June 15, 2016
Continental Realty Advisors and HQ Capital Real Estate Acquire Apartment Community in Phoenix, AZ
Denver Based Multi-Family Real Estate Owner/Operator and Privately Held Real Estate Investment Firm Purchase 368-Unit, Courtney Village Apartments
PHOENIX, AZ — (JUNE 15, 2016)— Continental Realty Advisors, Ltd. (“CRA”), a Denver-based multi-family investment and management firm in partnership with New York City-based HQ Capital Real Estate (“HQCRE”), a member of HQ Capital, have completed the acquisition of Courtney Village Apartments – a 368-unit Phoenix property neighboring the Papago Business Corridor in North Tempe. Deal terms remain undisclosed.
Courtney Village’s location is at the geographic center of metropolitan Phoenix and the community benefits from immediate access to established employment centers (550,000 jobs within 15 minutes), one of the top airports in the US, destination retail & entertainment centers, and central transportation corridors. The property’s location is particularly attractive due to its close proximity to Downtown Tempe, Downtown Scottsdale and Downtown Phoenix. Additionally, multiple office and mixed-use development projects nearby continue to attract business relocations and expansions. North Tempe’s $900 million State Farm Regional Campus in the Marina Heights development will gradually be occupied by some 8,000 State Farm employees. As construction tops out on State Farm’s campus, development of two additional mixed-use projects, Liberty Center at Rio Salado and The Grand at Papago Park, are underway just minutes from Courtney Village.
“We are excited for the opportunity to acquire a high quality community so proximate to some of the largest ongoing corporate expansions and commercial developments in Metro Phoenix,” said CRA’s Director of Acquisitions, Robert Ireland. CRA Chairman David Snyder commented, “The combination of HQ Capital Real Estate and CRA once again brings together a proven partnership between two teams that are known for creativity and opportunistic investing. As we implement our property improvement program, Courtney Village will become a community known for its lifestyle and amenities, while still providing considerable value for its residents.”
CRA and HQCRE’s plans include a mid-level value-add program designed to capitalize on significant local demand for high quality rental housing at an affordable price. Plans include enhancements to the fitness center, clubhouse, and pool areas, as well as interior upgrades such as new flooring, appliances, lighting, faucets & fixtures, and ceiling fans.
“CRA is excited to re-enter the Phoenix market and particularly interested in acquiring additional properties near Courtney Village. We are aggressively seeking new investment opportunities throughout the Valley and look forward to growing our Phoenix portfolio,” added Robert Ireland.
About HQ Capital
HQ Capital is a leading global independent alternative investment manager with more than US$11 billion in assets under management as of March 31, 2016. HQ Capital combines investment expertise in real estate and private equity under a single brand with more than 140 employees and offices in Frankfurt, New York, San Francisco, Seattle, Dallas, Washington D.C., London, Hong Kong, Shanghai, Seoul and Tokyo.
Since its inception in 1989, HQ Capital Real Estate has invested in over US$13 billion of U.S. real estate on behalf of institutions, family offices and ultra-high net worth individuals. These investments, comprising over 300 properties in more than 30 states, include existing and to-be-built multifamily, office, industrial, retail, hotel, and mixed-use properties totaling over 15 million square feet of commercial space and 65,000 multifamily residential units throughout the country. HQCRE sponsors funds and provides advisory and asset management services. As of March 31, 2016, the company manages approximately US$5.2 billion in assets from its joint venture funds, separate accounts and third party asset management mandates. For more information, please visit www.hqcapital.com.
About Continental Realty Advisors
Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. CRA has the ability to close on an all-cash basis within very quick time limitations. For more information on the company’s market focus and acquisition criteria, please visit www.continentalrealtyadvisors.com