Private equity real estate firm Carmel Partners has acquired six properties in California, Seattle and Denver for $191 million (€137.5 million). The properties were purchased through the firm’s latest vehicle, Carmel Partners Investment Fund II.
“These properties are amongst the core markets we invest in,” said Chris Beda, chief investment officer at Carmel. “All these core markets have above average median home prices and above average economies.”
He added that the properties were representative of the firm’s investment strategy. “We like the idea of investing in markets that are supply-constrained on the market side,” he said. “If you look at markets in California, for instance, it is very difficult to get entitlements for land.”
Beda added that the firm has planned capital improvements on all the properties including renovating common area amenities, upgrading unit interiors, putting in washers and dryers and adding new common areas.
The $191-million residential portfolio includes the Timberwood Apartments in Aurora, Colorado; the Skyline Park Apartments in Kent, Washington; the Villa Pacific Apartments in Westminster, California; One Belmar Place in Lakewood, Colorado; the Tustin Park Apartments in Tustin, California; and Piedmont Apartments in Bellevue, Washington.
Timberwood, with a total of 336 units, was purchased for $22 million. Carmel plans to invest an additional $10.5 million on renovations including interior and exterior upgrades and the installation of new roofs and windows.
Skyline Park, located in Kent, Washington, totals 192 two-bedroom, two-bath units. The property was acquired for $21.2 million and a planned $2.3-million budget for capital improvements including the construction of a clubhouse, improved common areas and interior renovations.
The 136-unit Villa Pacific Apartments townhome property was purchased for $26.3 million. Carmel is planning $2.5 million on renovations including a new leasing office and fitness center, updating apartments and installing in-unit air conditioning.
One Belmar Place was acquired for $25.5 million. Located in the third largest community in the Denver metro area, the 208-unit complex is close to the recently revedeloped Belmar mixed-use complex.
Tustin Park Apartments is comprised of 34 two-story buildings around six interior courtyards. Acquired for $42.8 million, Carmel is planning $30,000 per unit to build a new leasing/amenities center and the installation of new appliances.
The Piedmont Apartments complex, located in the Seattle suburb of Bellevue, was acquired for $53 million. The property totals 396 units.
Closed in 2005, Carmel’s second real estate investment fund has $400 million in equity. Like the firm’s debut fund, Carmel Partners Investment Fund II focuses on the acquisition, development and renovation of multifamily properties.
Carmel, founded in 1992 by Ron Zeff, focuses on multifamily transactions in the US and is currently pursuing value-add apartment properties, condo reversions, ground-up developments and joint venture deals in Northern and Southern California, Seattle, Denver, Washington DC and Hawaii. The firm also has offices in Irvine, Denver, Seattle, Washington DC and Honolulu.
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