Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY

Pensam announced the completion of a preferred equity investment to facilitate the acquisition of an 85-unit multifamily community in Jackson, Wyoming.  Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing.  The sponsor is an experienced private equity investment and development group specializing in multi-family housing, condominiums and ski area management.

“Pensam’s preferred equity investment presents a strong opportunity to further expand its presence into the Rocky Mountain region and enter a market with an extremely high barrier to entry,” said Michael Stein, founding partner of Pensam.

The property features studio, one, and two-bedroom units with spacious floorplans in Downtown Jackson.  The Town of Jackson is the only incorporated municipality in Teton County’s wealthy Jackson Hole valley enclave.  In addition to being home to world-renowned ski resorts and arts organizations, Jackson is a major gateway for millions of tourists visiting nearby Yellowstone and Grand Teton National Parks each year.

The vast majority of multifamily properties in the market have in-place affordability restrictions on more than 20% of units.  This multifamily community is one of the few market-rate properties in Jackson, and has benefited from strong and stable performance with average vacancy rates hovering at just under one percent over the last twelve months.

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Noah Miller Speaking at 2018 Crittenden Multifamily Conference in Dallas, Texas

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be a speaker at the The Crittenden Multifamily Conference in Dallas, TX on Wednesday, March 28, 2018.  Noah will participate in a panel discussion titled “Buying to Maximize Yield” discussing the identification, evaluation, structure, and management needed to buy, meet or exceed expected yields in today’s competitive market.

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Pensam Completes Preferred Equity Investment for the Acquisition of a 180-Unit Multifamily Property in Coral Springs, FL

Pensam recently completed a preferred equity investment for the acquisition of a 180-unit multihousing apartment community in Coral Springs, Florida. Pensam’s preferred equity investment was structured behind senior debt from Freddie Mac.

The property has a prime location in The City of Coral Springs, an affluent suburban city in Broward County located near some of South Florida’s largest employment centers, including: Sawgrass Park, Cypress Park, and Boca Raton Office Park.

“This investment is a strong addition to Pensam’s growing preferred equity program in the dynamic South Florida market,” said Michael Stein, founding partner of Pensam Capital. “The property represents a unique investment in a stabilized property with large townhouse-style floor plans and proven value-add potential.”

 

 

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Pensam Residential Acquires 288-Unit Multifamily Property in Georgetown (Austin), TX

Pensam Residential recently acquired Parallax at Georgetown, a 288-unit multifamily property in Georgetown (Austin), Texas.

With an emphasis on architectural preservation, acclaimed cultural events and strong economic growth, the City of Georgetown has proven to be a charming and attractive pocket of the Austin metropolitan area. Additionally, the City of Georgetown is located only 27 miles north of Austin. The City of Austin has remained a national leader for population and economic growth over the current cycle, with a large proportion of new jobs coming online from higher-paying industries, which are attractive to well-educated millennials. Given its tremendous expansion into the tech sector, Austin is one of the foremost corporate and regional headquarter locations in the country, garnering the nickname the “Silicon Hills”.

Pensam has outlined a comprehensive renovation program that will improve units with higher-end designer finishes including: quartz countertops, stainless steel appliances, upgraded fixtures, and smart tech packages. Pensam will also perform exterior improvements to further enhance the market position of the property.

“Parallax at Georgetown is a strong addition to our growing Austin portfolio,” said Michael Stein, Founding Partner of Pensam Residential. “We anticipate the Austin MSA will continue to be a strong market due to its rapidly-expanding economy and higher education presence. Parallax at Georgetown is a unique property that provides its residents an attractive place to live while still close to Downtown Austin.”

 

 

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Noah Miller Speaking at Crittenden Real Estate Finance Conference in Miami, Florida.

Noah Miller, Vice President of Acquisitions at Pensam Residential, will be a speaker at the Crittenden Real Estate Finance Conference in Miami, Florida on Thursday, October 26th.  Noah will participate in a panel discussion titled “How to Find the Appropriate Private Equity Provider”, where panelists will discuss private equity solutions in today’s real estate environment.

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Noah Miller to Speak at Miami Multifamily Investing Club’s Opening Day Meetup

Noah Miller, Vice President of Acquisitions for Pensam Residential, will be speaking at the Miami Multifamily Investing Club’s Opening Day Meetup on May 23rd at the Wynwood Café.  His presentation will focus on capital solutions: long-term and bridge debt, Joint Venture investments, and Preferred Equity.

Miami’s Multifamily Investment Club was founded to provide members a sales-free environment of constant learning where partnerships are created through knowledge sharing and networking with a special focus on Commercial Multifamily Real Estate.

 

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Michael Stein to Speak at CBRE Multifamily Conference April 19th in Chicago

Michael Stein, a Principal of Pensam Capital, will be a speaker at the 2017 CBRE Multifamily Conference titled “Beyond the Cycle”.  The conference will be held April 18th-19th in Chicago.  Michael’s session will be a panel of speakers; consisting of preferred and joint venture equity providers.  The panelists will be discussing current appetites for investment, shifts in investment focus, and potential future trends that may emerge in the preferred and joint venture equity market.

 

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Pensam Development Oversees Rebranding of Tava Waters

UNDER NEW MANAGEMENT, THE BREAKERS REBRANDS AS TAVA WATERS
Denver’s Premier Multifamily Community Gets New Name, Substantial Amenity and Interior Unit Upgrades

(Denver, Colo.) – March 16, 2017 – The Breakers Resort, long known as one of the most dynamic apartment communities in Colorado, is shedding its skin, unveiling a new identity and new name to go along with new ownership. Michael Stein, Founding Partner of Pensam Residential, announced today at the Colorado Real Estate Journal Spring 2017 Multifamily Development & Investment Conference, that The Breakers Resort will be rebranded as TAVA Waters.

As the largest physical asset in metro Denver offering a nearly 190-acre site which spans 1,523 units among six villages, a privately-owned lake and a 26,000-square-foot recreation center located within minutes of downtown Denver and Cherry Creek, The Breakers has been a multifamily icon in Denver for nearly three decades. Under the new ownership of Pensam Residential – with continued involvement of Koelbel and Company who will stay on as a minority owner – The Breakers is undergoing a large three-phased value-add strategy to enhance the property as a true twenty-first century lifestyle community. The first phase is the rebranding to TAVA Waters, complete with new name, logo, and website.

“The rebranding of The Breakers to TAVA Waters is the first step in taking the original vision of the community and bringing it into the future – modernizing while staying true to our roots,” said Michael Stein, Founding Partner of Pensam Residential. “Our focus is on appealing to the next generation of residents – those looking for a community that offers a convenient, holistic lifestyle rooted in Denver adventure.”

To lead the brand refresh, Pensam Residential engaged G5, an agency based in Bend, Oregon, that specializes in digital marketing for real estate companies.
“Named by the Ute Indians, ‘TAVA’ was the original name of Pikes Peak, and means ‘sun.’ We saw great value in connecting the community with this important piece of Denver’s history and respect of the landscape in one short, visually impactful word,” said Mackenzie Craven, Director of Creative Services at G5. “The original resort will always be ingrained in the community, so it was important the new brand pays homage to and plays up the uniqueness of lakeside living – which is where ‘Waters’ came in.”

The new logo is aesthetically reminiscent of peaks and valleys, rolling foothills and other natural elements (greenery, sky, water) that will be key elements of Pensam Residential’s other value add phases: interior upgrades that bring the outdoors in, and amenity upgrades that include activating the lake area with additional waterfront activities and reconfiguring existing amenities to the active, outdoor lifestyle.

“This is a threshold moment in the evolution of The Breakers and I think the name TAVA Waters both represents the rich history of the community and serves as a catalyst for its future,” said Koelbel and Company President, Walter A. ‘Buz’ Koelbel, Jr.

With the first value add phase complete with today’s launch of the new branding and the new website, phases two and three of the TAVA Waters overhaul are also underway. Interior unit upgrades have already begun, with plans for 25 to 35 units to be upgraded each month over the next 18 months. Upgrades include new finishes such as stainless steel appliances, quartz countertops and faux wood floors; Nest Thermostats; Kevo Bluetooth Door Locks; Google Home devices; and water saving faucets, toilets, and shower-heads.

The PDF version of this article can be found here.

Pensam Development Acquires 206 Acres Of Land In Charleston, SC

Pensam Development successfully closed on the purchase of Palmetto Fort, a +/- 206 acre single family home development site within Charleston county, South Carolina. This is one of the last large waterfront tracts of undeveloped land in the area.

The city has benefited from significant employment growth in and around the region. Volvo and Mercedes-Benz each recently broke ground on $500 million facilities just outside of Charleston, Boeing produces its 787 Dreamliner at its North Charleston factory, and the Port of Charleston projects to continue an expansion that will allow it to accept the largest containerized ships that can pass through the soon-to-be widened Panama Canal.

Pensam has partnered with Hoyer Investment Corporation to acquire this land, which is one of the last large waterfronts tracts of undeveloped land in Charleston. This transaction is the third project that Pensam and Hoyer have co-sponsored, strengthening the partnership between the two and exemplifying the continued expansion of Pensam’s businesses.