BH Properties Buys Mixed-Use Development in San Francisco’s Fisherman’s Wharf

Aug 9, 2023 | Books, Business

Anchorage Square is LA-based real estate firm’s second major Bay Area acquisition in 45 days.

Anchorage Square

Anchorage Square

SAN FRANCISCO – Aug. 7, 2023 – PRLog — BH Properties has acquired Anchorage Square, a 322,000 mixed-use property in the center of San Francisco’s famed Fisherman’s Wharf.

At 2.6 acres, Anchorage Square is one of the largest privately held mixed use retail sites on the Wharf. Encompassing an entire city block, Anchorage Square’s components include a 128-key Courtyard by Marriott, 28,800 square feet of office space, 63,000 square feet of retail space and a 685-stall parking garage, one of the largest parking structures in the submarket.  The retail space, which includes 435 linear square feet of frontage along Jefferson Street, the main thorofare along the Wharf, is anchored by the only In-N-Out burger restaurant in San Francisco.

“Anchorage Square has long been an important part of the fabric of Fisherman’s Wharf and one of the top performing properties in all of San Francisco,” said BH Properties President Jim Brooks.    “We see positive signs of tourism in Fisherman’s Wharf returning to its pre-Covid levels and the property’s location between Pier 39 and Ghirardelli Square will be a key demand driver.”

One of those signs, is that the on-site hotel reports that average daily rate (ADR) and revenue per available room (RevPAR), two of the most important metrics to measure hotel performance, continue to improve.  Additionally, at more than 80%, the hotel exceeds the market’s overall average occupancy rate of 70%.

BH Properties plans an extensive capital improvement program that will include a complete upgrade of the property’s façade, tenant spaces and common areas, new landscaping, lighting, signage and way finding.   The Los Angeles-based firm will also evaluate alternative uses for the existing office space which may include restaurant and entertainment options.   The firm has engaged CBRE’s San Francisco-based retail team led by Laura Barr to advise on the repositioning of the property and lead the leasing efforts.

This is the second major real estate investment in the San Francisco Bay area by BH Properties in the past 45 days.  In June, the firm acquired the 60-acre Holy Names University in Oakland, which ceased operations in May.

“We see this as an opportunity to add a marquee asset to our growing Bay Area portfolio,” Brooks added.

Built in 1974, Anchorage Square is bounded by Jones, Leavenworth, Beach and Jefferson Streets.   It’s location is adjacent to the famed San Francisco Cable Car  Fisherman’s Wharf turnaround at Hyde and Beach Streets.

Eastdil Secured brokered the transaction.

About BH Properties
Founded 30 years ago, privately held BH Properties (http://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with regional offices in Phoenix, Dallas, Houston and Seattle, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases. Today the company owns and operates nearly 10 million square feet across 16 states.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

BH Properties Plans $1 Billion Investment into Affordable Housing

Jul 7, 2023 | Books, Business

Bill Stoll, BH Properties

Bill Stoll, BH Properties

LOS ANGELES – July 5, 2023 – PRLog — BH Properties (“BH”) has launched a new investment initiative into affordable housing  with a  goal of ultimately building a $1 billion portfolio of assets.  The new initiative will be led by veteran affordable housing executive William “Bill” Stoll who joins the firm as Managing Director, announced company President Jim Brooks.

An adjunct to the firm’s value-add multifamily platform, the new platform will focus on low-income housing tax credit (LIHTC), Section 8 and age-restricted housing throughout the United States.  For the Los Angeles-based real estate investment firm, which manages a 10 million-square-foot  portfolio of commercial real estate assets and more than 2,000 multifamily units, investment in affordable housing is complementary to its other business lines including value add acquisitions, bankruptcy solutions, and investment in real estate debt instruments across the capital stack.

“As long-term investors, our affordable housing strategy is driven by the annuity-like nature of the income stream and not the assumption of tax credits where most investors play,” said Brooks.    “We will be looking at assets with 100 or more units, typically following the expiration of the 15-year compliance period, where we can then hold them for as long as a decade.  We believe we can benefit from the durable and consistent cash flow that a professionally managed asset can generate.”

“Our goal is to build scale relatively quickly,” added Andy Van Tuyle, Senior Managing Director Investments. “The addition of Bill, his contacts, reputation and experience will help expedite this effort.”

Stoll, who will work closely with Van Tuyle, brings to BH more than $6 billion dollars in transaction experience over his nearly 14-year career at Steadfast Companies. Stoll, a graduate of San Diego State University, joined the Public Non-Traded REIT in 2009 as manager of a Southern California portfolio of 10 LIHTC properties, eventually rising to Executive Vice President of Acquisitions.  In addition to completing the acquisition and disposition of nearly 150 multifamily, LIHTC and Section 8 properties, Stoll played an integral role in construction, financing and property management during his tenure at Steadfast.

“It’s bittersweet to be leaving Steadfast, but Jim and Andy offered me an opportunity to lead and grow their new affordable housing platform,” said Stoll.  “I was impressed with BH Properties’ well capitalized balance sheet, and their track record of making investment decisions quickly.    This has allowed me to hit the ground running and we are already looking at potential investments in Texas, California, Arizona and Colorado.”

About BH Properties
Founded 30 years ago, privately held BH Properties (http://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with regional offices in Phoenix, Dallas, Houston and Seattle, continues to focus on value-add transactions, distressed debt, gap financing, and ground leases. Today the company owns and operates nearly 10 million square feet across 16 states.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

Quartz Properties Expands Leadership Team with New Hires, Doug Wilson and Jarrett Sullivan

May 20, 2023 | Books, Business

ASHEVILLE, N.C. – May 16, 2023 – PRLog — Quartz Properties, a residential real estate development company specializing in offsite construction, is proud to announce the addition of two senior leaders to its team: Doug Wilson, Executive Vice President of Quartz Modular, and Jarrett Sullivan, General Manager of Quartz Transport.

Quartz Properties (https://quartzproperties.com/) develops attainably priced for rent and for sale communities using offsite, modular construction. Doug Wilson will lead Quartz Modular, Quartz Properties construction subsidiary, and Jarrett Sullivan will lead Quartz Transport (https://www.quartztransport.com/), the company’s modular and manufactured home transportation and set business. The new hires will help elevate the organization and usher it into its next phase of growth.

Doug brings over 25 years of senior construction management and operations experience to Quartz Modular. He has held leadership positions in several organizations across the country, including Senior Vice President of Construction at Bettr Homes, General Manager for Zillow Offers, and National Director for IFM Restoration. He also served as Senior Director of Invitation Homes, a portfolio company of The Blackstone Group, where he oversaw the rehab, turns, and maintenance of over 16,000 homes. He is a licensed General Contractor in multiple states and a veteran of the Armed Forces. Doug’s wealth of knowledge and proven leadership will be an invaluable asset to Quartz Modular.

Jarrett brings over 15 years of leadership in finance, logistics and operations to Quartz Transport. He has held various managerial roles aimed at optimizing operational efficiency, automation, and scaling operations for growth. Most recently he served as Mortgage Operations Manager with fintech firm Credible, and Sales Operations Manager at tech-driven real estate services company, Spruce. Jarrett’s expertise will help Quartz Transport optimize its operations and deliver exceptional customer service.

“I am thrilled to welcome Doug Wilson and Jarrett Sullivan to the Quartz team in our Asheville office,” said Quartz Properties CEO, Joanna Schwartz. “Their extensive experience and impressive skillsets will undoubtedly enhance our operations, drive growth, and move Quartz closer towards achieving our goals. We remain committed to bringing attainably priced housing to market in Western North Carolina and beyond.”

Quartz Properties has several communities under development including Padgett Place in Black Mountain, NC, Cascade Ridge in Fairview, NC, and Belle Meadow in Asheville, NC. The company has several other projects in the pipeline and a development in Colorado, Quartz at Poncha Meadows. Quartz Modular serves as the General Contractor for Quartz Properties’ North Carolina projects.

Quartz Transport launched operations in spring 2022. The company services both Quartz Modular and third-party clients, including retailers, manufacturers, homeowners, and builders by transporting and setting manufactured and modular homes. Quartz Transport fills a gap in the current market and is poised for rapid growth.

About Quartz Properties

Quartz Properties is a modular-centric homebuilder that develops communities of attainably priced, modern residences in growth markets utilizing offsite construction. Launched in 2017, Quartz is expanding quickly and currently has several Build-For-Sale and Build-For-Rent projects under development in two states. Quartz is fully committed to realizing the cost, time, labor and environmental benefits of modular homes and strives to become the only national homebuilder who is exclusively focused on off-site construction.

Intercontinental RE Corp/MG Properties JV Acquire Los Angeles Area Apartments for $87.3 Million

Sep 15, 2022 | Books, Business

Lexington Apartments

Lexington Apartments

BOSTON – Sept. 12, 2022 – PRLog — Intercontinental Real Estate Corporation in joint venture with MG Properties has acquired The Lexington Apartments, a 178-unit apartment community in the Southern California community of Agoura Hills for $87.3 million.

Built in 1986, The Lexington offers a unit mix of one- and two-bedroom apartment homes housed in 11 two-story residential buildings on a 15-acre-site at 30856 Agoura Road.   100% of the unit interiors have been renovated over the past five years by the seller.

Agoura Hills is in the heart of the Conejo Valley, an affluent region 35 miles west of Downtown Los Angeles and encompassing northwest Los Angeles County and southeast Ventura County. It includes the cities of Agoura Hills, Oak Park, Westlake Village, Newbury Park and Thousand Oaks.   The area has been a magnet for families wanting to benefit from the strong school systems, vigorous park and outdoor recreational programs and growing regional economy.   Amgen, Teradyne, Dole Foods, JD Power, Farmers Insurance and the Los Angeles Rams all have regional or corporate headquarters in the Conejo Valley.

“More than 80 percent of the housing stock in Agoura Hills is single family housing,” said Jessica Levin, Intercontinental’s Senior Director, Acquisitions out of the Boston-based firm’s Los Angeles office.  “With median home prices of nearly $1.2 million, and a limited multifamily inventory with very little in the pipeline, Agoura Hills can arguably be considered one of the strongest and most stable suburban multifamily markets in the greater Los Angeles area.”

According to the Southern California Association of Governments, there are only 1,249 multifamily units in Agoura Hills, with less than 500 units built since 2000.

“The opportunity to acquire a first-to-lease community in this desirable suburban neighborhood is extremely rare, especially one of this size,” added Levin.

The Lexington is the largest multifamily transaction by unit size in Agoura Hills in the past 10 years according to Real Capital Analytics.   During that time only five apartment communities with 100 or more units have traded hands in all of the Conejo Valley.

Together, the joint venture has a 3,200-unit multifamily portfolio consisting of eight communities in first and second ring suburban markets outside of Los Angeles, Denver, Phoenix, Portland, San Diego and the Bay Area.  In February, the joint venture acquired a 394-unit garden-style multifamily community in the Denver submarket of Aurora, CO for $143 million.

“The Lexington is a unique asset that is well positioned to benefit from a recovery in the L.A. region.  We are excited to expand our joint venture with Intercontinental and pleased to add to our portfolio’s operating scale in the region.” added Jeff Gleiberman, MG Properties’ President.

The Northmarq team of Vince Norris, Jim Fisher, Mike Smith and Bryan Schellinger marketed the property on behalf of the seller, a Calabasas, CA-based real estate development and investment firm.

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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 $21 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $15.5 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. Visit http://www.Intercontinental.net for more information.

About MG Properties

MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of 88 communities totaling 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, For additional information, visit www.mgproperties.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

John Carl, III Joins BH Properties to Lead Real Estate Value Add Platform

Aug 26, 2022 | Books, Business

John Carl, III

John Carl, III

LOS ANGELES – Aug. 24, 2022 – PRLog — Veteran real estate investment professional John Carl, III has joined BH Properties as Senior Managing Director to head the firm’s value-add acquisitions platform out of its Dallas office, announced President James Brooks.

“The move adds additional resources to our acquisition platform and expands the role of Senior Managing Director Andrew Van Tuyle to a strategic playmaker working along side our Chairman and Founder, Steve Gozini,” said Brooks.

Carl, with more than two decades of principal-based real estate investment experience across multiple product types and markets, will be responsible for leading and expanding the company’s existing acquisitions team and to grow the firm’s real estate portfolio which includes more than 100 office, multifamily, industrial, retail and ground lease assets in 19 states throughout the country.

Carl joins BH Properties, from Dallas-based Marley Park Capital Management, a boutique commercial real estate investment and advisory firm.   As founding partner, he was responsible for all aspects of the firm’s performance including investment strategy, deal sourcing, fundraising and asset management.  Previously, he was vice president of Sarofim Realty Advisors, a Dallas-based registered real estate investment advisory firm.    During his tenure, Carl acquired nearly $400 million of retail and mixed-used properties on behalf of his pension fund clients. John began his career with Archon Capital, a Goldman Sachs owned entity, where he spent 10 years originating high yielding real estate investments resulting in approximately 40 transactions and almost $2.5B of invested capital in a variety of product types.

John graduated from the University of Wisconsin with a Bachelor of Arts in Applied Mathematics and Economics.

With Carl leading the firm’s value-add platform, Van Tuyle can now concentrate on strategic investments, bankruptcy, and distressed debt.    Under Andrew’s direction, the company provides DIP/Chapter 11 trustee/receivership financing, stalking horse bids and has acquired non-performing loans and assets through sales and general auctions.

“The Central Bank’s zero interest rate policy combined with foreclosure moratoriums provided owners of troubled properties a period of relief, and time to try and work out their problems,” said Van Tuyle.   “With inflation and an increasing interest rate environment, we anticipate greater transaction velocity in both loan and property sales across the country in several asset types.  We also anticipate increased bankruptcy and receivership activity as lenders begin to pursue their remedies and refinancing becomes more difficult.  BH Properties’ multiple platforms will allow us to participate across all spectrums of commercial real estate.”

About BH Properties

Founded 30 years ago, privately held BH Properties (http://www.bhproperties.com) is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets.  The Los Angeles-based company, with regional offices in Phoenix, Dallas and Houston continues to focus on value-add transactions, distressed debt, and ground leases.  Today the company owns and operates nearly 10 million square feet across 19 states.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com