Baltimore, MD – Alex. Brown Realty (ABR), Arc Capital Partners LLC, and New Standard Equities, Inc. have formed a joint venture to acquire a multifamily property centrally located in the North Park submarket of San Diego. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $6.1 million in the venture.
Currently known as Solana Vista, the joint venture will rebrand the 132-unit, Class-B apartment project as Asana at North Park Apartments. Capital improvements will reposition the asset to better attract the millennial demographic. New Standard Equities will manage the property and lead the renovation program.
San Diego’s North Park neighborhood is located near Balboa Park and was recognized in 2012 by Forbes Magazine as one of the top hipster neighborhoods in America. Asana at North Park Apartments is well located given its short commute to employment centers and proximity to a walkable neighborhood with art galleries, boutiques, and restaurants.
”ABR is pleased to partner with Arc Capital Partners and New Standard Equities,” said Tom Burton, CIO of ABR. “This investment reflects the type of value-added opportunity and joint venture participation that defines our strategy.”
The acquisition represents the first transaction between ABR, New Standard and ARC. The undisclosed seller was represented by JLL and the buyers were represented by HFF for capital markets.
Alex. Brown Realty is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
New Standard Equities is a privately held company based in Encino, California and was formed in 2010 by Eddie Ring, a 25-year veteran in the real estate industry. The company is known for its turnaround capabilities through renovation and hands-on management. Its current portfolio of managed and or owned assets consists of nearly 1,000 units and over 1.0 million sf of properties. www.newstandardequities.com
ARC Capital Partners is a Los Angeles, California-based boutique real estate platform co-founded by Quincy Allen and Neville Rhone to target middle-market investments. The firm focuses on value-add/opportunistic investments across asset types that are expected to benefit from millennial population growth. The firm targets assets in high-density submarkets in the Western U.S. in need of recapitalization, repositioning or development capital. www.arccapitalpartners.com