Pensam Residential Closes Preferred Equity Investment for the Acquisition of a 143-Unit Class-A Mixed-Use Property in Stamford, CT

(Miami, FL) — August 25, 2018 – Pensam Residential, a national multi-housing owner and operator announced today that it recently closed on a preferred equity joint venture investment to facilitate the acquisition of a nine-story mixed-use property in Stamford, Connecticut.  Built in 2001, the property offers 143 residential units and 10,520 square feet of ground-floor retail space.

Pensam’s investment was structured behind Fannie Mae senior debt financing.  The sponsor is a New Jersey-based investment firm and a repeat Pensam sponsor.

“This investment marks Pensam’s second preferred equity investment in Stamford, and we are pleased to continue expanding our presence in the Northeast,” noted Michael Stein, Founding Partner of Pensam Capital.

The property recently benefited from a $2.6 million capital improvement plan completed in 2016.  Improvements include the addition of a club room with lounge-style seating, a new rooftop terrace and fire pit, and a lobby redesign featuring the addition of a waterfall-accent wall, luxe finishes and new lighting.   Additional improvements include new hallway carpeting, new signage, installation of over-sized exterior flat-screen televisions, and a leasing office upgrade.

Unit interiors boast luxury upgrades such as granite countertops, stainless steel appliances, new cabinetry and updated fixtures.  Additional community amenities include private conference rooms, a game room and Wi-Fi lounge, a sunroof deck and gate garage parking.  The full-service property offers residents a range of services including complementary shuttle services, valet dry cleaning, digital package concierge and complementary access to the UFC Gym located on the first floor.

The property is located just 45-minutes from New York City via MTA’s Metro-North Commuter Railroad and boasts a prime location in the heart of downtown Stamford, situated within walking distance of over 75 restaurants and bars and many of Stamford’s existing landmarks and newest developments.

The city of Stamford is among Fairfield County’s fastest-growing and most stable submarkets.  Fairfield County has repeatedly ranked among the top ten wealthiest counties in the US and is home to fifteen Fortune 500 companies.

Stamford’s urban development, economic growth and transportation system has attracted a well-educated, affluent population and contributed to stable population growth and in turn, a robust housing market.

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 nearly 33,000 units across more than 110 properties.  For more information visit www.pensamresidential.com

Pensam Residential VP of Acquisitions & Finance, Noah Miller, Speaking at ULI Leadership Institute in Miami on September 13

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will speak on a panel at the Urban Land Institute (ULI) Leadership Institute on Thursday, September 13, 2018. The panel, titled “Southeast Florida in Context”, will discuss the South Florida market including leadership, history, and future developments.

Moderator and Panelists include:

  • Tom Hudson, VP of News & Special Correspondent, WLRN Public Radio & Television
  • Rick Kolb, Vice President, Suffolk Construction
  • Matt Adler, Chief Investment Officer, Mast Capital
  • Aric Kurzman, Vice President of Legal & Business Affairs, Adrienne Arsht Center for the Performing Arts
  • Noah Miller, Vice President of Acquisitions & Finance, Pensam Residential

Noah Miller Moderating Panel at 2018 Crittenden Real Estate Finance Conference in Miami

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will moderate a panel at The 2018 Crittenden National Real Estate Conference in Miami on Thursday, September 13, 2018.  The panel, titled “Multifamily Multifamily Debt, Equity & Investing: Finding the Right Fit” , will discuss market conditions, creating financing solutions and discuss the 2019 multifamily market forecast.

Panelists included:

Chad P. Musgrove, Vice President, Hunt Real Estate Capital
Denny St. Romain, Managing Director , JLL
Zachary Sackley, Executive Managing Director, Cushman & Wakefield
Michael J. Sommers, Senior Vice President, Grand Peaks

Pensam Residential Closes Preferred Equity Investment for the Acquisition of a 626-Unit Multifamily Apartment Community in Harrisburg, PA

(Miami, FL.) —  June 7, 2018 –            Pensam Residential, a national multi-housing owner and operator, announced that it closed today on a preferred equity investment to facilitate the acquisition of a 626-unit multifamily apartment community located in Harrisburg, Pennsylvania.

Pensam’s investment was structured behind Freddie Mac senior debt financing. The sponsor is an experienced full-service real estate investment firm that manages and owns residential properties across the northeastern United States.

“This investment in a stable and well-maintained property with an experienced and reputable repeat Pensam sponsor presented a strong opportunity to continue expanding Pensam’s portfolio in the Northeast entering a new market, Harrisburg,” said Michael Stein, Founding Partner of Pensam Capital.

Constructed between 1968 and 1969, the property features a combination of studio-, one-, two and three-bedroom units that average 818 square feet. The property recently benefited from over $3,000,000 of capital improvements, primarily focused on unit interior upgrades. The property offers two tiers of unit interior packages, providing attractive and affordable options to a diverse tenant market.

The property is located in the Harrisburg MSA, the third largest in Pennsylvania with an estimated population of over 571,000.  Harrisburg serves as the capitol of Pennsylvania and is the county seat of Dauphin County.  The MSA thrives from a stable economic employment base comprised primarily in the state and federal government, and healthcare.

The property is conveniently located within close proximity to Interstate 83, which links Harrisburg to York and Baltimore to the south, and 1.2 miles from Interstate 81 a major U.S. interstate that runs from New York to Tennessee. These major thoroughfares offer residents convenient access to nearby education, employment, and cultural amenities throughout the Harrisburg MSA. The property is adjacent to Colonial Park Mall and is within close proximity to the area’s key retail centers such as Paxton Towne Center and Colonial Commons.

 

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 nearly 33,000 units across more than 110 properties.  For more information visit www.pensamresidential.com

Noah Miller’s Panel at 2018 Crittenden National Conference Featured in GlobeSt.com

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, moderated a panel at The 2018 Crittenden National Real Estate Conference in Los Angeles on Wednesday, April 25, 2018.  The panel discussion, titled “Multifamily Investing/Lending – How to Buy Right, Finance Appropriately and Stay Ahead in an Ever-Changing Multifamily World”, covered topics such as housing affordability, rent control and the impact of technological innovations on the multifamily sector.  Natalie Dolce, national executive editor of GlobeSt.com, wrote an article covering the panel discussion:  Read the full story here: Dolce, Natalie. “How to Buy Right & Finance Appropriately.” GlobeSt.com, 27 April 2018  

Panelists included:

Mary Ann King, President, Moran & Company
Matthew Romney, Managing Director, Sundance Bay
Jackson Cloak, Senior Managing Director,  Berkadia Commercial Mortgage
Barry Altshuler, Executive Vice President of Investments, Equity Residential

Michael Stein to Speak at 2018 CBRE Capital Markets Multifamily
Conference in Chicago

Michael Stein, Founding Partner of Pensam Capital, will be featured in a panel discussion at the 2018 CBRE Capital Markets Multifamily Conference in Chicago on Thursday, April 26, 2018.  The panel is titled “Alternative Debt, Capital and Equity”.

David Webb, Vice Chairman of Capital Markets for CBRE, will moderate the panel.

Other panelists include Nicholas Killebrew, Head of Origination for Parse Capital; and Lacy Rice, Managing Partner and Co-Founder of Federal Capital Partners.

Pensam Residential Invests in a 306-Unit Multifamily Apartment Community in San Antonio, TX

Pensam Residential, a national multi-housing owner and operator, is pleased to announce its acquisition of the leasehold interest in The Kennedy, a newly built Class-A, 306-unit garden style multifamily apartment community located in San Antonio, Texas.

Completed in 2017, The Kennedy is a best-in-market multifamily property located in Southeast San Antonio, Texas within the Brooks City-Base, a 1,300-acre master-planned community developed on the former Brooks Air Force Base.

The Kennedy marks Pensam Residential’s seventh investment in a multifamily asset in the greater San Antonio metro area since 2011.  The property will benefit from Pensam Residential’s submarket knowledge and experience in operating The Landings, a 300-unit multifamily property located immediately next to The Kennedy at Brooks City Base.

The Kennedy offers tenants spacious one-bedroom and two-bedroom floor plans averaging 925 square feet, with features such as private patios and balconies, walk-in closets, stainless steel appliances, and granite & quartz countertops.  Community amenities include a resort-style swimming pool, business center, 24-hour fitness center and a Starbucks coffee bar.

“Pensam Residential is very excited to start operations at The Kennedy as we have gained a lot of market knowledge through our experience in operating The Landings, allowing us to take advantage of the synergies in running two adjacent properties with complementary product offerings”, said Michael Stein, Founding Partner of Pensam Residential.

 

 

Noah Miller to Moderate Panel at 2018 Crittenden National Conference in Los Angeles

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be moderating a panel at The 2018 Crittenden National Real Estate Conference in Los Angeles on Wednesday, April 25, 2018.  The panel is titled “Multifamily Investing/Lending – How to Buy Right, Finance Appropriately and Stay Ahead in an Ever-Changing Multifamily World”.

The panel will discuss the following topics:

  • Investing: Are there any good deals left? How to make deals work in a competitive environment and how will rent control impact deals moving forward?
  • Financing: Institutional groups vs. Private groups. First mortgages, preferred equity and other creative financing solutions.
  • How to adopt new technologies in order to stay ahead and compete with new players like AirBnB and Amazon. What will today’s multifamily real estate companies look like in 10 years and is experiential multifamily here to stay?

Panelists will include:

Mary Ann King, President, Moran & Company
Matthew S. Romney, Managing Director, Sundance Bay
Jackson Cloak, Senior Managing Director,  Berkadia Commercial Mortgage
Barry S. Altshuler, Executive Vice President of Investments, Equity Residential

Pensam Residential Invests in 1,447-Unit Senior Housing/ Active-Adult Portfolio

Pensam Residential, a national multi-housing owner and operator, announced today that it has made an investment in a portfolio consisting of 13 active-adult apartment communities with 1,447 units located across the Northeast and Midwest United States.

“We are excited to expand our investment portfolio into the senior living sector,” said Michael Stein, Founder of Pensam Residential. “The accelerating nationwide shift in demographics makes the active-adult space an interesting segment to us, and we will dedicate more resources to explore opportunities in this area.”

Noah Miller Speaking at 2018 Crittenden Multifamily Conference in Dallas, Texas

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be a speaker at the The Crittenden Multifamily Conference in Dallas, TX on Wednesday, March 28, 2018.  Noah will participate in a panel discussion titled “Buying to Maximize Yield” discussing the identification, evaluation, structure, and management needed to buy, meet or exceed expected yields in today’s competitive market.