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L5 Investments Partnership Completes $22.9 Million Acquisition of 232-Unit Apartment Community in Richmond, Virginia.  Partnership plans $2.6 million renovation to property

6/30/2016

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Sacramento, CA, June 30, 2016 – A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community for $22.9 million in Richmond, VA. Built in 1980, the property is situated on 17.13 acres and is located at 1500 Forest Run Drive near E. Parham Road and Interstate 95.

Aspen Station is a garden-style community that features a swimming pool, clubhouse with business center, lighted tennis and basketball courts, car wash and vacuum station, and picnic area with charcoal grills throughout the property. The unit mix includes 98 one-bedroom units, 116 two-bedroom units, and 18 three-bedroom units. Each unit includes a full-size washer and dryer and a private balcony or patio.

The new ownership plans on investing in excess of $2.6 million for an extensive renovation and repositioning of the asset. This will include a complete remodel of the leasing and business center; remodel of fitness center to nearly double in size and include state-of-the-art equipment; upgrades to flooring, cabinets, counters, lighting, fixtures, and appliances in unit interiors; improve landscaping; upgrades to tennis and basketball courts; addition of a new sport court and dog park; and new monument and directional signage. Additionally, in a strategic move to enhance Aspen Station’s operational functions, BH Equities will manage the property through BH Management Services, its property management arm.

“Although we have numerous apartment assets in growing areas throughout the country, this acquisition marks L5 Investments’ first in the State of Virginia,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. “By partnering with BH Equities, an experienced investor and asset manager with strong local market experience, we believe we can raise the bar for Aspen Station and attracting new residents who are seeking a high-end apartment community with quality interior spaces, amenities, and proactive management.”

“BH has a long lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Virginia market where we currently manage six properties and close to 2,000 units,” said BH Equities Director of Acquisitions Mike Baker.

Named by Zillow as the nation’s fourth hottest housing market of 2016, the greater Richmond market is home to 1.25 million residents and shows signs of continued growth. Richmond has been outpacing many of the other metro areas of Virginia and is growing faster than the nation as a whole. The pro-business area includes a number of Fortune 1000 companies and has also recently been attracting both new start-ups and established firms.

Laura Cathlina with Berkadia Commercial Mortgage provided the debt. Wink Ewing with ARA Newmark represented both the buyer and the seller.

About L5 Investments
Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $118 million of assets under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management.  With over 50 years of real estate experience, L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential.  L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity.  L5 is based in the Sacramento area.  www.L5invest.com.

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L5 Investments Partnership Completes $1.7 Million Renovation of Whispering Lake, a 384-Unit Apartment Community in Kansas City, Missouri

6/29/2016

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Sacramento, CA, June 29, 2016 – A partnership between L5 Investments and BH Equities has completed a major renovation and repositioning of Whispering Lake, a 17-building, 384-unit apartment community located at 10415 East 43rd Street in Kansas City, MO. The partnership recently completed in excess of $1.7 million of renovations and had its official grand re-opening on June 22. At 95 percent, the property’s occupancy is increasing, renter interest has elevated, and the ownership has been able to secure stronger rents for the recently upgraded units.

Built in 1989, the one-of-a-kind, lake-front community situated on 8.19 acres of land offers residents large floor plans, in-unit washer and dryer, and private balconies and patios. Community amenities include a swimming pool, clubhouse, fitness center, and an 18-acre lake and dock. It is located within walking distance to public transportation and a wide variety of national retailers, and is just two miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman Stadium (KC Royals MLB baseball franchise).

The renovation program for Whispering Lake included a complete renovation of the lakefront leasing center and lounge area; new floating dock and seating; interior renovations; updated pool area; and the addition of outdoor areas that include a new playground, dog park and community event and barbeque area.  The renovation was completed approximately 12 months after the partnership acquired the asset.

“Whispering Lake presented our partnership with a stabilized asset unlike any other in the local market.  Our completed renovation and lake-front upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. “We are extremely pleased at the results of this strategic repositioning and are already realizing market rents as we meet area demand for quality rental living.”

“Our goal with all of our design and construction projects is to remove the obsolescence from our communities and offer contemporary spaces that meet the needs of today’s apartment seeker,” said BH Companies founder and chair Harry Bookey. “Whether it is enjoying a coffee in one of our cyber cafés, or relaxing by one of our resort-style swimming pools, we work hard to provide the upscale amenities that many would only expect to find at much higher-priced communities.” 
Kansas City has a population of more than 2.1 million people and is the 29th largest metropolitan area in the United States. Local employers include Sprint, Ford Motor Company, and University of Kansas.

​About L5 Investments
Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $118 million of assets under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management.  With over 50 years of real estate experience, L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential.  L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity.  L5 is based in the Sacramento area.  www.L5invest.com.


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L5 Investments Partnership Completes $11.35 Million Acquisition of 88-Unit Apartment Community in East Bay Submarket of San Francisco 

6/17/2016

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San Francisco, CA, June 17, 2016 – A partnership between L5 Investments and Equity Consultants Real Estate has acquired Creekside Village, an 88-unit senior housing community in Pittsburgh, CA, a city within the East Bay submarket of San Francisco. Built in 2003, the non rent-controlled property was acquired for $11.35 million (approximately $129,000 per unit) and was fully occupied at the close of escrow.  

The partnership plans to add value to the asset in order to bring rents up to market rates by embarking on a $600,000 renovation strategy. Some of the major improvements include remodeling the leasing center, upgrading interior units, and improving landscaping and other exterior areas, in addition to improving operational functions in order to better cater to the needs of its senior residents.

“We believe Pittsburgh is an ideal Bay Area location for apartment investment due to lack of affordability within downtown San Francisco and other high demand East Bay markets – especially for 55-plus age-restricted communities,” said Michael Flaherty, founder and managing partner of L5  Investments, a Northern California-based multifamily investment firm.
“In addition to the value-add play, Creekside Village provided a number of attractive benefits as it is on the same street as a new BART station, and the property is one of just two age-restricted properties in the area.” 

Flaherty added: “From an overall industry perspective, the United States continues to experience significant demand for rental units as the economy stabilizes and grows. With that said, the greater San Francisco area – inclusive of the East Bay submarket – has experienced some of the largest rental rate increases in the country.  Because of these trends, L5 and our partners will be aggressively seeking to acquire additional multifamily and other age-restricted properties in key Bay Area submarkets over the next two to three years.”

Creekside Village is situated on 6.22 acres and is located at 30 Castlewood Drive near Kirker Pass and Railroad Avenue. The property includes five, two-story buildings and a unit mix of 82 one-bedroom units and six two-bedroom units. The community amenities include a leasing office, clubhouse with lounge area, swimming pool and spa, and outdoor grilling areas.

​The seller, Lark Creek, LLC was represented by Rich Martini and Bill Hillis of Colliers International.  Grandbridge Capital provided the debt.

About L5 Investments
Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $118 million of assets under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management.  With over 50 years of real estate experience, L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential.  L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity.  L5 is based in the Sacramento area.  www.L5invest.com.


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L5 Investments Partnership Completes Acquisition of 31-Unit Apartment Community in Seattle Submarket

6/14/2016

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•    L5 plans continued acquisition activity in Seattle area as job growth thrives;  
•    Firm has 2 other projects in contract to purchase totaling $7.5 million
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Seattle, WA, June 14, 2016 – A partnership between L5 Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in SeaTac, WA (an emerging submarket of Seattle) for $2.6 million.  Built in 1967 and renovated in 2007, the property is located at 3223 South 160th Street just 15 miles from downtown Seattle.

​Under the new ownership, the property – which has a significant degree of deferred maintenance – will undergo an extensive renovation in order to meet the high demand from area residents seeking quality, market-rate rental housing. 

“Our partnership saw this asset as a prime opportunity to add value through a major renovation as well as improving overall operations,” said Michael Flaherty, founder and managing partner of L5  Investments. “Innsbruck Apartments fit nicely within L5’s acquisition strategy to grow our portfolio in thriving markets throughout the United States.”

Flaherty added that the firm currently has two additional apartment properties in escrow in the Seattle region totaling approximately $7.5 million. “The Seattle job market is booming and ranks among the nation’s hottest, adding just over 78,000 jobs last year. We see a heightened demand for suburban markets outside the downtown area as rents there are rising at a very rapid pace,” he said. 

L5 and its partners plan to invest approximately $700,000 in property renovations at Innsbruck with extensive interior upgrades including adding a washer and dryer to each unit, and the conversion of an office to a new, leasable studio unit.  Exterior improvements include paint, energy conserving products such as LED lighting, upgraded railings, new signage, additional parking, and attractive landscaping.  

Located within walking distance to a new light rail mass transit facility, Innsbruck is also near the SeaTac Airport; major employers and business incubators; and routes 99, 509, and 518 as well as Interstates 5 and 405. On-ramps to these highways are ¾ mile from Innsbruck and provide easy access to the greater Puget Sound region.  

The seller of Innsbruck Apartments were local private investors. David Massa of Madison Partners Real Estate represented the buyer and Grandbridge Capital provided the debt.


About L5 Investments
Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $118 million of assets under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management.  With over 50 years of real estate experience, L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential.  L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and belief that trust starts and ends with honesty and integrity.  L5 is based in the Sacramento area.  www.L5invest.com.


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    L5 Real Estate Investments, LLC is a privately held investment firm focused on stable, income producing multi-family opportunities in emerging U.S. markets.

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