LOS ANGELES--(BUSINESS WIRE)--Please note the quote in the fifth paragraph now reads: "Arc Capital Partners’ keen interest in and knowledge of the millennial market, Alex Brown Realty’s flawless execution amidst a challenging time frame, and a very attractive loan from Freddie Mac created the perfect storm for our capitalization,” said Edward Ring, Founder and CEO of New Standard Equities. "New Standard Equities will be the property manager and will lead the renovation program. This is a rare occurrence in this market and our renovation plan will bring about dynamic changes."
The corrected release reads:
ARC CAPITAL PARTNERS AND NEW STANDARD EQUITIES TEAMS WITH ALEX. BROWN REALTY TO ACQUIRE 132-UNIT MULTIFAMILY PROPERTY IN NORTH PARK SAN DIEGO, CA
Joint Venture will Reposition Property to Appeal to the Strong Millennial Market
Arc Capital Partners LLC, a boutique commercial real estate investment platform, partnered with Alex. Brown Realty, Inc. (“ABR”) and New Standard Equities (“NSE”) through a joint venture to acquire a multifamily property centrally located in the North Park submarket of San Diego. Solana Vista is a 132-unit, Class-B apartment complex located in a high-density area near the city’s employment centers, cultural attractions, and recreational activities.
“We are thrilled to have the opportunity to acquire an urban infill asset in Southern California with significant upside,” said Quincy Allen, Managing Partner of Arc Capital Partners. “We plan to re-brand the asset and completely renovate the property by upgrading building exteriors, enhancing unit interiors and adding common area amenities to incorporate clean, modern design elements.”
The joint venture plans to reposition the asset to better suit millennial preferences. The North Park neighborhood is located just north of Balboa Park and was recognized in 2012 by Forbes Magazine as one of the top hipster neighborhoods in America. The property is highly desirable due to its central location, short commute to employment centers and its proximity to a walkable neighborhood with art galleries, boutiques, and eateries.
“We are pleased to partner with Arc Capital Partners and New Standard Equities,” said Tom Burton, CIO of ABR. “This investment reflects the type of value-added opportunity and joint venture participation that defines our strategy.” ABR made its investment through ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR.
"Arc Capital Partners’ keen interest in and knowledge of the millennial market, Alex Brown Realty’s flawless execution amidst a challenging time frame, and a very attractive loan from Freddie Mac created the perfect storm for our capitalization,” said Edward Ring, Founder and CEO of New Standard Equities. "New Standard Equities will be the property manager and will lead the renovation program. This is a rare occurrence in this market and our renovation plan will bring about dynamic changes."
The undisclosed seller was represented by JLL; the buyers were represented by HFF for capital markets.
About Alex. Brown Realty, Inc.
Alex. Brown Realty, Inc. is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
About Arc Capital Partners LLC
Arc Capital Partners LLC is a Los Angeles-based boutique real estate platform co-founded by Quincy Allen and Neville Rhone to target middle-market investments. The firm focuses on value-add / opportunistic investments across asset types that are expected to benefit from millennial population growth. The firm targets assets in high-density submarkets in the Western U.S. in need of recapitalization, repositioning or development capital. www.arccapitalpartners.com
About New Standard Equities
New Standard Equities is a privately held company based in Encino, CA and was formed in 2010 by Eddie Ring, a 25-year veteran in the real estate industry. The company is known for its “turnaround” capabilities through renovation and hands-on management. Its current portfolio of managed and or owned assets consists of nearly 1,000 units and over 1.0 million sf of properties. www.newstandardequities.com
