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5/02/16
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SteelWave has acquired development sites in Aurora, CO and Westchester, CA for two new multifamily projects. The company, formerly Legacy Partners Commercial, was for years traditionally focused in the commercial realm. However, since last year when they separated from Legacy Partners to launch SteelWave, the firm has moved full steam ahead in to the residential-multi-family arena.
“This is a new chapter for our firm. We’re not abandoning what we’ve done so well in the commercial arena for the past 40+ years, but rather we’re adding to it by broadening our scope,” said Barry DiRaimondo, Steelwave’s CEO. “In today’s world there is a confluence of ‘live, work, play,’ and the idea of mixing residential alongside commercial in a single project is compelling. It’s creating value by adding multi-use capabilities to projects that used to stand alone.”
SteelWave’s first residential development acquisition is for 1.2 acres in Westchester, located at La Tijera and 74th St, just west of I-405 near the Los Angeles International Airport. The firm expects to break ground in May with completion anticipated in the first quarter of 2018.
The project will include 140 one- and two-bedroom units, a pool, a club/sports bar and a state-of-the art gym. It will also include 13 below market units to help support the broader LA Basin’s need for affordable housing.
In addition, SteelWave acquired 15 acres in Aurora, CO for the development of 424 market rate apartments. Development costs are expected to be roughly $100 mil. The company’s equity partner is Junius Real Estate Partners (a JPMorgan subsidiary).
The development will target individuals and families employed by nearby companies: Fitzsimons Medical Center (45,000 employees), Denver Tech Center (75,000 employees) and Buckley Airforce base (17,000 employees). The site is also located directly adjacent to the newly constructed Iliff Station train station that will provide quick access to all parts of the Denver Metro area. Construction is slated to begin in June.
SteelWave has formed a strategic alliance with the Cavallari Group out of Los Angeles to execute the entitlement and development of these two projects. More projects will likely follow as part of this alliance. Steelwave’s future deals will be location driven, with the firm targeting its existing markets: Seattle, Portland, the San Francisco Bay Area, Los Angeles, Orange County, San Diego, Denver and Austin.
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