PRESS RELEASES

December 17, 2015 - Capri Capital Partners

TruAmerica Multifamily and Capri Capital Partners, LLC Acquire Class A Denver Apartment Development for $105 Million


LOS ANGELES, CA — TruAmerica Multifamily, in partnership with Capri Capital Partners, LLC, has acquired from Forum Real Estate Group the Veranda Highpointe Apartments, a 362-unit Class A multifamily development in Denver, Colorado in a transaction valued at $105 million.

Built in 2014, the 5-story multifamily property offers a mix of studio, one-, two- and three-bedroom floor plans, and a variety of resort-style amenities including a heated swimming pool with a unique ‘lazy river,’ two-story clubhouse, state-of-the-art fitness center, yoga studio, sports court, community kitchen, dog walking path, rooftop lounge and structured parking. Located at 6343 E. Girard Place, Veranda Highpointe Apartments is situated within seven miles of downtown Denver and 1.5 miles of the Denver Tech Center (DTC). The Southmoor Light Rail Station, which is less than one half-mile from the property, offers convenient access to both downtown and the DTC.

“Millennials make up approximately 40 percent of the Denver workforce and population, yet many have been priced out of most of the urban areas where young urban professionals typically would like to live,” said TruAmerica Senior Managing Director of Acquisition and Investor Relations Noah E. Hochman. “This was an opportunity to acquire a high quality asset in an in-fill location that was built and priced to appeal to Denver’s largest demographic.”

With today’s closing, TruAmerica’s Denver portfolio totals 2,037 units. One of the most active buyers of multifamily assets in the United States, TruAmerica focuses on acquiring properties to provide higher quality and affordable rental units for working class families and young professionals that are priced out of urban locations. In addition, the company focuses on high quality amenity rich Class A transit oriented developments in growing urban neighborhoods where homeownership is unaffordable. Last year, the TruAmerica/Capri partnership acquired the Vermont, a newly constructed 464-unit luxury high-rise apartment complex along Wilshire Boulevard in Los Angeles.

“Veranda is a prized asset in one of Denver’s most desirable areas, and we can improve operational efficiencies through our vertically integrated asset and construction management platform,” said Hochman. “We will also undertake selective capital improvement projects and enhance the unit interiors with higher end finishes and additional high-tech features for residents. The property has more amenities than any other building in the neighborhood and we want to make sure these are activated with good resident programming that will provide a sense of community.”

Denver benefits from a diverse knowledge-based economy that includes aerospace, aviation, bioscience, telecom energy, financial services and information technology software. The Milken Institute cited the Denver metro’s “robust and diverse high-tech sector” as the reason for its strong job gains in one-year and five-year measures. Also, the city ranked in the top six markets to watch in ULI’s “Emerging Trends in Real Estate 2016.”

“Capri’s investment strategy for this particular client is to invest in multifamily properties on a diversified basis across the US, focusing on core and value-add opportunities in high barrier-to-entry markets witnessing strong demographic and economic trends,” says Dori Nolan, Partner, Investments. “The acquisition of Veranda is consistent with this strategy.”

“The sale of Veranda Highpointe marks Forum’s fourth ground-up development disposition in the Denver area. We are very proud of this residential community and the incredible attention and recognition this asset has garnered over the years. From the signature ‘lazy river’ amenity to the high level of custom finishes and details throughout the property, we put a lot of heart and soul into designing and developing Veranda Highpointe and could not be happier with the end result. We’ve found great partners in Capri and TruAmerica, and are confident they will continue to deliver superior service and the kind of living experience that Veranda is known for,” remarked Darren Fisk, Forum Real Estate Group founder and CEO.

About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $4.8 billion portfolio of more than 24,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada and Utah. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (424) 325-2750.

About Capri Capital Partners, LLC
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt solutions to its clients through separate account, commingled fund and joint venture formats. Over its 23-year history, Capri has demonstrated experience investing in multifamily residential and commercial investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $3.34 billion as of September 30, 2015. Capri is headquartered in Chicago, with additional offices in Los Angeles and New York. For more information, visit the company’s website at www.capri.global.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any security relating to Capri Investment Group or any of its entities’ funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum

About Forum Real Estate Group
Forum Real Estate Group is the Colorado-based investment and development company known for its forward-thinking, branded communities. Among them ParkDIA, an innovative state-of-the-art parking facility minutes from Denver International Airport; Kent Place Residences, a luxury boutique apartment community in the sought-after Cherry Hills neighborhood in Englewood, CO; Pearl Place, a new LEEDGold rated office complex that will be home to Google’s Boulder campus; and, Promenade at Castle Rock, a modern shopping experience blending national retailers, natural grocers and numerous eateries. For more information, visit www.forumre.com.

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Trish Hoffman

thoffman@capri.global