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QUAD PROPERTY GROUP EXITS JACKSONVILLE ASSET

By qpgadmin,

The Palms at 2800 apartments at 2800 University Blvd. S. sold Dec. 9 for $29 million. Quad Property Group of New York sold the property through QPG University Apartments LLC. The buyer was CK Management of Waterbury, Connecticut, through LYFE Jacksonville LLC.

The seller was represented by John Rutherford, senior vice president of Multifamily Investment Sales and Luke McCann, vice president of Multifamily Investment Sales at NAI Hallmark. Built in 1971, the 168-unit community sits on 8.6 acres. The per-unit price is $172,619.

Quad Property Group bought the apartments in December 2019 for $16.2 million from Carter Multifamily of Tampa. The Palms at 2800 has one- and two-bedroom units from 650 to 1,300 square feet, according to apartments.com. Monthly rents are $1,170 to $1,545.

Amenities include a grilling and picnic area, pool and clubhouse with Wi-Fi, fitness center, pet park and sauna. Management lives on the site and there is 24-hour maintenance.

CategoriesNews

QUAD PROPERTY GROUP BUYS NORTHERN VIRGINIA ASSET

By qpgadmin,
The company is planning interior and exterior renovations. Quad Property Group has acquired Kendalwood, a 170-unit community in Fredericksburg, Va. The previous owner was Capital Investment Advisors, according to Yardi Matrix data. The seller was represented by Senior Managing Director Drew White and Director of Investment Sales Carter Wood of Berkadia. The property, rebranded as Summit Kings Mill, is located at 214 Kings Mill Court. William Street dining and retail options are nearby. The community is 1 mile from The University of Mary Washington and 10 miles from downtown Fredericksburg, with John Lee Pratt Park nearby. The community, built in phases, in 1986 and 2012, consists of one-, two- and three-bedroom apartments. Amenities include a swimming pool, clubhouse and fitness center. The new owner is planning to renovate the property, which is slated to include both interior and exterior upgrades. Located north of Richmond and south of Washington, D.C., alongside the Interstate 95 corridor, Fredericksburg’s multifamily market has 646 units underway or in the planning and permitting stages, Yardi Matrix shows. Just last month, Bonaventure broke ground on the luxury community Attain at Spotsylvania Towne Centre, a $61.5 million project.
CategoriesPress Release

QUAD PROPERTY GROUP ENTERS DENVER WITH VALUE-ADD PLAY

By qpgadmin,

The Thornton community traded for $25 million.

New York-based Quad Property Group has acquired a 100-unit community in suburban Denver for $25 million. The purchase of Oxford Pointe marked the company’s first transaction in Colorado. Crossbeam Capital was the seller, having acquired the property for $19.9 million in 2019, according to Yardi Matrix data.

Marcus & Millichap First Vice President of Investments Jason Hornik and Senior Associate Greg Parker from the company’s Denver’s office worked on behalf of the seller.

The property will go through a renovation plan and, according to Quad Property Group principal Jariel Bortnick, the company is planning to upgrade the interiors and to add a swimming pool and an outdoor kitchen.

READ ALSO: Top Western Markets by Investment Activity

Oxford Pointe is located at 300 Russell Blvd. in Thornton, Colo., and comprises one-, two- and three-bedroom units between 740 and 980 square feet. The property was 99 percent occupied at the time of the acquisition, according to Quad Property Group.

The nine-building asset was completed in 1973 and is situated on a 5-acre lot. Common-area amenities include a clubhouse, a swimming pool, playground area, laundry facilities, a pet park and 166 parking spots. The property is situated close to Interstate 26, less than 10 miles north of downtown Denver. The North Suburban Medical Center, Sunrise Village Shopping Center and other points of interest are located nearby.

According to a recent Yardi Matrix report, Denver rents are once again accelerating after a seasonal slowdown. On the investments side, some $1.5 billion in rental assets traded across the metro in the first four months of the year, on par with 2021’s volume.

CategoriesPress Release

QUAD PROPERTY GROUP SELLS AUGUSTA-AREA APARTMENT COMPLEX

By qpgadmin,

FOR IMMEDIATE RELEASE

Date: 12/28/21

Contact: Jariel Bortnick, jariel@quadpropertygroup.com, (646) 362-3284

Quad Property Group Sells Augusta-Area Apartment Complex.

The Boundary at Silver Bluff sold for a 95% premium in just over two years

New York, NY – An affiliate of Quad Property Group, a New York-based real estate investment firm, has sold The Boundary at Silver Bluff in Aiken, South Carolina. The $15,000,000 sale, which was 95% higher than the 2019 purchase price, closed on December 23rd.

Berkadia’s Carolinas Investment Sales Team, consisting of Managing Director, Mark Boyce, and Director, Blake Coffey, assisted the seller with the transaction.

“In just over two years, we were able to execute our business plan and significantly enhance the Property’s position in the market,” said Jariel Bortnick, a principal at Quad Property Group. “We are pleased to capitalize on The Boundary at Silver Bluff’s transformation, along with the robust investor demand for multifamily in the Augusta/Aiken area.”

The 126-unit complex was previously purchased for $7,700,000 in September, 2019. Located at 749 Silver Bluff Road, The Boundary at Silver Bluff was built in 1976 and sits on 9 acres in south Aiken, less than 20 miles from downtown Augusta, GA. It contains a mix of 1, 2 and 3-bedroom apartments, along with a leasing office, resident clubhouse, swimming pool, pet park and sport court.

Quad Property Group, which owns apartment communities throughout the Sunbelt, performed numerous upgrades to the property during its ownership. The upgrades included enhancements to the property’s common areas, amenity spaces and unit interiors.

Michael Kashan, also a principal at Quad Property Group, stated that, despite the sale, the company expects to expand its presence in the Augusta metro area. “We remain excited about the present and future of the area and plan to add to our multifamily portfolio locally,” said Kashan.

Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property.  The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.

CategoriesNews

NYC COMPANY PAYS $47M FOR SOUTH NASHVILLE APARTMENTS

By qpgadmin,

New York-based real estate investment firm Quad Property Group has paid $47 million for South Nashville garden-style apartment complex The Ellington — about 65 percent more than the figure for which the property last sold four years ago.

With an address of 860 Murfreesboro Pike, The Ellington offers 389 units.

The seller was Los Angeles-based Lion Real Estate Group, which paid $30.3 million for the complex in April 2017, Metro records show.

According to a release, the transaction represents Quad Property Group’s second apartment complex acquisition in Tennessee. The company owns a similar residential rental property in Chattanooga.

With a mix of one-, two- and three-bedroom apartments, The Ellington features a clubhouse, two swimming pools, a fitness center, a dog park and a playground. The complex opened in 1966 and was 99 percent leased at the time of the sale.

The deal is the equivalent of about $120,800 per unit.

“Without a doubt, the property is well-situated in the path of growth, at the confluence of I-24, I-40 and I-440, just minutes from both downtown and historic Monell’s [At The Manor],” Jariel Bortnick, a principal at Quad Property Group, said in the release.

Bortnick said the company plans to update the building exteriors, improve common areas and amenity spaces, and renovate apartment interiors.

Brett Kingman of Walker & Dunlop’s Nashville office brokered the deal for Quad Property Group. The Post was unable to determine if the seller used a broker.

Quad Property Group’s website lists seven properties (now eight) in Florida, Georgia, South Carolina and Tennessee.

CategoriesPress Release

QUAD PROPERTY GROUP ACQUIRES WARNER ROBINS APARTMENT COMPLEX

By qpgadmin,

FOR IMMEDIATE RELEASE

Date: 12/9/21

Contact: Jariel Bortnick, jariel@quadpropertygroup.com, (646) 362-3284

Quad Property Group Acquires Warner Robins Apartment Complex.

The Lory of Warner Robins, a 102-unit apartment complex, is located just off Highway 96

New York, NY – An affiliate of Quad Property Group, a New York-based real estate investment firm, has acquired The Lory of Warner Robins, a 102-unit apartment community in Warner Robins, Georgia, for $16,150,000. The transaction closed on December 8th and represents the company’s fifth apartment complex acquisition in Georgia.

The property, which is being rebranded as Element at Warner Robins, is located at 109 Latham Drive in Warner Robins. It contains a mix of 1 bedroom, 2 bedroom and 3 bedroom apartments, all in 1-story buildings with private entrances. The complex also features a resident clubhouse, swimming pool and playground, along with other resident amenities. Built in 2001, it was 100% leased at the time of the sale.

Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of complex was an ideal opportunity to acquire a well-located, fully-leased property in a burgeoning part of Middle Georgia.

“With the explosive growth in Warner Robins, we are excited by the opportunity to enter the market and further enhance an already well-positioned apartment community,” Bortnick said.

Bortnick stated that the company plans to improve the amenity spaces and common areas at the property, including an expansion of the clubhouse to accommodate a new fitness center for residents.

According to Michael Kashan, also a principal at Quad Property Group, the company owns a number of apartment communities throughout the Southeast and is eager to bring their brand to Middle Georgia.

“We are certainly pleased to expand our portfolio into the Warner Robins area and look forward to growing our presence in the region.”

Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property.  The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.

CategoriesPress Release

QUAD PROPERTY GROUP EXPANDS CAROLINAS PRESENCE WITH PURCHASE OF 192-UNIT APARTMENT COMPLEX

By qpgadmin,

FOR IMMEDIATE RELEASE

Date: 6/30/21

Contact: Jariel Bortnick, jariel@quadpropertygroup.com, (646) 362-3284

Quad Property Group Expands Carolinas Presence with Purchase of 192-unit Apartment Complex.

Ambassador Court is located in High Point, NC

New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Ambassador Court, a 192-unit apartment community in High Point, North Carolina, for $17.55 million. The transaction closed on June 30th and represents the company’s fourth acquisition in the Carolinas. The seller was Charlotte-based Greystone Capital LLC.

Ambassador Court, located at 2501 Ambassador Court in High Point, is comprised of a mix of 1, 2 and 3 bedroom apartments. The complex also features numerous resident amenities, including a clubhouse, swimming pool, playground and soccer court. Built in 1984, it was 99% leased at the time of the sale.

Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Ambassador Court was a compelling opportunity to enter the dynamic Piedmont Triad area and acquire a well-located, well-maintained property with tremendous upside.

“Being located in High Point and just minutes from both Greensboro and Winston-Salem is highly appealing,” Bortnick said. “With our value-add plan to make improvements to the community and renovate apartment interiors, the property should appeal to a broad base of prospective tenants.”

Specifically, Bortnick mentioned that they plan to enhance and expand the amenity spaces and common areas at Ambassador Court, to include the addition of a fitness center and pet park.

According to Michael Kashan, also a principal at Quad Property Group, the company is aiming to acquire additional apartment communities in the Piedmont Triad.

“We are drawn to the significant growth in the region,” Kashan said. “We want to be a part of the story and hope to continue expanding our portfolio in the Triad.”

Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property.  The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.

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CategoriesNews

QUAD PROPERTY GROUP SELLS PROMENADE PARK AVENUE IN JACKSONVILLE

By qpgadmin,

Berkadia has facilitated the sale and financing of Promenade Park Avenue, a 105-unit community in Orange Park, Fla. Senior Managing Director Cole Whitaker and Director Greg Rainey assisted seller Quad Property Group in the $10.6 million disposition. Quad had acquired the property for $6.7 million in December 2017.

Located at 606 Park Ave., the 1974-built community features one- and two-bedroom apartments. Amenities include a swimming pool and courtyard. The garden-style property is roughly 14 miles southwest of downtown Jacksonville via U.S. Route 17, also providing easy access to Interstate 295. Orange Park Medical Center and NAS Jacksonville are both within a 4-mile radius. In addition, Orange Park Mall is 3 miles west.

In February, a Berkadia team including Whitaker also arranged the sale of a 280-unit garden-style community in Dunedin, Fla. In that deal, Westdale Asset Management paid $62.5 million for the Class A asset, while assuming an existing Fannie Mae loan originated by Berkadia in 2019.

 

CategoriesNews

QUAD PROPERTY GROUP ACQUIRES 4TH JACKSONVILLE APARTMENT COMPLEX

By qpgadmin,

Quad Property Group of New York City paid $16.2 million for Peppertree Lane Apartments in Arlington.

The 168-unit apartment property at 2800 University Blvd. S. sold for a $96,428 a unit.

Quad Property Group said it will rebrand the property as The Palms at 2800.

Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily properties.

The sale closed Dec. 20 and the deed was recorded Dec. 26. Berkeley Point Capital LLC and Newmark Knight Frank made an almost $11.2 million mortgage to Quad Property Group.

Quad Property group said in a Dec. 23 news release that Newmark Knight Frank Director John Rutherford assisted both parties in the transaction.

It is Quad Property Group’s fourth Jacksonville acquisition.

Quad Property Group posts on its website that it focuses on the acquisition and management of value-add, garden-style multifamily properties in the Southeast.

It says its purchases typically are Class B and C assets built from the 1960s to the 1990s “that are in well-located strategic growth markets.”

It says its goal is to provide investors with superior risk-adjusted returns through its “hands-on, proactive approach to real estate challenges.”

The Peppertree Lane website says a million-dollar renovation is underway.

Property records show Peppertree Lane was built in 1971 on 8.6 acres.

Quad Property Group bought the property through QPG University Apartments LLC.

CMF Peppertree LLC, part of Carter Multifamily of Tampa, sold the property. It paid $12 million for the apartments in April 2018.

The Palms at 2800 is next to the Hart Expressway.

Quad Property Group said it comprises one-bedroom apartments and two-bedroom townhouses from 650 to 1,300 square feet.

It said the complex features two swimming pools, an outdoor kitchen and an on-site leasing office, among other amenities.

Jariel Bortnick, a principal at Quad Property Group, said in the release the company continues “to see opportunity in older, well-located multifamily properties in vibrant growth markets such as Jacksonville.”

“With its dynamic location between downtown and the Southside, The Palms at 2800 is well-situated to capitalize on Jacksonville’s continued growth,” he said.

He said the company plans significant improvements at the property, including the addition of a fitness center and pet park.

Bortnick said occupancy is about 93%. Asking rents range from about $850-$950 a month for one-bedroom apartments and $1,050 to $1,150 for two-bedroom units.

“We have been big believers in Jacksonville and the First Coast for some time now,” said Michael Kashan, also a principal at Quad Property Group.

Seller Carter Multifamily Fund Management Co. LLC says on its website it focuses on buying multifamily real estate investments “that offer value-add enhancement opportunities.”

In a June 5, 2018, news release, Carter Multifamily announced the acquisition of Peppertree Lane, saying the property comprised 18 buildings and was 98% occupied.

Carter Multifamily said it was focused on acquiring value-add Class B and C multifamily assets throughout the United States. It paid $71,429 a unit.

CategoriesNews

QUAD PROPERTY GROUP ENTERS TENNESSEE WITH CHATTANOOGA PURCHASE

By qpgadmin,

A New York real estate investment company has acquired a 100-unit apartment complex in East Ridge with plans to upgrade the 49-year-old facility.

An affiliate of Quad Property Group bought The Belvoir on Fountain Avenue in East Ridge for $6.55 million as its first acquisition in Tennessee.

“We are very bullish on Chattanooga,” said Jariel Bortnick, a principal at Quad Property Group. “It’s a place where we have wanted to be for some time with all of the growth in the area and the entrepreneurial spirit we see. This acquisition fits the typical profile of the apartments we target — older, well-located properties that could benefit from a renovation program and more hands-on management.”

Michael Kashan, also a principal at the Quad Property Group, said the new owners plan to enhance the exteriors and common spaces at The Belvoir, including a revamp of the swimming pool deck and additional landscaping, while also renovating the interior of some of the units.

First Communities Management, an Atlanta-based apartment management firm for about 50,000 apartment units across the country, has assumed management of the The Belvoir.

The complex was built in 1970 on 5.6 acres at 3725 Fountain Ave. and includes one-, two- and three-bedroom units that now lease anywhere from $660 to $830 a month. Bortnick said rental rates could rise over time but will remain competitive in the market.

The Belvoir also features an on-site leasing office, resident clubhouse, swimming pool, picnic and grilling area and children’s playground.

Despite the addition of more than 6,000 built or planned apartments and condominiums in Chattanooga since 2015, Kashan said the Belvoir is about 95% occupied and remains attractive in its price range for working couples and families.

“Certainly there has been a lot of new apartments added in Chattanooga, but the bulk of the new construction is what is considered luxury, class A product,” he said. “What we are doing here at The Belvoir is taking an older complex that isn’t so luxurious and bringing up the tenant experience to what you would expect in 2019 at a price point that remains competitive.”