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.
The Wolff Company Breaks Ground in Denver, Colorado
SCOTTSDALE, August 9, 2012 /PRNewswire/ — The Wolff Company announced that it has begun construction of a multifamily community located within the Vallagio at Inverness master planned development along the I-25 Denver Technology Corridor.
The community will be a Class A, multifamily community built on a 6.85-acre site surrounded by 40 million square feet of office space in the Denver Technology Corridor. The community will consist of 272 units and four mid-rise style residential buildings.
“This is a rare opportunity to purchase land with approved plans within an established master plan development,” explained Peter Wolff, VP of Development at the Wolff Company.
Wolff Begins Construction of Mosaic Apartments
SCOTTSDALE, August 9, 2012 /PRNewswire/ — The Wolff Company announced that it has begun construction of Mosaic Apartments, a multifamily community located within the Riverpark Master Plan in Oxnard, California.
“Shovel-ready garden apartment development opportunities in strong markets with low vacancy rates and high barriers to entry markets are rare. This development is uniquely positioned with a significant portion of the typical risk mitigated,” explained Peter Wolff, VP of Development at The Wolff Company.
Mosaic will be a Class A, 100% market-rate multifamily community, built on a 20.6-acre site adjacent to the Ventura 101 freeway. The community will consist of 240 units. The Riverpark Master Plan will consist of 750,000 square feet of commercial space and 2,805 residential units in total.
The Wolff Company Commences Construction in Seattle, Washington
SCOTTSDALE, August 7, 2012 /PRNewswire/ — The Wolff Company announced that it has begun construction of a multifamily community located at the corner of 11th Street and Pine Street in Capitol Hill, a dense urban neighborhood located just east of downtown Seattle.
This mixed-use development will feature approximately 5,770 square feet of street-level retail space and 92 apartment units. It will be a Class A asset in a Class A location. A nearby light rail station and a commuter trolley station are both under construction and will provide residents with convenient transportation around Seattle.
Development Underway in Richland, Washington
SCOTTSDALE, July 27, 2012 /PRNewswire/ — The Wolff Company announced that it has begun construction of a multifamily community located in Richland, Washington.
Badger Mountain will be a Class A, multifamily community in an upscale neighborhood in the Tri-Cities, a short distance from both I-182 and Route 240. The community will consist of 176 units and eight garden style residential buildings. Construction is expected to be completed by the end of 2013.
“We are excited to have the support of the local community and expect to complete construction by the end of 2013. We have already generated a significant amount of interest from prospective tenants during this early stage in construction,” said Joe Organick, VP of Development of the Wolff Company.
Wolff Begins Construction of The River House at the Trailhead Apartments
SCOTTSDALE, June 1, 2012 /PRNewswire/ — The Wolff Company announced that it has begun construction of The River House at the Trailhead, a multifamily community located in Spokane Valley, Washington.
“This site is ideally located between Spokane and Liberty Lake,” said Alvin J. “Fritz” Wolff. “Between Kaiser and the Spokane Business and Industrial Park there are more than 5,000 jobs within a half mile of the property.”
River House at the Trailhead will be a Class A, multifamily community built on a 10.7-acre site located on the Spokane River with easy access to I-90, which connects the property to both Spokane and Coeur d’Alene, Idaho. The community will consist of 216 units and six garden style residential buildings. Construction is expected to be completed by July of 2013.