This is Rosenthal’s second million-dollar gift to the organization since 2017, which at that point was the organization’s largest single gift. He hopes the new gift will continue to encourage others to support Northeast Arc as well. Rosenthal’s initial $1 million gift to Northeast Arc in 2017 established the Changing Lives Fund, which provided the vehicle for Northeast Arc to expand services in creative and innovative ways that traditional funding has not allowed. It also helped the organization to raise additional visibility, supporters, and funds.
“When Steve made his initial $1 million donation it was a real game-changer for us,” said Jo Ann Simons, President and CEO of Northeast Arc. “Since that time Steve has been actively engaged with the Northeast Arc and has challenged us to look beyond what we are currently doing and find new and exciting opportunities. This second $1 million gift solidifies his belief in what we are doing to change lives for people with disabilities and their families every day.”
The Northeast Arc plans to activate Rosenthal’s generous donation in three primary areas:
– Focus on workforce investment though its new Pathways to Opportunities program.
– Continue to execute on bold ideas such as the ArcTank.
– Replicate successful programs and services, such as the Center for Linking Lives, in a wider geographical area while also expanding the use of technology for people the agency serves.
“I do not have a personal connection to disability, but I firmly believe that a community that provides for people with disabilities is a community where everyone can grow and flourish. I have been incredibly impressed with the work that Jo Ann and her team have done with my initial donation, and I am confident Northeast Arc will continue to be innovative with these additional funds,” said Rosenthal. “I urge others who are looking to have a tangible impact on real people who need to support the work of Northeast Arc. I know they will be equally impressed and want to be part of the bold initiatives being implemented by Northeast Arc.”
“In addition to his professional successes, Steve also has a heart of gold, and his loyalty, commitment and desire to see Northeast Arc become better and better is unwavering. On behalf of our team at the Northeast Arc, I am sincerely grateful to Steve for his transformational generosity,” said Northeast Arc Board Chair and RSM Partner, Michael Foraste.
A Marblehead resident, Rosenthal earned his bachelor’s degree at Harvard College and a law degree at Boston University. He practiced corporate law for 25 years and served as co-managing director at Mintz Levin Cohn Ferris Glovsky and Popeo. Prior to forming West Shore, he served as president and CEO at Northland Investment Corporation. He served many years as a volunteer including as Trustee of The Loomis Chaffee School and the Ruderman Family Foundation and National Board of Directors of AIPAC and at the Massachusetts Convention Center Authority.
Original Article: BLDUP
October 21, 2022 – West Shore, a multifamily real estate investment firm, has acquired Ardmore at Price and The Mill on Main, which have been renamed and will now operate together as Waxhaw Mills Apartments. West Shore also purchased The Vive at Kellswater in Kannapolis, NC. This brings the number of West Shore’s properties in North Carolina to six.
“We are pleased that we have acquired three more very attractive properties in North Carolina,” said Steven Rosenthal, chairman of West Shore. “Our resilient investment model and experience has allowed us to continue our growth in North Carolina and all three of these properties are remarkable assets.”
Waxhaw Mills Apartments, the 309-unit residential community spans two properties. West Shore will be offering expanded management services through extended office hours at both properties. Waxhaw Mills Apartments gives residents the choice of a loft-style one-bedroom apartment with exposed brink in a historic mill, a multi-level home with original hardwood floor, or a three-bedroom with granite countertops, designer cabinetry, and wood-style flooring. The community offers two resort-style pools with expansive sun decks, fenced pet parks, scenic courtyards with walking paths, among other amenities.
The spacious apartment homes at the 312-unit Vive at Kellswater offer the office space that many people are seeking in the current work-from-home environment. Residents can also relax poolside, exercise at the 24-hour fitness center, use the yoga and spin studio, lounge and dine outside, and take their dog out to the pet park. The Vive at Kellswater was designed to give residents the best in modern living in Kannapolis with easy access to downtown.
“Population growth is driving an unprecedented level of demand for apartments in Charlotte and the surrounding area,” said West Shore president, Lee Rosenthal. “West Shore has now invested in six unique and well positioned properties, growing our North Carolina portfolio to over 1,500 units. Both Waxhaw Mills Apartments and The Vive at Kellswater offer terrific apartment living experiences for our residents and provide easy access to popular downtown areas.”
Original Article: https://nerej.com/west-shore-acquires-three-apartment-communities-in-nc
Sep 20, 2022 – West Shore has acquired two properties in Pooler, Ga. The Carlyle at Godley Station and The Preserve at Godley Station feature a total of 692 units. With these purchases, West Shore now owns and operates five communities in Georgia.
The Carlyle at Godley Station, built in 2007, features 312 apartments with from one-, two- and three-bedroom layouts. Located at 385 N. Godley Station Blvd., downtown Pooler is easily accessible for residents. Amenities include a pool, clubhouse and dog park.
The Preserve at Godley Station includes 380 units and also features one-, two- and three-bedroom homes. Located at 65 Tanger Outlets Blvd., residents are in proximity to major highways, Savannah/Hilton Head International Airport and a variety of schools.
West Shore has more than 1,500 units in their five community Georgia portfolio. Other assets the firm owns in Savannah include The Mark at Chatham, Walden at Chatham Center and Grand Oaks at Ogeechee River. The firm also has five properties in Kentucky, recently acquiring Bridle Creek Apartments in Lexington, Ky.
Original Article: https://www.multihousingnews.com/west-shore-expands-in-georgia/
Aug 23, 2022 – West Shore, a multifamily real estate investment firm, announces its acquisition of Bridle Creek Apartments, an upscale apartment community. This is West Shore’s fourth acquisition in Lexington and fifth in the state. The company’s other properties in the state include Enclave Hartland, Hamburg Farms, and 1809 at Winchester, all in Lexington, and Haven on Tucker in Louisville. West Shore now owns and operates over 40 properties with over 13,500 units in seven states.
“We are pleased to have acquired another outstanding property in Kentucky,” said Steven Rosenthal, chairman of West Shore. “Bridle Creek Apartments is a unique asset designed to offer residents all-inclusive amenities in one of Lexington’s most in demand neighborhoods.”
The 384-unit property features one-, two-, and three-bedroom apartments. With an up-to-date selection of amenities and relaxing views, this community merges modern comforts and conveniences, including a resort-style pool, 24-hour fitness center, clubhouse with business center, and dog park. Located on Nicholasville Rd., residents are steps away from the best shopping, dining, and entertainment the city has to offer.
“Kentucky has proven to be a very strong market for us and we are well positioned for future growth,” said West Shore president, Lee Rosenthal. “I am confident that Bridle Creek Apartments will add to our success in Lexington.”
Bridle Creek Apartments is located at 3800 Nicholasville Rd.
West Shore is a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets. It is a dynamic, fast-growing company that blends an entrepreneurial approach to real estate with institutional investment discipline. Its principals are experienced management and real estate private equity executives. Boston-based West Shore was founded in 2016 and owns and operates a diverse portfolio of over 40 multifamily properties in seven states, totaling over 13,500 units with a total market value of more than $3.0 billion.
Mar 8, 2022 – West Shore, a multifamily real estate investment firm with a specific focus on the acquisition and management of multifamily assets, has promoted Kristi Sinnott to Vice President of Property Management.
In her new role, Sinnott is responsible for managing West Shore’s national multifamily portfolio, overseeing the physical, financial, and administrative operations of the properties, including revenue management, budgetary analysis, and managing and developing the regional and property staff. In addition, she will provide oversight and guidance in all management disciplines to the regional, property and maintenance teams involved in the operation of West Shore’s diverse portfolio of properties. She will also work in collaboration with the West Shore team on acquisitions and dispositions.
“Kristi has done an outstanding job since joining West Shore in 2019 as Director of Property Management and we are happy to promote her to the role of Vice President,” said Steven P. Rosenthal, Chairman of West Shore.
Prior to West Shore, Sinnott worked as a regional manager at Greystar for 11 years covering markets in Missouri, North Carolina, and South Carolina. She has over 18 years of experience in the multifamily industry, beginning her career in the Atlanta market overseeing a mix of tax credit, conventional, and new construction assets. Sinnott has been recognized for several awards, including the 2008 Rising Star Award, the 2011 Property of the Year Award, and the 2012 Circle of Excellence Award. She was also nominated for the 2016 Regional Property Manager of the Year in Charlotte.
“Based on Kristi’s performance, we know she will continue to maintain exceptional operational standards and ensure we meet our goals,” said Lee Rosenthal, President of West Shore.
“I have learned so much from Steve, Lee, and the entire West Shore team,” said Kristi Sinnott. “I’m excited to put my experience to work in this new role as we manage our incredible properties while growing our portfolio.”
Sinnott, who lives in Charleston, South Carolina, attended West Virginia State University. She is a Certified Apartment Portfolio Supervisor and has been an active leader in the Greater Charlotte Apartment Association for over 10 years.
Jan 20, 2022 –West Shore, a Boston-based multifamily real estate investment firm, announced its acquisition of three new properties – two in South Carolina and one in Florida.
“2021 was a terrific year West Shore and 2022 to is off to a strong start as we announce the addition of three outstanding properties to our expanding portfolio of multifamily assets,” said Steven P. Rosenthal, Chairman of West Shore. “Sweetwater Apartments, Vantage at Wildewood, and Uptown Village are all unique properties that are positioned for further growth.”
Sweetwater Apartments is a 320-unit waterfront luxury apartment complex in Charleston, South Carolina. Sweetwater has six deep water docks for residents’ use, a private boat ramp, and a kayak ramp that affords residents an authentic, upscale coastal lifestyle. Residents have easy access to all that Daniel Island has to offer including restaurants, retail, and public recreation opportunities, or stay on-property for the incredible views, waterfront hammocks, creekside oyster bar, and stunning sunsets. Charleston’s historic charm and expanding job market continue to rapidly attract new residents. West Shore also acquired 17 South Apartments in Charleston in September 2021.
Vantage at Wildewood is a 264-unit apartment complex with newly renovated units located in the heart of Richland County in Columbia, South Carolina. Residents may relax poolside, enjoy fireside evening chats with neighbors, or adventure into the “wilde” by hitting the local trails and nearby parks. The property provides seamless access to premier retail and employment in the area. Vantage at Wildewood is West Shore’s fourth acquisition in the Columbia area, adding to its properties Reserve at Mill Landing, Arcadia’s Edge, and Town Center at Lake Carolina.
Uptown Village (formerly Evergreen at Uptown Village) is a resort-style 322-unit luxury apartment community in Gainesville, Florida, which merges natural elements with modern comforts and conveniences. The newly renovated apartments are conveniently located near downtown Gainesville and the University of Florida. Residents enjoy all-inclusive amenities, including a resort-style pool, shaded cabana, nature trails, and a dog park. West Shore also owns Legacy at Fort Clarke in Gainesville.
“These three acquisitions are in some of the fastest growing and exciting areas of the country,” said West Shore President, Lee Rosenthal. “We are proud to add these communities in Charleston, South Carolina, Columbia, South Carolina, and Gainesville, Florida, to our portfolio as we continue to strategically scale in markets where we already own and operate properties.”
Acquisition Brings Company’s Owner-Operator Expertise To New Market
Dec 14, 2021 — West Shore, a multifamily real estate investment firm, announced its expansion into a new market with the acquisition of The Pointe at Five Oaks, a new construction luxury apartment community situated on 29 acres of rolling countryside in Lebanon, Tennessee.
This is West Shore’s third property in Tennessee, adding to its two properties in Knoxville.
“We are pleased to expand our portfolio in Tennessee in the growing and exciting Nashville market,” said Steven P. Rosenthal, Chairman of West Shore. “The Pointe at Five Oaks is a terrific property that sits just outside Music City in Lebanon, giving residents an exceptional living experience with easy access to the city.”
The Pointe at Five Oaks community offers custom one-bedroom and two-bedroom floor plans with loft apartment options, some with attached, private garages. The 312 apartment homes are beautifully designed with quality finishes, gourmet kitchens, and stainless-steel appliances, with each unit featuring a private outdoor patio or balcony.
The complex offers an unparalleled selection of amenities in a dynamic location, including two state-of-the-art fitness facilities and an expansive clubhouse and business center. Outdoor grilling stations with alfresco dining areas and fire pits all overlook the resort-like saltwater pool.
“The Pointe of Five Oaks is strategically located and well positioned to benefit from the significant job drivers and positive momentum in the market,” said West Shore President, Lee Rosenthal. “We are proud to add this luxury community to the West Shore portfolio and look forward to future opportunities to expand further in Tennessee.”
West Shore’s national portfolio now includes over 11,000 apartment homes. The Pointe at Five Oaks is located at 200 Five Oaks Boulevard in Lebanon, Tennessee, and is now leasing.
Nov 12, 2021 — The BLDUP Spotlight is a weekly feature where readers gain insights on developments around the city and get to know local industry experts. Today we chat with Lee Rosenthal, President of West Shore, LLC. West Shore is a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets. It is a dynamic, fast-growing company that blends an entrepreneurial approach to real estate with institutional investment discipline. Its principals are experienced management and real estate private equity executives. Boston-based West Shore was founded in 2016 and owns and operates a diverse portfolio of 35 multifamily properties in seven states, totaling over 11,000 units with a total market value of more than $2.0 billion.
BLDUP: What is the last book you read that you would recommend as a “must read” to the construction and design community? Why did you find this book so important?
Lee Rosenthal: A Man in Full by Tom Wolfe. The message to not overdo it is an important one. Be careful out there in this hectic environment.
BLDUP: Do you have a daily or weekly routine that you follow? If so, how do you feel it has contributed to your success? How has this routine changed/been adjusted given the current situation?
Lee Rosenthal: As far as a daily routine, I love starting the day with my wife and two kids, and although I travel frequently, that is my favorite way to end the day. The rest of the day our strict parameters allow the evaluation of investment opportunities to feel routine. Operationally, daily, weekly, and monthly routines come in the form of the policies and procedures our team has worked so hard to set up these last few years. Focusing on the fundamentals and following these routines has allowed us to become successful. I’m very proud of the fact that West Shore now owns and operates over 11,000 units in seven states, including several new properties in new markets that we acquired in the last 90 days in Lady Lake, Florida, Charleston, South Carolina, and Fort Worth, Texas.
BLDUP: During the course of your career, what was the biggest challenge you faced and how did you overcome it? What other accomplishments hold a special place in your heart and why?
Lee Rosenthal: COVID-19 was by far the biggest professional uncertainty I’ve ever encountered. March and April of 2020 were incredibly challenging. Second would be building a fully integrated multifamily investment platform from scratch. These challenges were overcome with talented coworkers and the relentless pursuit of excellence in every endeavor we undertook. We also learned the power of refusing to panic like never before.
Passing the 10,000-unit (now 11,000) milestone was very rewarding. I also often think of my first signed contract, my first earnest deposit, and my first closing at West Shore as a major accomplishment. It was April of 2016, and the property, Grand Oaks Apartments in Riverview, Florida, had 198 units. Each component of that transaction, both pre- and post-closing, that occurred in the ordinary course, will always hold a special place. Grande Oasis, coincidentally also in the Tampa area, was West Shore’s first $100mm+ transaction. I’m incredibly proud of our team for taking on and completing four lease-ups this year, including a brand new 315-unit asset in College Station, Texas that we started leasing from the ground up.
BLDUP: What do you foresee for the future of Boston’s development given mass vaccinations? The COVID-19 pandemic brought on a unique set of challenges, how has this affected your business in the short term. Do you expect to see long term effects on your projects?
Lee Rosenthal: In Boston and across the country, the use of both urban and suburban spaces has changed. I am still researching and contemplating the ramifications of this, and we are certainly considering those ramifications with respect to current and future investments. I think it is going to take a little time to shake out to see where projects will be heading.
BLDUP: What upcoming projects are you most excited about?
Lee Rosenthal: Many of our investments are very similar. I get excited when they work in our model and we obtain a signed Letter of Intent or Purchase and Sale Agreement, particularly after a comprehensive evaluation of the existing asset and location. We have also recently seen some targets with vacant tracks of land included in the sale that seem very attractive in the Sun Belt.
BLDUP: What other types of projects are you looking for right now (if any)? Certain areas, project type/size?
Lee Rosenthal: We are currently looking at 500m of multifamily units in the Southeast and Southwest regions of the United States. We are presently in Kentucky, Tennessee, North Carolina, South Carolina, Georgia, Florida, and Texas and expect to continue to grow there. We are not opposed to new markets, but we are trying to remain as disciplined as we can in a very competitive environment.
BLDUP: Have you had a mentor or someone who has helped you during your career? What are the most valuable lessons you learned from that person?
Lee Rosenthal: This is an easy one – my partner and the Chairman of West Shore, Steve Rosenthal. His extremely high expectations for our business have been instrumental to our success. It would take me quite some time to list all the valuable lessons he has taught me. I have been fortunate to have an incredibly rewarding career thus far and I have learned so much from him and so many others.
BLDUP: What do you hope for the future of your company in the next 30 years? What legacy do you want to leave?
Lee Rosenthal: 30 years is an awfully long time. However, with the team we have in place and the addition of other smart, dedicated employees that we will need to bring on to sustain our growth, I believe that our future is very bright. We have made great strides using a proven process and a resilient investment model, I’m confident we will continue to do so in the years ahead. The strongest motivation to achieving the utmost success is the ability to share that success with others and to give back to the community in impactful ways.
BLDUP: What is a favorite quote that inspires you or you strive to live by?
Lee Rosenthal: “I didn’t know where I was headed, but, as always, I was very eager to get there.” -Sam Zell, Am I Being Too Subtle?: Straight Talk From a Business Rebel
“The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults.” -Alexis de Tocqueville
Original Article: https://www.bldup.com/thought_leaders/bldup-spotlight-lee-rosenthal
Luxury apartment complex brings company’s total units to over 11,000
October 6, 2021 — West Shore, a multifamily real estate investment firm, continues to expand with the acquisition of The Sovereign, a luxury apartment community in Fort Worth, Texas. This is West Shore’s fifth acquisition in Texas, having previously acquired properties in College Station. West Shore now owns and operates over 11,000 units in seven states.
“We intend to continue to grow our footprint in Texas,” said Steven P. Rosenthal, Chairman of West Shore. “The Sovereign is a unique property in the fast-growing Dallas-Fort Worth region, an exciting and important market that we are proud to enter.”
The 322-unit property in North Fort Worth features one-, two-, and three-bedroom apartments with upscale amenities and high-end features. The pet-friendly community offers an on-site dog park, auto detailing center, and luxury clubhouse. Residents enjoy the resort-style pool, outdoor kitchen, cabana lounge, premier fitness center, and many other amenities. The property, conveniently located near Keller with easy access to downtown Fort Worth and Highway 377, is ideally situated near world-class employers.
“This significant acquisition aligns well with West Shore’s expanding portfolio,” said West Shore President, Lee Rosenthal. “Our disciplined investment model has enabled us to grow our Texas portfolio to over 1,600 units with the purchase of The Sovereign.”
The Sovereign is located at 5301 North Tarrant Parkway, Fort Worth, Texas, and is now leasing.
Purchase of 17 South Apartments positions West Shore in the heart of West Ashley
September 9, 2021 — West Shore, a multifamily real estate investment firm, has purchased 17 South Apartments in Charleston, South Carolina. Ramping up a strategic expansion effort, 17 South Apartments is the firm’s first investment in Charleston and its fifth in South Carolina. West Shore’s owns and operates a diversified national multifamily portfolio of over 10,700 units throughout the United States.
“We are excited to enter the Charleston market with 17 South Apartments,” said Steven P. Rosenthal, Chairman of West Shore. “This deal is emblematic of our strategy of acquiring high-quality assets in dynamic markets. Charleston has rent growth, an energetic economy, and strong employment opportunities, setting 17 South Apartments up for long-term success.”
The multifamily community is made up of 220 studio, one, and two bedroom units. The luxury property is located in the desirable West Ashley neighborhood, a supremely well-positioned submarket in Charleston that provides high-end living close to downtown and major employers. Located at 105 Ivy Green Way, the best-in-class community was designed to provide residents with modern, upscale, and energy efficient apartment homes. The property features an abundance of sophisticated resort-style amenities including recreational areas, a fitness center with spin bikes, a modern clubhouse, and an expansive swimming pool with a cabana and lounge ledge. The units are equipped with gourmet, chef-inspired kitchens, upgraded stainless steel appliances, quartz waterfall countertop islands, subway backsplash tile, and hardwood-style flooring.
“Between its location, demographics, and building quality, the 17 South Apartments asset fits perfectly with our growing portfolio,” said West Shore President, Lee Rosenthal. “Our success in Columbia, South Carolina, and the continued growth in Charleston, makes us confident about expanding to this exciting market.”
Multifamily community in Lady Lake adds to West Shore’s expanding portfolio
August 11, 2021 — West Shore, a multifamily real estate investment firm, has achieved a portfolio milestone of owning and operating more than 10,000 units, and continues to expand with the acquisition of Parkside at East Village, a brand-new Class A community near The Villages in Florida. Effective immediately, the property will be renamed Parker at East Village. West Shore owns and operates fourteen other properties in Florida.
“Parker at East Village is a best-in-class asset in a market that’s experiencing exceptional growth,” said Steven P. Rosenthal, Chairman of West Shore. “Our disciplined, focused business plan and strategic investment model has enabled us to reach the significant achievement of owning over 10,000 units.”
The 282-unit property in Lady Lake is an elevator served, garden-style apartment community that was completed in 2020. Parker at East Village offers residents top-of-the-market finishes and amenities, immediate proximity to retail and dining options, and is situated just outside of The Villages, the #1 fastest-selling master planned community in the country the last 12 years running. Conveniently located off US 27/411 with thoughtful unit layouts in a mix of one, two, and three-bedroom apartments, the community has set the standard in the market for future luxury apartment living, while offering a robust amenity package.
“We are proud to continue the strong growth of West Shore and expand our Florida portfolio with this terrific acquisition,” said West Shore President, Lee Rosenthal. “Parker at East Village is a unique property in an exciting and expanding market.”
West Shore’s national portfolio now includes over 10,400 apartment homes. Parker at East Village is located at 13765 NE 136th Loop Road, Lady Lake, Florida, and is now leasing.
Property in Louisville Adds to West Shore’s Growing Kentucky Portfolio
BOSTON, May 25, 2021 /PRNewswire/ — West Shore, a multifamily real estate investment firm, has acquired Haven on Tucker, a brand-new Class A property in Louisville, Kentucky. The company continues to grow its national footprint with the addition of this 370-unit apartment community. West Shore’s expanding national portfolio now includes more than 9,800 apartment homes.
“This acquisition is representative of West Shore’s plan to continue to build our presence in growing markets, where we can leverage our regional teams and expertise,” said Steven P. Rosenthal, Chairman of West Shore. “We expect to continue our significant growth in Kentucky, and nationally as well.” The company owns and operates three other properties in Kentucky: Hamburg Farms, Enclave at Hartland, and 1809 at Winchester, all in Lexington.
Located at 12601 Charles Farm Circle, Haven on Tucker provides modern, luxury living just east of downtown. The community offers state-of-the-art amenities and spacious floor plan layouts with high-end features. Each apartment has stainless steel appliances, kitchen islands and breakfast bars, crown molding, hardwood-style flooring, and quartz or granite countertops. Amenities include a fully equipped fitness and wellness center complete with spin bikes, yoga room, steam room, and massage room, saltwater swimming pools, dog park, and professional-grade pet spa. The property is in a neighborhood with fine dining, shopping, and top-notch entertainment options, and is an ideal location for exciting apartment living.
“We are pleased to acquire another exceptional asset in Kentucky,” said West Shore President Lee Rosenthal. “Haven on Tucker is a valuable addition to our portfolio and our team looks forward to delivering high-quality housing and an excellent resident experience.”
Significant Acquisitions Propel the Company’s Growth in Three Key Markets
BOSTON, Mass., January 12, 2021 — West Shore, a fully integrated multifamily real estate investment firm, today announced the acquisition of three new properties: the 276-unit Mark at Chatham in Savannah, Georgia; the 301-unit 500 East Apartments in Daytona Beach, Florida; and the 315-unit Broadstone Lake Walk in College Station, Texas. The company completed the acquisitions of all three assets on December 30, 2020. With the addition of these acquisitions, West Shore now owns and operates 30 residential communities with 9,491 apartment units and well over $1.5 billion in value.
“We continue to expand our portfolio of multifamily assets with the addition of these three exceptional properties,” said Steven P. Rosenthal, West Shore Chairman. “We are very pleased to grow our presence and leverage our knowledge in these key markets in Texas, Georgia, and Florida, positioning us well for much additional future growth.”
“We are particularly proud to report that our growing portfolio continues to deliver superior operating performance.” said Lee Rosenthal, President of West Shore. “These new acquisitions provide both location and amenities that offer long term value and are examples of West Shore’s commitment to continued expansion.”
The Mark at Chatham (www.themarkatchatham.com), located at 1475 Chatham Parkway in Savannah, Georgia, is a multifamily property centrally located minutes from the Savannah College of Art and Design (SCAD), and is proximate to historic Downtown Savannah and Savannah’s largest employers. The units at this brand new community feature stainless steel appliances, quartz countertops, wood-style flooring, and designer finishes throughout. Extensive property amenities include a saltwater resort-style swimming pool, outdoor kitchen, game areas, fire pits, a state-of-the-art fitness center with yoga and cycle rooms, and a private pond. In Savannah, West Shore also owns and operates Grand Oaks at Ogeechee River, a 316-unit community, and Walden at Chatham Center, a 236-unit community that was acquired in September.
500 East Apartments (www.500eastapartments.com), located at 1851 LPGA Boulevard in Daytona Beach, Florida, is a brand new community in the heart of Daytona Beach. The community features state-of-the-art amenities including a resort-style saltwater pool, covered loggia with lounge and TVs, porch swings, outdoor kitchen, fire pit, and ultramodern fitness center. The units have open concept floor plans with kitchen islands, gourmet kitchens with granite countertops and stainless-steel appliances, walk-in closets, USB outlets, and screened-in lanais. The community’s prime location is just off of I-95 and is conveniently located near Daytona Beach International Airport, Daytona International Speedway, LPGA International Golf Course, World’s Most Famous Beach, and Downtown Daytona Beach.
Broadstone Lake Walk is brand new community located at 8175 Atlas Pear Drive in College Station, Texas. The community will be integrated into the adjacent 8085 at Traditions community (a 657-unit property owned and operated by West Shore since 2018) to become Lake Walk at Traditions Apartments. The newly combined, best in class 972-unit residential community spans four unique luxury properties in Bryan-College Station. The Lake Walk at Traditions Apartments community (www.lakewalktraditions.com), noteworthy for its greater regional access, consists of more than 50 one, two, and three bedroom floor plans. Units feature open concept floor plans with spacious 9-foot ceilings, wood-style flooring, chef-inspired kitchens, stainless-steel appliances, washing machines and dryers, spacious walk-in closets, private balconies, and wine refrigerators and beverage centers in select units. The sprawling, gated property also offers residents access to luxury amenities, including four resort-style swimming pools with poolside cabanas, four state-of-the-art 24-hour fitness centers with two virtual fitness and training centers, four clubhouses, an outdoor putting green, four dog parks, electric car charging stations, and outdoor gaming areas. The community is surrounded by world-class businesses, located in the master-planned Traditions Golf Community, in the heart of the Research Valley and BioCorridor, near Texas A&M University, and next to Lake Walk Town Center. West Shore also owns and operates SoCo at Tower Point, a 318-unit community in College Station.
Multifamily Property in Savannah Marks Second Addition to West Shore’s Georgia Portfolio
BOSTON, Mass., October 1, 2020 /PRNewswire/ — West Shore, a fully integrated multifamily real estate investment firm, today announced the acquisition of Walden at Chatham Center, marking the company’s 30th acquisition. West Shore continues to grow the company’s national footprint with the addition of this 236-unit premier apartment community located in Savannah, Georgia.
In the past five months the company has acquired four properties in its key markets of Georgia, Florida, North Carolina, and South Carolina. With the acquisition of Walden at Chatham Center, West Shore now owns and operates 28 residential properties with 8,598 apartment units and over $1.35 billion in value. West Shore already owns Grand Oaks at Ogeechee River in Savannah, the city’s only apartment community with deep water access.
“We are very confident in Savannah’s long-term growth prospects and we are pleased to acquire another terrific asset in Georgia,” said West Shore Chairman Steven P. Rosenthal.
Walden at Chatham Center, conveniently located off Chatham Parkway at 100 Walden Lane, consists of fifteen residential apartment buildings and six unique one-, two-, and three-bedroom floor plans, including carriage houses and lofts. The property also includes a clubhouse / leasing facility, a swimming pool with waterfall, 24-hour fitness center, dog park, playground, covered car care facility, picnic areas with grills and picnic tables, storage units, and private garages. Walden at Chatham Center is centrally located minutes from the Savannah College of Art and Design (SCAD), is proximate to some of Savannah’s largest employers, and provides easy access to Savannah International Airport, historic Downtown Savannah, and the adjacent barrier islands and beaches.
“West Shore is continuing to expand our portfolio of multifamily assets with another remarkable property in Savannah,” said Lee Rosenthal, President of West Shore. “We are very excited about our acquisition of Walden at Chatham Center, where we can offer residents a high-quality lifestyle and proximity to downtown Savannah and major job centers.”
The leasing office at Walden at Chatham Center is open Mondays through Fridays from 9:00 am to 6:00 pm and Saturdays from 10:00 am to 5:00 pm. For more information, please visit www.waldenchathamcenter.com.
BOSTON, June 22, 2020 /PRNewswire/ — West Shore, a fully integrated multifamily real estate investment firm, announced today the acquisition of Isla Antigua, a unique 249-unit apartment community located in St. Augustine, Florida. The addition of this asset marks West Shore’s 29th acquisition and its 13th in the state of Florida. The company’s expanding national footprint now includes 27 residential properties with 8,361 apartment units and well over $1 billion in assets under management.
“We are excited to further expand our footprint in Florida with this remarkable asset in St. Augustine,” said West Shore Chairman Steven P. Rosenthal. “The acquisition of Isla Antigua is a great example of our real estate investment strategy.”
Isla Antigua, located at 655 West Marina Cove Drive, has over 850 feet of Intracoastal Waterway frontage in St. Augustine, FL, and is the only multifamily asset built on Anastasia Island since 1984. The newly constructed community is in an ideal location with quick access to retail, entertainment, historic Downtown St. Augustine, and the city’s largest job centers. The property’s unique waterfront outdoor amenities include a resort-style pool with private cabanas, an outdoor kitchen with grilling and dining areas, a sunset beach retreat with fire pit lounges, and a private dock with a kayak launch system. The grand clubhouse features billiards, game, and media rooms, a full business center, and a professional fitness club that includes interactive cardio equipment, a yoga and spin studio, and an indoor rotating rock-climbing wall. The community’s apartments boast breathtaking waterfront views and open concept floor plans with modern kitchens, high-end finishes, oversized closets, and private balconies.
“Isla Antigua is a very valuable addition to our growing portfolio,” said Lee Rosenthal, President of West Shore. “We are proud of our expansion in Florida and we expect to continue our significant growth both in Florida and nationally as well.”
In addition to Isla Antigua, West Shore’s other multifamily properties in Florida include: Grande Oasis at Carrollwood in Tampa, Deerwood Village in Ocala, The District at Clearwater in Clearwater, The Point at Naples and Belvedere at Quail Run in Naples, Savannahs at James Landing and Veridian Townhomes in Melbourne, and Live Oaks at Killearn, 2305 at Killearn, and The Greens at Old St. Augustine in Tallahassee.
The leasing office at Isla Antigua is open Mondays through Fridays from 9:00 am to 6:00 pm and Saturdays from 10:00 am to 5:00 pm. For more information, please visit https://www.islaapts.com/.
BOSTON, May 26, 2020 /PRNewswire/ — West Shore, a fully integrated, multifamily real estate investment firm, has acquired two Class A multifamily communities in the Carolinas in as many weeks. With the addition of Plantation at Pleasant Ridge in Greensboro, North Carolina, and Town Center at Lake Carolina in Columbia, South Carolina, West Shore now owns and manages seven properties across the Carolinas.
In the past 12 months, West Shore has acquired four properties in North and South Carolina. The company’s expanding national portfolio now includes 26 residential properties with 8,111 apartment units and well over $1 billion in assets under management.
“These properties are in proximity to several other properties that West Shore owns in the Carolinas, situating us well for future expansion in the market,” said Steven P. Rosenthal, Chairman of West Shore. “We are very optimistic about the prospect of continued growth in the Carolinas and our portfolio is well positioned to benefit from that growth.”
Plantation at Pleasant Ridge (www.pleasantridgeplantation.com), located at 1198 Pleasant Ridge Road in Greensboro, North Carolina, offers 288 apartment homes ranging in size from one to three bedrooms. The community has four unique floor plans complete with modern kitchens and high-end finishes such as granite countertops, stainless steel appliances, spacious oversized closets, and private balconies. Extensive community amenities include a zero-entry swimming pool, outdoor cabanas, a fire pit, a state-of-the-art 24-hour fitness center, and a clubhouse containing a billiards room and game room. Pleasant Ridge is conveniently located minutes from Piedmont Triad International Airport, Highway 68 and I-40, and near downtown Greensboro.
Town Center at Lake Carolina (www.towncenteratlakecarolina.com), located at 20 Helton Drive in Columbia, South Carolina, is comprised of 260 one to three-bedroom luxury apartment homes. The property features generous clubhouse space, a resort-style pool, a fitness center with yoga studio, a playground, parks and green space, and miles of walking trails. The apartment units are designed with exclusive interior features including open floor plans, high ceilings, and chef-inspired kitchens. The property is located near Lake Carolina with easy access to I-77 and I-20, and a short drive from the University of South Carolina, BlueCross Blue Shield of South Carolina, Fort Jackson, and Prisma Health.
“The Plantation at Pleasant Ridge and Town Center at Lake Carolina are both terrific properties and very valuable additions to West Shore’s portfolio,” said West Shore President Lee Rosenthal. “We look forward to much continued growth in this region for West Shore.”
In addition to The Plantation at Pleasant Ridge and Town Center at Lake Carolina, West Shore’s other multifamily properties in the Carolinas include: Ansley Falls and Aurea Station in Charlotte, NC, Arcadia’s Edge in Columbia, SC, Reserve at Mill Landing in Lexington, SC, and Riverwalk Apartments in Rock Hill, SC.
Grande Oasis at Carrollwood marks largest acquisition for real estate investment firm
BOSTON, Dec. 2, 2019 /PRNewswire/ — West Shore today announced it completed the acquisition of a premier 883-unit residential community in Tampa, Florida, the company’s largest single transaction in its three-year history.
Grande Oasis at Carrollwood is a well-located top-tier asset, offering residents a variety of amenities on a sprawling, 58 acre site. The transaction marks West Shore’s 26th acquisition nationwide and its 12th in Florida.
West Shore Chairman Steven P. Rosenthal describes Grande Oasis as an ideal high caliber multifamily asset the company sought for its growing portfolio, with an expected high return on investment. “Grande Oasis is truly a premier property with a superb location, high end amenities, and a solid job market,” said Rosenthal. “This deal demonstrates our ongoing success and portfolio growth over the last three years as we continue to identify and acquire high quality properties like Grande Oasis in thriving areas.”
Grande Oasis is centrally located in Tampa’s Carrollwood section, within close proximity to Tampa’s many demand drivers, amenities, and attractions including the Westshore Business District, Tampa Riverwalk, Raymond James Stadium, University of Tampa, ZooTampa, Busch Gardens, University of South Florida, and St. Joseph’s Hospital.
“Grande Oasis is a major addition to our portfolio,” said Lee Rosenthal, West Shore President. “We now own and operate 12 Florida properties and we see tremendous opportunity for continued growth in all of our Florida markets. Grande Oasis is a top-tier property in a solid market and we are especially pleased to be adding scale in the Tampa area – one of the country’s fastest growing metropolitan areas in terms of job and population growth.”
Palm trees surround the private, gated, pet-friendly, lakeside community, which was built in 1991 and renovated in 2006. Residents also have easy access to public transportation from the property. The community offers residents spacious studio, one, two, and three bedroom floor plans, designed to be customized to meet their every need. Individual units feature fully-renovated kitchens with granite countertops; upgraded plank flooring and carpeting; spacious walk-in closets; ample storage space; high ceilings; fireplaces; beautiful views of the lake, pools, and nature; high-end appliances and screened-in balconies or patios in select units. Community amenities include an activity center; three resort-style pools with spa and sundeck; new, upgraded fitness center complete with cardio room and equipment; and three lighted tennis courts. Car garages and storage units, valet trash service, car care and wash station, bike racks, 24-hour clothes care center, and on-site maintenance and management are available. The property also boasts several outdoor living enhancements including a seven-acre lake with beautiful views and two fishing docks; tranquility garden and urban vegetable garden; nature preserve with one mile walking trail; brand new playground; and picnic areas complete with barbecue grills.
West Shore owns and manages 11 additional Florida properties: Deerwood Village in Ocala; Legacy at Fort Clarke in Gainesville; Belvedere at Quail Run in Naples; The District at Clearwater in Clearwater; Savannahs at James Landing in Melbourne; Grand Oaks Apartments in Riverview; The Point at Naples in Naples; Veridian Townhomes in Melbourne; 2305 at Killearn in Tallahassee; Live Oaks at Killearn in Tallahassee; and The Greens at Old Saint Augustine in Tallahassee.
The leasing office is now open at 3516 Grand Cayman Drive, Tampa, FL 33614, Mondays through Fridays from 9:00 a.m. to 6:00 p.m., Saturdays from 10:00 a.m. to 5:00 p.m. and Sundays from 1:00 p.m. to 5:00 p.m. For more information, please visit https://www.grandeoasis.com/.
President, West Shore
Industry experience: Nine years
By Steve Adams | Banker & Tradesman Staff | Nov 24, 2019
A father-and-son team with deep connections in Boston legal and real estate circles is carving out a niche in the private equity industry as a multifamily investor. Boston-based West Shore specializes in acquisitions of garden-style apartment communities in markets with dramatically lower housing costs than Greater Boston – which could translate into more growth potential.
West Shore Chairman Steve Rosenthal is a former managing partner at the law firm now known as Mintz and a former CEO of developer Northland Investment Corp. His son Lee, a 33-year-old Harvard graduate, worked in acquisitions and financing at Northland before the two founded West Shore in 2016. The firm has raised three private equity funds that have acquired 24 rental properties totaling nearly 6,700 units with an estimated market value of over $1 billion.
Q: What’s West Shore’s investment strategy?
A: To acquire high-quality multifamily assets below replacement cost in certain markets. We’re a big believer in Boston, but with the returns we’re trying to hit, it was most conducive for us to explore the Sunbelt. It’s really a niche strategy: all garden-style multifamily units, and it’s proven to give us some operational advantages versus mid-rise or high-rise properties. Your expense load is lower as well.
The management responsibilities at a garden-style are different, and we manage everything we own.
We’re completely vertically integrated. We’re really fortunate to have a strong acquisition story over the past few years. I started in Florida, having great familiarity there. In my career prior to West Shore, I spend the most time in Austin, Texas and Florida, so naturally those were the first two places I gravitated toward. We thought it would be good to geographically diversity. There are nuances in every market, but also great similarities in culture and rent points. Our average price per unit across the portfolio is about $125,000 to $135,000. The rent-to-income ratios in our portfolio is quite high, which is hopefully a bullish point for the future.
Q: What percentage of your acquisitions are off-market?
A: A lot of it. It’s pounding the pavement, working local contacts in the brokerage community, having direct relationships. There’s multiple sellers where we’ve acquired two or three assets from them. I get a call before it goes out, or it may be a busted marketing process where the asset was sitting out there for several months and it didn’t transact. We often come in second or third [in bidding] and get a call back. Nine out of 10 are off-market, but we’re looking for good value. If there’s a good opportunity, we’re not afraid to go after it, but in this competitive environment, it’s important to make sure those off-market activities exist. Some of the smaller markets may be more fractured in the ownership.
Q: What demographics do you seek in a market?
A: It’s major educational and medical job growth hubs, and population growth. When I say high household income, if our average rents are roughly $1,200 and the average household income is roughly $80,000 throughout the portfolio, there’s a really healthy spread there. That’s a more than a five-to-one rent-to-income ratio and even in a recession or a bad market, everybody needs shelter. We feel pretty protected from the massive fluctuation in the overall economy in America. Everyone is talking about upside and growth, but we feel the cash flows are strong and consistent in the portfolio and the tenant is not recession-proof, but recession-resistant.
Q: How much of the latest fund has been invested so far?
A: Right now we are on West Shore fund III and getting ready to close that down, [and scheduled to acquire] a couple of assets by the end of the year. Next will be fund IV. These are niche funds, $60 million to $75 million, and six to 10 assets. And then we put that in a box and start a new fund. Nothing goes in the fund that we feel doesn’t hit our target.
Q: What’s the profile of your investors?
A: It’s really high–net worth individuals. We have a great team and longstanding relations in the community, and continue to gain traction on the fundraising side as we build that track record and show success and returns on a consistent basis. We co-invest very heavily in all our funds. The general partnership is heavily invested, so these deals have to work on their merits. We’re not in this for the fees. We’re in this to buy good real estate and watch alongside the growth, and benefit mutually.
Q: Does West Shore own any properties in jurisdictions contemplating rent control?
A: Not yet. Particularly in the Southeast, the governments in most of the portfolio would not favor that.
Q: How good is the capital markets climate for acquisitions in West Shore’s niche?
A: That is a strength of the market right now, and asset values continue to rise because of the strength of the capital markets top to bottom. It’s as good a time to borrow as ever. What’s important is to make sure we’re buying strong assets with a strong business plan. Regardless of the conditions in the capital markets, we want all of our deals to work on their merits and not be financially engineered.
Q: What’s your father’s role in the company and how has he influenced your career?
A: Steve is the chairman of West Shore and I couldn’t think of a better partner or mentor. The success of our business is our working relationship, which is completely separate from the familial connection. It really works because he’s such an excellent businessman. He’s so integral in the fundraising efforts, of course, and one of the most prodigious fundraisers I’ve ever come across. People know they can trust him and we’re going to look out for everybody’s best interests. He’s built and grown companies before significantly, and he’s a tremendous asset to consult with as we grow our own operations.
Q: Why doesn’t Greater Boston fit into your investment profile?
A: It’s interesting. There’s a lot of supply up here, and the rents in Boston versus the inner suburbs are astounding, and then you go to the outer suburbs and it’s even more astounding. There’re really three levels of rent. The conventional wisdom out on [Interstate] 495 is that deals pencil to a pricepoint that still seems to be a fraction of what you’re paying in Boston, and a fraction of what you’re paying inside [Route] 128. The one question is overall demand: is there enough population growth and really job growth to fill another whole wave of supply, like you saw in the mid-2000s. I don’t think it’s impossible, but I’m not sure I would say with conviction there’s tremendous rent growth on 495.
Rosenthal’s Five Favorite Esoteric Lighthouses:
Assateague Lighthouse, Chincoteague, Virginia
Cockspur Island Lighthouse, Tybee Island, Georgia
St. Augustine Lighthouse, St. Augustine, Florida
Block Island North Light, Block Island, Rhode Island
Dyce Head Lighthouse, Castine, Maine
BOSTON, MA, November 12, 2019 – West Shore, a fully integrated, multifamily real estate investment firm, today announced the acquisition of Arcadia’s Edge, a 204-unit luxury residential community in Columbia, South Carolina. The top-tier, Class A asset, which offers residents luxurious amenities in a serene and natural setting, is West Shore’s 25th acquisition nationwide and its fifth in the Carolinas.
Arcadia’s Edge is centrally located in the state capital of Columbia, one of the fastest growing metropolitan regions in the Southeast. Columbia was recently ranked among the Top Places to Live by U.S. News & World Report and is widely regarded as one the best cities for millennials, given its thriving economy.
According to West Shore Chairman Steven P. Rosenthal, Arcadia’s Edge is a perfect example of the caliber of multifamily asset the company seeks for its portfolio; superior residential properties located in thriving markets. “Arcadia’s Edge is a unique Class A property that offers residents the best of everything—ideal location, robust economy, solid job market and luxury living,” said Rosenthal. “This deal is demonstrative of our success and growth over the last three years as we continue to identify and acquire high quality, off market properties like Arcadia’s Edge, in high-growth areas like Columbia.”
Built in 2012, the 220,000 square foot, 13-acre private community is surrounded by trees and highlighted by preserved wetlands. It was the first community in South Carolina to be certified by the National Association of Home Builders as meeting the National Green Building Standard.
Arcadia’s Edge is one of the region’s premier luxury communities, offering residents spacious one, two, and three bedroom open-concept floor plans, designed for smart living and customized to meet their every need. Individual units feature granite countertops, sleek stainless steel appliances, designer wood cabinetry, spacious walk-in closets, ample storage space, nine foot ceilings and beautifully vaulted ceilings and private patios in select units. Communal amenities include a resort style saltwater swimming pool and sundeck; poolside grilling and dining; waterfront park and fire pit; outdoor resident lounge, complete with a fireplace and media center; scenic pond; wooded walking trail; community garden; state-of-the-art fitness center; and first class clubhouse, including a cyber café and coffee bar. The property also boasts several green amenities and features including Energy Star Frigidaire appliances, Low-E glass windows, low flow water fixtures, low VOC paints, Rinnai Value tank-less gas water heaters, a natural irrigation system and sustainable landscaping.
“We are thrilled to add Arcadia’s Edge to our portfolio,” said Lee Rosenthal, West Shore President. “We now own and operate 1,429 units in the Carolinas and we see tremendous opportunity for continued growth there. Arcadia’s Edge is a top-tier, well-built property in a solid market and we are especially pleased to be adding scale in the Columbia market.”
West Shore owns and manages four additional properties in the Carolinas: Ansley Falls in Charlotte, North Carolina; Aurea Station in Charlotte, North Carolina; Reserve at Mill Landing in Lexington, South Carolina; and Riverwalk in Rock Hill, South Carolina.
BOSTON, MA, September 9, 2019 – West Shore, 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.”
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. “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.
Riverwalk Apartments in Rock Hill marks fourth major acquisition in the Carolinas
BOSTON, MA, June 25, 2019 – West Shore, 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. “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. 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.
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 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.