REAL ESTATE INVESTMENT
Hamilton Zanze | June 14, 2022
San Francisco-based real estate investment firm Hamilton Zanze is pleased to announce the sale of Miro at the Parc apartment community located in the desirable Henderson/Green Valley submarket of Las Vegas, Nevada. The firm purchased the property in 2014 and the sale closed on May 25, 2022. Newmark's Doug Schuster represented the sellers at acquisition and disposition.
During their ownership, Hamilton Zanze completed numerous exterior and landscaping improvements, and several amenity upgrades as well.
Las Vegas continues to be a solid market with strong population and job growth. Miro at the Parc represents the 10th Las Vegas property sale for Hamilton Zanze. We were ahead of schedule with our business plan and returns well-exceeded our initial expectations. It is great to deliver this win to our investors."
Anthony Ly, senior director of dispositions at Hamilton Zanze
Miro at the Parc was built in 2013 and is located at 1651 American Pacific Drive in Henderson. The property comprises 164 one- and two-bedroom units averaging 1,043 square feet. The community has a 5,000-square-foot clubhouse with TV rooms, pool tables, shuffleboard, arcade games, and a 24-hour fitness center. The property also has a pool with a beach area, fire pits, showers, and an infinity hot tub.
Miro at the Parc is in the Henderson/Green Valley submarket of the Las Vegas metro area, one of the most affluent submarkets in the market. The property is conveniently located close to two major freeways, I-515 and I-215, which provide easy access to downtown Las Vegas. Additionally, the property is located just a 20-minute drive west of the Las Vegas Strip, which provides entertainment, shopping, and dining for residents.
About Hamilton Zanze
Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $5.9 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 132 properties (22,821 units) across 17 states and 30 markets.
REAL ESTATE ADVICE
Sklar Kirsh | June 29, 2022
Los Angeles-based law boutique Sklar Kirsh LLP announced that it has bolstered its real estate practice with the addition of Amit S. Patel, who joins the firm as a Partner.
Patel represents owners, developers, and investors in the acquisition, sale, lease, development, and financing of retail, office, commercial, industrial and residential real estate. His recent work includes oversight over the fifth largest multifamily sale in the history of U.S. real estate, worth approximately $1.85 billion and consisting of 13,243 apartments at 36 properties, 21 loan defeasances and 11 loan assumptions. An expert in portfolio transactions on behalf of industrial owners, he recently handled approximately $850 million over two sales of 26 properties.
Joining the highly successful practice chaired by firm Co-Founder Andrew T. Kirsh, Patel brings the total number of attorneys working under the firm's real estate arm to 18.
We've been expanding steadily as a firm, but our goal hasn't been to add attorneys for the sake of it - we're cultivating talent that will add value to our clients for years to come. Between Amit's thriving practice and his tireless dedication to his practice, we couldn't be happier to add him to the team."
Andrew T. Kirsh,Co-Founder
Patel additionally counsels clients in operating and tenants-in-common agreements, restructuring and buy/sell agreements and property management agreements.
Patel praised the quality and versatility of Sklar Kirsh's real estate team, which he attributed as a primary motivator for joining the team.
"I've always taken a comprehensive approach to representation, guiding clients from start to finish while looking out for them from every angle," said Patel. "It's refreshing to be practicing with a team of professionals who shares and complements that mindset."
Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.
REAL ESTATE TECHNOLOGY
Choice Properties Real Estate Investment Trust | June 21, 2022
Choice Properties Real Estate Investment Trust announced that it has agreed to issue, on a private placement basis in certain provinces of Canada, $500 million aggregate principal amount of series R senior unsecured debentures of the Trust that will bear interest at a rate of 6.003% per annum and will mature on June 24, 2032 (Debentures).
Offering of Debentures
The Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank. Subject to customary closing conditions, the Offering is expected to close on June 24, 2022.
The Trust intends to use the net proceeds of the Offering (i) to pay for the previously announced early redemption of Choice Properties Limited Partnership’s $300 million principal amount of 3.60% series 10 senior unsecured debentures on June 26, 2022, (ii) to repay all or a portion of the balance drawn on the Trust’s credit facility, and (iii) for general business purposes.
It is a condition of closing of the Offering that the Debentures be rated at least “BBB” (high) with a “stable” trend by DBRS Limited and at least “BBB” by Standard and Poor’s Ratings Services. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.
The Debentures being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.
We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.
Bonaventure | June 27, 2022
Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the sale of a 289-unit garden-style multifamily property Williamsburg, Virginia, to Illinois-based The Inland Real Estate Group.
We are very pleased with the outcome of this transaction. The price we were able to command reflects the asset’s high quality and the strong investor appetite for stabilized multifamily communities in markets with solid employment fundamentals. We take great pride in our proven ability to create meaningful value for our residents and investors.”
Dwight Dunton, founder and CEO of Bonaventure
The property is extremely well located at 401 Bulifants Blvd. and features a diverse collection of two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. The luxury community’s many amenities include a swimming pool, a fitness center, a business center, a clubhouse and a dog park. The property benefits from its proximity to Sentara Williamsburg Regional Medical Center and the shops and restaurants near Route 199 and Interstate 64.
As one of the nation’s largest and most active developers and owners of multifamily communities, Bonaventure has established a track record of delivering exceptionally well-designed and highly amenitized properties that residents want to live in and investors want to own. This strategic disposition further demonstrates how Bonaventure’s vertically-integrated platform is capable of generating compelling risk-adjusted returns for its investors.
Drew White, Senior Managing Director of Berkadia D.C. Metro, and Carter Wood, Senior Director of Berkadia Norfolk, facilitated the sale of the community on behalf of Bonaventure.
Headquartered in Alexandria, Virginia Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment and property management. Bonaventure has over $1.5 billion of assets under management, is an expert at utilizing low-cost financing, and manages over 6,000 apartment units across 31 communities primarily in the Mid-Atlantic and Southeastern regions. Since its founding in 1999 by Dwight Dunton, with the intent to create best-in-class capabilities connecting capital to assets, the focus of the firm has been to generate excess returns on a risk adjusted basis while building enduring value through ingenuity.