CORPUS CHRISTI - (February 2014) An affiliate of Adams LaSalle added to its Texas portfolio with the purchase of Arbors on Saratoga, a 252-unit multifamily complex in Corpus Christi, an area that continues to benefit from strong energy demand and increasing port activity from the fifth busiest port in the US.
The property is ideally located with convenient access to employers and area amenities. It consists of 11 three-story garden style residential buildings, and was completed in 1998 on 13.31 acres. With appealing exteriors of stucco and tropical landscaping, Arbors offers the following amenities - pool, business center, clubhouse, fitness center, sport court, barbeque areas, 9-foot ceilings, detached garages and carports.
Arbors is a well-maintained late-90’s product that is ideal for Adams LaSalle’s value-add strategy. The majority of the interior units will also see improvements that will enhance the property’s position within a fundamentally strong market. Exterior upgrades include renovating the pool area, installing fenced in back yards, refurbishing the office/clubhouse and adding a dog park. Adams LaSalle's multifamily operating affiliate will manage the community.click to collapse
PHOENIX - (November 2013) An affiliate of Adams LaSalle sold Newport Apartments, a 204-unit apartment community in Avondale, a suburb of Phoenix. The property was purchased by a private investor and was not listed.
Newport was built in 1989 and includes 17 Class B apartment buildings situated on seven acres. The project was acquired by an affiliate of Adams LaSalle back in 2009.click to collapse
Adams LaSalle Enters another Texas Market; Completing $71 Million of Property Acquisitions this Year
CORPUS CHRISTI - (September 2013) An affiliate of Adams LaSalle Realty (ALR) enters another market in Texas with the purchase of Oaks at Bentwater, a 200-unit Class A apartment community in Rockport, a suburb that continues to benefit from Corpus Christi’s growth spurred by the energy sector and increased port activity.
The property is well landscaped with appealing exteriors of stone/Hardie-plank siding, and offers the following amenities - a resort style pool, clubhouse, fitness center, playground, pergola barbeque areas, 9-foot ceilings, detached garages and boat storage space. Built in 2007, the Oaks at Bentwater consists of 13 two-story garden style residential buildings situated on 14.61 acres and is adjacent to the Rockport County Club providing an attractive setting and scenic views.
ALR plans to add some attractive fenced in backyards and a dog park. Adams LaSalle's multifamily operating affiliate will manage the community.click to collapse
DALLAS - (May 2013) An affiliate of Adams LaSalle Realty (ALR) purchased Silverado Apartments in Frisco, an upscale suburb of Dallas, adding 332 units to its portfolio. Frisco is ranked by Forbes Magazine as one of the top-ten fastest growing suburbs in the country. Frisco is well-located near corporate office campuses, high-end retail, award winning schools and renowned entertainment venues proving a unique “live-work-play” setting.
Silverado’s garden style apartments were built in 2000, consisting of 22 two/three-story Class A residential buildings on 14.36 acres. Amenities include a resort style pool, clubhouse, fitness center, sports court, controlled access gates, barbeque/picnic areas, 9-foot ceilings and private attached and detached garages.
This property is the quintessential value-add play that will benefit from ALR’s planned interior and exterior improvements. Adams LaSalle's multifamily operating affiliate ALR Properties Company LLC will manage the community.click to collapse
ATLANTA - (April 2013) An affiliate of Adams LaSalle Realty (ALR) strategically entered the Atlanta market with the purchase of Villas at West Ridge, a 230-unit Class A apartment complex in Douglas County, a western suburb of Atlanta.
Amenities at Villas include a clubhouse, fitness center, pool, playground, car care center, access gates, 9-foot ceilings, picnic areas/ grills and detached and attached garages. The property has 9 three/four-story garden style apartment buildings and was built in 2003 on 36.317 acres.
ALR’s acquisition will benefit from the fundamentally strong supply/demand characteristics in Douglas County – a leading growth market in Atlanta that has also benefited from low density regulations (virtually eliminating any new apartment completions since 2003). Adams LaSalle's multifamily operating affiliate will manage the community.click to collapse
FORT WORTH - (September 2012) An affiliate of Adams LaSalle Realty (ALR) increased its property portfolio by 288 units with the purchase of Avery Pointe at Cityview Apartments.
The garden style apartments were built in 1999, consisting of 8 three-story buildings on 16.26 acres. The property’s amenities include a clubhouse, business center, 9-foot ceilings, gated access, detached garages, covered parking, waterfall pool, fitness center, jogging/walking path and picnic areas with grills. Ideally situated on a hilltop, the back side of the property offers scenic tree-top views that are in high demand and provide a competitive advantage for the property.
ALR’s value-add plans will include clubhouse renovations, exterior repairs and interior unit upgrades. Additionally, ALR plans to add a dog park and attractive fenced in backyards. Adams LaSalle's multifamily operating affiliate ALR Properties Company LLC will manage the community.click to collapse
Adams LaSalle Closes Two Multi-Family Funds; Investing in Five-Property Portfolio Totaling $95 Million
CHICAGO - (December 2011) Adams LaSalle closed on two multi-family funds that have invested in five properties situated in three different markets – Houston, San Antonio and Phoenix. The portfolio, priced at $95MM, consists of 1,400 units of garden-style apartment buildings. Four of the properties are Class A product built in the late 1990’s and one is Class B constructed in 1989.
The portfolio mix is ideal for Adams LaSalle’s value-add strategy, which includes clubhouse renovations, exterior repairs and interior unit upgrades. An affiliate of Adams LaSalle is the manager of the fund.click to collapse
HOUSTON - (September 2011) Adams LaSalle Institutional Apartments, a subsidiary of Adams LaSalle Realty (ALR), added the 444-unit Wynnewood at Wortham Apartments complex to its collection of assets.
The Chicago investor bought the class A complex from Sentinel Real Estate Corp. The interesting aspect about Wynnewood at Wortham is that, unlike a lot of multifamily properties on the market these days, the class A asset at 10225 Wortham Blvd. wasn't in any kind of distress, nor was it in receivership or foreclosure. It also has a stable occupancy at 94%. This doesn't stop it from providing value-add opportunities, however.
To support the value-add opportunity, ALR will make minor upgrades to the complex, the first that have been made since it was completed in 1998. Capital improvement plans include clubhouse renovations, pool and interior unit upgrades and landscape enhancements. The asset, which sits on 23.4 acres, will be managed by company subsidiary ALR Properties Company LLC. ALR's plan is to continue buying in Texas and Arizona, as well as the southeast. ALR is seeking assets between 10 and 15 years old in primarily suburban locations, and that haven't had upgrades. ALR closed on six deals during the past 16 months. Within the last year, the company has acquired Stone Mist Apartments in Houston and St. Charles Executive Center in St. Charles, IL.click to collapse
CHICAGO – (July 2011) Adams LaSalle Realty (ALR), a Chicago-based private equity real estate investor, has announced the aquisition of the St. Charles Executive Center, a class A suburban Chicago office complex.
Located in the city of St. Charles, a western suburb of Chicago, St. Charles Executive Center consists of 2 three story office buildings in a suburban campus setting. The property's tenants include corporate users, law firms, dental practices and financial professionals serving the growing, affluent population surrounding the property.
"The acquisition of St. Charles Executive Center was a great opportunity for Adams LaSalle to acquire a class A office complex in a class A submarket at attractive pricing and create further value by leasing up the existing vacant space" said Jon Harrison, the principal of ALR who procured the acquisition for the firm. ALR purchased the property from a bank that had acquired title in foreclosure. Adams LaSalle closed the purchase with all cash in order to meet the bank seller's desire to close by June 30th, the last day of the regulatory quarter. The purchase price was less than one half of the principal loan balance. ALR will place a new loan on the property later in 2011.
St. Charles Executive Center is conveniently located on Foxfield Road just north of Rt. 64 (Main Street). St. Charles Executive Center is also in close proximity to Charlestown Mall, DuPage County Airport and the Pheasant Run Resort and Convention Center, the largest entertainment resort in the Midwest.
ALR will embark on a capital improvement program to increase the appeal of the common area amenities and interior finishes.
The acquisition of St. Charles Executive Center in June continued Adams LaSalle's acquisition momentum. In May, Adams LaSalle acquired Stone Mist Apartments, a class A- apartment complex in suburban Houston from a CMBS receiver. With the addition of Stone Mist and St Charles Center, Adams LaSalle has now closed five properties in the past 18 months.
For additional information please contact: Jon Harrison at (312) 983-7091click to collapse
HOUSTON - (May 2011) Adams LaSalle Institutional Apartments has acquired Stone Mist Apartments, a 192-unit, class A multifamily community here.
The Chicago-based investor bought the property out of receivership from special servicer, Midland Loan Services, for an undisclosed amount. Trigild served as the receiver.
Stone Mist Apartments is Adams LaSalle's fourth multifamily acquisition in the past 16 months. The 12-year-old complex brings the firm's local portfolio to five properties totaling nearly 1,300 units. Adams LaSalle obtained a 10-year, fixed-rate loan from Freddie Mac to acquire the asset.
Developed by local firm Oakmont Group, the apartment community consists of eight two- and three-story garden-style buildings and a single-story clubhouse. It features a mix of one and two-bedroom units ranging from 669 square feet to 1,088 square feet. Monthly rents range from $738 to $1,080. The property was 93% occupied at the time of closing.
Stone Mist Apartments' capital improvement program will include: clubhouse renovations; pool upgrades; landscape and signage enhancements; and interior unit upgrades. Adams LaSalle's multifamily operating affiliate ALR Properties Company LLC will manage the community.click to collapse
SAN ANTONIO - (November 2010) Adams LaSalle Institutional Apartments has made its first acquisition in the Alamo City, buying Three Fountains Apartments from a TIC investor.
The Chicago-based investor bought the 272-unit, class-A community for an undisclosed amount, placing a new Freddie Mac loan on the property at closing. Including its acquisition of Three Fountains, Adams LaSalle has purchased three multifamily properties this year. Adams LaSalle is looking for investment opportunities in southwest markets, particularly those in Texas. The firm has been looking for an opportunity to buy in San Antonio for at least a couple of years.
Three Fountains was marketed by Will Balthrope and Ryan Epstein of the Balthrope Group of Institutional Property Advisors, a Marcus & Millichap Co. Located in the Westover Hills submarket on Culebra Road, Three Fountains consists of 20 two-story apartment buildings on 13.51 acres. The community, which was built 12 years ago, includes a clubhouse, resort-style swimming pool and spa, fitness center, controlled access gates, barbecue areas, detached garages, sand volleyball court. It was 94% occupied at closing.
Adams LaSalle plans to complete both exterior and interior capital improvement programs including clubhouse renovations, pool upgrades, landscape and signage enhancements. Adams LaSalle's multifamily operating affiliate ALR Properties Company LLC will manage Three Fountains.click to collapse
HOUSTON - (Feburary 2010) Adams LaSalle Realty continued beefing up its portfolio with its buy of the 304-unit Legacy Park Apartments.
The Chicago based buyer closed on the deal with seller TA Associates less than six weeks after acquiring the 204-unit Newport Apartments in Phoenix. Legacy Park Apartments at 10801 Legacy Park Dr. fit perfectly with the buyer's sweet spot.
Built in the late 1990s and situated on 13.5 acres, Legacy Park is 92% occupied. TA Associates of Boston had renovated the exterior during its close to four-year hold, leaving the interior for Adams LaSalle to handle.click to collapse
PHOENIX - (December 2009) After tracking the Phoenix metro market for years, Adams LaSalle Realty has struck with its buy of the 204-unit Newport Apartments located in Avondale, a suburb of Phoenix.
The Chicago company acquired the class B complex from American Investment and Management Co. for north of $8 million, with plans to make interior and common upgrades.
Adams LaSalle acquired the seven-acre, 17-building complex with cash, and will seek financing during the early part of 2010. Apartment Realty Advisors' Phoenix office represented Denverbased AIMCO in the transaction, while the buyer was self-represented. The asset has one- and two-bedroom units ranging in size from 408 square feet to 844 square feet. Rents are between $439 and $634 a month.
Adams LaSalle had been interested in the metro market for several years, but it didn't make sense because of wildly inflated pricing. Now, with prices coming into more reasonable ranges, it's time to focus on more product.click to collapse
HOUSTON - (July 2008) Adams LaSalle Realty liked 322-unit Lodge of Baybrook's value-add potential enough to buy it from MBS Cos. Lodge is a Class A garden style apartment community located in Friendswood, a suburb of Houston.
It originally was listed at $28.9 million when it came to market in 2006, but sources report it has sold for well below the ask. The Harris Central Appraisal District assesses the complex at 19100 Glenwest Dr. at $20.1 million.
The 12-building complex is positioned on 13.7 acres. The one- and two-bedroom units range from 732 sf to 1,084 sf, with monthly rents of $860 to $1,128. Occupancy is 94%. Adams LaSalle Realty will manage the complex.
CB Richard Ellis' executive vice presidents G. Craig LaFollette and J. Todd Stewart; senior vice president M. Todd Marix and senior associate Tre T. Banks, all in Houston, represented the Metairie, LA-based MBS Cos., which filed for bankruptcy in late 2007. Many of its Texas assets are hitting the market.click to collapse