DEAL MAP

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Villas at Greenview West and Park Villas, two affordable apartment communities in St. Mary’s County.

The Maryland-based communities are situated within 3.4 miles of each other, just east of St. Mary’s River State Park, and offer a combined 304 apartment homes. Villas at Greenview West, in Great Mills, consists of 160 two- and three-bedroom homes. Park Villas, in nearby Lexington Park, features 144 one- and two-bedroom units. CAPREIT, which made the acquisitions in conjunction with Enterprise Capital, will renovate each community.

“The California-Lexington submarket is very steady, and we’re excited to join the area and start making a difference in the push for quality affordable housing,” said Ernie Heymann, chief investment officer for CAPREIT. “We believe our upgrade measures will significantly improve these communities, and the submarket will undoubtedly benefit from an increase to the 2019 federal military budget, which will drive job growth and, subsequently, housing demand.”

The nearby Patuxent River Naval Air Station and the area’s pronounced government presence play large roles in the local economy, which features a median household income of $87,000 per year. A lack of supply of quality affordable housing is one of the area’s primary challenges, and CAPREIT is keenly focused on addressing the issue. 

The renovation efforts at Villas at Greenview West and Park Villas will consist of upgrades to the amenity spaces and the addition of several in-home features, including stainless-steel appliances, hard-surface countertops, wood-plank flooring in common areas, new carpeting in bedrooms and energy-efficient lighting.

Situated at 45660 Jillian Court, Villas at Greenview West’s existing community amenities include a clubhouse, fitness center, swimming pool and dog park. Located a seven-minute drive south at 21295 Mayfaire Lane, Park Villas common-area spaces include a clubhouse, fitness center, business center, fire pit and grilling area.

St. Mary’s River State Park is among the area’s key attractions and consists of two sites. One houses 250-acre St. Mary’s Lake, home to a bevy of outdoor recreational activities, and the other includes 2,200 largely undeveloped acres.

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Peine Lakes and O’Fallon Lakes, two affordable communities in suburban St. Louis.

CAPREIT previously had taken over the management responsibilities of the tax-credit communities and assumed ownership in October. Peine Lakes, in Wentzville, Mo., features 256 apartments homes and O’Fallon Lakes, in nearby O’Fallon, Mo., includes 266. The communities are situated in fast-growing, well-educated St. Charles County.

“We’ve enjoyed overseeing the management responsibilities at these communities, and we’re delighted to officially add them to our portfolio,” said Stephen Catarinella, vice president of acquisitions and business development for CAPREIT. “The northwest side of the St. Louis metropolitan area is becoming increasingly popular, and the demand for quality affordable housing is following suit. We’re eager to take care of the local community by offering a high-quality, cost-effective living experience.”

Peine Lakes is about 45 miles northwest of Downtown St. Louis and O’Fallon Lakes 34 miles in the same direction along Interstate 70. Each community also features prime access to US-61, a primary north-south thoroughfare that stretches from Minnesota to New Orleans. The primary employment sectors in St. Charles County, which boasts a low 3 percent unemployment rate, are manufacturing, education, health services, leisure and hospitality.

Located at 2010 Peine Road, Peine Lakes includes 205 affordable and 51 market-rate apartment homes. Wentzville is home to a General Motors assembly plant that includes about 3,300 employees, and is on pace to be Missouri’s fastest-growing city for a second consecutive decade.

O’Fallon Lakes is a garden-style community situated at 9300 O’Fallon Lakes Drive, less than 10 miles from the largest employer in the submarket, CitiMortgage. O’Fallon is also home to the operations center of MasterCard Worldwide and True Manufacturing, which specializes in refrigerator products. Combined, the three companies contribute about 9,000 employees to the local workforce.

Each community consists of 1-, 2- and 3-bedroom apartment homes ranging from 802 to 1,157 square feet. Apartment interiors at the pet-friendly communities include walk-in closets, full-size washer and dryer hookups, vaulted ceilings, abundant cabinet space and private patios or balconies with extra storage.

Common-area amenities at Peine Lakes include an expansive clubhouse, pool with sundeck and a large business center with a separate study room and conference room. Community amenities at O’Fallon Lakes include a fitness center, outdoor pool, clubhouse, athletic courts, technology room, playground and after-school learning center. Garage space is also available.

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired the second phase of Remington Cove, a 196-home apartment community in the Twin Cities metropolitan area. 

Based in the heart of Apple Valley about 20 miles south of Minneapolis and St. Paul, the second phase features 95 apartment homes and joins Remington Cove Phase I in the CAPREIT portfolio. The 101-home original phase was developed in 2015 and acquired by CAPREIT in 2017. Although the two phases combine to constitute one apartment community, CAPREIT acquired the phases in separate transactions. 

“We’re delighted to add Phase II to the CAPREIT family and to expand our presence in the wonderful Apple Valley market,” said Jay Tucker, acquisitions associate for CAPREIT. “Whether our residents prefer the small-town feel of the community or the cosmopolitan sophistication and thriving employment market of a large-scale downtown, it’s all within reach at Remington Cove.”

Situated at 15430 Founders Lane, Remington Cove residents enjoy a commuter-friendly locale within walking distance of the Apple Valley Transit Station’s Metro Red Line, which provides rapid bus service throughout the metro area. Interstate 35 is within a short drive, offering prime connectivity to the Twin Cities, Minneapolis-St. Paul International Airport and many local hot spots, including the world-famous Mall of America and Minneapolis Institute of Art. 

Additional nearby attractions include the Minnesota Zoo, Guthrie Theater, Weisman Art Museum and several sporting venues, including state-of-the-art U.S. Bank Stadium, the home of the Minnesota Vikings that opened in 2016. Many parks and trails surround the community, and recreational enthusiasts are within 17 miles of spectacular Minnehaha Park, home to 53-foot Minnehaha Falls. 

With the addition of the Phase II, Remington Cove consists of studio, 1-, 2- and 3-bedroom apartment homes ranging from 541 to 1,622 square feet. Apartment interiors feature nine-foot ceilings, full-size washers and dryers, granite countertops and stainless steel appliances. Select units include electric fireplaces, and residents also have access to additional storage.

Common-area amenities at the pet-friendly, smoke-free community include heated underground parking, two fitness centers, outdoor fire pit and picnic patio, off-leash dog park, conference room, business center and a community room with full kitchen. 

 

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired the second phase of Remington Cove, a 196-home apartment community in the Twin Cities metropolitan area. 

Based in the heart of Apple Valley about 20 miles south of Minneapolis and St. Paul, the second phase features 95 apartment homes and joins Remington Cove Phase I in the CAPREIT portfolio. The 101-home original phase was developed in 2015 and acquired by CAPREIT in 2017. Although the two phases combine to constitute one apartment community, CAPREIT acquired the phases in separate transactions. 

“We’re delighted to add Phase II to the CAPREIT family and to expand our presence in the wonderful Apple Valley market,” said Jay Tucker, acquisitions associate for CAPREIT. “Whether our residents prefer the small-town feel of the community or the cosmopolitan sophistication and thriving employment market of a large-scale downtown, it’s all within reach at Remington Cove.”

Situated at 15430 Founders Lane, Remington Cove residents enjoy a commuter-friendly locale within walking distance of the Apple Valley Transit Station’s Metro Red Line, which provides rapid bus service throughout the metro area. Interstate 35 is within a short drive, offering prime connectivity to the Twin Cities, Minneapolis-St. Paul International Airport and many local hot spots, including the world-famous Mall of America and Minneapolis Institute of Art. 

Additional nearby attractions include the Minnesota Zoo, Guthrie Theater, Weisman Art Museum and several sporting venues, including state-of-the-art U.S. Bank Stadium, the home of the Minnesota Vikings that opened in 2016. Many parks and trails surround the community, and recreational enthusiasts are within 17 miles of spectacular Minnehaha Park, home to 53-foot Minnehaha Falls. 

With the addition of the Phase II, Remington Cove consists of studio, 1-, 2- and 3-bedroom apartment homes ranging from 541 to 1,622 square feet. Apartment interiors feature nine-foot ceilings, full-size washers and dryers, granite countertops and stainless steel appliances. Select units include electric fireplaces, and residents also have access to additional storage.

Common-area amenities at the pet-friendly, smoke-free community include heated underground parking, two fitness centers, outdoor fire pit and picnic patio, off-leash dog park, conference room, business center and a community room with full kitchen. 

 

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the establishment of the CAPREIT Cares program, a charitable giving platform designed to give back to the neighborhoods CAPREIT serves. 

The program encourages residents and employees to become involved in various charitable activities surrounding CAPREIT communities across the country. The platform also helps bring community activities to low-income residences across the portfolio. 

“We want to go beyond simply owning and managing apartment communities, and we’re extremely excited to implement a program that can truly make a difference,” said Steve Fettig, vice president of West Coast operations for CAPREIT. “We’re determined to provide resources for the community in a positive and upbeat way, whether it consists of our employees and residents volunteering time to a worthy local cause, a financial contribution or by providing an outlet for the youth at our affordable communities.” 

An example of the CAPREIT Cares program in action will be found Sept. 22 in Houston, where employees of Canal Place apartments will collect donations for St. Jude’s hospital at a Houston Astros game. The Canal Place team, which partnered with St. Jude’s for the event, will be stationed at Minute Maid Park and will collect donations, pass out T-shirts to the hospital’s St. Jude Run/Walk participants and provide encouragement at the start and finish line.   

In April, CAPREIT hosted its 25th anniversary Manager’s Conference. Part of the conference was a CAPREIT Cares activity in partnership with the United Way of Central Maryland, where over 150 CAPREIT participants from around the country helped fill backpacks with toys for needy children.

Another facet of the program is taking place throughout the summer at Thomas Paine Square Apartments, an affordable community in San Francisco. Daily activities through the program include daily breakfasts, adult exercise classes, youth games, youth afternoon computer time, bingo, movie times slotted for kids and adults, tie-dye shirt activity and a back-to-school event. Thomas Paine also hosted an August Community Cookout that included a jumpy house, DJ, dancing, balloons and food. 

“We’ve always been community-minded and enjoyed giving back,” said Miguel Gutierrez, chief operating officer for CAPREIT. “The CAPREIT Cares program celebrates and encourages giving, which was already happening organically among our employees and residents. The program enables us to enhance our philanthropic efforts in more of an official capacity and further spread the word to our residents and team members. We look forward to not only being a good neighbor, but one that genuinely makes a positive impact.”

 

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has taken over management responsibilities of four senior-affordable apartment communities in Buffalo. 

The communities – Hertel Park, Walden Park, Trinity Tower and Parkview Apartments – are located within four miles of each other and contain a combined 373 apartment homes. Residents will enjoy expedient access to Buffalo-Niagara International Airport, Walden Galleria and several additional area attractions. 

“We’ve always been a proponent of quality, affordable housing and we’re thrilled to be a part of the Buffalo market,” said Leticia Palillero, acquisitions associate for CAPREIT. “Each of these four communities possesses a charm of its own, and we’re eager to implement our management strategies and help the fight for affordable housing in one of the largest cities in New York.”

The communities offer prime connectivity to attractions such as the Buffalo History Museum, Albright Knox Art Gallery and Buffalo Museum of Science. Walden Galleria, located in the nearby Cheektowaga neighborhood, provides a vast array of shopping, dining and entertainment options. The communities also are within a short drive of Interstates 90 and 190, which serve as the gateways to the metropolitan area. 

Hertel Park is situated at 1625-1643 Hertel Avenue and contains 138 apartment homes. Consisting of primarily one-bedrooms and 12 two-bedroom units, the community features three laundry rooms, a community room, library and pool table. 

Walden Park, located at 101 Bakos Boulevard, features a total of 126 one- and two-bedroom homes ranging in square footage from 550 to 650. Common-area amenities include a fitness center, business room, community room, lobby with fireplace and four laundry rooms. 

Trinity Tower is situated at 33 Linwood Avenue and consists of 83 studio, one- and two-bedroom homes ranging from 475 to 800 square feet. Community amenities include a large community room, social room with flat-screen television, library/meeting room, onsite laundry facility and elevators. 

Parkview Apartments is a smaller community consisting of 26 units. Based at 769 Best Street, the community features one-, two- and three-bedroom homes. 

 

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