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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. 

 

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 acquisition of Timber Ridge, an affordable apartment community in northern Virginia. 

The community, which features 184 townhome-style homes, is situated just north of State Route 17 and within a short drive of Interstate 95. The latter serves as the gateway to metropolitan Washington, D.C. to the north and Richmond to the south. CAPREIT is implementing upgrades to select interior spaces while preserving the affordability of the community for working-class residents. 

“We’re thrilled to join the thriving Fredericksburg submarket and deliver a comfortable living experience without the overwhelming price tag, and we believe our upgrades to Timber Ridge will contribute to that cause,” said Jay Tucker, acquisitions associate for CAPREIT. “The community is surrounded by a healthy array of employment options and a sizable contingent of retailers, and the prime highway access puts all of that at the fingertips of our residents.”

Fredericksburg and the surrounding area continue to grow, as the high-cost D.C. market has pushed working-class citizens and several businesses beyond the edge of the urban core. Within Fredericksburg, residents will be situated nearby the Rappahannock River, the University of Mary Washington and several odes to the city’s rich Civil War History, including the four battlefields of Fredericksburg and Spotsylvania National Military Park. 

Situated at 3500 Goldenfield Lane, Timber Ridge is a two-story community adjacent to Lee’s Hill Golf Club. CAPREIT’s upgrades to many homes will include new appliance packages, revamped kitchen cabinets and countertops, and new bath, plumbing and lighting fixtures. 

Timber Ridge consists of two- and three-bedroom homes ranging from 1,156 to 1,440 square feet. Apartments are equipped with large floor plans, walk-in closets and full-size in-home washers and dryers. Community amenities include a business center, fitness center, clubhouse, swimming pool, children’s playground and laundry facilities. 

 

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