Intercontinental Real Estate Corporation and Security Properties Buy Sacramento Apartments

Broadleaf Apartments

Broadleaf Apartments

BOSTONSept. 8, 2021PRLog — Intercontinental Real Estate Corporation (“Intercontinental”) in joint venture with Security Properties have acquired Broadleaf Apartments, a 244-unit Class B+ garden-style apartment community located in the Pocket neighborhood of Sacramento, CA.

The off-market transaction represents a recapitalization of the 11-acre gated community which was originally acquired in 2019 by Security Properties, a Seattle-based multifamily development and investment firm, which will continue as operating partner in the new joint venture with Intercontinental.

For Intercontinental, whose portfolio includes 29 million square feet of commercial and industrial space and more than 12,000 multifamily units across the United States, Broadleaf represents the firm’s entry into the Sacramento market, according to Jessica Levin, Senior Director, Acquisitions with Intercontinental.

“Sacramento has been the beneficiary of renter migration from the more expensive Bay Area markets and while new, more expensive product is being delivered to the market, it is not keeping up with demand,” said Levin.

Constructed in 2006, Broadleaf’s one- and two-bedroom apartment homes are housed in 11 two- and three-story residential buildings that surround a 5,200 square-foot clubhouse and resort style pool and spa.   Apartment homes range in size from 790 – 1,240 square feet and boast an above-market average unit size of 1,041 square feet.  Each unit features nine-foot ceilings and dedicated in-unit laundry rooms. Common area amenities include a fitness center, game room, fireside lounge, picnic area with grill, children’s playground and community garden.

“Sacramento has been on our radar for quite some time,” added Intercontinental’s Director of Acquisitions, Allen Logue. “Broadleaf is located in the desirable infill Pocket neighborhood of Sacramento. The location’s proximity to employment nodes, transportation arterials and amenities make this investment an ideal fit for our investment strategy.”

“Sacramento continues to be a target market for us and so it was important that we keep an asset with the quality of Broadleaf in the portfolio,” said Davis Vaughn, Senior Director at Security Properties.  “By partnering with Intercontinental, we were able to successfully realize gains for our existing investors, while still maintaining our footprint in a growth market.”

The property was 96 percent leased at the time of closing.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation (https://intercontinental.net/) is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $14 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $10 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.

About Security Properties

Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 52 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 100,000 residential units at a cost of over $9.0 billion across 600+ assets. Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com

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Bruce Beck

DB&R Marketing Communications, Inc.

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Intercontinental Real Estate Corp and Ellis Partners Buy TOD Site in Downtown Oakland, CA

Second Oakland development for joint venture that recently teamed to build and lease up 350,000-square-foot “Key at 12th.”

1919 Webster, Oakland Ca

1919 Webster, Oakland Ca

OAKLAND, Calif.April 5, 2021PRLog — Local real estate development firm Ellis Partners and its Boston-based partner Intercontinental Real Estate Corporation (“Intercontinental”) have acquired a vacant six-story, 74,000-square-foot office building and adjacent parking lot at 1919 Webster in Downtown Oakland’s Uptown District.   Building off of the continued transformation of the immediate area, the joint venture plans to redevelop the site into a modern office high rise designed to meet the evolving needs of tomorrow’s workforce.

The joint venture behind The Key at 12th, the successful restoration of Downtown Oakland’s historic Key System Building and development of an adjoining 18-story office tower anchored by University of California’s Office of the President and Credit Karma, are evaluating a variety of options for the Webster Street site.  The property is located at the center of the Lake Merritt Office District, and is considered an “Office Priority site” in the pending Downtown Office Specific Plan.

“This is an important high-rise development site sitting at the center of the rapid changes taking place in downtown Oakland,” said Ellis Partners Partner Jason Morehouse.  “We will listen carefully to our local stakeholders as we move forward to create a landmark building that helps the City meet the broad needs of the community while preserving Oakland’s unique character,” added Ellis Partners Director of Development, Dean Rubinson.

The planned redevelopment will replace a 1950s vintage office building which has remained vacant for several years.  Considered a prime transit-oriented development site, the property is two blocks from the 19th Street BART transfer station providing direct access to all stops within the 131-mile rail system with connections to both the Oakland and San Francisco International Airports.   The immediate area has benefited from extensive investment and new development in recent years, including several new multi-family apartment communities, and an influx of cafés, restaurants, and other retail formats.

“Building on the momentum of The Key at 12th, we are excited to develop another transformative project at 1919 Webster,” said Intercontinental’s Senior Director, Acquisitions Jessica Levin. “Driven by solid market fundamentals and its broad appeal to many corporate users, Oakland continues on its trajectory of strong economic growth.”

“This is an incredible opportunity to make another major contribution to Oakland’s urban renaissance as it cements itself as one of the great 24-hour cities on the West Coast.”

added Intercontinental’s Director, Acquisitions Allen Logue.

Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the seller.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $14 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $10 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information regarding Intercontinental, please visit http://www.Intercontinental.net.

About Ellis Partners

Ellis Partners is a privately-owned commercial real estate investment and development company founded in San Francisco in 1993. Working with a small group of long-standing private and institutional partners, the firm has successfully acquired and developed assets valued at over $3 billion. Ellis Partners has a long track record of success in the acquisition, entitlement, development, renovation and repositioning of office, industrial, retail, residential and mixed-use properties in Northern California. For more information regarding Ellis Partners, please visit www.ellispartners.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com