Closing of a Preferred Equity Investment to Fund Class A Multifamily Development in Scottsdale, Arizona
SCOTTSDALE, February 15, 2014 /PRNewswire/ — The Wolff Company announces the closing of a preferred equity investment in an entity that is developing the second of three phases that, upon completion, will constitute a Class A, luxury multifamily development known as Optima Sonoran Village, located in Scottsdale, Arizona. Scheduled to be completed in the summer of 2016, Phase II will comprise a total of three buildings, housing 400 condo-quality luxury rental units, an estimated 5,400 square feet of commercial space, and resort style amenities, including a fitness center, indoor basketball and racquetball courts, lounge and game room, two outdoor pools and heated spas, landscaped open spaces, green roofs and streetscape improvements.
The project is co-sponsored by Optima, Inc. (“Optima”) and DeBartolo Real Estate Investments, LLC (“DBREI”), who have a history of partnering together on real estate development projects. Optima is an established, vertically-integrated developer of multifamily projects. DBREI, a subsidiary of DeBartolo Development, is a real estate private equity firm that invests in both development projects as well as operating assets. Collectively, they have significant resources and experience successfully developing apartment communities.
“Our ability to offer developers flexibility and certainty of close is key in helping our clients finance multifamily development projects successfully and expeditiously,” said William Trefethen, Executive Vice President at The Wolff Company. “In this particular case, the developer required reliable execution from an experienced preferred equity investor that both understood the asset strategy, and took a balanced approach to negotiating the transaction documents.”
Acquisition of Development Site in Broomfield, Colorado
SCOTTSDALE, February 12, 2014 /PRNewswire/ — The Wolff Company announced that it has purchased a 14-acre development site in Broomfield, Colorado. The proposed 360-unit development will consist of 19, three story wood frame buildings with a separate clubhouse facility and leasing office. The site benefits from its location in the Arista Master Planned Community which includes 800,000 square feet of retail and office space, the 6,000 seat 1st Bank Event Center, and various transit lines to both Downtown Denver and nearby Boulder. The property amenity package will include a mix of common areas, fitness centers and an outdoor pool.
“We continue to be very excited about the Denver market. We feel that the strong employment centers and thriving population will provide a very healthy environment for multifamily housing for years to come,” explained Tim Wolff, Head of Development and a Managing Partner of The Wolff Company.
Sale of Oasis Crossings Apartments in Las Vegas, Nevada
SCOTTSDALE, February 11, 2014 /PRNewswire/ — The Wolff Company announced the sale of Oasis Crossings Apartments in Las Vegas, Nevada. The 72-unit property was one of 13 assets in the Oasis Portfolio purchased by The Wolff Company in May, 2013 and the second property within the portfolio to be sold by The Wolff Company.
“We purchased this property at a great time in the cycle and the Las Vegas market continues to show positive signs of economic recovery. We are extremely pleased with the performance of this asset and look forward to the results of the remaining properties within the Oasis Portfolio,” said Jesse Wolff, CIO of The Wolff Company.
Closing of the Platinum Gateway Development Site in Anaheim, California
SCOTTSDALE, January 22, 2014 /PRNewswire/ — The Wolff Company announced its purchase of the Platinum Gateway development site in Anaheim, California. The site is located in close proximity to several world-class entertainment/recreation venues including Disney’s theme parks on the west side of the City, shopping on the south, and the Los Angeles Angels and Anaheim Ducks professional sports venues on the east. The development will consist of 399 apartment units.
“This purchase solidifies our commitment to the Anaheim submarket. We are strong believers in the Platinum Triangle submarket as it continues to evolve and grow,” explained Tim Wolff, Head of Development and a Managing Partner of The Wolff Company.
Final Closing of Wolff Real Estate Partners II
SCOTTSDALE, July 25, 2013 /PRNewswire/ — The Wolff Company announced the final closing of subscriptions for its latest fund, Wolff Real Estate Partners II, LP (WREP II). WREP II, an approximately $500 million, closed-ended, levered investment partnership, will make investments in multifamily assets with a regional focus on the Western U.S. and the Boston to D.C. corridor, in both core and non-core markets. Investments of the partnership will be comprised of stabilized assets typically of Class A and B quality and will consist of development, rehabilitation/reposition, and adaptive re-use opportunities.
“We are pleased with the interest in WREPII and plan to build on the success of our first fund, Wolff Real Estate Partners. Market conditions continue to favor multifamily investment, specifically with respect to development,” explained Jay Petkunas, COO of The Wolff Company. “We believe that this is a very compelling and timely opportunity to build a portfolio of multifamily assets in selected markets around the country. We expect the properties in this fund to produce strong returns as market fundamentals continue to improve.”
Wolff Acquires 3,098-unit Apartment Portfolio in Las Vegas, Nevada
SCOTTSDALE, May 28, 2013 /PRNewswire/ — The Wolff Company announced today its acquisition of the 3,098-unit “Oasis Portfolio,” comprised of 14 apartment communities located throughout metropolitan Las Vegas.
“This portfolio represents an excellent mix of assets with strong in-place operations and a potential value-add opportunity as the market continues its recovery,” said Fritz H. Wolff, CEO of The Wolff Company. “We are continuously seeking similar opportunities nationally.”
The Wolff Company focuses on the multifamily sector and makes investments nationally, with a regional emphasis on the West Coast and the Boston to D.C. corridor. Wolff has been acquiring, developing and managing multifamily assets for more than 60 years.
The seller, Sierra Nevada Multifamily Investments, LLC, is a joint venture between DRA Advisors on behalf of an institutional client, and a subsidiary of Camden Property Trust.
“Wolff executed on the closing of the transaction quickly and consistently with the terms negotiated at the onset of the transaction,” said Bob Fisher, General Counsel of Camden and a representative of the seller.
The Wolff Company Acquires Development Site in Seattle, Washington
SCOTTSDALE, March 4, 2013 /PRNewswire/ — The Wolff Company has acquired a six-acre land parcel in the Columbia City neighborhood of Seattle, Washington. Columbia City is a popular suburb of Seattle in which the housing market is strong and new housing supply is limited. The proposed 244-unit development will be comprised of a mixture of townhomes, four story wood frame buildings with interior corridors, and three story walk-up wood frame buildings. It will also include a freestanding community building.
“We are excited to continue our urban development efforts in the Seattle Market,” commented Tim Wolff, Head of Development and a Managing Partner of the Wolff Company.
Multifamily Portfolio Acquisition in Milford, Connecticut
SCOTTSDALE, January 14, 2013 /PRNewswire/ — The Wolff Company has acquired a multifamily asset portfolio in Milford, Connecticut. The acquisition consists of 10 apartment communities totaling 387 units. Constructed between 1997 and 2012, the properties are situated in close proximity to the downtown area, public transportation and main commuting routes.
Milford is a coastal town situated between New Haven and Bridgeport. There is a train station located in the center of Milford, offering service to many of the major employment areas in the region: New Haven (15 minutes), Bridgeport (10 minutes), Stamford (35 minutes) and Manhattan (80 minutes).
“The portfolio was acquired via an off-market channel. Our ability to purchase the entire portfolio, to provide a flexible structure and to act quickly resulted in compelling value creation,” offered Scott Bashaw, Head of Transactions at The Wolff Company.
Wolff Completes Construction of The Mullan Reserve Apartments
SCOTTSDALE, January 14, 2013 /PRNewswire/ — The Wolff Company delivered the last of its 200 newly constructed apartment units at The Mullan Reserve in December. Construction at the Missoula, Montana site was completed slightly ahead of the original schedule.
“We’re focusing on leasing up the property and already have more than half of our units occupied with tenants,” explained Peter Wolff, VP of Development at the Wolff Company. “Missoula’s healthy job market and vibrant student population should allow us to quickly sign leases and progress to full occupancy.”
The development is a “Class-B” product positioned to serve a market with limited supply of new, quality apartments. Missoula has been overlooked by most developers and investors, particularly since the recession, creating a lack of units built in the last four years to meet the growing demand of renters.
Land Closing in West Sacramento, California
SCOTTSDALE, August 9, 2012 /PRNewswire/ — The Wolff Company has purchased an eight-acre parcel of land for the purpose of constructing a 270-unit apartment community known as West Capitol Commons. The site is located in West Sacramento with immediate proximity to downtown and California’s state government hub.
“This will be the only garden style apartment site in the downtown area and will compete directly with the urban and aging downtown and midtown rental markets. Most of the existing apartment assets provide little parking and offer inferior amenities to ours,” explained Tim Wolff, Head of Development and a Managing Partner at the Wolff Company.
The development will be Class A product with three story, wood framed apartment buildings. Parking units will be a mix of garages and carports.
