Trecap Purchases Two Oregon Communities for $53.9M

Trecap Partners acquires two communities in Oregon for $53.9 million; Western National completes a $31 million acquisition in Orange County; and Education Realty Trust closes on the ground lease of a new student-housing community at Syracuse University.

Country Gables

Beaverton, Ore.—Trecap Partners LLC has acquired the majority interest in two apartment complexes for a pre-specified facility on behalf of a to-be-formed institutional investment fund. The move was made in a joint venture with Holland Partners to buy both Country Gables and Club at the Green from Equity Residential.

“The properties benefit from continued momentum in Beaverton’s job and population growth—the Portland area’s five largest employers all are in expansion mode led by Kaiser Permanente and Intel,” says Michael McNamara, managing director and head of acquisitions at Trecap. “Trecap forecasts solid rent growth and increased occupancies in line with how we have targeted multifamily investments over the past 16 months.”

Country Gables was built in 1991 and has 288 units. Club at the Green was built in 1990 and has 254 units. Both properties have indoor and outdoor pools, fitness centers, and playgrounds. Major employers in the Portland’s Silicon Forest include Nike, Tektronix, Intel, Genentech and Kaiser Permanente.

Western National completes $31M acquisition in Orange County

Anaheim, Calif.–Western National Realty Advisors, an affiliate of Western National Group, has announced the $31 million acquisition of La Ramada Apartments, a 193-unit apartment community in Anaheim, Calif., which it has renamed Madera Apartments.

“The acquisition of Madera fits well with our business plan to expand our ownership presence in Southern California. We have been aggressively seeking acquisition opportunities in strong submarkets that have the best outlook for recovery. We believe strongly in Orange County fundamentals, and this acquisition fits our strategic plan,” notes Jerry LaPointe vice president of Western National Realty Advisors.

“Madera is considered best-in-class in its market due to significant upgrades made to the property two years ago, in which $1.6 million was invested in the property. With these upgrades the property has remained highly competitive, maintaining a strong occupancy rate. In addition to these extensive renovations, our strong operational experience in the market will enhance the community experience for residents, as well as increasing the value of our acquisition,” he adds.

The property is currently 97 percent leased and is located in close proximity to three major freeways and many employers, driving consistent housing demand in this area.

Madera offers one- and two-bedroom floor plans, with units up to 1,055 square feet.  Amenities include dishwashers, air conditioning, community pool and playground, and washer/dryer hook-ups in approximately half of the units.

Madera will be managed by Western National Property Management.  The seller was represented by Sean Deasy and Ryan Fitzpatrick of Holliday Fenoglio Fowler LLC.  Western National represented itself in the acquisition.

Education Realty Trust begins construction on 312-bed student housing community

Syracuse, N.Y.—Education Realty Trust has closed on the ground lease and begun construction on a student apartment community at Syracuse University. It is the second company-owned property they have developed at the institution. The $29.8 million community is being developed through EDR’s On-Campus Equity plan and is scheduled to open in August 2012.

“Syracuse University has had a positive and rewarding relationship with Education Realty Trust since we began planning their first development on our campus,” says Louis Marcoccia, executive vice president and chief financial officer at Syracuse University. “They understand our goal was to provide additional on-campus housing options for our students, and worked with us to make that happen.”

The new community is named Campus West Apartments. It is located two blocks from the school’s College of Law and is geared towards law and graduate students. The four-story building will have a steel-clad contemporary design and 5,000 square feet of university-leased retail space that is expected to be a combination café and convenience store. The 312 units will be a mix of studios, one-, two- and four-bedroom apartments. Community amenities will include a clubhouse with fitness center, computer lab and business center.

Campus West is targeted to meet LEED Silver certification requirements.