Pacific Coast Capital Partners, a full-service real estate investment firm and lender, recently formed a joint venture with San Francisco-based Jackson Square Properties for the acquisition of the Maple Leaf portfolio, a 1,918-unit apartment portfolio consisting of nine garden-style communities located in Arizona, Texas, Georgia and Tennessee.
The total value of the transactions was not disclosed.
Eight of the properties were sold by a private partnership and the Tempe, Ariz., apartment community was purchased from a joint venture between Carlsbad, Calif.-based Crowne Pacific and Boston-based AEW Capital Management.
According to Jennifer Diaz, vice president of Pacific Coast Capital Partners, the business plan for the majority of the properties is to complete an exterior facelift to the properties, address deferred maintenance, implement new marketing programs, and implement a resident utility billback program. “The portfolio offers solid, in-place cash flow through the execution of our business plan, as well as an upside of limited new multifamily supply in most markets and favorable local market apartment fundamentals.”
This is the second joint venture PCCP has done with Jackson Square Properties. In late 2005, PCCP made a $12 million joint venture equity investment with the company to finance the acquisition of Portola Del Sol, a 350-unit apartment complex in Las Vegas.
Following is information on each of the nine properties:
1) Lincoln Parc, located in Atlanta, Ga., features 344 one- and two-bedroom units on 27.5 acres and was 85 percent occupied. The 20-building property built in 1988 includes a resort-style pool, two lighted tennis courts, picnic tables and grills.
2) Lakefront Bay, located in Tempe, Ariz., totals 244 one- and two-bedroom units on 9.8 acres and was 87 percent occupied. The four-building property built in 1975 includes barbeque and picnic areas, lakefront outdoor swimming pools with adjacent spa pools, clubhouse with fitness center and laundry rooms.
3) Greentree, located in Garland, Texas, totals 198 one- and two-bedroom units on 11.7 acres and was 98 percent occupied. The 16-building property built in 1983 features a resort-style swimming pool and clubhouse.
4) Hickory Meadows, located in Memphis, Tenn., totals 209 one-, two- and three-bedroom units on 14 acres and was 95 percent occupied. The 27-building property was built between 1984 and 1986.
5) Silver Creek, also located in Memphis, totals 152 one- and two-story units on 10 acres and was 93 percent occupied. The six-building property was built in 1989 and includes a clubhouse, fitness center, swimming pool, tot lot and picnic area.
6) Gables, located in Round Rock, Texas, totals 188 one- and two-bedroom units on nine acres and was 98 percent occupied. The 15-building property was built in 1985 and includes a swimming pool, Jacuzzi, fitness center and laundry room.
7) Southgate, also located in Round Rock, totals 200 one-and two-bedroom units on 18.6 acres and was 95 percent occupied. The 12-building property was built in 1985 and includes a swimming pool, hot tub, picnic area, clubhouse, laundry facility, basketball/sport court and playground.
8) Hampton North, located in San Antonio, Texas, totals 127 one- and two-bedroom units on 5.8 acres and was 96 percent occupied. The six-building property was built in 1984 and includes two swimming pools and spas.
9) Huebner County, also located in San Antonio, totals 256 one- and two-bedroom units on 8.8 acres and was 96 percent occupied. The 16-building property was built in 1983 and includes swimming pools, picnic area, laundry facility, fitness center and clubhouse.