About Acquisition:
Acquired from an international owner below replacement cost
About Property:
Located in Valley Village adjacent to Studio City on a private cul-de-sac, the property sits on a 1 acre site with favorable underlying zoning for up to 73 units.
Acquired from an international owner below replacement cost
About Property:
Located in Valley Village adjacent to Studio City on a private cul-de-sac, the property sits on a 1 acre site with favorable underlying zoning for up to 73 units.
Valley Village Los Angeles
Core Location: Studio City Adjacent
Year Built: 1953
Units: Five contiguous apartment buildings
Acquired: 2015
Year Built: 1953
Units: Five contiguous apartment buildings
Acquired: 2015
About Acquisition:
Off market transaction for a 4 property portfolio below replacement cost
About Property:
Located in the downtown Orange County Civic Center Area near Artist's Village and the Historic Downtown area.
Off market transaction for a 4 property portfolio below replacement cost
About Property:
Located in the downtown Orange County Civic Center Area near Artist's Village and the Historic Downtown area.
Orange County Portfolio
Core Location: Santa Ana, CA
Year Built: 1980's
Units: 164
Acquired: 2015
Year Built: 1980's
Units: 164
Acquired: 2015
About Acquisition:
Acquired from an institutional owner well below replacement cost
About Property:
Located 20 minutes Southeast of Portland CBD, the Crowne Plaza Lake Oswego is situated within the premier Portland submarket and within walking distance to 2.3MM square feet of Class A office space on Kruse Way. The only full-service hotel in the submarket, the hotel features interior corridor atrium-style architecture, 5,000 SF of flexible meeting space, a restaurant in the lobby, and indoor/outdoor pools.
Acquired from an institutional owner well below replacement cost
About Property:
Located 20 minutes Southeast of Portland CBD, the Crowne Plaza Lake Oswego is situated within the premier Portland submarket and within walking distance to 2.3MM square feet of Class A office space on Kruse Way. The only full-service hotel in the submarket, the hotel features interior corridor atrium-style architecture, 5,000 SF of flexible meeting space, a restaurant in the lobby, and indoor/outdoor pools.
Crowne Plaza Hotel
Core Location: Lake Oswego, OR (Portland)
Year Built: 1989
Units: 161 Guestrooms
Acquired: 2014
Year Built: 1989
Units: 161 Guestrooms
Acquired: 2014
About Acquisition:
Off market transaction for a potential development parcel located directly adjacent to another asset owned by Empire USA
About Property:
Located at the intersection of Northgate Dr and Manuel T Freitas Pkwy, the property is currently NNN leased to a UPS store and a gas station. The acquisition will provide increased signage and visibility for the adjacent hotel owned by Empire USA as well as future development potential for mixed uses consistent with the master plan of Marin County.
Off market transaction for a potential development parcel located directly adjacent to another asset owned by Empire USA
About Property:
Located at the intersection of Northgate Dr and Manuel T Freitas Pkwy, the property is currently NNN leased to a UPS store and a gas station. The acquisition will provide increased signage and visibility for the adjacent hotel owned by Empire USA as well as future development potential for mixed uses consistent with the master plan of Marin County.
1005 Northgate
Core Location: San Rafael, CA
Year Built: 2001
Units: Commercial Property
Acquired: 2014
Year Built: 2001
Units: Commercial Property
Acquired: 2014
About Acquisition:
Transaction priced below replacement cost with an interior value-add renovation already underway
About Property:
Located on 12.6 acres within the supply constrained City of Ventura, Pacific Gardens will undergo a value add reposition with continued renovation of unit interiors as well as common area improvements including the addition of a fitness center, 2 car garages, and resort-style entrance/exit gates.
Transaction priced below replacement cost with an interior value-add renovation already underway
About Property:
Located on 12.6 acres within the supply constrained City of Ventura, Pacific Gardens will undergo a value add reposition with continued renovation of unit interiors as well as common area improvements including the addition of a fitness center, 2 car garages, and resort-style entrance/exit gates.
Pacific Gardens
Core Location: Ventura, CA
Year Built: 1971
Units: 309
Acquired: 2014
Year Built: 1971
Units: 309
Acquired: 2014
About Acquisition:
Off-market transaction for a potential redevelopment parcel adjacent to the beach.
About Property:
Located within the Kaanapali Beach Resort Corridor, this property has multiple potential development options for new retail, multifamily, or condominiums that conform with the Maui Master Plan. This parcel is one of the last remaining development properties in this premier resort submarket.
Off-market transaction for a potential redevelopment parcel adjacent to the beach.
About Property:
Located within the Kaanapali Beach Resort Corridor, this property has multiple potential development options for new retail, multifamily, or condominiums that conform with the Maui Master Plan. This parcel is one of the last remaining development properties in this premier resort submarket.
Lahaina Mixed-Use Development Site
Core Location: Lahaina, Hawaii (Maui)
Year Built: N/A
Units: TBD
Acquired: 2014
Year Built: N/A
Units: TBD
Acquired: 2014
About Acquisition:
REO acquisition of the largest apartment property on Maui that is fully mapped for condominiums at a discount to replacement cost.
About Property:
Located on 6.75 acres of the idyllic western coast of Maui, Sunset Terrace offered a rare opportunity to acquire 288 condominiums in a heavily constrained market. Centrally located between Kapalua and Kaanapali, Sunset Terrace features an impressive ammenity package with direct beach access, a private pool, spa, and built-in barbeque grills for all residents.
REO acquisition of the largest apartment property on Maui that is fully mapped for condominiums at a discount to replacement cost.
About Property:
Located on 6.75 acres of the idyllic western coast of Maui, Sunset Terrace offered a rare opportunity to acquire 288 condominiums in a heavily constrained market. Centrally located between Kapalua and Kaanapali, Sunset Terrace features an impressive ammenity package with direct beach access, a private pool, spa, and built-in barbeque grills for all residents.
Sunset Terrace
Core Location: Lahaina, Hawaii (Maui)
Year Built: 1987
Units: 288 Condominiums
Acquired: 2013 (Purchased out of REO Portfolio)
Year Built: 1987
Units: 288 Condominiums
Acquired: 2013 (Purchased out of REO Portfolio)
About Acquisition:
Property was purchased through a short sale. EmpireUSA acquired a partnership interest in the LLC that acquired the asset.
About Property:
Located in The Lakes master plan on approximately 40 acres of land adjacent to the upscale Summerlin development. Allanza is one of the largest apartment properties in Las Vegas.
Property was purchased through a short sale. EmpireUSA acquired a partnership interest in the LLC that acquired the asset.
About Property:
Located in The Lakes master plan on approximately 40 acres of land adjacent to the upscale Summerlin development. Allanza is one of the largest apartment properties in Las Vegas.
Allanza at the Lakes
Core Location: Las Vegas. NV
Year Built: 1986
Units: 896 Units
Acquired: 2013
Year Built: 1986
Units: 896 Units
Acquired: 2013
About Acquisition:
The investment in this flagged hotel asset was sourced off-market and acquired from a partnership that was liquidating.
About Property:
Located 15 minutes north of the San Francisco Golden Gate Bridge in Marin County, renowned for its scenic bay and coastline and one of the highest per capita income levels in the country, this interior-corridor hotel has, 6,600 square feet of flexible meeting space, the Marin Steak & Spirits Company restaurant & bar, and a outdoor patio/lounge surrounding the outdoor swimming pool. The property sits on 6.75 acres and is zoned for additional development rights for multifamily units, where there is a current inventory shortage in the immediate area.
The investment in this flagged hotel asset was sourced off-market and acquired from a partnership that was liquidating.
About Property:
Located 15 minutes north of the San Francisco Golden Gate Bridge in Marin County, renowned for its scenic bay and coastline and one of the highest per capita income levels in the country, this interior-corridor hotel has, 6,600 square feet of flexible meeting space, the Marin Steak & Spirits Company restaurant & bar, and a outdoor patio/lounge surrounding the outdoor swimming pool. The property sits on 6.75 acres and is zoned for additional development rights for multifamily units, where there is a current inventory shortage in the immediate area.
Four Points by Sheraton
Core Location: San Rafael, CA (Marin)
Year Built: 1960's renovated in 2008
Units: 235
Acquired: 2013
Year Built: 1960's renovated in 2008
Units: 235
Acquired: 2013
About Acquisition:
Mesa Club was purchased significantly below its previous 2008 sale price and well below its replacement cost, taking advantage of buying near the bottom of the Las Vegas market that has begun to rebound. In addition to the discount, the acquisition also contained a value add component.
About Property:
Mesa Club offers a superior amenity package, including a pool, spa, a renovated clubhouse with a fully equipped gym, cinema room, game room, tanning bed and sauna. It is in the desirable Green Valley/Henderson community, with panoramic views of the City and Strip.
Mesa Club was purchased significantly below its previous 2008 sale price and well below its replacement cost, taking advantage of buying near the bottom of the Las Vegas market that has begun to rebound. In addition to the discount, the acquisition also contained a value add component.
About Property:
Mesa Club offers a superior amenity package, including a pool, spa, a renovated clubhouse with a fully equipped gym, cinema room, game room, tanning bed and sauna. It is in the desirable Green Valley/Henderson community, with panoramic views of the City and Strip.
Mesa Club
Value Add Location: Henderson, NV (Green Valley)
Year Built: 1989
Units: 368
Acquired: 2013
Year Built: 1989
Units: 368
Acquired: 2013
About Acquisition:
Cobblestone was purchased significantly below replacement cost at a time when the Las Vegas market is rebounding from the real estate downturn. It is located on Paradise in the "Resort Corridor," directly across from the Hard Rock Casino Spa and Resort and also across from the proposed $800 million dollar, 60,000 seat UNLV football and major events center. Ownership plans to implement a capital improvement program to reposition the property, capitalizing on the shortage of high quality multifamily properties within the Las Vegas "Resort Corridor."
About Property:
With its location, there is also the potential to obtain additional entitlement rights. The FAA has approved the eight acre site for a highrise redevelopment.
Cobblestone was purchased significantly below replacement cost at a time when the Las Vegas market is rebounding from the real estate downturn. It is located on Paradise in the "Resort Corridor," directly across from the Hard Rock Casino Spa and Resort and also across from the proposed $800 million dollar, 60,000 seat UNLV football and major events center. Ownership plans to implement a capital improvement program to reposition the property, capitalizing on the shortage of high quality multifamily properties within the Las Vegas "Resort Corridor."
About Property:
With its location, there is also the potential to obtain additional entitlement rights. The FAA has approved the eight acre site for a highrise redevelopment.
Cobblestone Creek Apartments
Value Add Location: Las Vegas, CA
Year Built: 1980
Units: 342
Acquired: 2013
Year Built: 1980
Units: 342
Acquired: 2013
About Acquisition:
SummerView was acquired at a significant discount to market value via bankruptcy proceedings. The property presented a value add opportunity with improved management and capital improvements.
About Property:
In addition to its value add component, Summerview sits on over four acres of high density multi family zoned land in a prime A location off the intersection of the 101 and 405 freeways. Ownership is currently seeking entitlements for the site in conjunction with another adjancent asset owned (Weddington). Seeking entitlements for 360 residential units on the two combined properties.
SummerView was acquired at a significant discount to market value via bankruptcy proceedings. The property presented a value add opportunity with improved management and capital improvements.
About Property:
In addition to its value add component, Summerview sits on over four acres of high density multi family zoned land in a prime A location off the intersection of the 101 and 405 freeways. Ownership is currently seeking entitlements for the site in conjunction with another adjancent asset owned (Weddington). Seeking entitlements for 360 residential units on the two combined properties.
Summerview Apartments
Value Add Location: Sherman Oaks, CA
Year Built: 1963
Units: 169
Acquired: 2012 (Purchased out of U.S. Bankuptcy Sale)
Year Built: 1963
Units: 169
Acquired: 2012 (Purchased out of U.S. Bankuptcy Sale)
About Acquisition:
With a build cost of approximately $60 million dollars, EmpireUSA acquired the asset with an institutional equity partner at a significant discount through a 363 bankruptcy sale. The ownership finished the construction of the asset and lease up at the premium projected rental rates.
About Property:
One of the premier multifamily assets in the San Francisco Bay Area, the project was originally built as 82 individual, ultra luxury condominiums. The units average over 1,250 square feet and have expansive private balconies overlooking hills and Bay. The condominium quality finishes include gourmet kitchens with custom European cabinetry, Caesarstone countertops, glass backsplashes, premium hardwood flooring, Bosch appliances, and full size washer/dryers. The property is the most luxurious multi family property in its submarket.
With a build cost of approximately $60 million dollars, EmpireUSA acquired the asset with an institutional equity partner at a significant discount through a 363 bankruptcy sale. The ownership finished the construction of the asset and lease up at the premium projected rental rates.
About Property:
One of the premier multifamily assets in the San Francisco Bay Area, the project was originally built as 82 individual, ultra luxury condominiums. The units average over 1,250 square feet and have expansive private balconies overlooking hills and Bay. The condominium quality finishes include gourmet kitchens with custom European cabinetry, Caesarstone countertops, glass backsplashes, premium hardwood flooring, Bosch appliances, and full size washer/dryers. The property is the most luxurious multi family property in its submarket.
33 North
Core Location: San Rafael, CA (Marin)
Year Built: 2012
Units: 82 Luxury Condominiums
Acquired: 2012 (Purchased out of U.S. Bankuptcy Sale)
Year Built: 2012
Units: 82 Luxury Condominiums
Acquired: 2012 (Purchased out of U.S. Bankuptcy Sale)
RECENT DISPOSITIONS
33 North (82 Units)
Location: San Rafael, CA (Marin County)
Year Built: 2012
Units: 82 Ultra Luxurious Condominiums
Disposition: 2015
Lakes by Mill Creek (223 Units)
Location: Everett, WA (Seattle MSA)
Year Built: 1986
Units: 223
Disposition: 2014
Glendale Hills (92 Units)
Location: Glendale, CA (Los Angeles MSA)
Year Built: 1964
Units: 92
Disposition: 2014
Park Estates (104 Units)
Location: Sylmar, CA (Los Angeles MSA)
Year Built: 1954
Units: 104
Disposition: 2014
Madison at Dell Ranch (240 Units)
Location: Round Rock, TX (Austin MSA)
Year Built: 2001
Units: 240
Disposition: 2012
Mansions at Dell Ranch (256 Units)
Location: Round Rock, TX (Austin MSA)
Year Built: 2003
Units: 256
Disposition: 2012
The two properties were acquired individually from two separate sellers. The properties were renovated and rebranded to capitalize on synergies between the two adjacent assets and their proximity to Dell's World Headquarters. The newly combined portfolio proved attractive, and both assets were sold together in 2012 to a REIT.