Somera Capital Management has acquired Quail Point Apartments, a 264-unit garden-style apartment complex in Phoenix, Arizona, from Newcastle Investments. The purchase was made through Somera Realty Value Fund II, a $300 million (€450 million) value-added real estate fund. The purchase price was not disclosed.
The acquisition was made through a joint venture with 3 Street Financial, a multifamily operator that focuses on re-positioning and strategic demographic marketing. 3 Street purchased the nearby apartment communities of Windtree Village with 103-units and The Veranda with 156-units last year.
Built in 1988, Quail Point Apartments is comprised of 145 two bedroom and 119 one bedroom units in 12 two and three story buildings. Set on almost 11 acres, the community features a swimming pool and spa, basketball, volleyball and tennis courts, a clubhouse and a fitness center. The firm is planning a program of interior and exterior property improvements will be implemented including upgrades to the existing clubhouse, adding soccer fields as well as refreshed landscaping.
3 Street Financial will oversee refurbishment of the property as well as its marketing and management with a marketing program it has created to specifically target the Hispanic population.
Somera Capital Management was founded in 1994 and manages a diversified portfolio of private equity real estate investments throughout the United States. The company has offices in Santa Barbara, Washington D.C. and Denver, and since its formation the firm has acquired and managed 66 assets with a combined total market value of approximately $2.2 billion.
David Brown, president and chief executive officer of Somera, said Quail Point, will add value through, “an enhanced marketing program designed specifically for the area based on demographic research.”