Pensam Residential Acquires 288-Unit Multifamily Property in Georgetown (Austin), TX

Pensam Residential recently acquired Parallax at Georgetown, a 288-unit multifamily property in Georgetown (Austin), Texas.

With an emphasis on architectural preservation, acclaimed cultural events and strong economic growth, the City of Georgetown has proven to be a charming and attractive pocket of the Austin metropolitan area. Additionally, the City of Georgetown is located only 27 miles north of Austin. The City of Austin has remained a national leader for population and economic growth over the current cycle, with a large proportion of new jobs coming online from higher-paying industries, which are attractive to well-educated millennials. Given its tremendous expansion into the tech sector, Austin is one of the foremost corporate and regional headquarter locations in the country, garnering the nickname the “Silicon Hills”.

Pensam has outlined a comprehensive renovation program that will improve units with higher-end designer finishes including: quartz countertops, stainless steel appliances, upgraded fixtures, and smart tech packages. Pensam will also perform exterior improvements to further enhance the market position of the property.

“Parallax at Georgetown is a strong addition to our growing Austin portfolio,” said Michael Stein, Founding Partner of Pensam Residential. “We anticipate the Austin MSA will continue to be a strong market due to its rapidly-expanding economy and higher education presence. Parallax at Georgetown is a unique property that provides its residents an attractive place to live while still close to Downtown Austin.”

 

 

Noah Miller Speaking at Crittenden Real Estate Finance Conference in Miami, Florida.

Noah Miller, Vice President of Acquisitions at Pensam Residential, will be a speaker at the Crittenden Real Estate Finance Conference in Miami, Florida on Thursday, October 26th.  Noah will participate in a panel discussion titled “How to Find the Appropriate Private Equity Provider”, where panelists will discuss private equity solutions in today’s real estate environment.

Noah Miller to Speak at Miami Multifamily Investing Club’s Opening Day Meetup

Noah Miller, Vice President of Acquisitions for Pensam Residential, will be speaking at the Miami Multifamily Investing Club’s Opening Day Meetup on May 23rd at the Wynwood Café.  His presentation will focus on capital solutions: long-term and bridge debt, Joint Venture investments, and Preferred Equity.

Miami’s Multifamily Investment Club was founded to provide members a sales-free environment of constant learning where partnerships are created through knowledge sharing and networking with a special focus on Commercial Multifamily Real Estate.

 

Michael Stein to Speak at CBRE Multifamily Conference April 19th in Chicago

Michael Stein, a Principal of Pensam Capital, will be a speaker at the 2017 CBRE Multifamily Conference titled “Beyond the Cycle”.  The conference will be held April 18th-19th in Chicago.  Michael’s session will be a panel of speakers; consisting of preferred and joint venture equity providers.  The panelists will be discussing current appetites for investment, shifts in investment focus, and potential future trends that may emerge in the preferred and joint venture equity market.

 

Michael Stein to Speak at Freddie Mac Multifamily Central Regional Seller Workshop

Michael Stein, a Principal of Pensam Capital, will be a speaker at the 2017 Freddie Mac Multifamily Central Regional Workshop.  The conference will be held on April 4th in Chicago.  Michael’s session is titled:  “Deploying Capital in Multifamily Today: Borrower and Freddie Mac Insights,” and will cover market fundamentals, Pensam’s presence across products, preferred equity , B-piece investing, and value-add efforts in the Chicago metro area.

Michael will be joined by two Freddie Mac executives: Sara Hoffman, Investments & Portfolio Management Senior Director; and Amanda Nunnink, Production Director.

Pensam Residential Launches Rebranded Tava Waters

UNDER NEW MANAGEMENT, THE BREAKERS REBRANDS AS TAVA WATERS
Denver’s Premier Multifamily Community Gets New Name, Substantial Amenity and Interior Unit Upgrades

(Denver, Colo.) – March 16, 2017 – The Breakers Resort, long known as one of the most dynamic apartment communities in Colorado, is shedding its skin, unveiling a new identity and new name to go along with new ownership. Michael Stein, Founding Partner of Pensam Residential, announced today at the Colorado Real Estate Journal Spring 2017 Multifamily Development & Investment Conference, that The Breakers Resort will be rebranded as TAVA Waters.

As the largest physical asset in metro Denver offering a nearly 190-acre site which spans 1,523 units among six villages, a privately-owned lake and a 26,000-square-foot recreation center located within minutes of downtown Denver and Cherry Creek, The Breakers has been a multifamily icon in Denver for nearly three decades. Under the new ownership of Pensam Residential – with continued involvement of Koelbel and Company who will stay on as a minority owner – The Breakers is undergoing a large three-phased value-add strategy to enhance the property as a true twenty-first century lifestyle community. The first phase is the rebranding to TAVA Waters, complete with new name, logo, and website.

“The rebranding of The Breakers to TAVA Waters is the first step in taking the original vision of the community and bringing it into the future – modernizing while staying true to our roots,” said Michael Stein, Founding Partner of Pensam Residential. “Our focus is on appealing to the next generation of residents – those looking for a community that offers a convenient, holistic lifestyle rooted in Denver adventure.”

To lead the brand refresh, Pensam Residential engaged G5, an agency based in Bend, Oregon, that specializes in digital marketing for real estate companies.
“Named by the Ute Indians, ‘TAVA’ was the original name of Pikes Peak, and means ‘sun.’ We saw great value in connecting the community with this important piece of Denver’s history and respect of the landscape in one short, visually impactful word,” said Mackenzie Craven, Director of Creative Services at G5. “The original resort will always be ingrained in the community, so it was important the new brand pays homage to and plays up the uniqueness of lakeside living – which is where ‘Waters’ came in.”

The new logo is aesthetically reminiscent of peaks and valleys, rolling foothills and other natural elements (greenery, sky, water) that will be key elements of Pensam Residential’s other value add phases: interior upgrades that bring the outdoors in, and amenity upgrades that include activating the lake area with additional waterfront activities and reconfiguring existing amenities to the active, outdoor lifestyle.

“This is a threshold moment in the evolution of The Breakers and I think the name TAVA Waters both represents the rich history of the community and serves as a catalyst for its future,” said Koelbel and Company President, Walter A. ‘Buz’ Koelbel, Jr.

With the first value add phase complete with today’s launch of the new branding and the new website, phases two and three of the TAVA Waters overhaul are also underway. Interior unit upgrades have already begun, with plans for 25 to 35 units to be upgraded each month over the next 18 months. Upgrades include new finishes such as stainless steel appliances, quartz countertops and faux wood floors; Nest Thermostats; Kevo Bluetooth Door Locks; Google Home devices; and water saving faucets, toilets, and shower-heads.

The PDF version of this article can be found here.

Noah Miller Speaking at RealInsight Central Texas Summit in Austin, TX

Noah Miller, Vice President of Acquisitions at Pensam Residential, will be speaking at the RealInsight Central Texas Summit in Austin, Texas. The conference will take place on March 2nd, 2017 at the Radisson Hotel in Downtown Austin.

Miller’s featured session is titled “Crossing Borders: Raising Capital for Today’s Real Estate.”  The session will cover: what types of capital sources will be most active this year, creative ways to finance construction equity and debt, how positive growth in Central Texas impacts equity and lending decisions, and perspectives on doing deals in emerging submarkets.

Noah Miller Speaking at Crittenden Multifamily Conference in Dallas, Texas

Noah Miller, Vice President of Acquisitions at Pensam Residential, will be speaking at the Crittenden Multifamily Conference in Dallas, Texas. Miller’s featured session is titled “The Dating Game: Finding a Deal You Love!.” The conference will take place on March 15th-18th, 2017 at the Renaissance Dallas Richardson Hotel. The conference is an event for Real Estate professionals, including 16 educational sessions and networking opportunities to aid in the growth of your business. Each session is facilitated by the industry’s leading executives.

Michael Stein Speaking at Florida Multifamily Focus

One of the founding partners of Pensam Capital will be speaking on this upcoming November 30 in the 2016 Florida Multifamily Focus. Mr. Stein will speak on the South Florida Panel, exploring the long demand for three different demographic drivers.

This event will bring senior executives from every facet of the multifamily market together with Cushman & Wakefield professionals for an evening of networking, strategic business sessions and informational forums that are specifically focused on Florida relevant content.

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Pensam Residential featured for the largest transaction in Colorado’s history

By Molly Armbrister – Denver Business Journal

The Breakers Resort, a 1,523-unit apartment complex at 9099 E. Mississippi Ave. in Denver, has sold for a record price of close to $350 million, according to public record.

Florida-based Pensam Residential, BH Equities LLC and Wafra Capital Partners acquired a majority stake in the property, which was previously owned by The Bascom Group and Denver’s Koelbel & Co.

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The purchase price makes the sale the largest apartment trade in Colorado’s history.

The apartments are spread among six “villages” that sit on 190 acres of land in eastern Denver near the border of Aurora. The purchase also includes a 26,000-square-foot recreation center. An 18-acre parcel of land that could be developed in the future was not included in the sale and is still owned by Bascom and Koelbel.

Koelbel, which was the original developer of the project, retained a stake when Bascom bought into Breakers in 2006. Koelbel will continue to retain a minority stake in the property, according to a release Wednesday.

“Koelbel and Company has always prided itself on a long term vision of legacy communities that add to and enhance the fabric of where we live,” said Koelbel & Co. president, Walter A. ‘Buz’ Koelbel, Jr. “Continuing our 26-year involvement with a community as unique as The Breakers certainly captures our philosophical approach.”

“We are delighted that Koelbel and Company, original co-developer of The Breakers beginning in 1989, will remain a minority partner with continued input on the strategic vision for the future of the community,” said Michael Stein, founding partner of Pensam Residential.

The sale was handled by ARA, A Newmark Company.

“The Breakers occupies a prime infill location in a millennial-driven submarket and buyer activity was greatly increased due to the property being a prime candidate for a value-add strategy.” said Terrance Hunt of ARA Newmark. “The Breakers is simply unmatched in its size, scope and standing as the only community with a private lake and virtually endless amenities.”

In addition to being the largest transaction in Colorado’s history, the trade is the second-largest apartment sale in the country this year, according to ARA.