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QUAD PROPERTY GROUP SELLS PROMENADE PARK AVENUE IN JACKSONVILLE

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.

 

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QUAD PROPERTY GROUP ACQUIRES 4TH JACKSONVILLE APARTMENT COMPLEX

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.

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QUAD PROPERTY GROUP ENTERS TENNESSEE WITH CHATTANOOGA PURCHASE

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.”

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QUAD PROPERTY GROUP BUYS ANOTHER AUGUSTA-AREA APARTMENT COMPLEX

An affiliate of New York-based real estate investment firm Quad Property Group said Friday it has acquired Aiken, S.C.’s Steeplechase apartment community for $7.7 million.

The 126-unit complex, built in 1976, is at 749 Silver Bluff Road. The company said the property was 100 percent leased when the sale closed Thursday.

Jariel Bortnick, a principal at Quad Property Group, said the acquisition was a “compelling opportunity” to acquire a well-located property that has not been significantly upgraded since its construction.

“As 100 percent of the apartment units at Steeplechase are in original condition, we are excited by the opportunity to upgrade the apartments to enhance the resident experience,” Bortnick said.

Steeplechase is Quad Property’s second investment in the Augusta-Aiken metro area. In 2017 it acquired Vintage Creek, a 104-unit apartment complex at 1924 North Leg Road, for $5 million.

Steeplechase is composed of a mix of 1- to 3-bedroom units and features a swimming pool, playground and barbecue areas.

Bortnick stated that the company also plans to improve the amenity spaces and common areas at Steeplechase, including converting the former tennis court into a sport court and pet park.

Michael Kashan, also a principal at Quad Property Group, said the company is aiming to acquire additional Augusta-area apartment complexes.

“Since purchasing our first Augusta apartment complex in 2017, we continue to be impressed by the area’s growth,” Kashan said. “We want to be a part of the area’s future and expect to make additional investments.”

CategoriesNews Press Release

QUAD PROPERTY GROUP ACQUIRES SUBURBAN ATLANTA APARTMENT COMPLEX

Date: 5/13/19

Quad Property Group Enters Atlanta Market with Purchase of Apartment Complex.

Summit Avondale, a 156-unit apartment complex, is located in suburban Avondale Estates

New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Summit Avondale, a 156-unit apartment community in suburban Atlanta, for $12.48 million. The transaction closed on April 30th and represents the company’s first acquisition in the Atlanta metro area.

Summit Avondale is located at 3548 Rockbridge Road in Avondale Estates, adjacent to I-285. With its location along the perimeter and being situated just east of Decatur, the complex is proximate to major employment centers, universities, shopping and entertainment venues throughout metro Atlanta.

Composed entirely of two bedroom, two bathroom apartments, Summit Avondale also features a swimming pool, fitness center, clubhouse, playground and sports court, along with other resident amenities. The complex, which was built in 1985, was 97% occupied at the time of the sale.

Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Summit Avondale represents an ideal entry for the company into the Atlanta market. 

 “With its location next to I-285, in a rapidly improving stretch of Avondale Estates, the property is poised to capitalize on the incredible population and job growth in Atlanta,” Bortnick said.

Bortnick also noted that the company plans extensive upgrades for Summit Avondale, to include significant modernization of the facades, along with enhanced amenity spaces and updated unit interiors. “We plan on making significant investments at Summit Avondale that will considerably improve the property and the resident experience, both inside individual apartments and throughout the community.”

According to Michael Kashan, also a principal at Quad Property Group, the company expects to acquire additional Atlanta-area apartment complexes.

“Atlanta’s growth and innovation are incredibly impressive and show no signs of slowing down,” Kashan said. “We want to be a part of the area’s exciting future and expect to make additional acquisitions shortly.”

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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QUAD PROPERTY GROUP SELLS THE FOREST IN JACKSONVILLE

A joint venture between Hyperion Endeavors and Think Multifamily purchased the 113-unit property for more than $7 million, with Arbor Realty Trust providing acquisition financing.

Hyperion Endeavors and Think Multifamily have acquired The Forest Apartments, a 113-unit asset in Jacksonville, Fla., for $7.3 million from Quad Property Group, according to Yardi Matrix. ARA Newmark represented the seller in the transaction.

Arbor Realty Trust provided the buyer with $5.6 million in Freddie Mac acquisition financing. The loan matures in December 2028.

Located at 6756 103rd St. in Jacksonville’s Cedar Hills submarket, the community is positioned within a mile of Interstate 295, 12 miles from the city’s downtown. A Walmart-anchored shopping center is adjacent to the asset, and two city bus routes operate in the nearby area.

The community’s four two-story buildings contains a mix of one-, two- and three-bedroom apartments, with floorplans of 700 to 1,100 square feet. Amenities include a swimming pool, a laundry facility and approximately 145 parking spaces. As of October, the property was 97.3 percent occupied, per Yardi Matrix data.

Less than 3 miles to the east, Quad Property Group purchased a 152-unit Class C community in August for $10.8 million.

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QUAD PROPERTY GROUP BUYS ITS THIRD JACKSONVILLE APARTMENT COMPLEX IN TWO YEARS

A New York-based real estate investment firm acquired its third apartment complex in Jacksonville in the last two years.

Quad Property Group of New York City bought a 44-year-old apartment complex in southwest Jacksonville for $10.75 million, or $70,723 per unit.

Quad Property acquired Ortega Pines, a 152-unit apartment complex at 4800 Ortega Farms Boulevard. The new landlord will rename the property The Palms at Ortega. The apartment complex is just west of Naval Air Station Jacksonville.

Built in 1974, the property has one-, two- and three-bedroom apartments ranging in size from 680 square feet to 1,080 square feet. Common-area amenities include a swimming pool and a renovated clubhouse.

Quad Property plans extensive improvements at the apartment complex that will include adding a pet park, sport court and a business center for residents.

Michael Kashan, a principal of Quad Property, said in a prepared statement that the firm is actively seeking additional acquisitions in northeast Florida: “Jacksonville’s economy is firing on all cylinders.” – Mike Seemuth

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QUAD PROPERTY GROUP ENTERS SC MULTIFAMILY MARKET

An affiliate of Quad Property Group, a real estate investment firm specializing in multifamily property ownership, redevelopment and management, has acquired Grandeagle, a 152-unit apartment community in Greenville, S.C. The $9.4 million transaction marks the company’s first acquisition in the state. According to public records, Grand Eagle Partners has purchased the asset for $5.2 million in 2015.

Located at 50 Glenwood Road, Grandeagle is 3 miles east of downtown Greenville and less than a mile from Interstate 385. Retail and dining venues are within walking distance. The asset 1970-built property has nine buildings, offering a mix of one and two-bedroom units ranging from 600 to 1,175 square feet. Common-area amenities include a swimming pool, picnic and grilling areas, laundry facilities and 208 parking spaces.

The new owner is planning to bring extensive unit and common-area improvements to the property, which will result in updated unit interiors and additional amenity spaces, including a pet park. “Grandeagle is well-positioned to capitalize on the region’s dynamic, growing economy,” Jariel Bortnick, a principal at Quad Property Group said, in a prepared statement.

Another value-add multifamily community has recently traded hands in the same area. CBRE has brokered the $14.6 million sale of 144-unit Beacon Ridge Apartment Homes, which was purchased by PRG Real Estate.

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QUAD PROPERTY GROUP ACQUIRES GULL COVE

NEW YORK CITY – An affiliate of Quad Property Group, a New York-based real estate investment firm, has acquired Gull Cove, a 105-unit apartment complex in Orange Park. This represents the company’s second acquisition of a Jacksonville-area apartment complex in the past 15 months.

Gull Cove. at 606 Park Ave., one-half mile south of Interstate 295 and composed of large one, two and three-bedroom apartments. Gull Cove also features a swimming pool and clubhouse, along with other resident amenities.

Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Gull Cove was a compelling opportunity to acquire a well-maintained, 1970’s property that had been held by the same family for more than 40 years.

The apartment complex has not had any major improvements since it was built, according to Bortnick, so the company plans to make significant renovations. Bortnick said that “through our renovation program, we plan to make numerous enhancements that will greatly improve the tenant experience at Gull Cove, both inside individual apartments and throughout the complex.”

According to Michael Kashan, also a principal at Quad Property Group, the company is excited to add another Jacksonville-area property to its portfolio and is actively seeking additional acquisitions in Northeast Florida.

“With Jacksonville’s dynamic economy and tremendous growth, we are delighted to acquire another apartment complex in the area,” Kashan said. “As we grow our portfolio, Jacksonville is certainly an area of focus.”

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.

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NEW YORK-BASED FIRM GOES SHOPPING IN JACKSONVILLE

Jacksonville, Fla.—An affiliate of Quad Property Group, a New York-based real estate investment firm, has acquired The Forest, a 112-unit apartment community located in Jacksonville’s Westside neighborhood.

Quad Property acquired the asset for $4.1 million, or $36,300 per unit, from American Housing Enterprises. CBRE Capital Markets provided a seven-year, $3.1 million Freddie Mac loan for the purchase.

Built in two phases in 1966 and 1970, The Forrest is situated on 5.3 acres at 6756 103rd St. It comprises four buildings with one-, two- and three-bedroom apartments with private patios or balconies in select units. Property amenities include a swimming pool, laundry facilities and a total of 145 parking spaces. The community is currently managed by ConAm Management and as of 2016, average monthly rents sit at $584, according to data provided by Yardi Matrix.

Quad Property Group Principal Jariel Bortnick stated that the acquisition represented a compelling opportunity to acquire a well-maintained, well-located residential community at a price significantly below replacement cost. The company will complete interior and exterior upgrades to further enhance the community’s position in the market. The recently announced Amazon fulfillment center and its 1,500 new jobs, Citigroup’s recent expansion and the ongoing development at Cecil Commerce Center, among other projects, will continue to drive the property’s appeal to potential residents.

“The Forest is well-positioned to take advantage of the job growth in Jacksonville, as it is easily accessible from both I-295 and the Cecil Commerce Center,” said Bortnick in prepared remarks.

According to Michael Kashan, also a principal at Quad Property Group, the company is actively seeking additional acquisitions in Florida. “We believe that Class B and C apartment complexes, such as this one, offer a great value proposition in today’s market.”