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Tokyu Land US Closes Three Multifamily Buys Totaling Over $200 Mil in the First Quarter of 2020

5/04/20

By: Allen Wolfsheimer

Tokyu Land US Corporation (TLUS) closed on three West Coast multifamily acquisitions in the first quarter of 2020 in transactions that totaled $214 mil. The purchases included: a 221-unit property in Pleasant Hill, CA; a 120-unit property in Seattle; and a 282-unit, nine-property portfolio in Oakland.

Northridge Apartments, Pleasant Hill
Northridge Apartments, Pleasant Hill
In Pleasant Hill, TLUS paid $91 mil for Northridge Apartments, a 221-unit ($411.8k/unit), “1970s-vintage” community located at 235 Camelback Rd. TLUS purchased the asset from Equity Residential, a public REIT, in a venture with Vista Investment Group. Sal Saglimbeni and Phil Saglimbeni with IPA repped the seller in the deal.

In the second transaction, TLUS, in a venture with Security Properties, purchased Westview Village Apartments, a 120-unit, value-add property located at 17735 105th Place SE in Renton, for $34.3 mil ($285.8k/unit). We’ve been told that the interiors in Westview Village have not been touched since the property was first developed. The Hallgrimson/Hanacek/Bosl team with CBRE represented the seller in this sale.

And in the third deal, TLUS took an ownership interest in the Mosser Oakland Portfolio, consisting of nine properties totaling 282 units located throughout Oakland’s Lake Merritt/Downtown area. The vintage assets, ranging between 50 to 100 years old, were recapitalized by Mosser/Bentall GreenOak (BGO), with TLUS taking over BGO’s interest in the transaction. There were no outside brokers in this deal.

Ben Cherney, Vice President of Acquisitions for TLUS, noted, “We accomplished many “firsts” for our U.S. company during these transactions, such as first acquisitions in the Bay Area, first acquisitions with two new partners, first time closing three deals simultaneously, first time buying 50+ year-old buildings, and many others. Despite the very different profiles of these assets, the opportunities aligned well within our strategy of value-add multifamily, and speaks to our ability to be flexible, creative and expeditious.”

TLUS has been active on both the East and West coast since opening an office in the U.S. in 2012, investing in both acquisitions of value-add opportunities as well as preferred equity for ground-up construction. Past acquisitions included multifamily, office and industrial product, however, their focus currently is solely on multifamily.




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