DEAL MAP

CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, recently turned 25 and is celebrating the relationship-driven success that allowed the company to reach its quarter-century anniversary.

Since its inception in December 1993, CAPREIT has utilized strong relationships with partners, vendors and team members alike to become a recognized figure in the conventional and affordable housing sectors. CAPREIT has built a portfolio of more than 200 communities across the U.S., representing more than 40,000 apartment homes and 100,000 residents, all while utilizing the culture instilled by founder Dick Kadish.

“We love what we do and we take care of our own,” Kadish said. “The people are the most important asset of our company and making them happy is what contributes to our many years of success.”

Joining Kadish in the early years of the company were Chief Investment Officer Ernie Heymann, Senior Vice President of Acquisitions Rick Band, Executive Vice President of Accounting and Finance Bruce Esposito, General Counsel Bruce Bershtein and Chief Financial Officer Terry Collins.

In the early 2000s, CAPREIT carved a clear path for a new generation of leaders, including two of Kadish’s children, Andrew Kadish (President) and Jennifer Kadish Cassell (Chief Administrative Officer). In 2015, the elder Kadish became CAPREIT’s Chairman, with Andrew Kadish taking on the role of President at that time.

“We apply old-school real estate values while implementing modern technology to continually improve the resident living experience,” Andrew Kadish said. “CAPREIT has a family-first culture. When investors partner with CAPREIT, they then become part of our family. And the relationships we’ve made with our partners and investors have been key to our overall success.”

In the mid-2010s, Miguel Gutierrez (Chief Operating Officer), Stephen Catarinella (Vice President of Development and Business Development Manager) and Chris Pilato (Vice President of Construction and Development) joined CAPREIT’s leadership team, playing integral roles and helping to foster valuable long-lasting partnerships. 

“From the very beginning, CAPREIT has been a company built on relationships,” said Heymann, the chief financial underwriter for all communities in the CAPREIT portfolio. “When CAPREIT was created 25 years ago, well-established owners agreed to sell their properties to CAPREIT with no money at risk. Sellers agreed to a best efforts contract to sell to CAPREIT just on a handshake. This integrity and honesty helped us procure a 20-property, $400 million portfolio one property at a time.”

Heymann notes that the company’s initial equity partner, Apollo Real Estate Advisors, trusted the CAPREIT team with a significant equity investment in early 1994. The bond that was created during a 12-day due diligence period lasted for two decades.

CAPREIT has celebrated the 25-year milestone with many team events and outings over the past several months. The company’s tireless efforts to gain the confidence and trust of stakeholders have paid off, as CAPREIT has expanded its financial partners to include some of the largest in the country, including Bank of America, PGIM, Principal Financial Group and Fundamental Advisors.

“The relationships we built have stood the test of time as the multifamily industry continues its growth into the 2020s,” Heymann said. “CAPREIT looks forward to the next 25 years of making our stakeholders thrilled to be partners with the CAPREIT team.”

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 Broadway West, a senior affordable apartment community in Suffolk County.

Located in the Brentwood neighborhood in central Long Island, the community features 114 apartment homes and is steps away from Brentwood Country Club. The community, owned by Alliant Strategic Preservation Fund, also offers commuter-friendly access throughout the New York metropolitan market and is within moments of Interstate 495, the key east-west thoroughfare of Long Island.

"Demand for affordable housing in the New York metropolitan market continues to grow, and managing Broadway West serves as an exemplary opportunity to address that need," said Dawn Coggins, senior vice president of property management for CAPREIT. "We're excited to implement our customer-centric strategies and provide a comfortable, affordable living experience for seniors who are otherwise priced out of Long Island."

Located at 75 Springfield Road, Broadway West is situated between the Tanger Outlets Deer Park and the New York Institute of Technology. The community is also within close proximity of Gala Foods Supermarket, the Golden Mango Supermarkets, Brentwood Public Library, Knoll Farm equestrian center and several local and national dining options.

Broadway West consists of 50 one-bedroom and 64 two-bedroom homes with wheelchair-accessible homes available. Community amenities include a clubhouse, fitness center, picnic area and barbecue grill, convenient onsite parking and onsite laundry facilities. Residents also have access to additional storage space.

Apartment interiors at the smoke-free community include air conditioning and cable-ready connections.

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. 

 

Page 1 of 3