CapitaLand Acquires $835M Portfolio

Heronfield

CapitaLand has acquired a 16-property multifamily portfolio for $835 million. The properties total 3,787 units across communities in the metropolitan areas of Seattle; Portland, Ore.; Los Angeles; and Denver. This purchase marks the firm’s entrance into the U.S. multifamily market. According to Yardi Matrix, the seller was Starwood Capital Group, which last year was named number one in a list of top 10 Denver apartment owners. 

The Class B properties are all currently operating at an occupancy of 90 percent or higher, with an average rental stay of around two years. The portfolio includes the following communities: 

• Heronfield; Kirkland, Wash.; 202 units
• CentrePointe Greens; Everett, Wash.; 186 units
• Timberline Court; Everett, Wash.; 126 units
• Capitol City on the Course; Lacey, Wash.; 96 units
• Village at Union Mills; Olympia, Wash.; 182 units
• Miramonte Lodge; Milwaukie, Ore.; 231 units
• The Bluffs; Milwaukie, Ore.; 137 units
• Stoneridge at Cornell; Portland, Ore.; 233 units
• The Ashton; Corona, Calif.; 492 units 
• Deerwood Apartments; Corona, Calif.; 316 units 
• Marquessa Villas; Corona, Calif.; 336 units
• Canterra at Fitzsimmons; Aurora, Colo.; 188 units
• Silverbrook; Aurora, Colo.; 165 units
• Sienna at Cherry Creek; Denver; 220 units
• Parkfield; Denver; 476 units
• Dartmouth Woods; Lakewood, Colo.; 201 units 

“We will continue to bulk up our scale in the multifamily sector in the U.S. In the long term, our vision is to be an integrated multifamily player with the full range of capabilities including property investment, development and operations,” Gerald Yong, CEO of CapitaLand International, told Multi-Housing News. 

A closer look

Stoneridge at Cornell

Heronfield is located at 11105 NE 123rd Lane in Seattle’s submarket of Kirkland. The 202 units are offered in one-, two- and three-bedroom floorplans ranging from 720 to 1,165 square feet. As of August, the community is at a 97 percent occupancy. Features include washer/dryers, private balcony/patios, fireplaces, high ceilings, a fitness center, a clubhouse, a playground, a swimming pool, a spa, outside storage and 242 parking spaces. 

Situated at 14800 NW Cornell Road in Portland, Stoneridge at Cornell features 233 one- and two-bedroom units, ranging from 722 to 864 square feet. Comprising 26 buildings, the community was at a 94.8 percent occupancy as of August. Features include washer/dryers, fireplaces, vaulted ceilings, private balcony/patios, outside storage, 450 parking spaces, a spa, a swimming pool, a clubhouse and a fitness center. 

Marquessa Villas is located at 2235 Treehouse Lane in Los Angeles’ submarket of Corona, Calif. The community features 336 units offered in one- and two-bedroom floorplans. Square footage ranges from 543 to 1,230 across its nine buildings. As of August, the property was at a 94 percent occupancy. Community features include washer/dryers, fireplaces, vaulted ceilings, views of the Santa Ana Mountains, private balcony/patios, outside storage, a fitness center, a tennis court, two spaces, a clubhouse, 336 parking spaces and two swimming pools. 

Marquessa Villas

“This latest acquisition in the U.S., the world’s biggest economy, would expand CapitaLand’s global investment portfolio, diversify our business outside of our two core markets of Singapore and China and allow us to grow new businesses,” said Lee Chee Koon, president & CEO of CapitaLand Group, in a prepared statement. “It also enables us to diversify our investment property portfolio into developed markets as we continue to scale up our presence in our core emerging markets of China and Vietnam. As a leading global real estate player, it is important for CapitaLand to create value for our stakeholders with an optimal portfolio mix which is efficient and high returning, through a balanced and meaningful allocation between developed and emerging markets.”

Images courtesy of CapitaLand