing Director and founding principal. “Value-enhancing renovations are planned under the direction of our experienced redevelopment and management team that has overseen similar projects in our portfolio of more than 2,000 units throughout New Haven, Fairfield and other Connecticut markets.”
“Designed to offer upscale living with a high level of amenities, EavesTrumbull combines a rolling park-like setting, with an impressive array of amenities such as the 11,000 square foot clubhouse with pool, indoor basketball and racquet courts as well as a large variety of spacious apartment floorplans and a highly desirable Trumbull address” according to Parisier. “We plan on implementing a renovation and rebranding program that will play upon and accentuate the many positive features of this community and enhance its position as a premier property in the upper Fairfield County market.”
LEM Capital LP’s Investment was made on behalf of one of the firm’s managed institutional real estate funds
EavesTrumbull was built in 1997 and consists of 340 apartment homes. Situated on 38 rolling acres, this gated community features an extensive amenity package in which Paredim Communities will refresh and build upon. The Property features a mix of one, two, and three bedroom units with both flat and loft floor plans. EavesTrumbull has “condo-quality” features including architecturally appealing building designs, in-unit laundry, detached garages and carports for many of the units.
Castle Lanterra Properties
River Park bought for $56M on Jersey waterfront
River Park, a 224-unit apartment community in Somerset County’s borough of Raritan, is the latest addition to Castle Lanterra Properties’ (CLP) multifamily portfolio. The $56 million transaction marks CLP’s second New Jersey acquisition in the past five months, following the addition of Harbor Pointe, a 544-unit, Class A waterfront property that was purchased for $147.5 million on October 21, 2015.
The seller of River Park was a global insurance group. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller and procured CLP as buyer in this significant trade.
“Having personally invested in a substantial number of apartment communities in New Jersey over the past 18 years, I knew the $250,000 per unit valuation at which we were able to acquire this immaculate property was a solid entry point,” said Elie Rieder, CLP’s founder and CEO. “Historical sales of other competitive properties within this submarket have seen prices in the $275,000-285,000 range.”
Constructed in 2007, River Park “was built to condominium specifications,” said Benjamin Loney, head of acquisitions for CLP. “Very high quality materials were used during construction. Due to the financial crisis, the decision was made to turn River Park into a rental property.” River Park’s amenities include an underground parking garage, a heated pool, fitness center, tennis courts, club room, business center with conference room, recreational facilities, and onsite concierge.
The KRE Group
Joint venture picks up rental community
The KRE Group and Oxford Realty Group, a prominent family-owned and operated real estate management company with properties throughout New Jersey, Pennsylvania and New York, announced that they have jointly acquired Deer Creek, a 288-unit rental community in Plainsboro, NJ, in partnership with Verde Capital.
Deer Creek is a collection of one- and two-bedroom apartments just off of Plainsboro Road, about four miles from Route 1 and five miles from the New Jersey Turnpike. The partnership paid $45 million for the asset.
Deer Creek is the second property KRE and Oxford have jointly acquired in the last four months. In November, 2015, the companies purchased Royal Gardens, a 550-unit rental community in Piscataway, NJ, for $107.25 million, in partnership with Blue Vista Capital Management.
Deer Creek is situated on a 34-acre campus of apartment buildings, tree-lined streets and manicured lawns that border a wooded section of the Cranbury Brook. It includes an outdoor pool, two tennis courts and access to a scenic nature trail that winds along the brook and leads to a nearby park. As part of the property upgrades, KRE will construct a new fitness center, according to Mr. Raiken.
The partnership has a number of renovations planned for Deer Creek, including luxury finishes such as granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. Unit layouts will also be reconfigured to create more open, contemporary living spaces.
“The Deer Creek and Royal Gardens deals are both part of an ongoing initiative to actively grow our portfolio of multifamily properties through value-add acquisitions,” said Jonathan Kushner, President of The KRE Group. “We are big believers in the future of the New Jersey rental market, as well as the growth potential reinventing select properties offers. We will continue to look for similar opportunities that allow us to deploy capital wisely and cater to our strengths as a company.”
Alchemy-ABR Investment Partners
Palm Beach Gardens draws New York buyer
New York based Alchemy-ABR Investment Partners has announced their acquisition of 4200-4400 Northcorp Parkway in Palm Beach Gardens, Florida. The property was purchased in partnership with locally-based Breakers Capital Partners and includes two class-A office buildings totaling 115,000 square feet.
Completed in 1996, the trophy asset has had extensive recent capital improvements which include renovated premium office fit-outs, contemporary base building lobby & common areas, as well as installation of modern mechanical and roofing systems.
The property offers a Park Avenue vintage equivalent on a spacious footprint which is very unique to the market. The building is currently 100% leased. CBRE will continue to lease and manage the property.
“We are thrilled to announce our first Alchemy-ABR investment in the South Florida market; we plan on this being the first of many. Having grown up in Palm Beach County, I have deep personal and professional ties here that date back over 30 years. In a market where commercial, residential, and mixed-use investment and development is strong, we are excited to acquire this incredibly well located property at an attractive basis with great tenants,” said Alchemy-ABR Managing Partner, Brian Ray.
Top auto dealer picks up $16M NJ property
Savills Studley announces that it has arranged for the sale of the Gwathmey Siegel-designed, 175,438-square-foot former headquarters building located at 133 Williams Drive in Ramsey, NJ, which includes more than 10 acres of property, for approximately $16 million.
Savills Studley Senior Vice President and Branch Manager Chris Marx and Senior Managing Director Daniel Foley arranged the transaction between the seller, Kislevitz Family LLC and Prestige Management Services, Inc. (Prestige).
The transaction was completed in February 2016; Prestige will occupy the entire building in the spring of 2018.
Prestige, the leading vehicle dealer network in the Tri-State Region, will utilize the existing 21,000 square feet of office space for its business operations. The building, originally constructed in 1980, underwent a substantial office renovation in 2012 and features 27-foot ceiling heights, 32-foot column spacing the parking space for 245 vehicles.
“Not only was the superb quality of the facility itself a great fit for Prestige, the location is centrally located relative to the location of its other dealerships, which was paramount to their leadership team,” Foley said.
“This facility is perfectly situated to the needs of Prestige,” Marx added.
Prestige established its first showroom in Montclair, NJ in 1947 and currently operates in Paramus, Mahwah and Ramsey, NJ, Middletown, NY and Stamford, CT. Wards Auto ranks Prestige 31st in the 2014 Mega Dealer Top 100.