Atlas Real Estate

See coverage:

- CoStar

Atlas Real Estate Partners has acquired Huntington Place Apartment Homes located in Sarasota, Florida for $21,750,000 in an off-market transaction.

The Class B, 252-unit apartment complex was 97% occupied at the time of sale.  The Sarasota, Florida market has been one of the top performing apartment markets in the county.  Atlas plans to implement a value-add program that will target unit upgrades and amenity enhancements throughout the community.

The acquisition was financed with a Fannie Mae loan through Beech Street Capital.

Atlas Real Estate Partners is based in New York and run by Managing Principals Arvind Chary and Alex Foster.  Atlas Real Estate Partners has closed on 20 acquisitions in the past 30 months, including a 336-unit apartment complex in Bradenton, Florida and a 268-unit complex in Naples, Florida.  In 2011, Atlas brought on Rob Stone as a principal to oversee and expand its Florida and Southeast operation.  Atlas has offices in New York, Florida and Texas and continues to seek institutional-quality and value-add multifamily assets that fit their investment platform.

See Covergae:

- Student Housing Business News
- NREI Online 
- Crains Chicago 
- Commercial Property Executive 
- Bisnow (Chicago) 
- Globe St. 
- Columbia Chronicle 
- CoStar 

Atlas Real Estate Partners and Marc Realty Residential have partnered with Angelo Gordon to acquire 2 East 8th Street in Downtown Chicago. The 330-unit, 882-bed student-housing property is 97% occupied and caters to students of nearby Columbia College, Roosevelt University and more than 20 other schools. The property also contains 20,000 square feet of ground-floor commercial space and 206 enclosed parking spaces. New ownership plans to significantly upgrade unit interiors and amenities throughout the building and also launch a summer housing program starting May 2013 for students and interns.

Atlas Real Estate Partners and Marc Realty Residential strategically partnered with Angelo Gordon on the transaction.  The partnership plans to significantly grow their portfolios together nationwide.

The property was sold by Chris Epp and Chris Bancroft of ARA Student Housing’s group and financed by a floating-rate Fannie Mae loan originated by Mitch Sinberg of Beech Street Capital.  The seller was Equus Capital Partners, formerly BPG Properties.

Atlas Real Estate Partners is based in New York and run by Managing Principals Arvind Chary and Alex Foster.  Atlas has been extremely active in the student housing and multifamily space since 2010, having made 19 acquisitions in the past 30 months.  Atlas has offices in New York, Florida and Texas and continues to seek value-add opportunities in the multifamily, student housing, office and retail asset classes.

Marc Realty Residential (MRR) is based in Chicago and run by Principals David L. Ruttenberg, Andrew Ahitow, Justin Elliott, Jerry Nudo and Larry Weiner.  The firm has acquired over 75  properties in the  Chicago area since 2009.  Two of the MRR principals, Ahitow and Elliott, also own Chicago Apartment Finders.  Chicago Apartment Finders is the largest residential leasing brokerage in Chicago, employing over 150 leasing agents and leasing over 6,500 apartments annually.

Atlas Real Estate Partners has launched a new retail and office platform with Strata Investment Partners.  The new platform will officially be named “Atlas-Strata”.  The four managing principals of Atlas-Strata are Arvind Chary, Alex Foster, David Wallace and Aubrey Duffy.  Atlas-Strata will focus on value-add and core retail and office assets in New York, Boston, Washington D.C, Florida and Texas.  Atlas-Strata has completed two retail/office acquisitions since its launch in August 2012 and is actively looking to expand its portfolio.

Atlas Real Estate Partners has acquired The Preserve at Meadow Brook Apartments located in Naples, Florida for $22,000,000.

The Class A, 268-unit apartment complex was 95% occupied at the time of sale.  Atlas plans to implement a value-add program that will target unit upgrades and amenity enhancements throughout the community.

The acquisition was financed with a Fannie Mae loan through Beech Street Capital.

Atlas Real Estate Partners is based in New York and run by Managing Principals Arvind Chary and Alex Foster.  Atlas Real Estate Partners has closed on 16 acquisitions in the past 18 months, including a 336-unit apartment complex in Bradenton, Florida they purchased from Equity Residential last year.  Last year, Atlas brought on Rob Stone as a principal to oversee and expand its Florida operation.  Rob has been instrumental in deal sourcing and administering Atlas’s hand-on management approach.  Atlas has offices in New York, Florida and Texas and continues to seek institutional-quality and value-add multifamily assets that fit their investment platform.

See Coverage

- Globe St.
- Student Housing Business News

New York-based Atlas Real Estate Partners announces the acquisition of five multifamily family properties in Lubbock, Texas totaling 750 units and 1,300 beds.  The acquisitions are a mix of student housing and conventional properties which will target faculty and staff of Texas Tech University.  All five properties, located in close proximity of Texas Tech, will receive significant upgrades, including newly upgraded units, resort style pools, tanning beds and high-end amenities.

Atlas now owns and manages over 1,700 units in Texas with plans to acquire another 2,000 units in Texas within the next 12 months.  Atlas continues to build out its team in Texas and recently hired a new Chief Operating Office, new Controller and new Head of Construction.  The growing Texas team, based in Lubbock, will be instrumental in repositioning the new acquisitions towards students and university professionals.

The Lubbock apartment market vacancy sits below 6% and has continued to enjoy upward pressure on rents and occupancy thanks to population growth, low unemployment, and a lack of new supply coming to market. Lubbock is home to Texas Tech University which set a new record for enrollment in Spring 2012, surpassing 30,000 students for the first time in school history. The University has grown by 26% over the past decade and plans to grow enrollment to 40,000 students by the year 2020.

Eagle Creek, Atlas Real Estate Partner's student housing redevelopment in Denton Texas, has received much acclaim for its unique design,  integration with the university, and student-friendly features. Check out the coverage of the project in the premier local paper, the Denton Record-Chronicle.  

See coverage:

- Globe St.
- Multihousing News
- Student Housing Business News

New York-based Atlas Real Estate Partners announces the acquisition of three student housing properties. Two of the properties are located in Texas, and are undergoing a comprehensive renovation and rebranding that will establish them as premier properties with the closest proximity to campus. The 172-unit property at the University of North Texas and 100-unit property at Texas A&M Commerce will begin pre-leasing for the Fall 2012 semester early next year.

Atlas also closed a three-property portfolio in the Mission Hill neighborhood of Boston that is in close proximity to the world-renowned Longwood Medical area, as well as a host of universities with combined enrollment of more than 35,000 students. The portfolio is within walking distance of two other properties Atlas acquired in March.

Atlas Real Estate Partners continues to focus on value-add opportunities in Texas as well as core-plus multifamily opportunities in Florida, Massachusetts and New York. The latest string of acquisitions is consistent with the firm’s strategy of purchasing undervalued properties in improving markets with strong demand drivers. Atlas is actively seeking new opportunities that fits their investment criteria and plans to grow their portfolio significantly over the next 12-24 months.

As was reported in this weeks Real Estate Alert, Joe Stampone has joined the Atlas team as Vice President and Head of Investments:

"Joe Stampone has joined Atlas Real Estate of New York as vice president and head of investments, working on its multi-family and student-housing platforms. He started on a part-time basis over the summer and took a full-time position in the past month or so. Stampone reports to co-founders Arvind Chary and Alex Foster. Atlas, which closed on three small student-housing purchases last month, is looking to raise $50 million of equity to ramp up acquisitions. The shop expects to eventually launch a commingled fund."

Following their $23M acquisition Atlas Real Estate Partners was featured in the June 15th edition of the Real Estate Alert, the industry standard for the institutional CRE marketplace:

"Atlas Real Estate, a New York firm founded in 2009, has acquired some $40 million of multi-family properties since it began investing nine months ago. The firm raises money from wealthy individuals and family offices to back individual deals, then typically kicks in 10% of the overall equity.

Atlas is now looking to raise fresh capital to continue investing over the next 12-24 months — with an eye toward eventually launching a commingled fund. The firm seeks a 15-17% return.

Two weeks ago, Atlas made its largest acquisition to date, paying $23 million for a 336-unit apartment complex in Bradenton, Fla. The property, Sawgrass Cove Apartments at 4801 47th Avenue, is 97% occupied. The deal was brokered by Hendricks & Partners.

It was Atlas’ first deal in Florida. Its other properties are in Massachusetts and Texas. The firm is now focusing on acquiring more properties in Florida, while also expanding its geographic scope to include New York.

Atlas was founded by Arvind Chary and Alex Foster. Chary previously was vice president of acquisitions at Woodlark Cos., a White Plains, N.Y., investment firm focused on student housing. His resume also includes stints at Countrywide Commercial Real Estate Finance and Boston Capital. Foster previously worked at Argent Ventures and Rockrose Development, both of New York."

The Sawgrass Cove Apartments have been purchased in a joint venture by New York-based Atlas Real Estate Partners and Florida-based Andover Real Estate Partners for the final consideration of $23.2 million, or $69,000 per unit. Equity Residential sold the property, located at 4801 47th Avenue W. in Bradenton, FL.

The 336-unit multifamily complex totals approximately 342,880 square feet in the Manatee submarket. At the time of the sale, the property was estimated to be 97.5% occupied.

The buyers financed the property with a Fannie Mae loan through Beach Street Capital, and reported that a portion of the financing will be used for improvements to the apartments and additional amenities.

Cole Whitaker and Hall Warren of Hendricks & Partners represented the seller, EQR Sawgrass Cove Vistas, Inc.