Page 4 – West Shore

West Shore Expands Portfolio With Florida and South Carolina Acquisitions

Mon, 03 Nov 2025 15:10:18 GMT

West Shore Expands Portfolio With Florida and South Carolina Acquisitions

By Christine Serlin from Multifamily Executive

Palm Beach Gardens Apartments marks West Shore's 18th acquisition in Florida.

Fully integrated real estate investment firm West Shore is expanding its portfolio in the Southeast. With the acquisitions of Ironwood Apartments in North Augusta, South Carolina, and Palm Beach Gardens Apartments in Palm Beach Gardens, Florida, the Boston-based firm’s multifamily portfolio has surpassed 18,500 owned and operated units in the Southeast and Southwest.

“Our continued investment in the Southeast … marks a significant milestone in West Shore’s sustained and impactful growth, as we now own and operate more than 18,500 units nationwide,” said president Lee Rosenthal. “This achievement reflects the strength of our strategy, which combines an entrepreneurial approach to real estate with the discipline of institutional investment in the multifamily sector.”

Palm Beach Gardens Apartments marks West Shore’s 18th acquisition in Florida, where it owns and operates 5,852 units.

The 542-unit community comprises upscale one-, two-, and three-bedroom apartments with fully equipped kitchens and pet-friendly homes. Residents also have access to modern amenities, such as a 24-hour fitness center, a resort-style pool, a putting green, and a basketball half-court.

Centrally located in Palm Beach Gardens, the community offers direct access to Interstate 95 and the Florida Turnpike. It also provides residents easy access to shopping, dining, and outdoor attractions.

“Palm Beach Gardens Apartments combines modern living with a prime location that promotes an active and convenient lifestyle,” said chairman Steven P. Rosenthal. “Florida continues to be one of the country’s strongest multifamily markets, and we’re pleased with this acquisition that reflects our ongoing commitment to high-quality assets and strategic growth.”

Ironwood Apartments in North Augusta, South Carolina, includes a resort-style saltwater pool.

The 280-unit Ironwood Apartments comprises a mix of studio, one-, two-, and three-bedroom apartments, featuring high ceilings, granite countertops, stainless steel appliances, and wood-style flooring. Amenities include a resort-style saltwater pool, a 24-hour fitness center, an outdoor fireplace, and a dog-wash station. The community is conveniently located within walking distance of the North Augusta Greenway and SRP Park. It’s also just off U.S. Route 25, with quick commutes to jobs and schools.

“Ironwood Apartments exemplifies the high-quality properties that define our portfolio,” continued Rosenthal. “Surpassing 18,500 units highlights the success of our disciplined growth strategy, which continues to deliver strong returns for our investors.”

Newmark Arranges $600 Million Financing for West Shore Involving Eight Multifamily Properties in the Southeast and Midwest

Thu, 30 Oct 2025 18:51:39 GMT

Newmark Arranges $600 Million Financing for West Shore Involving Eight Multifamily Properties in the Southeast and Midwest

October 30, 2025

NEW YORK, Oct. 30, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has arranged a $600 million total loan package on behalf of West Shore, with proceeds supporting the refinancing of more than $250 million in existing debt across five stabilized properties spanning Florida, Virginia, North Carolina and Kentucky, as well as the acquisition of three multifamily assets totaling 1,496 units across South Carolina, Ohio and Florida.

Newmark Executive Vice Chairman Purvesh Gosalia and Transaction Manager Hayden Hedrick represented West Shore in the transaction, which closed within 60 days. The capital stack includes a $550 million senior mortgage and a $50 million mezzanine loan originated by Citi, making it the third-largest multifamily transaction in the U.S. in 20251.

The closing marks West Shore's second SASB transaction in the past 12 months, exemplifying the firm's continued growth among the most active multifamily owners in the Sunbelt region. Under the leadership of President Lee Rosenthal, West Shore has expanded its footprint to more than 18,500 units across nine states.

"Closing a $600 million SASB as borrower and acquiring three multifamily assets in high-growth markets marks a pivotal moment in our expansion strategy," said Rosenthal. "We're proud to strengthen our portfolio footprint while continuing to invest in communities that reflect long-term opportunity and resilience."

Citi's market-leading capital markets team, led by James Goldberg, was able to price the transaction at the tightest levels achieved of any multifamily SASB so far this year. This transaction underscores the strength of the current CMBS market and investor demand for high quality multifamily portfolios with best-in-class sponsorship.

"This financing reflects the strong demand for well-leased, institutionally managed multifamily properties, particularly in high-growth and Sunbelt-adjacent markets," said Gosalia. "The borrower was able to take advantage of a competitive debt environment to lock in a low cost of capital and generate liquidity to support further portfolio growth."

The eight-property portfolio comprises 3,241 units with a blended occupancy of 93.4% and average unit size of 1,014 square feet. Communities included in the refinancing are located in Richmond, Virginia; Clearwater, Florida; Waxhaw, North Carolina and Lexington, Kentucky. The newly purchased properties are located in Columbus, Ohio; North Augusta, South Carolina and Palm Beach Gardens, Florida.

According to Newmark Research , U.S. multifamily investment volume reached $41 billion in the second quarter of 2025 – a 15% quarter-over-quarter increase – driven by easing interest rate volatility and a rebound in institutional capital flows. Lending conditions have improved as investors seek stable, income-generating opportunities in high-growth regions. The Sun Belt and Southeast continue to lead the nation in rent growth and absorption, fueling portfolio-level transactions.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark .

Discussion of Forward-Looking Statements about Newmark

Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

1 According to Newmark Research, Real Capital Analytics

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SOURCE : Newmark Group, Inc.

West Shore Expands Florida Presence with Acquisition of Palm Beach Gardens Apartments

Wed, 29 Oct 2025 16:16:19 GMT

West Shore Expands Florida Presence with Acquisition of Palm Beach Gardens Apartments

(BOSTON, MA – October 29, 2025) - West Shore , a fully integrated real estate investment firm with a specific focus on the acquisition and operation of quality multifamily assets, announced the exciting addition of Palm Beach Gardens Apartments to the fast-growing company’s Florida portfolio. The 542 unit community marks West Shore’s 18th acquisition in Florida, and now has 5,852 multifamily units across the Sunshine State.

Located at the intersection of PGA Boulevard and North Military Trail, the community offers direct access to I-95 and the Florida Turnpike providing seamless connections to nearby cities, airports, and beaches. Palm Beach Gardens Apartments offers a wide selection of spacious, upscale one-, two-, and three-bedroom apartments. Residents enjoy an array of modern amenities, including fully equipped kitchens, pet-friendly homes, a 24-hour fitness center, a resort-style pool, a putting green, and a half-court basketball court.

“With the acquisition of Palm Beach Gardens Apartments, West Shore continues to build on our strategic footprint across the southeastern and southwestern United States,” said Lee Rosenthal, President of West Shore. “We remain focused on compelling investments like this one in Palm Beach Gardens that strengthen our portfolio in high-growth, high-demand markets.”

Centrally located in Palm Beach Gardens, the community provides residents easy access to premier shopping, dining, and outdoor attractions. Palm Beach Gardens Apartments is just minutes from The Gardens Mall, Downtown at the Gardens, and the many restaurants along PGA Boulevard. Everyday conveniences, including Legacy Place, grocery stores, specialty shops, and medical offices, are also abundant in the surrounding area.

“Palm Beach Gardens Apartments combines modern living with a prime location that promotes an active and convenient lifestyle,” said Steven P. Rosenthal, Chairman of West Shore. “Florida continues to be one of the country’s strongest multifamily markets, and we’re pleased with this acquisition that reflects our ongoing commitment to high-quality assets and strategic growth.”

Palm Beach Gardens Apartments is located at 4120 Union Square Blvd in Palm Beach Gardens, Florida. Learn more at PalmBeachGardensApts.com .

West Shore Acquires Ironwood Apartments in South Carolina, Surpassing 18,500 Units in Portfolio of Multifamily Assets Owned and Operated in Southeast and Southwest United States

Wed, 29 Oct 2025 16:16:10 GMT

West Shore Acquires Ironwood Apartments in South Carolina, Surpassing 18,500 Units in Portfolio of Multifamily Assets Owned and Operated in Southeast and Southwest United States

(BOSTON, MA – October 29, 2025) - West Shore , a fully integrated real estate investment firm with a specific focus on the acquisition and operation of quality multifamily assets, announced its acquisition of Ironwood Apartments in North Augusta, South Carolina. This purchase marks a major milestone for the fast-growing, entrepreneurial firm, bringing West Shore’s portfolio to more than 18,500 owned and operated units across the southeastern and southwestern United States.

“Our continued investment in the Southeast, highlighted by the acquisition of Ironwood, marks a significant milestone in West Shore’s sustained and impactful growth, as we now own and operate more than 18,500 units nationwide,” said Lee Rosenthal, President of West Shore. “This achievement reflects the strength of our strategy, which combines an entrepreneurial approach to real estate with the discipline of institutional investment in the multifamily sector.”

Ironwood Apartments features a variety of studio, one-, two- and three-bedroom apartment layouts. Each unit has high ceilings, granite countertops, stainless steel appliances, and wood-style flooring. The property also has an array of modern features including a resort-style saltwater pool, a 24-hour fitness center, an outdoor fireplace, and a dog wash station.

Ironwood is conveniently located within walking distance of the North Augusta Greenway and SRP Park, offering easy access to outdoor recreation. Situated just off US-25, Ironwood provides effortless commuting to work and school, as well as quick access to downtown North Augusta, where residents can enjoy local shops, restaurants, and popular attractions.

“Ironwood Apartments exemplifies the high-quality properties that define our portfolio,” said Steven P. Rosenthal, Chairman of West Shore. “Surpassing 18,500 units highlights the success of our disciplined growth strategy, which continues to deliver strong returns for our investors.”

Ironwood Apartments is located at 339 Railroad Avenue in North Augusta, South Carolina. For more information, visit theironwoodapartments.com .

West Shore Real Estate Firm Expands Footprint in KY Amidst New Acquisition

Mon, 22 Sep 2025 16:01:48 GMT

BOWLING GREEN, Ky. — West Shore , a fully integrated real estate investment firm with a specific focus on the acquisition and operation of quality multifamily assets, announced the exciting addition of The Heritage and Heritage Grove to the fast-growing company’s Kentucky portfolio. The 390-unit communities marks the firm’s sixth acquisition in Kentucky, bringing its portfolio to 1,457 units across the Bluegrass State and more than 16,500 units nationwide.

The Heritage and Heritage Grove offers residents an upscale living experience with a range of one-, two-, and three-bedroom floor plans featuring spacious layouts, ample closet space, fully equipped kitchens, private patios and balconies, and contemporary bathrooms with garden-style soaking tubs. The community also offers an impressive suite of amenities, including two swimming pools, two fully equipped fitness centers, a 24-hour convenience market, carwash, gaming lounge and an off-leash dog park.

“The acquisition of The Heritage and Heritage Grove marks an exciting expansion of West Shore’s dynamic portfolio, further strengthening our strategic presence in the Southeast region,” said Lee Rosenthal, President of West Shore. “Kentucky continues to be a strong market for us, and we’re thrilled to build on our success in the state with the addition of these exceptional assets.”

Located just minutes from downtown Bowling Green by car or nearby public transit, The Heritage and Heritage Grove provide residents with convenient access to local shopping, dining, and entertainment options. Bowling Green, Kentucky’s third-largest city, is a rapidly growing community driven by consistent job growth, affordability, and excellent educational opportunities. Home to major employers such as the General Motors Corvette Assembly Plant and Western Kentucky University, the city also boasts a vibrant arts scene and over 800 acres of parks for outdoor recreation.

“These apartment communities in Bowling Green strengthen our growing portfolio and are emblematic of our strategy of investing in high-quality properties in prime locations,” said Steven P. Rosenthal, Chairman of West Shore. “The Heritage and Heritage Grove align perfectly with our commitment to delivering exceptional living experiences while creating long-term value for our residents and investors.”

The Heritage and Heritage Grove is located at 2600 Chandler Drive, Bowling Green, Kentucky, 42104.

West Shore Expands Footprint in Kentucky with Acquisition of Heritage and Heritage Grove Apartments in Bowling Green

Mon, 15 Sep 2025 18:22:07 GMT

West Shore grows to 1457 units across the Bluegrass State

(BOSTON, MA – September 15, 2025) - West Shore , a fully integrated real estate investment firm with a specific focus on the acquisition and operation of quality multifamily assets, announced the exciting addition of The Heritage and Heritage Grove to the fast-growing company’s Kentucky portfolio. The 390-unit communities marks the firm’s sixth acquisition in Kentucky, bringing its portfolio to 1,457 units across the Bluegrass State and more than 16,500 units nationwide.

The Heritage and Heritage Grove is located at 2600 Chandler Drive, Bowling Green, Kentucky, 42104. Learn more at www.TheHeritageApts.com .

Tobacco Row apartments sell for more than $100M in city’s biggest CRE deal of the year

Tue, 24 Dec 2024 14:15:00 GMT

The biggest real estate deal in the city limits this year came with just days left on the calendar as a major Shockoe Bottom apartment complex changed hands.

The River Lofts at Tobacco Row sold earlier this month to West Shore, an investment firm based in Boston.

The purchase price was more than $100 million, West Shore President Lee Rosenthal said. The exact sales price was not yet reflected in city land records as of press time, and Rosenthal declined to share specifics.

The River Lofts total 742 apartments across six historic tobacco warehouses at 2200-2600 E. Cary St. that were converted into apartments throughout the 1990s and 2000s. Also included in the deal was the Cutter’s Ridge townhomes at 2605-2627 E. Main St., and more than 5 acres of surface parking lots along Dock Street from 21st Street to Pear Street.

The seller, Brookfield Properties, came into owning the apartments by acquiring the lofts’ original redeveloper, Cleveland-based Forest City, as part of an $11 billion deal in 2018.

The deal was brokered by Berkadia’s Drew White, Carter Wood and Cole Carns. The properties were most recently assessed by the city at a combined $107.8 million.

The average unit size at the complex is 742 square feet, and as of last year the average rent was $1,500. The converted warehouses also count around 23,000 square feet of commercial space that’s chiefly occupied by Bookbinder’s Seafood & Steakhouse.

Founded in 2016, West Shore owns more than 16,000 units across 48 properties in the Sun Belt and Southeast. The River Lofts are its first property in Virginia. Rosenthal said expanding into Richmond felt like a “natural fit,” for the company.

The River Lofts first went up for sale in mid-2023 and were marketed as a value-add opportunity. The apartment complex made headlines earlier this year due to mold, flooding and water issues reported by tenants

Rosenthal said in January they’ll kick off a multimillion-dollar renovation on the apartments that’ll include updates to the common areas and amenities, roof and dropped ceiling replacements, and filtration systems updates.

“It’s rare that we see a transaction this large, where we can add significant, immediate value through renovations to improve the resident experience,” Rosenthal said. “(The renovation) is not a coat of paint and some new carpets.”

Brookfield spokespeople were not available for comment by press time.

Brookfield has been a seller locally in recent years. In 2021 it sold both the nearby Edgeworth Building and the Glen Forest Office Park, both of which it had owned via the 2018 Forest City acquisition.

The publicly traded firm is looking to continue selling, as earlier this fall it listed Chesterfield Towne Center for sale.

Even as the exact River Lofts sales price remains unknown, its $100 million-plus price tag more than doubles the city’s next-highest deal this year, which was the $35.5 million sale of The Villas at Cedarhurst apartments in the Southside.

The River Lofts are bookended by new for-sale residential developments along East Cary. At 2201 E. Main St., a former broom factory is being converted into a dozen condos. And at 2723 E. Cary St., local developer Jeremy Connell is building a quintet of four-story townhomes.

Original Article: https://richmondbizsense.com/2024/12/23/tobacco-row-apartments-sell-for-more-than-100m-in-citys-biggest-cre-deal-of-the-year/

West Shore Acquires River Lofts at Tobacco Row in Richmond, Virginia, Surpassing 16,000 Apartments Owned and Operated

Mon, 16 Dec 2024 19:49:00 GMT

(BOSTON, MA – December 13, 2024) – West Shore, a fully integrated real estate investment firm with a specific focus on the acquisition and operation of multifamily assets, this week announced its acquisition of The River Lofts at Tobacco Row in Richmond, Virginia. This purchase marks two major milestones for the fast-growing, entrepreneurial company: its expansion into the Virginia market and surpassing 16,000 owned and operated units across the southeastern and southwestern U.S. since its founding less than eight years ago.

The River Lofts at Tobacco Row offers a diverse range of apartments, from studios to three-bedroom lofts and townhomes, totaling 742 units across five city blocks. Each unit is thoughtfully designed with modern kitchens and bathrooms, in-home washer and dryers, and more in-demand amenities. The property also offers access to a variety of facilities, including two resort-style pools, multiple fitness centers, indoor and outdoor communal spaces, and a dog park.

“The acquisition of The River Lofts at Tobacco Row highlights West Shore’s commitment to strategic growth in high-demand, rapidly expanding markets,” said Lee Rosenthal, President of West Shore. “This acquisition of this property and our entrance into the Virginia market has been an important strategic undertaking, which we believe West Shore is uniquely positioned to steward on behalf of property residents and our investors. We’re thrilled to establish a presence in Virginia while celebrating the milestone of owning and managing over 16,000 units, a testament to the success of our strategy that combines an entrepreneurial approach to real estate with institutional investment discipline in the multifamily sector.”

Richmond is consistently ranked among Virginia’s top cities in which to live, fueled largely in part to its affordability, job opportunities, and thriving lifestyle scene. Downtown Richmond is the epicenter of the thriving region, boasting industry-leading companies, world-class medical and research facilities, and institutions of higher learning. The city provides residents with a wealth of employment and entertainment opportunities, where it’s home to 7,720+ businesses and over 165,600+ employees.

The River Lofts at Tobacco Row is located in the vibrant Shockoe Bottom neighborhood, known for its rich history, dining, shopping, as well as an abundance of easily accessible retail and lifestyle amenities. The property is also conveniently close to the Virginia Capital Trail and minutes from major institutions such as Virginia Commonwealth University (VCU) and the University of Richmond.

“The River Lofts at Tobacco Row offers an exceptional living experience in one of Richmond’s most vibrant and historic neighborhoods,” said Steven P. Rosenthal, Founder and Chairman of West Shore. “Expanding into a new state and another attractive market with a growing population of young professionals and a booming cultural scene, coupled with surpassing the 16,000-unit milestone, underscores our investment thesis for the benefit of our residents and investors.”

The River Lofts at Tobacco Row is located at 2 S 25th St in Richmond, Virginia. Learn more at TheRiverLofts.com.

West Shore Expands Footprint in North Carolina with Acquisition and Rebrand of Evolve at North Shore in Sneads Ferry

Mon, 21 Oct 2024 16:04:00 GMT

(BOSTON, MA – October 21, 2024) – West Shore, a dynamic player in real estate investment with a sharp focus on acquiring and operating multifamily assets, is expanding its footprint in North Carolina with the exciting addition of Topsail North Shore Apartments (formerly Evolve at North Shore), a luxury apartment community nestled in the charming coastal town of Sneads Ferry. This marks the firm’s sixth acquisition in the state, pushing its portfolio to nearly 2,000 units across North Carolina and over 15,000 units nationwide.

Topsail North Shore offers residents a premier living experience with a range of modern one-, two-, and three-bedroom floor plans featuring lofty nine-foot ceilings, walk-in closets, private balconies, stainless steel appliances, under-mount kitchen sinks, beautiful granite countertops, and ceramic backsplashes. Select homes include a fenced-in turf yard. The community caters to a luxury lifestyle with an impressive suite of amenities, including a relaxing resort-style saltwater swimming pool, pool house featuring conversational seating and a fireplace, on-site dog park, pet wash, picnic and grilling pavilion, and playground. The spacious clubhouse also features a 24-hour fitness center with yoga and cycling rooms, a business center, game lounge, coffee bar, and golf simulator.

“The addition of Topsail North Shore further strengthens our strategic presence in the southeast region,” said Lee Rosenthal, President of West Shore. “We’re eager to expand further in North Carolina, a state with solid market fundamentals, and continue adding high-quality multifamily assets to our growing portfolio.”

Perfectly positioned for those craving the coastal lifestyle, Topsail at North Shore offers residents the closest multifamily living to North Topsail Beach, with seamless access to local dining, shopping, entertainment, and top employers. It’s also a gateway to the region’s best schools, parks, and major highways, ensuring both convenience and connectivity for its residents.

“Topsail North Shore captures the essence of coastal living, providing an exceptional lifestyle for the residents,” said Steven P. Rosenthal, Chairman of West Shore.

Located at 1001 Sundial Circle in Sneads Ferry, Topsail North Shore is your gateway to upscale coastal living. Find out more at TopSailNorthShore.com.

West Shore Acquires Preserve at Essex Farms in Charleston, South Carolina, Surpasses 15,000 Units Owned and Operated

Mon, 01 Apr 2024 17:54:00 GMT

Acquisition located in top coastal growth market showcases commitment to continued expansion both in the Charleston area and nationally

(BOSTON, MA – April 1, 2024) – West Shore , a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets, today announced its acquisition of The Preserve at Essex Farms in Charleston, South Carolina. The purchase marks a major milestone for the fast-growing company, as it now owns and operates more than 15,000 units across the southeastern and southwestern United States since its founding less than eight years ago. This is West Shore’s ninth purchase in the Palmetto State, increasing its total units under ownership and operation in South Carolina to nearly 2,500.

The Preserve at Essex Farms is conveniently located in the West Ashley neighborhood of Charleston, an established and growing area that provides access to both employment and lifestyle destinations, earning its recognition as one of the top cities ranked by Travel + Leisure for the last eight years. The property offers an attractive array of apartment options, from studios to three-bedroom units in a variety of layouts including townhome-style homes. These upscale apartments feature fully equipped, modern kitchens, in-unit washers and dryers, large private balconies, and spacious living spaces. Preserve also provides exceptional amenities such as a pool, 24-hour fitness center, coffee bar, and more. The apartment community is pet friendly and caters to residents’ needs, including offering a leash-free park and spa for furry companions.

“Our continued investment in the southeast, highlighted by our acquisition of The Preserve at Essex Farms in Charleston, marks a historic moment in West Shore’s sustained and impactful growth as the firm now owns and operates over 15,000 units across the United States,” said Lee Rosenthal , President of West Shore. “This acquisition and the 15,000-unit milestone West Shore achieved in under eight years underscores the success of our strategy that blends an entrepreneurial approach with institutional investment discipline in the ownership and operation of multifamily assets.”

The Charleston MSA has experienced an unprecedented 23% growth over the past decade, which is nearly three times the national average, positioning the area for continued rent and economic growth. The Preserve at Essex Farms provides a blend of urban and suburban living, providing easy access to shopping, dining, entertainment, and downtown attractions as well as units that offer a collection of amenities delivering modern solace and effortless style. Additionally, the apartment community offers easy access to Kiawah and Folly Islands, renowned for their miles of pristine beaches.

“The Preserve at Essex Farms is an exceptional apartment living experience located within a metro area that continues to benefit from unprecedented job growth and impressive levels of capital investment,” said Steven P. Rosenthal , Chairman of West Shore. “Charleston has the highest concentration of young professionals among all mid-size metros and continues to attract residents and jobs thanks to the area’s historic charm, temperate climate, and booming economy. The achievement of owning and operating 15,000 is a landmark that highlights our successful growth and corporate strategy.”

The Preserve at Essex Farms is located at 3245 Glenn McConnell Pkwy in Charleston, South Carolina. Learn more at thepreserveatessexfarms.com .

West Shore Continues Growth with Acquisition of Cirrus at Aqua in Bradenton, Now Owns and Operates Over 5,000 Multifamily Units in Florida

Tue, 26 Mar 2024 18:29:00 GMT

The multifamily property is ideally located along the waterfront and bustling downtowns of Bradenton and Sarasota, offering attractive resort-lifestyle community and most up-to-date conveniences.

BOSTON, MA – March 18, 2024 – West Shore, a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets throughout the southeastern and southwestern United States, today announced its acquisition of Cirrus at Aqua, located in Bradenton, Florida. This marks West Shore’s eighteenth purchase in the Sunshine State, expanding the fast-growing, fully integrated real estate investment firm’s total units in Florida to over 5,300.

The brand-new apartment community features a sophisticated, waterfront resort-style living experience with a range of new 1-, 2- and 3-bedroom homes with views of Sarasota Bay. Each unit is elegantly designed featuring top of the line appliances, smart-home technologies, and breathtaking water views. Residents can enjoy all-inclusive access to upscale amenities such as a resort-style swimming pool, a state-of-the-art fitness center, on-site resident market, and an indoor game room.

“West Shore remains committed to its strategic investment approach of enhancing our existing portfolio in rapidly growing, high-demand markets,” said Lee Rosenthal , President of West Shore. “The acquisition of Cirrus at Aqua, a trophy waterfront asset in an area with incredible demographics with relatively limited new supply, further strengthens our extensive presence in both the southeastern and southwestern United States.”

Ideally nestled in the West Sarasota neighborhood, Cirrus at Aqua offers convenient access to retail and entertainment options as well as Downtown Bradenton, a 15-minute drive north, and Downtown Sarasota, just a 20-minute drive south. The apartment community is also within minutes of world-famous beaches spanning over 30 miles, including Bradenton Beach, Clearwater Beach, Siesta Key, and St. Pete Beach.

“Cirrus at Aqua is a prime location that seamlessly blends sophistication with comfort, offering a unique investment opportunity for our firm, an unparalleled lifestyle for residents and meaningful returns for our investors,” said Steven P. Rosenthal , Chairman of West Shore. “We are thrilled to deepen our footprint in Florida, which enjoys some of the strongest multifamily fundamentals in the country and remain committed to acquiring multifamily assets that embody the same standard of quality found within our existing portfolio.”

Cirrus at Aqua is located at 6850 Foxtail Palm Way in Bradenton, Florida. Learn more at cirrusbradenton.com .

West Shore Expands Team to Drive Continued Growth in Acquisition and Management of Multifamily Assets

Wed, 28 Feb 2024 16:49:00 GMT

The fast-growing company continues to grow its team and expand its portfolio of properties in key markets throughout southeastern and southwestern regions of the United States

BOSTON, MA (February 28, 2024) – West Shore , a fully integrated real estate firm with a specific focus on acquisition and management of multifamily assets, announced the addition of six key team members, furthering the dynamic and fast-growing company’s commitment to its investors, residents, and portfolio of properties in the southeastern and southwestern regions of the United States through taking an entrepreneurial approach to real estate with institutional investment discipline.

The recent hires will play pivotal roles in support of West Shore’s operations, services, and activities:

“We’re thrilled to celebrate and welcome these exceptionally talented individuals to our West Shore team,” said Lee Rosenthal , President of West Shore. “Their wealth of expertise, relationships, and industry experience, as well as their passion for multifamily real estate, are crucial drivers of our company’s continued growth and success. I am confident that their contributions will play a pivotal role in propelling us to new heights, reinforcing our commitment to excellence in every endeavor.“

These new additions will play integral roles in various aspects of West Shore’s operations, encompassing strategic direction, investment strategies, investor relations, property management, development, acquisitions, dispositions, financing, and asset management. Currently, West Shore owns and operates a diverse portfolio of more than 14,000 units at 46 multifamily properties across seven states in the southeastern and southwestern regions of the United States.

“We are on an exciting growth trajectory at West Shore, and we couldn’t be prouder to showcase the newest members of our exceptional team,” said Steven. P Rosenthal , Chairman of West Shore. “Their arrival not only marks an expansion of our workforce, but also introduces a remarkable blend of talent, experience, passion, and expertise to our company.”

The Arc Tank 5.0 Awards $247, 500 To Improve Lives of People With Disabilities or Autism

Wed, 13 Dec 2023 17:52:00 GMT

Boston, Mass. (December 6, 2023) – Northeast Arc , a not-for-profit organization that helps children and adults with, or at risk for developing, disabilities become full participants in the community, announced the winners of The Arc Tank 5.0 competition. The event was created to positively disrupt the conventional way that services are delivered to people with intellectual and developmental disabilities or autism.

Northeast Arc awarded a total of $247,500 to three projects:

In total, 150 proposals were submitted for Arc Tank 5.0, the fifth time the contest has been held since 2017. Seven of these submissions were selected to present to a panel of judges at the John F. Kennedy Presidential Library and Museum in Boston. The winning three proposals will receive funding from the Changing Lives Fund established through an initial $1 million donation from Steven P. Rosenthal, founder of West Shore .

“Arc Tank has now funded fifteen bold ideas, totaling more than $1 million, to proposals that promise to break down barriers for people with disabilities,” said Jo Ann Simons, President & CEO, Northeast Arc. “We look forward to watching our three new Arc Tank winners disrupt the status quo and make significant changes for the better for people with intellectual disabilities and autism. We are extremely grateful to Steve Rosenthal for his generosity, which made these awards possible.”

“The funding of these three innovative ideas continues to prove that the Arc Tank is changing lives for the better for people with disabilities,” said Steven P. Rosenthal. “From the first to the latest Arc Tank, powered by the Changing Lives Fund, the goal has been to encourage creative disruption in the way services are provided in the disability community. It’s encouraging to see the number of inspired ideas that will make positive changes for years to come.”

The winners were chosen by a panel of experts with experience in philanthropy, human services, and business. The panel was: Ralph James, philanthropist and former Executive Director of University Affairs at Harvard Business School; Marylou Sudders , senior policy advisor at Smith, Costello & Crawford and former Massachusetts Secretary of Health and Human Services; Shirley Leung , award-winning columnist at The Boston Globe and host of the new podcast “ Say More” ; Nora Moreno Cargie , president of the Point32Health Foundation and vice president of corporate citizenship for Point32Health; and James Day Keith, a student at Northern Essex Community College, Special Olympics athlete, and actor in the film Champions with Woody Harrelson. The panel was supported by David Chang , GM, Expert Network at Hunt Club and founding member of TBD Angels.

Latoyia Edwards , anchor at NBC10 Boston served as the event’s emcee.

Visit Northeast Arc’s YouTube channel to watch presentations from all seven Arc Tank finalists.

West Shore President, Lee Rosenthal, Appointed to National Multifamily Housing Council’s Board of Directors

Fri, 01 Dec 2023 17:55:00 GMT

BOSTON, MA (December 1, 2023) – West Shore , a fully integrated real estate firm with a specific focus on acquisition and management of multifamily properties, announced the company President Lee Rosenthal ’s recent appointment to the Board of Directors at the National Multifamily Housing Council (NMHC).

NMHC, a nonprofit dedicated to uniting leaders within the apartment industry, provides a forum for insight, advocacy and action that enables both members and the communities they build to thrive. As a Board member, Lee will collaborate with other industry leaders, leveraging his extensive expertise to steer their future success in the multifamily real estate sector.

“I’m grateful for the opportunity to contribute my experiences from West Shore to collaborate with fellow industry leaders, aiming to foster growth within the communities we’re dedicated to serving,” said Lee Rosenthal, President of West Shore.

Rosenthal oversees all aspects of West Shore including overall direction and growth, investment strategy, investor relations, property management, development, acquisitions, dispositions, financing, and asset management. Under his leadership, the firm continues to grow its presence in key markets throughout the southeastern and southwestern United States.

Recently, West Shore celebrated its landmark 50th acquisition earlier this year with the addition of Atlas Bluewood Apartments, located in the rapidly growing North Dallas region of Texas, to its portfolio of diverse multifamily real estate assets throughout the nation.

Both West Shore and Rosenthal have received recent recognition for their achievements. West Shore was honored with the 2023 Investment Firm of the Year award by Boston Real Estate Times, while Rosenthal was featured in this year’s Ones to Watch Industry Leaders Spotlight by New England Real Estate Journal.

Rosenthal holds an AB from Harvard College. In addition to his involvement in NMHC, he is a member and active participant in ULI, REFA, NMHC, and Combined Jewish Philanthropies.

2023 Ones to Watch – Industry Leaders: Lee Rosenthal of West Shore

Fri, 24 Nov 2023 17:43:00 GMT

West Shore President Lee Rosenthal was recognized in the New England Real Estate Journal’s Ones to Watch Industry Leaders Spotlight.

3 skills that you use every day in your position: Leadership, analysis, diligence.

Best book, podcast, or app for aspiring leaders: A Man in Full by Tom Wolfe

Best advice for new leaders in 10 words or less: Surround yourself with the best people.

What recent project, transaction or accomplishment are you most proud of? West Shore celebrated its landmark 50 ^th acquisition earlier this year with the addition of Atlas Bluewood Apartments, located in the rapidly growing North Dallas region of Texas, to its portfolio of diverse multifamily real estate assets throughout the United States. This milestone demonstrates West Shore’s strategy of blending an entrepreneurial approach to real estate with institutional investment discipline. Our fast-growing company leverages its local market expertise and management experience to identify unique investment opportunities and create value.

What makes this nominee an Industry Leader? “Under Lee’s leadership, West Shore continues to grow our presence in key markets throughout the southeastern and southwestern United States. His expertise plays a pivotal role in advancing our dynamic and entrepreneurial approach, enabling West Shore to provide exceptional experiences and achieve meaningful results for our properties, residents, and investors.” – Courtney Retzky Wolf , Vice President of Marketing at West Shore.

West Shore Named Investment Firm of the Year in Boston Real Estate Times’ 2023 Excellence Awards

Mon, 14 Aug 2023 14:21:00 GMT

Investment Firm of the Year: West Shore

Lee Rosenthal, President

West Shore, a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets, recently made its landmark 50th acquisition for the fast-growing company that blends an entrepreneurial approach to real estate with institutional investment discipline.

Boston-based West Shore was founded in 2016 and owns and operates a diverse portfolio of of 14,000 units at 46 multifamily properties across seven states, with a total market value of more than $3.5 billion.

The firm is led by Lee Rosenthal. He oversees all aspects of the firm including overall direction and growth, investment strategy, investor relations, property management, development, acquisitions, dispositions, financing, and asset management.

Prior to forming West Shore, Mr. Rosenthal was responsible for the underwriting, analysis, and execution of all acquisitions, dispositions, and financing at Northland Investment Corporation for a multifamily portfolio of 23,000 units. Over the course of six years, he closed on the acquisition of nearly 7,500 units, the disposition of nearly 2,500 units, and the refinancing of over 40 properties contributing to over $2 billion in capital events. Additionally, Lee played an active role in the asset management of the portfolio. He holds an AB from Harvard College. He is a member and active participant in ULI, REFA, NMHC, and Combined Jewish Philanthropies.

https://bostonrealestatetimes.com/boston-real-estate-times-announces-2023-excellence-awards-winners-awards-gala-set-for-sept-13/

West Shore Acquires Atlas Bluewood Apartments in Dallas-Fort Worth Market, Celebrates 6th Acquisition in Texas and Landmark 50th Overall Acquisition

Thu, 20 Jul 2023 16:46:00 GMT

(BOSTON, MA – July 17, 2023) – West Shore , a fully integrated real estate investment firm with a specific focus on the acquisition and management of multifamily assets, today announced its acquisition of The Livano at Bluewood, located north of Dallas in Celina, Texas. The property has been renamed and will now operate as Atlas Bluewood Apartments . This acquisition is West Shore’s sixth purchase in Texas and second purchase in the Metroplex, bringing its total units in the Lone Star State to nearly 1,900. This purchase also marks a landmark 50th acquisition for the fast-growing company that blends an entrepreneurial approach to real estate with institutional investment discipline.

The brand-new community features luxury apartment homes, noteworthy for its quintessential character as well as the regional access the location affords. Surrounded by major transportation infrastructure, the property offers easy access to the Dallas-Fort Worth metropolitan area, a hub of economic activity. The apartment community offers new 1-, 2- and 3-bedroom homes featuring spacious layouts and chef-inspired kitchens.

“West Shore has now invested in two unique and well-positioned properties in the Dallas-Fort Worth region, building upon our investment model to grow our existing portfolio in the best strategic locations,” said Lee Rosenthal , President of West Shore. “Atlas Bluewood provides the friendliness and comfort of a small-town neighborhood in a brand-new community. With several floor plans and features as well as all-inclusive amenities and relaxing views, the Atlas Bluewood community offers an unforgettable apartment experience.”

Ideally located in the rapidly growing North Dallas region, the brand-new community in Celina is a serene retreat north of Prosper and ideally located between Frisco and McKinney, Texas, offering a range of highly desirable amenities and creating an exceptional living experience. Residents can enjoy an expansive pool, private yoga and spin studio, outdoor grilling stations, a fenced pet park, a business center with private offices and conference rooms, an on-site marketplace, and an entertainment lounge. The apartments feature state-of-the-art kitchens, in-unit washers and dryers, large private balconies, and ample storage space.

“This noteworthy purchase of Atlas Bluewood Apartments marks our 50th property acquisition, as we continue to provide our investors and residents with great opportunities in prime locations,” said Steven P. Rosenthal , Chairman of West Shore.

Atlas Bluewood Apartments is located at 2600 Kinship Parkway in Celina, Texas, and is now leasing. Learn more at www.atlasbluewood.com .

West Shore Promotes Courtney Retzky Wolf to Vice President of Marketing

Tue, 20 Jun 2023 17:39:00 GMT

BOSTON, MA (May 18, 2023) – West Shore, a fully integrated real estate firm with a specific focus on the acquisition and management of multifamily properties, announced the promotion of Courtney Retzky Wolf to Vice President of Marketing.

In this elevated role, Wolf is responsible for the creation and implementation of the corporate and property marketing and advertising strategy for West Shore’s growing national portfolio of multifamily assets. Additionally, she manages the company’s marketing activities and technology, developing property-level marketing business plans, and collaborating with the West Shore leadership team to improve overall results in lead generation and leasing. Throughout her more than four years with the fully integrated real estate firm, Wolf’s leadership of corporate and property marketing initiatives supported the company’s growth to over 14,000 units.

“Courtney brings a powerful combination of dynamism, discipline, and dedication to the West Shore team as well as to our investors, our properties, and the communities we serve,” said Steven P. Rosenthal , Chairman of West Shore. “Whether it’s overseeing marketing efforts for all acquisitions or developing and analyzing leasing benchmarks to optimize and maintain effective property performance, Courtney plays a key role in supporting West Shore’s continued and meaningful growth.”

“At West Shore we leverage our local market expertise and foster relationships so that we can identify unique investment opportunities and deliver value to investors, and Courtney’s time and talents are critical in achieving these goals for our properties and our residents,” said Lee E. Rosenthal , President of West Shore.

Prior to West Shore, Wolf was the Director of Marketing at Peabody Properties, where she was responsible for marketing and leasing initiatives for the company’s managed portfolio of over 12,000 units, as well as having previously served in key marketing roles of increasing responsibility at Boston Properties, EDENS, and New England Development.

“It has been a privilege to grow alongside West Shore while learning from and collaborating with Lee, Steve, and our entire team,” said Courtney Retzky Wolf, West Shore Vice President of Marketing. “I am thrilled and thankful for the opportunity to continue working with our team to advance sound investment and marketing strategies that support West Shore’s continued growth and the increasing success of our properties.”

Wolf graduated from the University of Maryland – College Park with a BA in Communication.

Original Article: Boston Real Estate Times

Private funding drives innovation for nonprofits

Tue, 09 May 2023 17:07:00 GMT

May 5, 2023 – West Shore Chairman Steven P. Rosenthal and Northeast Arc President and CEO Jo Ann Simon are in the news with a Letter to the Editor that appeared in the Boston Business Journal. The commentary is centered around how purpose, partnerships, and private funding are powerful drivers of nonprofits’ capacity to provide services, support communities, and improve lives.

Private funding drives innovation for nonprofits

To the editor:

We read the article titled, “As a recession looms, nonprofits prepare for difficult times” by Meera Raman with great interest. The article mentioned the possibility of a recession in 2023 and statistics from The Chronicle of Philanthropy that the number of individual donors giving to nonprofits was down 7.1% in 2022 from the previous year.

These are critical concerns, and one of the experts quoted in the article had two recommendations: One, nonprofits should have a rainy-day fund of at least three to six months of monthly expenses, and two, keep in constant conversation with supporters. We agree. Communicating with donors and perspective donors — especially those that have the desire and ability to give at a greater level — is incredibly important. This vital financial support helps to fill in the gaps where public funding and smaller donations aren’t enough.

Just as important is that the nonprofits “walk the talk.” Donors want to see innovative programs in action and organizations that develop these programs see greater and more active participation while also building momentum to continue to create additional programs and services. For example, we at the Northeast Arc created the Changing Lives Fund to positively disrupt the way that disability services are delivered when the organization received its first $1 million donation in 2017. The fund also allows Northeast Arc to provide financial support to innovative ideas and programs. Among programs created by the Changing Lives Fund, which has grown as other donors see the impact Northeast Arc is making, include:

Private funding is critical for innovation because it provides initial money to test ideas as proofs of concept. We hope that programs like the Center for Linking Lives and Pathways can be expanded across the commonwealth — and even the country. Without private donors, innovative projects like these would have been difficult to fund, but with their support we have a proof of concept to show to other organizations or funders.

The impact of private donors is just not limited to innovation, but also supports inclusive activities, such as the ones provided through Northeast Arc’s Recreation program. Despite consistently running a deficit, Northeast Arc keeps the costs affordable to participate so the program can be as accessible as possible. Post-pandemic there has been an increased need and desire for more community-based activities to combat the isolation many individuals with disabilities experienced during the pandemic. Individual donors have stepped up and subsidized these activities, ensuring that they can be offered to as many people as possible.

We hope that other donors and charitable foundations that want to see their money put to good use will seek out non-profits that are truly making a difference in the lives of the people they serve and support them by providing the funding and support that is critical for success.

Steven P. Rosenthal is chairman of West Shore, whose $1 million gift to the Northeast Arc in 2022 initially established the Changing Lives Fund and in 2022 made an additional $1 million gift to further innovation. Jo Ann Simons is President & CEO of Northeast Arc.

Original LTE: Boston Business Journal

Diversity, equity, and inclusion must include people with disabilities

Mon, 17 Apr 2023 17:35:00 GMT

April 17, 2023 – West Shore Chairman Steven P. Rosenthal is in the news discussing why diversity, equity, and inclusion must include people with disabilities – read more in The Boston Globe :

Diversity, equity, and inclusion are now part of our language, and for good reason. To have a truly inclusive and equal society, all voices need to be heard. But as inclusion has become a national conversation across identities, people with physical or intellectual disabilities are often forgotten.

While much has improved through the efforts of self advocates, their families, allies, legislation, and funding, there is not enough recognition that people with disabilities need to be part of every DEI conversation — from boardrooms to back rooms and everywhere in between. People with disabilities make up 20 percent of the US population and should be included in the workforce.

There is a gap between what businesses and the public sector perceive they’re doing to be inclusive and what they are actually doing.

Original Article: The Boston Globe

West Shore Acquires Eighth Luxury Apartment Community in South Carolina

Thu, 16 Mar 2023 17:33:00 GMT

March 16, 2023 – West Shore , a multifamily real estate investment firm, announces its acquisition of Solis Nexton , a new luxury apartment community located in the award-winning Nexton master-planned community in Summerville, South Carolina. This marks the Boston-based company’s eighth acquisition in the state. The company’s other properties in South Carolina include Vantage at Wildewood , Town Center at Lake Carolina , and Arcadia’s Edge , all in Columbia, Sweetwater Apartments and 17 South Apartments , both in Charleston, Riverwalk Apartments in Rock Hill, and Reserve at Mill Landing in Lexington. West Shore now owns and operates 45 properties with over 14,000 units in seven states.

“We are pleased to have acquired Solis Nexton, our third property in the Charleston market,” said Steven P. Rosenthal , Chairman of West Shore. “This property is in a sought-after location surrounded by world-class businesses, retail, and dining options, providing a terrific living experience for our residents.”

Located in the heart of Nexton Square, the 320 spacious apartment homes sit on 11 sprawling acres and offer a resort-style pool, dog park, pet spa, entertainment lounge, state-of-the-art fitness center, private yoga and spin studio, and electric charging stations.

“Solis Nexton offers residents modern apartment homes in an ideal location with access to all-inclusive amenities,” said West Shore President, Lee Rosenthal . “The community is near several other West Shore properties, allowing us to leverage our knowledge of the area.”

Original Article: New England Real Estate Journal

West Shore Chairman Steven P. Rosenthal Gives Second $1M to Support Innovation at Northeast Arc

Tue, 29 Nov 2022 23:07:00 GMT

November 29, 2022 – Boston businessman, Steven P. Rosenthal , Chairman of West Shore , has pledged $1 million to Northeast Arc in support of its Changing Lives Fund.

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

West Shore Acquires Three Apartment Communities in NC

Fri, 21 Oct 2022 23:06:00 GMT

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

West Shore Expands in Georgia

Tue, 20 Sep 2022 23:05:00 GMT

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/

West Shore Acquires Fifth Apartment Community in Kentucky

Tue, 23 Aug 2022 23:04:00 GMT

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.

Original Article: https://nerej.com/west-shore-acquires-fifth-apartment-community-in-kentuckyhttps://crbjbizwire.com/west-shore-promotes-kristi-sinnott-to-vice-president-of-property-management/

Boston-based West Shore Acquires Three New Properties in South Carolina and Florida

Thu, 20 Jan 2022 23:01:00 GMT

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.”

Original Article: https://bostonrealestatetimes.com/boston-based-west-shore-acquires-three-new-properties-in-south-carolina-and-florida/

West Shore Acquires Asset Near Nashville Tennessee

Tue, 14 Dec 2021 23:00:00 GMT

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.

Original Article: https://www.prnewswire.com/news-releases/west-shore-acquires-asset-near-nashville-tennessee-301444493.html

BLDUP Spotlight: Lee Rosenthal

Fri, 12 Nov 2021 22:59:00 GMT

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

West Shore Acquires Asset in Fort Worth, Texas

Wed, 06 Oct 2021 22:58:00 GMT

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.

View the Original Article via Yield Pro

West Shore Expands into Charleston Market with Acquisition of Premier Multifamily Asset

Thu, 09 Sep 2021 22:57:00 GMT

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.”

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West Shore Acquires Asset in Florida and Passes Milestone of 10,000 Units

Wed, 11 Aug 2021 22:56:00 GMT

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.

View the Original Article via Yield Pro

West Shore Acquires New Multifamily Asset In Louisville, KY

Tue, 25 May 2021 22:55:00 GMT

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.”

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West Shore Adds Three New Assets to Expanding Portfolio

Tue, 12 Jan 2021 22:54:00 GMT

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.

View the Original Article via Boston Real Estate Times

West Shore Continues National Growth with Thirtieth Acquisition

Thu, 01 Oct 2020 22:53:00 GMT

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 30 ^th 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 .

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West Shore Continues Growth With Thirteenth Acquisition In Florida

Mon, 22 Jun 2020 22:51:00 GMT

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/ .

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West Shore Acquires Two Significant Assets In Carolinas

Tue, 26 May 2020 22:45:00 GMT

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.

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West Shore Acquires Significant Multifamily Asset In Tampa, Florida

Mon, 02 Dec 2019 22:44:00 GMT

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/ .

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A Recession-Resistant Multifamily Investment Strategy

Sun, 24 Nov 2019 22:42:00 GMT

Lee Rosenthal
President, West Shore
Age: 33
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

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West Shore Acquires Class A Luxury Asset in South Carolina

Tue, 12 Nov 2019 22:41:00 GMT

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.

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West Shore Expands Multifamily Portfolio with 261-Unit Texas Acquisition

Mon, 09 Sep 2019 22:39:00 GMT

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 24 ^th 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 Adds 230 Units to National Portfolio

Tue, 23 Jul 2019 22:37:00 GMT

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.

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West Shore Expands Presence in South Carolina

Tue, 25 Jun 2019 22:33:00 GMT

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 .

What Attracts Investors to the Southeast

Wed, 25 Jul 2018 22:29:00 GMT

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.

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