Source: Arc Capital Partners / #Apartments #Multifamily
LOS ANGELES, CA - Arc Capital Partners LLC, a boutique commercial real estate investment platform, partnered with Alex. Brown Realty, Inc. and New Standard Equities through a joint venture to acquire a multifamily property centrally located in the North Park submarket of San Diego. Solana Vista is a 132-unit, Class-B apartment complex located in a high-density area near the city’s employment centers, cultural attractions, and recreational activities.
“We are thrilled to have the opportunity to acquire an urban infill asset in Southern California with significant upside,” said Quincy Allen, Managing Partner of Arc Capital Partners. “We plan to re-brand the asset and completely renovate the property by upgrading building exteriors, enhancing unit interiors and adding common area amenities to incorporate clean, modern design elements.”
The joint venture plans to reposition the asset to better suit millennial preferences. The North Park neighborhood is located just north of Balboa Park and was recognized in 2012 by Forbes Magazine as one of the top hipster neighborhoods in America. The property is highly desirable due to its central location, short commute to employment centers and its proximity to a walkable neighborhood with art galleries, boutiques, and eateries.
“We are pleased to partner with Arc Capital Partners and New Standard Equities,” said Tom Burton, CIO of ABR. “This investment reflects the type of value-added opportunity and joint venture participation that defines our strategy.” ABR made its investment through ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR.
“Arc Capital Partners’ profound understanding of the millennial market and ABR’s ability to underwrite and approve the investment enabled us to move quickly on this opportunity,” said Eddie Ring, President and CEO of New Standard Equities. “Our firm will oversee the renovation program with the goal of reflecting the character of the community.”
The undisclosed seller was represented by JLL; the buyers were represented by HFF for capital markets.