A Real Estate Investment Company

Green Leaf Partners & 29th Street Capital Close REO Acquisition

Category: News | Posted August 10, 2011 by nchaump | Comments Off

Green Leaf Partners and 29th Street Capital are pleased to announce the closing of Northgate Villas Apartments a 116 unit apartment complex located in Reno, NV. The ownership plans to rebrand the property under the Green Leaf umbrella, renovate the management office, upgrade the landscaping, exterior paint, repair roofs, and do a moderate upgrade on some interior units.

“We are excited to close this acquisition as it provides great current income with some solid upside through our capital renovation plan. It was also nice to find an occupied REO asset which allowed us to take advantage of the great fixed rate debt that is in the market,” said Stan Beraznik, president of 29th Street Capital.

The project was financed with a loan from Northmarq through their Fannie Mae DUS correspondent, Amerisphere, and the balance came from equity raised as part of the Green Leaf Apartment Fund I venture launched earlier this year.

“With the attractive debt financing and high in place cap rate we are able to get a very solid current cash return along with the potential for capital appreciation given the below market rents and discounted per unit REO pricing,” said Thomas Hall, CFO and co-founder of Green Leaf Partners.

Green Leaf Partners is focusing its acquisition efforts to grow its existing portfolio to 10,000 units on properties located in larger US markets in the west including Arizona, California, Nevada, Oregon, Utah and Washington..

About: Green Leaf Partners (“GLP”) is a vertically integrated real estate investment company based in Northern California that acquires, renovates and manages apartment properties in select markets in the United States. The primary focus has been to create value through a three-pronged approach of intensive management, asset repositioning and utility cost reductions through energy efficient retrofits and proactive energy-rate management on properties located in unregulated states. 29th Street Capital was founded in 2008 and is focused on opportunistic investments in all classes of commercial and residential real estate. Learn more about GLP at www.greenleafapartments.com and 29th Street Capital at www.29thstreetcapital.com