Noah Miller of Pensam Residential to Speak at IMN Middle-Market Mid-Atlantic Multifamily Forum

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will speak at the IMN Middle-Market Mid-Atlantic Multifamily Forum on Monday, September 9th at the Omni Shoreham Hotel in Washington, D.C.

Noah’s panel, titled “The Large Institutional Apartment Owner”, will discuss joint venture partnerships, opportunity zones, solutions to yield-compressed markets, and macroeconomic trends.  

Other panel participants will include: 

  • Patrick Long, Managing Director, River Oak Risk
  • Timothy Haskin, Senior Managing Director, AECOM Capital
  • Jared Zeisler, Partner, Capital Solutions, Inc.
  • Frederick Cooper, Senior Vice President, Toll Brothers Inc.
  • Jim Driscoll, Senior Vice President, Waypoint Residential

For more information, visit https://www.imn.org/real-estate/conference/Multifamily-Forum-Mid-Atlantic-2019/ 

 
 
 

Noah Miller of Pensam Residential to Speak at State of the 2019 South Florida Multifamily Market

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will speak at the State of the 2019 South Florida Multifamily Market presented by Franklin Street, on Thursday, May 16th in Plantation, Florida.

Discussion topics will include the South Florida multifamily market, Opportunity Zones, hurricanes & insurance, and capital sources.

Speakers include:
Elvis Dumervil, Former NFL Player & Owner, Prestige Estates
Aaron Kurlansky, Co-Founder & Principal, FM Capital
Philip Rosen, Shareholder Chair, Becker & Poliakoff
Noah Miller, Vice President of Acquisitions & Finance, Pensam Residential
Steve Witten, Senior Advisor to Chairman & CEO, Aimco-Apartment Homes
Bruce Gago, Vice President of Acquisitions, Federal Capital Partners
 
 

Pensam Residential Acquires 367-Unit Multifamily Apartment Community in Schaumburg (Chicago), IL

Miami, FL — April 13, 2019 –  Pensam Residential, a national multi-housing owner and operator, announced today that through an affiliate it has acquired Legend Park Apartments, a 367-unit multifamily apartment community located in Schaumburg, Illinois.

Legend Park was built in 1973 and consists of seven garden-style buildings situated on a low-density 22-acre site.  The property features a combination of one-, two- and three-bedroom units that average 816 square feet.  Community amenities include a 6,000 square foot clubhouse, outdoor swimming pool, fitness center, tennis court, sand volleyball court, children’s playground, laundry facilities and storage rooms.  Prior to Pensam’s acquisition, the property had been owned and operated by the same party since 2002 and is well positioned for value-add enhancements such as interior, exterior and amenity upgrades.

The Property’s location in Schaumburg, an affluent Chicago suburb, offers residents convenient access to major employers, a top-rated school district and direct public transit to downtown Chicago.  Schaumburg is Illinois’ second largest economic center and home to major tech companies and employment drivers including Motorola, Zurich American Insurance, IBM, Verizon Wireless, Experian, OptumRx and Genworth Financial Capital. In 2018, MONEY Magazine ranked the Village of Schaumburg the Best Place to Live in Illinois.

“Legend Park is a strong addition to our Chicago portfolio and a prime example of the type of acquisitions we continue to seek,” commented Michael Stein, Founding Partner of Pensam Residential.  “Pensam, together with our property management partner BH Management, has a proven track record of success owning and managing rental properties in the Chicago metro area.  Legend Park presents an opportunity to further this.”

Legend Park marks Pensam’s 7th multifamily investment in the greater Chicago metropolitan area. Pensam continues to actively invest in the multifamily properties throughout the United States, both through direct equity investments and as a leading preferred equity provider.

About Pensam Residential

Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.

Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management.  Pensam has invested in over 37,000 units across 131 properties.  For more information visit www.pensamresidential.com.

Pensam Residential Provides Preferred Equity for the Recapitalization of a 1,383-Unit Multifamily Housing Portfolio

Miami, FL — April 10, 2019 –  Pensam Residential, a national multi-housing owner and operator, announced today the closing of a preferred equity investment to facilitate the recapitalization of a  four-property 1,383-unit multifamily housing portfolio located in Pennsylvania & Kentucky.

Pensam’s preferred equity investment was structured behind long-term Fannie Mae senior debt financing. The recapitalization of the portfolio presented complexities such as a very short closing timeline, cross-collateralization of loans, and recycling of existing entities. Pensam’s ability to understand the sponsor’s goals and navigate Fannie Mae’s guidelines were critical in delivering a quick and smooth execution.

The four garden-style multifamily apartment communities have been family-owned for over a decade, and are well positioned for physical and operational improvements to support the sponsor’s value-add strategy. The properties benefit from excellent suburban locations in stabilized markets within the Pittsburgh, PA; Lexington, KY; and Cincinnati, OH metropolitan areas.

“We are excited to begin this partnership and expand our portfolio of quality preferred equity investments” said Michael Stein, Founding Partner of Pensam Residential. “Pensam was able to cater to the sponsor’s unique needs, which required flexibility and creativity.”

About Pensam Residential

Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.

Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, re-positioning, and management.  Pensam has invested in over 35,000 units across 125 properties.  For more information visit www.pensamresidential.com.

Noah Miller Moderating Panel at 2019 Crittenden Multifamily Conference in Dallas, TX on March 26

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will moderate a panel at The 2019 Crittenden National Real Estate Conference in Dallas, Texas on Tuesday, March 26, 2019.  The panel, titled “Investment Strategies for 2019” , will discuss the following topics:

  • Is this the time to buy or sell?
  • Are we over leveraging?
  • Is property management the new “value-add”?

Panelists include:

Ross P. Odland, Executive Vice President, MORE Residential
Richard A. Fishman, President & Founder, The ValCap Group
Stewart Hsu, Co-Founder & President, CONTI Organization
 
 

Pensam Residential Closes Preferred Equity Investment for the Acquisition of a Class-A Multifamily Property in Bloomfield, NJ

Miami, FL — February 5, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today its recent closing of a preferred equity investment which facilitated the sponsor’s acquisition of a 361-unit Class-A multifamily apartment community located in Bloomfield, New Jersey.

The sponsor is a New Jersey-based full-service real estate investment company and a repeat Pensam sponsor. Pensam Residential’s investment was structured behind Fannie Mae senior financing.

The community consists of an eight-story, mid-rise Class-A building with 361 luxury loft-style apartments, located on a 5.3 acre site. The property was originally constructed in 1916 as a factory for General Electric Co., and redeveloped into residences in 2013 to cater to the growing demand for transit-oriented luxury rental housing in Bloomfield, NJ, which is a small, densely populated town located approximately 15 miles west of New York City. Bloomfield is located in Essex County, New Jersey’s third most populous county adjoining New York City, Pennsylvania, Westchester and Rockland counties.

The property is situated within a 5-minute walk of the New Jersey Transit Watsessing Station which offers 30-minute, one-seat service to Manhattan in just two stops. Additionally, the property’s close proximity to Bloomfield Avenue, Bloomfield’s main retail destination, offers residents easy access to a vibrant downtown with numerous bars and restaurants. The property also offers residents the largest square-footage of amenities in the submarket, boasting a two level 4,000 SF fitness center, 20-seat movie theater, rooftop sundeck, 24-hour attended lobby and convenience store, community room with billiards, outdoor event patio, penthouse-level Wi-Fi café, dog park, individual storage rooms, and a three-level covered parking garage.

Floor plans at the property consist of a combination of studios, one, and two-bedroom luxury loft-style units averaging 838 square feet.  Unit features include 17-foot ceilings, 13-foot windows, original architectural detail, exposed columns and beams, concrete floors, energy-efficient systems and gourmet kitchens with stainless steel appliances, quartz counter tops, glass tile backsplash, and custom cabinetry.

“We are very pleased with this transaction and the relationship we have been able to establish with this sponsor,” said Michael Stein, Founding Partner of Pensam Residential. “Pensam remains focused on delivering flexible capital solutions, establishing programmatic capital relationships, and partnering with high quality sponsors looking to grow their multifamily portfolios.”

About Pensam Residential

Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.

Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management.  Pensam has invested in over 35,000 units across 125 properties.  For more information visit www.pensamresidential.com.

Noah Miller to Participate in Capital Deployment Webinar hosted by IMS

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be the featured speaker on a webinar hosted by Investor Management Services (IMS), a leading investor experience platform for commercial real estate owners and investment firms headquartered in Charlotte, NC.

The webinar, titled “How to Access & Deploy Capital Efficiently in CRE”, will discuss the following:

  • The benefits of open-ended funds vs closed-end funds
  • The advantages of debt vs equity
  • How to effectively issue capital calls
  • Leveraging technology to efficiently access and deploy capital

Pensam Residential Invests in 11-Property Senior Housing Portfolio

Miami, FL — January 9, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today the closing of a senior equity investment to recapitalize an 11-property portfolio consisting of 1,368 active-adult apartment units located across the Northeast and Midwest United States.

Pensam’s investment will facilitate funding the construction and stabilization of the portfolio, currently under various stages of development. The transaction marks Pensam’s second investment with the sponsor, a full-service national real estate developer and operator of active adult apartment communities with over twenty years of experience.

“We are pleased to invest with a top tier sponsor in the active adult housing sector.  This was a complex transaction involving multiple construction lenders in diverse geographic areas,” said Michael Stein, Founding Partner of Pensam Residential.

About Pensam Residential

Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.

Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management.  Pensam has invested in over 35,000 units across 125 properties.  For more information visit www.pensamresidential.com.

Noah Miller Speaking at IMN Middle-Market Multifamily Forum in Chicago on October 15, 2018

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will speak on a panel at IMN’s Middle-Market Multifamily Forum (Midwest) in Chicago on October 15, 2018.  The panel, titled “Economy: Where is Multifamily in the Cycle?” will discuss a range of topics and their impact on the future of multifamily including:

  • Impact of tax reform and increasing tariffs
  • Sustainability of different market types
  • Immigration reform’s impact on tenant occupancy and labor
  • When millennials have kids, how will student debt impact?
  • Will the lion’s share of supply continue to urban core markets? What does this mean for the other markets?
  • What is the meaning of sharing economy?
  • Easing of credit standards, will that mean more for sale?

 

The panel will be moderated by  Laura Diezel of RSM US LLP.  Other panelists include:

  • Glenn Mueller, Managing Director, Black Creek Group
  • Domonic Purviance, Federal Reserve Bank of Atlanta
  • Thomas Errath, Senior Vice President, Harrison Street Real Estate Capital
  • Jim Driscoll, Senior Vice President, Waypoint Residential

Noah Miller Speaking on Panel at IMN Middle Market Multifamily Forum on October 5, 2018

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be participating on a panel at The IMN Middle-Market Multifamily Forum on October 5, 2018 in Orlando, FL.  The panel, titled “Acquisition Shark Tank”, will feature sample multifamily deals pitched to the panelists, who will evaluate each deal as potential buyers.  A question and answer period for each transaction will follow, discussing the panelist’s interest in and approach towards each deal. Chad Burkhardt, Senior Vice President at CenterSquare Investment Management, will moderate the panel.

Panelists include:

  • Noah Miller, Vice President of Acquisitions & Finance, Pensam Residential
  • Ryan Steppe, Vice President, Broadstone Real Estate
  • Nizan Mosery, Owner, Cornerstone Investment Partners
  • Robert Lee, Co-Founder and Managing Principal, The Beverly Park Group
  • Christopher Crippen, VP, Vie Management