News

West Shore Expands Multifamily Portfolio with 261-Unit Texas Acquisition

BOSTON, MA, September 9, 2019 – West Shore LLC, a fully integrated, multifamily real estate investment firm, today announced the acquisition of Broadstone Traditions, a 261-unit residential community located in Bryan, Texas.  The acquisition marks the 24th acquisition by the Boston-based firm which, in its three year history, has already built an impressive portfolio of 6,669 units in 23 communities, and assets under management of more than $1 billion.

This is West Shore’s third major acquisition in the Bryan-College Station metropolitan area, an increasingly popular hub for young professionals, academics and recent graduates, given its close proximity to Texas A&M University. One of the region’s premier luxury communities, this asset is part of the esteemed Traditions Community, a 1,000-acre oasis of “unparalleled sophistication” located among the beautiful woodlands of central Texas, and adjacent to Lake Walk town center and just steps from the world-renowned Traditions Club.

Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community; a 396-unit property in Bryan owned and operated by West Shore since 2018. The newly combined 657-unit property is West Shore’s largest multifamily asset. West Shore also owns and operates SoCo at Tower Point, a 318-unit community in College Station.

“The new 8085 at Traditions is truly a unique Class A property and is well located in the thriving Bryan-College Station area,” said West Shore Chairman Steven P. Rosenthal. “This transaction is emblematic of our success and growth over the last three years as we continue to identify and acquire high quality, off-market properties like this in high-growth areas.”

“We are excited about this acquisition as well as the tremendous prospects for future growth in the Bryan-College Station market … we now own and operate 975 units there and the economies of scale will bring great operating efficiencies and a quality-resident experience.”

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West Shore LLC Adds 230 Units to National Portfolio

Acquisition of Lexington, KY property marks 6,408 units in three years

BOSTON, MA, US, July 23, 2019 /EINPresswire.com/ — West Shore LLC, a fully integrated multifamily real estate investment firm, today announced the acquisition of Enclave Hartland, a 230-unit residential community located in Lexington, Kentucky. The purchase brings West Shore’s diverse and growing portfolio to a total of 6,408 units in 23 communities, with a total market value of more than $900 million in just three years.

Enclave marks West Shore’s third major acquisition in Lexington. Enclave Hartland joins two other multifamily properties in Lexington which are owned and operated by West Shore, Hamburg Farms and 1809 at Winchester.

“Lexington’s diverse economy and job growth are expected to outpace US averages over the next decade,” said Steven P. Rosenthal, Chairman of West Shore LLC. “The acquisition of Enclave Hartland is another example of our investment strategy due to its superior demographics, walkable location and connectivity, providing residents with a short commute to Lexington’s significant demand drivers.”

Conveniently located seven miles south of downtown Lexington, Enclave Hartland offers residents spacious one, two and three-bedroom apartments and top notch amenities including a swimming pool, 24-hour fitness center, cyber café, dog park and media and business conference centers. Units feature private balconies and patios, over-sized closets, sunrooms, fireplaces, spacious storage and newly remodeled kitchens.

Enclave Hartland runs adjacent to Man O’ War Boulevard and is in close proximity to New Circle Highway, the city’s inner beltway, providing residents with easy access to some of Lexington’s most popular attractions, including The University of Kentucky, Hamburg Place, The Summit at Fitz Farm and the Keeneland and Red Mile racetracks.

“Lexington is a vibrant city with a highly educated population, an emerging technology scene and an entrepreneurial spirit,” said Lee E. Rosenthal, West Shore’s President. “We are excited to now own more than 700 apartment homes in Lexington.”

West Shore will manage and market Enclave Hartland. The leasing office is open at 3901 Rapid Run Drive, Mondays through Fridays from 9:00 a.m. to 6:00 p.m. and Saturdays from 10:00 a.m. to 5:00 p.m. For more information about Enclave Hartland, please visit enclavehartland.com.

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West Shore Expands Presence in South Carolina

Riverwalk Apartments in Rock Hill marks fourth major acquisition in the Carolinas

BOSTON, MA, June 25, 2019 – West Shore LLC, a fully integrated multifamily real estate investment firm, today announced the acquisition of Riverwalk Apartments, a 307-unit apartment community located on 16 acres in Rock Hill, South Carolina.
The purchase, West Shore’s fourth major acquisition in North and South Carolina, is part of the Riverwalk Development, a 1,008-acre, $600 million master-planned, mixed-use community offering apartment buildings, home sites and retail space strategically located along the banks of the Catawba River in York County, N.C.

“Our latest acquisition exemplifies our strategy of investing in properties in high growth locations with a strong future,” said Steven P. Rosenthal, Chairman of West Shore LLC. “Riverwalk Apartments is a high-quality asset located in a tightening rental environment with rapid economic growth occurring along the I-77 corridor.”

Riverwalk joins Aurea Station, Ansley Falls and Reserve at Mill Landing as West Shore properties in the Carolinas. Much like the others, Riverwalk offers comprehensive amenities and spacious one-, two- and three-bedroom floor plans with top-of market unit interiors and custom features in keeping with today’s selective renter profile. The community is also in walking distance to expanding retail and lifestyle amenities and was recently completed in two phases in 2016 and 2018.

“Riverwalk is supremely positioned in the nucleus of new development in York County,” said Lee E. Rosenthal, West Shore’s President. “Population growth has generated a need for continuously improving multifamily units and lifestyle amenities, and Riverwalk provides ideal access to thriving and expanding employment opportunities.”

Riverwalk Apartments will be professionally managed and marketed by West Shore LLC. The leasing office is open at 517 Moon Drive, Rock Hill, S.C., Mondays through Fridays from 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 5 p.m. For more information about Riverwalk Apartments, please visit www.riverwalkapartments.com.

What Attracts Investors to the Southeast

West Shore’s Lee Rosenthal evaluates the potential of those markets and describes what makes a community appealing to Millennials and empty nesters.

Boston-based West Shore LLC has built a $750 million multifamily portfolio in the two years that have passed since the company was founded. Most of its properties are in southeastern markets, but West Shore is considering expansion to other areas as well as consolidating its presence in states with favorable tax conditions. Lee Rosenthal, president of the company, discusses the organization’s investment strategy and what modern renters look for in a community.How do you see the U.S. multifamily market today? What are the main trends in the business?

Rosenthal: The multifamily market is thriving across the country. A strong economy, continued revitalization of mid-sized cities and their surrounding close-in suburbs, as well as the ongoing growth and demographic trends in all of our markets indicate a continued upswing. In mid-sized cities that have growing high-skills jobs and employment, we are seeing great opportunities to provide the kind of rental housing that attracts and serves these workers.

So far, West Shore invested in the Southern and Southeastern markets. What can you tell us about the particularities of these regions when it comes to trends and challenges in the multifamily sector?

Rosenthal: We have had great success with the assets we have acquired in Florida, the Carolinas, Texas, Tennessee, Kentucky and Georgia. We are likely to acquire additional assets in other fast-growing areas that have strong job growth and favorable demographic and tax conditions. Most of the new opportunities we are evaluating right now are in similar markets in the Southeast and the Southwest. These growth markets are increasingly attractive to renters, including young individuals and couples, as well as retirees looking for better weather in a comfortable setting with upgraded amenities. We’ve also seen a lot of interest from empty nesters that want to stay near their friends and communities as they downsize.

What other markets are you considering for a portfolio expansion and why?

Rosenthal: In addition to the markets where we currently own, in which we expect to expand our footprint in a meaningful way, we are actively considering investing in other markets with significant job growth, positive demographic trends and favorable tax conditions.

What makes a community appealing to Millennials?

Rosenthal: We focus on buying high quality B+/A- properties below replacement cost with significant upside. These are attractive communities that often feature gyms, tennis courts, pools and other amenities that may be in need of updating. We believe in strong, hands-on management and we make strategic investments in these properties which we know will generate increased net operating income.

We often upgrade or add amenities and update in-unit finishes with the kind of modern technology and high-end appliances that are desirable to young professionals and Millennials. Both younger renters and empty nesters want to live in modernized, attractive communities that have the appeal of a small town or village. Our management assures that the fitness center, the pool and central shared areas all provide a cohesive sense of community.

Shopping, transit, open space, bike paths, daycare and good schools, and health care are all very important for younger couples looking to create a home. Millennials are now 25 percent of the population and many of them prefer renting to buying. They’re often working in careers that require them to be flexible on location. This is a digital-centric generation. What’s needed is excellent on-site Wi-Fi, upgraded technology and a relationship centered on digital communication between tenant and management.

What are your predictions regarding the multifamily sector going forward?

Rosenthal: The prognosis for multifamily is excellent in both the short and long term in our markets. The economy continues to grow and favor high-skill jobs, particularly in cities and markets that previously were left out of prior employment booms and now have favorable tax and demographic conditions.

The pool of Millennials and empty nesters is growing in our markets. Interest rates may be going up somewhat, but they remain at historic lows. In any event, history shows that rent growth will outpace interest rate increases and any inflation. As our growing portfolio and our operating results continue to show, our strategy for multifamily investment will continue to provide predictable, sustainable cash flow along with very significant upside for our investors.

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