ONE WALL PARTNERS ACQUIRES
PORTFOLIO OF 996 RENTAL UNITS
REIT Interest Purchase on Four Properties in Lehigh Valley, PA
One Wall Partners, an owner and manager of transit-oriented workforce housing, has acquired a portfolio of 996 rental apartments. The acquisition includes four properties in the Lehigh Valley in Pennsylvania.
The Lehigh Valley portfolio, which stands at 98 percent occupancy, features three large garden complexes and a rental townhome community in verdant, residential neighborhoods. Each property offers numerous amenities, including outdoor pools, fitness centers and clubhouses.
The properties are located near abundant new development, a thriving medical community, an extensive network of colleges and universities, and a growing corporate community. Renters also have easy access to the LANTA mass transit system and multiple highways connecting them to Pennsylvania’s and New Jersey’s largest employment hubs.
“The Lehigh Valley portfolio provides enormous opportunity for renters seeking a central location with close proximity to employment, arts, and entertainment,” said Andy Wallace, CEO and Principal of One Wall Partners. “These assets perfectly complement our existing portfolio of transit-oriented workforce housing, and we look forward to increasing their value by enhancing services and amenities for residents.”
“We’ve aligned ourselves with strategic equity partners that support our value-add capex plan and recognize the upside in these markets,” said Nate Kline, CIO and principal of One Wall Partners. “Out of the gate we plan to spend over $500,000 on energy efficiency upgrades and deferred maintenance, and we plan to spend up to another $5,000,000 to maintain the high quality of the properties and upgrade hundreds of units over time. The Lehigh Valley is the fastest growing and third most populous region in PA, with almost 700,000 residents, and generates higher economic output than 112 individual countries. It is also a strategic manufacturing and transportation hub in the middle of the northeast metropolis that is anchored by thousands of stable jobs in medicine and education. The diverse workforce is educated and majority renter-based. We view this region, where we have swiftly become one of the largest owner-operators, as a long-term growth market for us.”
One Wall Partners was represented in-house, while the Seller was represented by CBRE, which also arranged financing for the transaction with Freddie Mac and MF1, a JV led by Berkshire Residential Investments and Limekiln Real Estate.
Headquartered in Newark, NJ, One Wall Partners is a vertically integrated investment and management firm that owns and operates more than 3,600 units of rental housing in New Jersey and Pennsylvania. The company manages all properties through its in-house management group, One Wall Management.
About One Wall Partners
One Wall Partners was founded in 2010 with a primary focus on multi-family real estate assets. A vertically integrated investment and management firm, One Wall Partners focuses on transit-oriented workforce housing, with more than 3,600 units of rental housing in New Jersey and Pennsylvania. Company principals have extensive management expertise across a spectrum of industries including real estate, health care, logistics and transportation. One Wall Partners’ in-house property management group, One Wall Management, manages all the firm’s assets, and helps to control 100% of the value chain while realizing significant operational efficiencies.
About Berkshire Residential Investments
Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas and San Francisco. As of September 30, 2018, Berkshire Group had approximately $7.5 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshireresi.com.
About Limekiln Real Estate
Limekiln Real Estate is an Alternative Investment Manager that focuses on creative financing solutions in the multifamily sector through direct lending, high yield securities and special situations. Limekiln is led by seasoned real estate professionals with significant multifamily experience who have built successful debt platforms and executed through multiple cycles. Limekiln is based in New York and is an SEC Registered Investment Adviser.
One Wall Partners
24 Commerce Street, Suite 1200, Newark, NJ 07102
Media Contact: Shea Communications LLC
George Shea, Maria Gabajiwala (212) 627-5766