News

Sale of Monte Vista Apartments in Morgan Hill, California

SCOTTSDALE, May 8, 2014 /PRNewswire/ — The Wolff Company announced the sale of Monte Vista Apartments, the 138-unit multifamily community located in Morgan Hill, California.  Monte Vista is one of nineteen investments purchased by Wolff Real Estate Partners, L.P. and the seventh investment in the fund to be sold.

“We are extremely pleased with the performance of Monte Vista Apartments.  The property produced consistent cash flow during our ownership and the sale represented a great return to our investors.  We continue to feel that secondary markets such as Morgan Hill will provide a significant opportunity for us to be successful,” commented Jesse Wolff, Chief Investment Officer of The Wolff Company.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com; or Denise Resnik of DRA Strategic Communications, 602.956.8834, denise@resnikpr.com, for The Wolff Company.

Preferred Equity Investment in 250 Piedmont in Atlanta, Georgia

SCOTTSDALE, April 30, 2014 /PRNewswire/ — The Wolff Company announced that it has made a preferred equity investment in 250 Piedmont, a multifamily development located in downtown Atlanta, Georgia. The investment was made through Wolff’s credit and preferred equity fund, Wolff Credit Partners, L.P., which had its first closing on April 23, 2014.  The proposed development is sponsored by a subsidiary of DeBartolo Development, one of the largest privately-held development firms in the United States. The adaptive-reuse development sits on a 0.55 acre site and will consist of 328 multifamily units.

“This is a great opportunity for us to further our relationship with DeBartolo Development and makes a great addition to the Wolff Credit Partners, L.P. portfolio. We are excited to see the project completed and for the value it will add to the surrounding community,” said Bill Trefethen, EVP and Head of Credit at the Wolff Company.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com; or Denise Resnik of DRA Strategic Communications, 602.956.8834, denise@resnikpr.com, for The Wolff Company.

First Closing of Wolff Credit Partners, L.P.

SCOTTSDALE, April 23, 2014 /PRNewswire/ — The Wolff Company announced the first closing of its latest investment vehicle, Wolff Credit Partners, L.P. (“WCP”). The new fund will be focused on making credit and preferred equity investments in multifamily development assets and multifamily acquisitions (stabilized and value-add). In its first closing, investors committed approximately $163 million to WCP. The Wolff Company expects the fund to reach approximately $200 million in total commitments.

“This is a very unique time in the real estate cycle.  Multifamily development activity is steadily increasing but senior lending levels have become much more conservative. There is significant need for private providers of risk capital. We feel that we are uniquely positioned as an investor, developer and operator to identify attractive credit and preferred equity investment opportunities,” commented Fritz H. Wolff, CEO of The Wolff Company.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com; or Denise Resnik of DRA Strategic Communications, 602.956.8834, denise@resnikpr.com, for The Wolff Company.

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.