OAKLAND, Calif. - January 3, 2023 - (Newswire.com)
The Martin Group and STARS REI today announced the acquisition of two apartment properties located in Oakland, California. On December 19th, the partners closed on the acquisition of Anton Edge, a brand-new 91-unit luxury apartment complex located in the heart of Oakland's Pill Hill neighborhood. On December 28th, the partners closed on the recapitalization of Alice House, a recently completed 79-unit luxury apartment complex located in Oakland's Lakeside neighborhood. Anton Edge will be rebranded as Edson House and operated in conjunction with Alice House to create a 170-unit portfolio.
"We are long term believers in Oakland's growth trajectory based on the strength of its medical and other non-technology focused employment base," said Justin Osler, Co-Managing Partner at The Martin Group, a leading multifamily developer in the San Francisco Bay Area. "We think the Pill Hill neighborhood will continue to flourish as centralized, large-scale medical facilities increase their physical footprint in the face of strong demand. Similarly, the Lakeside neighborhood's access to Lake Merritt, BART and Oakland's vibrant food scene as well as the upcoming pedestrian and cyclist improvements on 14th Street bode well for Alice House's continued growth. We are thrilled to close both these transactions with STARS REI who has been an excellent partner."
Both Alice House and Edson House consist of a mix of studio, one-, and two-bedroom units, all outfitted with quartz countertops, backsplashes, stainless steel appliances, full size washer dryers, wide plank flooring, kitchen islands, smart access control, as well as private outdoor space in some units. The buildings are both highly amenitized with abundant open space along with dog wash stations, chef's kitchens, clubrooms, co-working spaces, BBQs and outdoor TVs.
"We maintain our long-term conviction on the Bay Area due to its irreplicable business ecosystem. Great opportunities appear in uncertain times, so instead of putting our pencils down, we are trying to be as active as possible in finding high-quality buildings such as these two. This was a unique opportunity to purchase a fully stabilized trophy mid-rise portfolio at a basis significantly below current replacement cost," said Felipe Bertoni, Vice President at STARS REI, a privately held real estate investment management company headquartered in Santiago, Chile. "We are very excited to expand our Bay Area portfolio in these great neighborhoods with an experienced partner."
JLL represented the Seller of Anton Edge. Additionally, financing for both transactions was arranged by JLL and provided by First Republic Bank. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Brandon Geraldo, Matt Kroger, Ryan Wagner and Max Machiorlette and the JLL Capital Markets Debt Advisory team was led by Senior Director Brandon Roth.
About The Martin Group
The Martin Group is a real estate investment firm developing ground-up and value-add residential and mixed-use properties. We focus on infill housing located near durable demand drivers in supply-constrained regions across California and beyond. We focus on misunderstood assets, have a deep understanding of our market and build meaningful relationships with our communities. Headquartered in Oakland, CA, The Martin Group has developed/redeveloped over 24 million square feet of commercial space and over 20,000 residential units since its founding. The Martin Group and its affiliates currently own 926 multifamily units in Oakland with an additional pipeline of 860 multifamily units. Further information is available at www.themartingroup.com.
About STARS
STARS REI is a global, privately held company with real estate holdings in the U.S. and the U.K. We invest in real estate opportunities that have the potential to improve the property and the surrounding area, placing an emphasis on the quality of life in and around the property itself. As of today, Stars REI's real estate portfolio includes holdings in the Bay Area, Denver, Boston, Cambridge, Seattle, Washington D.C., New York City, and in London, and totals more than 1.3 million square feet. Further information is available at www.starsrei.com.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management. First Republic specializes in delivering exceptional, relationship-based service and provides a complete line of products, including residential, commercial and personal loans, deposit services, and private wealth management, including investment, brokerage, insurance, trust and foreign exchange services. For more information, visit www.firstrepublic.com.
About JLL
JLL is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
Contact Information:
Justin Osler
Co-Managing Principal
[email protected]
4154296044
Related Images
Press Release Service by Newswire.com
Original Source: The Martin Group Announces Acquisition of Anton Edge & Alice House Apartments
