CBRE Global Investors Closes U.S. Value-Added Fund

​LOS ANGELES – May 24, 2013 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired a 31-story, 813,748 square foot trophy-quality office building in suburban Atlanta in an off-market transaction.

 

Three Ravinia is well-located in the Central Perimeter submarket, which represents the largest concentration of office space in the Southeastern U.S. and has recently experienced some of the most significant absorption in the Southeast. It is also an amenity-rich area with exceptional access and visibility from I-285 and Ashford-Dunwoody Road, a major local thoroughfare.

 

As part of the strategy to address near-term lease expiration risk, the Strategic Partners team is planning a capital campaign to upgrade building systems and the amenities package to the standards of the fund’s signature 5-Star Worldwide service and amenity program.  Additionally the team will make select cosmetic improvements to common areas and recertify the existing LEED designation.

 

“The Perimeter submarket experienced significant net office absorption in 2012 and is projected to have accelerated job growth in the near-term so we are very pleased to be able to acquire this iconic asset,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “With our strength of ownership and the implementation of our 5-Star Worldwide service and amenity program, we will be able to add value for tenants and our investors.”

 

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​LOS ANGELES – May 23, 2013 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired The Connection at Buffalo Pointe, a 352-unit Class A garden-style apartment community in Houston that is 93 percent occupied.

 

The Connection is well-located at 10201 Buffalo Speedway, benefiting from proximity to several transportation corridors, and has great accessibility to the area’s major employment centers and retail amenities. Built in 2012, the property is one of the newest apartment communities near the Texas Medical Center, the world’s largest medical complex. The Connection consists of seven three-story buildings and features high-end quality finishes with a comprehensive amenity package.

 

CBRE Global Investors plans to implement a dedicated asset management team and best-in-class property management oversight as part of a comprehensive marketing and residential service upgrade to further enhance leasing and resident retention. Additionally a portion of the units were built with upgraded finishes that  have been well-received and in high demand, so the team will execute an expanded upgrade program in base-level units to meet the demand.  This upgrade program will include the addition of granite countertops, upgraded plumbing and new light fixtures. 

 

“The Connection is the first component of a larger mixed-use development,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group.  “The neighborhood will benefit from infrastructure projects in the area, including the recently completed expansion of Buffalo Speedway and anticipated retail development due to growth of Medical Center employment outside the area known as The Loop.”

 

“Strong employment growth in Houston and particularly the area surrounding this asset will create long-term demand for rental housing,” said  Steve Zaleski, Managing Director, CBRE Global Investors Multi-Housing Group. “Given its location within a major growth corridor, The Connection is a good fit with the fund’s strategy.”

 

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​LOS ANGELES – May 21, 2013 – CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired Dunwoody Place, a Class A, 396-unit, garden-style apartment community in the Buckhead/Sandy Springs submarket of Atlanta that is currently 95.7 percent occupied.

 

Located at 6850 Dunwoody Rd., Dunwoody Place is strategically located within Atlanta’s Central Perimeter Area. It is situated next to the North Springs MARTA station, allowing residents convenient access through a private secure gate and bridge on the property. This direct MARTA access is unique and sets Dunwoody Place apart from its competition. The affluent area boasts strong demographics, high single-family home values, and access to excellent schools and upscale dining/retail amenities.

 

The Strategic Partners team is planning a value-add strategy focused on interior renovations. The scope of the renovation program will include installation of granite countertops and stainless steel appliances, new cabinet doors and hardware, light fixtures, and flooring. To complement the interior renovation program, the team is also planning enhancements to the common amenities including the clubhouse, business center, cyber cafe, fitness center equipment, and pool amenities.

 

“The CPA office submarket, which represents the largest concentration of office space in the Southeastern U.S., is home to 24.1 million square feet of office space including the headquarters locations for three Fortune 500 companies, and it continues to realize strong job growth,” said Steve Zaleski, Managing Director, CBRE Global Investors Multi-Housing Group.

 

“Dunwoody Place has been well-maintained and features many amenities that differentiate it from communities of similar vintages,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group. “Now under a new owner-operator with a dedicated asset management team,  the installation of a best-in-class property management company, and implementation of our Inspired Lifestyle customer service program, we believe that significant operational upside exists.”

 

Kevin Geiger of CBRE’s Southeast Multihousing Group, along with his partners Malcolm McComb and Paul Berry, represented the seller in the transaction. 

 

“The Atlanta market is one of the most popular cities to invest in at this time,” Geiger said. “Job growth has definitely rebounded, and we are seeing subsequent rent growth. More investors are seeking well-located Atlanta apartment communities than during the peak years of the last cycle. Opportunities are abundant for smart, aggressive capital.”

 

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