Nord Group acquired the 228-unit Edgewater Apartments

Berkadia announces it has arranged the sale of Edgewater Apartments, a 228-unit, Class A garden-style multifamily apartment community located in Lake Jackson, Texas, a highly livable suburb of Houston.

Senior Managing Directors Chris Curry and Todd Marix, Managing Director Jeffrey Skipworth, Managing Directors Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston, along with Director Adam Sumrall, Senior Managing Director Kelly Witherspoon, Senior Directors Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group out of Chicago, IL. A New York-based buyer acquired the property for an undisclosed price.

“Edgewater is consistently one of the top-performing multifamily assets in Lake Jackson with limited competition. The regional economy is anchored by a healthy and expanding petrochemical industry and will drive new housing demand and strong fundamentals,” said Curry. “Edgewater will continue to perform well and drive cash flow for the new owner."  

Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 742 square feet to 1,319 square feet. Individual units feature built-in desks and bookshelves, garden-style bathtubs, expansive walk-in closets and private patios and balconies.

Community amenities include beautifully landscaped social areas, a pool, an elegant clubhouse with a business center, picnic arbor with gas grills, an enclosed pet park with agility equipment and a fully equipped 24-hour fitness center. Reserved parking, detached garages and storage units are available.

Edgewater is located approximately 45 minutes south of Houston in Lake Jackson in Brazoria County, consistently ranked one of the best places to live in Texas, and within a short drive to two of the major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital.

Berkadia announces it has arranged the sale and financing of The Place at Carrollwood, a 224-unit multifamily property in Tampa, Fla. Senior Managing Directors Jason Stanton and Matt Mitchell and Senior Director Greg Rainey of Berkadia Tampa and Senior Managing Director Cole Whitaker,Senior Director David Etchison, Directors Mary Beale, and Associate Director Lauren Gassie of Berkadia Orlando, represented the seller, Redwood Capital Group, a multifamily real estate investment and management company based in Chicago, IL.

Managing Director Scott Wadler of Berkadia Miami Senior Director Matt Nihan of Berkadia Boca Ratonsecured acquisition financing on behalf of the buyer, Beacon Real Estate Group. ACRE, a private equity commercial real estate firm based out of New York, Atlanta, and Singapore originated the loan.

“Place at Carrollwood represented an excellent opportunity to acquire a well-positioned community in the highly desirable Carrollwood submarket,” said Stanton.

Built in 1984 and located at 4949 Marbrisa Drive, The Place at Carrollwood is situated in a natural conservation area of Tampa, surrounded by lush landscaping and natural lakes. It offers one- and two-bedroom apartments ranging from 629 square feet to 1,050 square feet and individual units include a fireplace, sleek kitchen cabinets, a kitchen pantry, modern appliances, European light fixtures, designer flooring, walk-in closets and an expansive balcony or patio with lakefront or tropical views. Community amenities include a pool with poolside grilling, a fitness center, boardwalk, 24-hour laundry center, car care station, a playground, on-call maintenance and a natural preserve.

It is conveniently located fifteen minutes away from downtown Tampa and the beaches, close to Veteran’s expressway/589, and 5 minutes away from Citrus Park Mall and Busch Gardens.

Redwood Capital Group (Redwood), a vertically integrated multifamily investment manager, today announced it has acquired Brook Run, a 182-unit apartment community in Arlington Heights, Ill., and Wilder, a 381-unit apartment community in Austin, Texas. The acquisitions, which were separate transactions, reflect Redwood's commitment to aggressive and strategic national growth plans to double in size by 2025.

Including these transactions, Redwood has completed six acquisitions totaling approximately $400 million in value and 1,706 apartment homes over the last 12 months. All of the deals have been sourced either directly off-market or through a limited offering as a result of Redwood’s national footprint and relationships. The rapid growth of the company’s portfolio is part of a five-year strategic plan to double the size of Redwood’s portfolio, which was valued at $1.7 billion in apartment assets under management at the start of 2021. The company’s portfolio of almost 9,000 units is concentrated in the Southeast, Southwest and Midwest.

Redwood projects an additional $200 million of deals in 2021 as its pipeline remains very active.  Redwood’s investments team is led by Managing Directors Bill McDougall and Field Stern in Chicago with acquisitions efforts supported by Directors Ryan Steppe and Bill Rose in Atlanta and Dallas, respectively.

"This is a very exciting time for Redwood as we continue to execute our plan to expand our portfolio swiftly but also judiciously by making sure we're acquiring communities that will deliver the targeted returns," said David Carlson, managing partner and co-founder of Redwood. "One of the many exciting elements of this recent spate of acquisitions is that they have all been off-market, limited-market and relationship-driven deals. That provides powerful testament to the top-notch network, reputation, flexibility and adaptability of the Redwood investments team.”

Field Stern, head of capital markets, added that “several of these acquisitions also have been capitalized by three new institutional partners, which is another huge accomplishment and something we are very proud of."

In keeping with Redwood's goal of vertical integration, both Brook Run and Wilder are being managed by Redwood Residential, its property management subsidiary. Redwood Residential has grown almost 100% since 2019 and is approaching over 5,000 units under management nationally with regional offices in Atlanta and Dallas.  The property management portfolio is projected to double again in the next 24 months.

Brook Run is in Arlington Heights, a sought-after suburb situated 25 miles northwest of Downtown Chicago. The community offers convenient access to major employment centers, well-regarded public schools, popular retail and downtown Chicago via I-90 or the Metra commuter rail. The property features one-, two- and three-bedroom units. Redwood plans to renovate all the unit interiors to include vinyl plank flooring, granite countertops, white cabinetry, kitchen backsplashes, updated fixtures and entry closet benches. Common-area amenities include decorative ponds, a clubhouse with leasing center and resident lounge, a resident business center with computers and an outdoor swimming pool with multiple cabanas and lounge seating.

"Brook Run represents an outstanding value-add opportunity," McDougall said. "This is a strong community in a thriving submarket, and we're confident that our in-unit improvements, exterior and landscape enhancements and the onsite skill and expertise of Redwood Residential will make this a best-in-submarket living experience."

Wilder is a newly constructed, Class A, garden-style community in the South Austin submarket. The property offers panoramic views of the South Austin Hill Country and features a resort-style pool with cabanas, a state-of-the-art fitness center with a private cross-training room, a covered yoga area with views of the pool and surrounding hills, a pet-washing station and a LuxerOne package room.

In-unit amenities include quartz countertops, stainless steel appliances, designer cabinets with true soft close hinges and drawers, a Dwelo in-unit technology package, concrete or faux-wood flooring and walk-in closets.

"We are extremely bullish about the upside of Wilder," Rose said. "With its fantastic location and its incredible early leasing velocity, the stage is set for a property that will attract and retain residents and deliver strong NOI."

Redwood Capital Group (Redwood), a vertically integrated multifamily investment manager, today announced it has acquired Brook Run, a 182-unit apartment community in Arlington Heights, Ill., and Wilder, a 381-unit apartment community in Austin, Texas. The acquisitions, which were separate transactions, reflect Redwood's commitment to aggressive and strategic national growth plans to double in size by 2025.

Including these transactions, Redwood has completed six acquisitions totaling approximately $400 million in value and 1,706 apartment homes over the last 12 months. All of the deals have been sourced either directly off-market or through a limited offering as a result of Redwood’s national footprint and relationships. The rapid growth of the company’s portfolio is part of a five-year strategic plan to double the size of Redwood’s portfolio, which was valued at $1.7 billion in apartment assets under management at the start of 2021. The company’s portfolio of almost 9,000 units is concentrated in the Southeast, Southwest and Midwest.

Redwood projects an additional $200 million of deals in 2021 as its pipeline remains very active. Redwood’s investments team is led by Managing Directors Bill McDougall and Field Stern in Chicago with acquisitions efforts supported by Directors Ryan Steppe and Bill Rose in Atlanta and Dallas, respectively.

"This is a very exciting time for Redwood as we continue to execute our plan to expand our portfolio swiftly but also judiciously by making sure we're acquiring communities that will deliver the targeted returns," said David Carlson, managing partner and co-founder of Redwood. "One of the many exciting elements of this recent spate of acquisitions is that they have all been off-market, limited-market and relationship-driven deals. That provides powerful testament to the top-notch network, reputation, flexibility and adaptability of the Redwood investments team.”

Field Stern, head of capital markets, added that “several of these acquisitions also have been capitalized by three new institutional partners, which is another huge accomplishment and something we are very proud of." 

In keeping with Redwood's goal of vertical integration, both Brook Run and Wilder are being managed by Redwood Residential, its property management subsidiary. Redwood Residential has grown almost 100% since 2019 and is approaching over 5,000 units under management nationally with regional offices in Atlanta and Dallas. The property management portfolio is projected to double again in the next 24 months.

Brook Run is in Arlington Heights, a sought-after suburb situated 25 miles northwest of Downtown Chicago. The community offers convenient access to major employment centers, well-regarded public schools, popular retail and downtown Chicago via I-90 or the Metra commuter rail. The property features one-, two- and three-bedroom units. Redwood plans to renovate all the unit interiors to include vinyl plank flooring, granite countertops, white cabinetry, kitchen backsplashes, updated fixtures and entry closet benches. Common-area amenities include decorative ponds, a clubhouse with leasing center and resident lounge, a resident business center with computers and an outdoor swimming pool with multiple cabanas and lounge seating.

"Brook Run represents an outstanding value-add opportunity," McDougall said. "This is a strong community in a thriving submarket, and we're confident that our in-unit improvements, exterior and landscape enhancements and the onsite skill and expertise of Redwood Residential will make this a best-in-submarket living experience."

Wilder is a newly constructed, Class A, garden-style community in the South Austin submarket. The property offers panoramic views of the South Austin Hill Country and features a resort-style pool with cabanas, a state-of-the-art fitness center with a private cross-training room, a covered yoga area with views of the pool and surrounding hills, a pet-washing station and a LuxerOne package room.

In-unit amenities include quartz countertops, stainless steel appliances, designer cabinets with true soft close hinges and drawers, a Dwelo in-unit technology package, concrete or faux-wood flooring and walk-in closets. 

"We are extremely bullish about the upside of Wilder," Rose said. "With its fantastic location and its incredible early leasing velocity, the stage is set for a property that will attract and retain residents and deliver strong NOI."

Redwood Capital Group (Redwood), a vertically integrated multifamily investment manager, today announced it has acquired Adley City Springs, an apartment community in Sandy Springs, Ga., and Ascent Cresta Bella in San Antonio. The properties were acquired in separate transactions and reflect Redwood's commitment to aggressive but strategic growth in the Southeast and Texas.

Redwood began the year with $1.7 billion in apartment assets under management and has a strategic plan to double that total over the next five years. The company expects to complete acquisitions totaling $600 million in the Southeast, Southwest and Midwest in 2021.

Last year, despite all the market challenges, Redwood was able to remain active by completing two acquisitions and three dispositions, representing $182 million in total value. In January 2021, Redwood expanded its Texas presence by hiring Bill Rose as director of investments in the firm's Dallas-Fort Worth office. Ryan Steppe, director of investments in Redwood's Atlanta office, has been spearheading the company's portfolio expansion in the Southeast over the past two years.

"We look forward to continuing to expand our presence in the apartment market in 2021 and beyond. As demonstrated by these acquisitions, we view Texas and Atlanta as important markets in our ongoing expansion," said David Carlson, managing partner and co-founder of Redwood. "As a fully integrated company with best-in-class asset management, property management and construction management divisions in place, we are well-positioned to grow in a thriving multifamily market and to deliver targeted returns to our investors."

In keeping with Redwood's goal of vertical integration, both Adley City Springs and Ascent Cresta Bella are being managed by Redwood Residential, its property management subsidiary. Redwood Residential now manages almost 6,000 units nationally, approximately two-thirds of Redwood’s portfolio.

The 291-unit Adley City Springs is a recently constructed, mid-rise property within walking distance of the restaurants and entertainment venues in downtown Sandy Springs. Additionally, the Atlanta suburb has more Fortune 500 companies per capita than any other city in the country and is home to regional headquarters for State Farm, Mercedes Benz, Cox Enterprises, First Data Corp. and others.

Adley City Springs offers studio, one- and two-bedroom floorplans with an upscale, spacious and modern design. In-unit amenities include nine-foot ceilings, granite countertops, stainless steel appliances, power-saving digital programmable thermostats, walk-in closets, large balconies or patios and in-unit washers and dryers. Community amenities include a spacious resident social lounge with pool table, shuffleboard and games; resort-style rooftop saltwater pool; outdoor grilling stations and al fresco dining area; business center with conference rooms and private offices; movie theater; golf simulator lounge; and dog-washing "paw spa." Redwood plans to add new top-of-the-line equipment to the social lounge and fitness center. The community also features nearly 10,000 square feet of retail space that already includes an Italian restaurant and will soon add a medical spa.

"We are exceptionally pleased to own Adley City Springs, a best-in-class apartment community in one of Atlanta’s strongest performing submarkets," Steppe said. "This acquisition is yet another example of Redwood’s commitment to purchasing top-performing communities in supply constrained submarkets with strong employment fundamentals. Given all of the positives of this community and the surrounding submarket, I look forward to watching Adley City Springs mature into Sandy Springs’ premiere apartment community."

The 322-unit Ascent Cresta Bella is in northwestern San Antonio and offers proximity to Interstate 10, multiple employment centers, premier retail such as The RIM shopping center and highly regarded schools.

The community offers one-, two- and three-bedroom floorplans with a modern and stylish ambience. In-unit features include quartz countertops, stainless steel appliances, eurostyle cabinets, hardwood-style floors, kitchen islands, tile backsplashes, wine refrigerators, large walk-in closets, white floating bathroom vanities and ceiling heights of up to 10 feet. Community amenities include an infinity pool with wet deck, poolside cabanas, outdoor kitchens, rooftop terrace, social lounge with panoramic views, resident business center, two-story fitness center with spin room and multiple dog parks.

"In recent years, the northwest San Antonio area has experienced tremendous growth and transformation while attracting new employers and other developments," Rose said. "With these positive submarket dynamics combined with Ascent Cresta Bella's stunning features and irreplaceable hilltop location, we believe Ascent Cresta Bella is a unique asset that will thrive with the growth of its surrounding area."

The workforce housing community sits on six prime acres near Greenway Plaza in Central Houston

HOUSTON, October 2, 2019 – JLL announced today that it has closed the sale and arranged financing of The Place at Greenway, a 219-unit, garden-style apartment community in Central Houston.

JLL marketed the property exclusively on behalf of the seller, Redwood Capital Group. Additionally, JLL worked on behalf of the new owner to secure a five-year, fixed-rate acquisition loan from Ready Capital.

The Place at Greenway is situated on approximately six infill acres at 3333 Cummins Street immediately northeast of the intersection of Richmond Avenue and Weslayan Street in the Greenway Plaza submarket. The property consists of 15 two-story residential buildings with a mix of one- and two-bedroom units averaging 875 square feet. Community amenities include a swimming pool with sundeck, poolside cabanas with outdoor kitchen, modern clubhouse with lounge areas and kitchen, newly remodeled fitness center, yoga room, spin room, business center, pet station and covered parking. The property was 95% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Chris Curry, Senior Managing Director Todd Marix, Directors Joey Rippel and Chris Young and Analyst Bailey Crowell.

“The Place at Greenway’s successful disposition is indicative of investor appetite for workforce housing in Central Houston,” Curry noted. “The property’s rent gap compared with new construction, its value-add potential and optionality for future alternative uses underscore the opportunities available for workforce housing assets in core locations.”

“According to Apartment Data Services, Central Houston has lost 5,773 net Class B, C and D units over the last 10 years, while adding 34,268 Class A units during the same timeframe,” Curry continued. “The diminishing supply of workforce housing, now less than 30% of available units in Central Houston, and the premium rents and returns obtainable on remaining communities such as The Place at Greenway were very attractive to investors.”

JLL’s Capital Markets team representing the new owner was led by Director Michael Johnson and Analyst Tolu Akindele.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.