OpenPath Investments acquires Las Vegas senior housing complex Lake Tonopah Apartments with successful online capital raise
San Francisco, CA—Su Casa Investments, of Ross, California and Apartment Capital Management (ACM), of San Francisco, California, announced on November 12, 2009, the acquisition of Liberty Heights Apartments, a 104–unit apartment complex in Sandy, Utah.
Built in 1993, Liberty Heights is a good mix of one–, two– and three–bedroom apartment units. Units feature garages and spectacular views of the Wasatch and Oquirrh Mountains, respectively. Liberty Heights is located on 1300 East, a major arterial thoroughfare near I–15 and I–215. The property is also within walking distance of both businesses and shopping.
According to ACM’s Tim Scherer, “Liberty Heights will provide solid current cash flow.”
Peter Slaugh, of Su Casa Properties, said the partnership originated a 10–year Fannie Mae loan with five years of interest–only payments; Slaugh has retained ACM, a third–party management company based in Salt Lake City.
The acquisition marks the second venture between Apartment Capital Management and Su Casa Investments, the first being their acquisition of the 80–unit Mulberry Park Townhomes in April. Apartment Capital Management intends to acquire several other apartment properties of similar size in the Western U.S. in the near–term. Su Casa Investments already owns a number of properties in the region.
About Su Casa Properties
San Francisco-based Su Casa Investments, a subsidiary of Su Casa Properties, LLC acquires and repositions multi–family apartments in targeted markets throughout the Western states. SCI has invested in a series of multi-family projects incorporating “value-added” renovations to reposition the assets and stabilize cash flow. Investors in SCP include nationally credentialed investors, first–time investors, high–net–worth individuals, and institutional funds.
Murray, UT—Su Casa Investments, LLC, a subsidiary of Su Casa Properties, announced the acquisition of the LeMans Apartments, an 83–unit project located at 945 East 4500 South in Salt Lake City, Utah, for $4,875,000. The investment was a joint venture between NBS Real Estate Capital and Peter Slaugh, General Partner and Managing Member of Su Casa Properties.
Su Casa Properties acquires and repositions multi–family apartments in markets in the Western States. Mr. Slaugh is an experienced real estate investor and mortgage banker based in San Francisco, CA. This latest acquisition represents the 31st transaction completed by NBS Real Estate Capital on behalf of the Morrison Street series of private equity funds.
The attractive cost basis, favorable unit mix, strong market fundamentals and value–added potential make this an excellent addition to both Su Casa Investments’s existing portfolio and the Morrison Street Fund II, L.P.
The partnership’s renovation program will include substantial upgrades to the exterior appearance of the property in the form of architectural treatments and repainting as well as improvements to landscaping, signage and lighting. Interior improvements will include new appliances, flooring, new paint, new lighting, cabinet faces and countertops.
Salt Lake City remains one of the more dynamic economies in the country, fueled by continued population and job growth. Rental units in the property’s market area are undersupplied, resulting in low vacancies and increasing rental rates.
About Su Casa Properties
San Francisco–based Su Casa Properties, LLC acquires and repositions multi–family apartments in targeted markets throughout the Western states. Su Casa Properties has invested in a series of multi–family projects incorporating “value–added” renovations to reposition the assets and stabilize cash flow. Investors in Su Casa Properties include nationally–credentialed investors, first–time investors, high–net–worth individuals, and institutional funds.
About NBS Real Estate Capital
NBS Real Estate Capital is a Portland–based investment management firm that provides equity, preferred equity and mezzanine debt capital to commercial real estate investors and developers throughout the western United States. As the discretionary manager of the Morrison Street series of funds, NBS Real Estate Capital places investment capital on behalf of pension funds, corporations, foundations, trusts, and both high–net–worth individuals and families.