Fund VII Properties
St. Peter’s, Mo. | 180 Units
Located 30 minutes northwest of downtown St. Louis, Mo., Meadowridge Apartments is a 180-unit community built in 2019. This property sits right off Highway 94, with high visibility to drive new resident traffic, and offers convenient access to the area’s largest employers and nearby retail. Meadowridge was sourced off-market and purchased directly from the developer for $28.4 million. Each unit features a luxury kitchen with granite countertops and stainless-steel appliances, a spacious living room, large walk-in closets, a personal patio or balcony, and in-unit washers and dryers. The community’s clubhouse boasts a fully equipped kitchen and lounge area, perfect for residents who like to entertain. During the summer months, residents can enjoy Meadowridge’s outdoor spaces, including the zero-entry pool and an on-site dog park. Timberland Partners now owns and manages 2,186 units across seven properties in the St. Louis metro area.
The Trails at Cahaba River
Birmingham, Ala. | 400 units
Trails at Cahaba River is located 20 minutes southeast of downtown Birmingham, Ala., and neighbors the Little Cahaba River. This 400-unit apartment community, built in 1988, was selected to be a part of TPAF VII for the opportunity presented to make value add enhancements, positioning the property to reach its maximum earning potential. Timberland Partners purchased The Trails at Cahaba River for $45.3 million and plans to invest an additional $2.5 million to conduct a comprehensive remodel. This renovation will include updating the remaining units, as well as installing a second, resort-style pool, a new dog park, fire pits and outdoor grill spaces throughout the property. These strategic capital improvements, along with Timberland Partners’ best-in-class management, will allow this asset to capitalize on its “Class-A” location and grow in value over time.
Bixby, Okla. | 248 units
Encore Memorial is a 248-unit apartment community located 15 miles south of downtown Tulsa in the growing community of Bixby, Okla. Built in 2012, this property features a collection of uniquely designed one, two, and three-bedroom apartment homes, all of which include spacious kitchens with stainless steel appliances, large closets, and in-unit washers and dryers. Amenities include a clubhouse, resort-style pool and spa, an outdoor fire pit, a community garden and a fitness center. A large part of the value proposition for this property was the opportunity to assume and immediately refinance the existing HUD loan. Additionally, we believe the $28.2 million purchase price is significantly lower than the replacement cost of an equivalent product.
The Meridian at Walnut Creek
Rogers, Ark. | 220 units
Timberland Partners expanded our presence in the Northwest Arkansas market to 755 units in February 2020 with the acquisition of The Meridian at Walnut Creek. Built in 2017, this “Class A” apartment community in Rogers, Ark., offers residents stylish and luxury living with modern amenities and convenient access to shopping, entertainment and several of the area’s largest employers. Each townhome-style unit features granite countertops, stainless steel appliances, tile backsplashes, direct-access garages, full-size washers and dryers, luxury vinyl flooring, a private balcony or patio, 9-foot ceilings, and a bonus room for additional storage. Guests can also access the community lounge, cardio and strength centers, resort-style pool, poolside grilling pavilion and lounge, on-site coffee bar, fire pit, and a dog park with a dog spa. The Meridian at Walnut Creek deal is consistent with Timberland’s strategy of investing in secondary and tertiary markets by acquiring cash-flowing properties where value can be increased over time.
Synergy at the Meadows
St. Louis, Mo. | 220 units
Synergy at the Meadows a newly constructed 220-unit apartment community in Lake St. Louis, Mo. Construction finished in 2020, and the community is about 40 minutes west of downtown St. Louis, Mo., in an affluent and fast-growing neighborhood. Timberland Partners Investments sourced Synergy off-market and acquired the property at an attractive purchase price, as a result of the current environment. The owner was a merchant builder/developer primarily focused on new development, putting the property on the market shortly after construction completion. Synergy combines best-in-class tenant amenities with an ideal location adjacent to The Meadows shopping center, just off a major highway in a rapidly growing suburb. The property encompasses one, two, and three-bedroom units, each of which has an open floor plan, bar seating, and either patio or balcony access. Units feature a gourmet kitchen, nine-foot ceilings, stainless steel appliances, granite countertops, LVT floors, tile backsplashes, and full-size washers and dryers. Through our extensive expertise in the St. Louis market, where we currently manage over 2,100 units, we will be able to add value to the property by successfully completing the balance of the lease-up and significantly increase the property’s operating income.
Capital Park at 72 West
Huntsville, Ala. | 233 units
Located 15 minutes west of downtown Huntsville, Ala., Capital Park at 72 West is conveniently situated near many of the area’s top employers and entertainment options. This Class A apartment complex, built in 2015, consists of 233 one-, two- and three-bedroom units. Each apartment home has a balcony or patio, a well-equipped kitchen with subway tile backsplashes and stainless-steel appliances. The in-residence technology package features perks like keyless entry doors and charging stations with USB ports. The leasing center, spacious clubroom and 2,000-square-foot fitness center surround the expansive resort-style saltwater pool. The property also has a dog park, grilling stations, outdoor fireplace and an electric vehicle charging station. The modern apartments, world-class amenities and professional property management team help make this a desirable place to live. This is Timberland Partners’ first property in Huntsville and second in Alabama.