CALCAP ADVISORS ANNOUNCES TWO ACQUISITIONS TOTALING 201 UNITS

Enters SFR Rental Investment Space

PASADENA, Calif., Sept. 15, 2017 /PRNewswire-iReach/ -- CALCAP Advisors has recently closed two property acquisitions totaling 201 units.

On July 24, 2017, CALCAP purchased the Diamond Loch Apartments for $12,775,000 ($92,572 per unit/$91.68 per square foot).  The property, located at 6100 Glenview Drive, North Richland Hills, TX 76180, consists of 138 units (1,010 average size).  CALCAP will implement a value-add program, improving the curb appeal of the property exterior, and upgrading the interiors with modern appliances, including the installation of washers/dryers in all apartment homes.  Energy efficient plumbing and lighting fixtures will be installed across the entire property to lower utility bills for Diamond Loch residents. 

"Diamond Loch Apartments offered us an opportunity to purchase a well located Mid-Cities apartment community in the growing Dallas/Fort Worth metropolitan area", stated Edward Aloe, President & CEO of CALCAP Advisors.   The property, constructed in 1978, was 97% leased at the close of escrow.  "The asset is our first acquisition on DFW, and we expect to make many more in the coming years.  Diamond Loch is a perfect fit for CALCAP because of the solid location and significant rental upside, especially as the DFW market continues to remain strong."

On May 30, 2017, CALCAP Advisors purchased a portfolio of 63 single family homes in suburban Little Rock, AR.    

The portfolio was purchased for $7,350,000 ($116,667 per home/$74 per square foot).  The rental portfolio is located across five subdivisions in Lonoke County and Saline County.  The homes are single-story, constructed between 2003-2007, and offer three and four-bedroom floor plans.  The average size is 1,580 square feet.  At closing, the portfolio was 90% leased.

"Home ownership rates have continued to decline from a high of 69% in 2006 to 63% today, as Millennials (those between 18-35 years of age) delay marriage and kids", Aloe said.   "Single family homes present an opportunity to attract highly qualified residents who desire a yard and more space than multifamily properties, while retaining lifestyle flexibility and minimizing monthly housing expenses.  We believe that single family home investment is an emerging asset class that will continue to grow as institutional investors realize the potential for stability, cash flow and appreciation."

CALCAP Advisors is continuing to source single-family portfolios, as well as, market rate and affordable multi-family properties, and senior living/care facilities.  "We're aggressively seeking further investment opportunities meeting our criteria in metropolitan areas throughout the western U.S., Texas and Arkansas", stated Aloe.   

For more details or to request information, please contact Ed Aloe at (626) 229-9057.

California Capital Real Estate Advisors, Inc., and its affiliate entities (CALCAP Asset Management, CALCAP Properties, and CALCAP Lending, collectively known as "CALCAP"), is a California based investment company that strategically allocates capital across various real estate opportunities.  Primary business channels include acquisition and management of income producing single/multifamily properties and business purpose real estate lending.  CALCAP has raised over $225 million in total equity since inception.  The firm currently owns approximately 1,500 apartment units in 4 states valued at over $100 million, and has completed over 450 business purpose loans for $185 million.

Media Contact: Susan Rangel, CALCAP Advisors, 626-229-9057, susan.rangel@calcapadvisors.com

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SOURCE CALCAP Advisors



2017

Categories

Money, Business


Tags

Commercial Real Estate, Venture Capital, Real Estate Transactions


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