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.
Berkshire Hathaway | April 13, 2022
On April 12th, leading real estate brokerage network announced the expansion of its presence in Florida with the launch of Berkshire Hathaway HomeServices Palm West Realty. This will be the organization’s 13th franchise network in the state of Florida.
Industry veterans Fred Lewers and Lou Delgado will be the co-owners of the firm. It will cater to the residential and luxury real estate market in the state in areas such as Flagler, St. Johns, and Volusia Counties.
Fred, who is originally from Staten Island, NY was a former firefighter with the city and retired after 20 years of service. He also served in the U.S. Army Reserve and retired as a Sergeant Major after 26 years. Lou moved to Palm Coast from east Setauket, New York almost 42 years ago. He managed and owned Tropicana Products distribution routes.
Lou commented, “Providing our clients with an extraordinary experience from start to finish is at the core of everything we do here. Aligning with the Berkshire Hathaway HomeServices global brand will allow us to reach new heights in real estate. We are excited to reach new potential.”
Palm Coast was recently designated the #1 retirement community, making it a local hotspot. We are pleased to welcome Lou, Fred, and the entire team to real estate's Forever Brand. The team has been in the market for over 40 years and are well-equipped to represent the significant number of high-net-worth individuals and families coming to the market.”
Christy Budnick, CEO, Berkshire Hathaway HomeServices
As part of the network, agents of the Berkshire Hathaway HomeServices Palm West will gain access to the parent organization’s active relocation and referral network and its suite of cloud technology.
REAL ESTATE INVESTMENT
Altura Capital | February 24, 2022
Thompson Thrift Residential, a wholly-owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced that construction has begun on Palm Grove Luxury Apartment Homes, a 320-unit, luxury multifamily community in the Tampa suburb of Ellenton. Thompson Thrift plans to welcome new residents starting in the second quarter of 2023. The development is a joint venture with Altura Capital.
There is strong demand for luxury rental communities in this area and significant market growth that make this a compelling investment opportunity, The community's centralized location ensures future residents have convenient access to Sarasota, Tampa and St. Petersburg as well as nearby retail, dining and recreational opportunities."
Josh Purvis, managing partner for Thompson Thrift Residential.
Located on the northeast corner of the U.S. Highway 301 and Interstate 75 interchange, the 27-acre site will offer two-story buildings with detached garages. A mix of one-, two-, and three-bedroom layouts averaging 1,100 square feet will provide an array of in-demand finishes including elegant quartz countertops, stainless steel appliances, tile backsplashes, large walk-in closets, hardwood-style flooring, full-size washers and dryers, and more.
The luxury living experience will extend throughout the community with a clubhouse featuring stylish spaces for entertaining, 24-hour fully equipped fitness centers, resort-style heated swimming pools, community-wide WiFi, dog park, and more. Residents will also benefit from being located within walking distance to the Ellenton Premium Outlets, which is home to 116 shops and restaurants.
This area has seen some of its fastest community growth in recent years, and employment growth is expected to outpace the national average for the next six years, For-sale home values have increased 14% over the past year, and so we are excited that residents will have a top-quality new rental option to choose from when Palm Grove opens its doors next year."
Brian Southworth, senior vice president of acquisitions, partner.
Palm Grove will be the eighth multifamily community Thompson Thrift Residential has developed in Florida. They are also underway with The Sophia, a built-for-rent community in nearby Venice. Since 2008, Thompson Thrift made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a variety of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.15 billion and has become known as a trusted partner committed to developing high-quality, attractive communities.
About Altura Capital
Altura Capital is a real estate investment firm with offices in Arizona and Florida. The company focuses in opportunities that create value and maximize cash flow through ground-up development with best in class developers. The firm targets investments between $5-25 million of equity in a diverse group of residential and industrial projects. The location focus is primarily secondary markets with attractive fundamentals.