REAL ESTATE INVESTMENT
ACRE | June 29, 2022
ACRE, a global real estate private equity firm, announced it has finalized a $43.5 million bridge loan with Peak Capital Partners (“Peak Capital”), to support the luxury multifamily apartment community ‘Connect at First Creek’ in Denver, Colorado.
Issued through ACRE’s latest debt fund “ACRE Credit I”, the loan will support Peak Capital’s purchase of the 150-unit community. Executed in May, the 3-year agreement includes options for two single-year extensions.
Brian Caudel and Jack Tidrick at KeyBank Real Estate Capital served as brokers for the deal.
Denver has continued to add huge numbers of both jobs and residents over recent years, making it one of the country’s fastest-growing metro areas and creating a critical need for high-quality rental housing. Connect at First Creek has already enjoyed impressive success in helping to satisfy that robust demand, and we’re proud to play a role in supporting Peak Capital’s purchase of this first-class property.”
Daniel Jacobs, Managing Partner at ACRE
The agreement for Connect at First Creek was one of four loans, totaling approximately $169 million, issued via ‘ACRE Credit I’ in May alone. Other loans finalized during the month were issued in support of multifamily developments in Nashville, Tennessee; Fort Worth, Texas; and Fredericksburg, Virginia.
The loan also represents the third issued to Peak Capital since ACRE Credit 1’s launch in August 2020, following two transactions for properties in the Atlanta metropolitan area.
To date, the fund has raised $509 million of equity and has committed to provide more than $2 billion in whole loans across 52 transactions to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets across the U.S.
“Our lending platform has been able to provide financing for a fast-expanding list of apartment developments across a wide variety of markets, as we continue to form and solidify partnerships with industry leaders like Peak Capital Partners,” said Jacobs. “May marked yet another productive month for ‘ACRE Credit I’, and we look forward to continuing to support other companies and the country’s rental housing sector at-large, as it experiences nearly unprecedented growth.”
Located at 17900 East 56th Avenue, Connect at First Creek was built and delivered by Massimino Development. Since opening in 2020, the community has enjoyed significant lease-up success, as it is currently 96 percent leased.
The development’s 150 luxury units feature a wide range of amenities, with in-unit features and finishes including stainless steel kitchen appliances, quartz countertops, Bluetooth keyless deadbolt locks, wood-style flooring, washer/dryer, walk-in closets, and private balcony/patio space. Community amenities include a resort-style swimming pool, fitness center, clubhouse, open air dining spaces with stainless steel BBQ grills, game room with billiards, coworking and conference spaces, a half-acre dedicated park, and direct access to First Creek Trail.
Connect at First Creek is located just a short distance from Pena Boulevard, Interstate 70, Interstate 225 and the 61st & Pena Light Rail station, offering residents an easy trip to Downtown Denver, Denver International Airport, and Aurora. The property is also adjacent to Rocky Mountain Arsenal National Wildlife Refuge, a 15,988-acre wildlife sanctuary.
ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.
REAL ESTATE TECHNOLOGY
prnewswire | January 18, 2021
Godrej Fund Management ("GFM"), the land private value arm of the Godrej Group, declares the First Close of its USD 500 million office improvement stage, GBTC II in association with Netherlands based APG Asset Management N.V. ("APG"), the foundation financial specialist in the stage.
Under this program, GFM will be able to create Class-An office resources that will be esteemed in abundance of USD 1.5 billion (~INR 11,000 crore) on finishing and the all out estimation of office resources including those from past assets will take the portfolio esteem on fruition to over USD 3 billion (~INR 22,000 crore). GFM has completely contributed the recently raised capital under GBTC I and Godrej Office Fund I.
GBTC is a 'club-style' office speculation system that puts resources into creating top notch places of business in ideal spots across the main office markets in India. The stage as of now has a solid venture pipeline and means to convey the recently raised capital inside a year.
This is the third India centered office adventure and fifth by and large, supported by GFM.
Mr. Karan Bolaria, Managing Director & CEO, Godrej Fund Management, said, "We are pleased to partner with APG on our second build to core platform. Our Group has strong conviction in India's premium office sector and we believe the current dislocation in markets provides attractive capital deployment opportunities. The addition of this platform brings significant scale to our overall strategy and will open up strategic avenues for value maximization in the future."
Mr. Graeme Torre, Managing Director, APG Asset Management Asia, said, "We are looking forward to another successful partnership with Godrej. The build-to-core strategy for Indian offices aligns very well with our broader investment aspirations for our pension fund clients and our desire to invest alongside partners who offer best-in-class execution capabilities."
About Godrej Fund Management
Godrej Fund Management, based in Singapore, is the real estate private equity arm of the Godrej Group. GFM brings the Godrej Group's philosophy of good governance, innovation, sustainability and excellence to the real estate private equity space. It seeks to provide strong risk adjusted returns to its partners through the strategic combination of world class investment management and development management capabilities.
Every day APG is busy with something that already concerns millions of Dutch people and one day will concern millions more: pensions. APG strives to provide a good pension in a livable world for all participants, employers and pension funds. Together we work on a sustainable future in which we do not only look at prosperity, but also at well-being. Because pensions are about people, life and how we live together. So that we, our parents, and our children can enjoy a good income. Today, tomorrow, and beyond.
As the largest pension provider in the Netherlands APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €560 billion (November 2020) in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing.
REAL ESTATE INVESTMENT
DJE Texas Management Group | June 14, 2022
DJE Texas Management Group (DJE), a vertically integrated real estate investment and management company based in San Antonio, has closed on The DJE North Portfolio.
The North Portfolio contains 600 apartment units throughout three apartment communities in North Central San Antonio. The properties are located at
12221 Blanco Road
7302 University Row
8631 Fairhaven Street
The three properties are conveniently located within 15 minutes of each other and are situated ideally amongst DJE's other multifamily properties in the same submarket. DJE Properties, will manage the asset and execute a $5.2M value add business plan that includes a rebrand, property renovations, and operational improvements. Renovations will include the addition of washer/dryer units, amenity upgrades in all units, exterior community building and swimming pool upgrades.
This multi-property renovation project will not only enhance the communities in which they are located, but it will also help to meet the city's growing need for quality housing."
Devin Elder, Founder, and CEO of DJE Texas Management Group
The majority of property improvements are expected to be completed by the end of 2023. To date, the organization has invested in over 5,000 apartment units across 17 multifamily real estate assets. and continues to expand its portfolio. DJE Texas Management Group holds firm to its core values and strives to create passive investment strategies where everyone involved wins.
About Devin Elder and DJE Texas Management Group
Devin Elder is Founder & CEO of DJE Texas Management Group, a vertically integrated multifamily investment firm based in San Antonio, Texas. Since 2012, the firm has completed hundreds of successful investment projects including many full-cycle multifamily investments. Devin has led his team in the renovation projects that have improved over 5,000 multifamily units. He is a helicopter pilot, a podcast host, and the owner of a real estate consulting firm, and he spearheads the DJE Foundation supporting disadvantaged children in Texas and the Philippines.