Wednesday, February 16, 2011

Abacus Capital Group Sells $68 Million Northern California Multifamily Complex

PETALUMA, CA, – Less than a year-and-a-half after purchasing it, an investment fund advised by New York-based multifamily advisor Abacus Capital Group, in partnership with Los Angeles-based real estate private equity fund QVT Mount Auburn Capital LP, sold one of the largest apartment properties in Sonoma County for a significant gain.

 Last Friday, the firms closed on the sale of the Enclave at Adobe Creek (top left photo), a 492-unit property located in Petaluma for a sales price of $68 million. Abacus and QVT Mount Auburn purchased the property, formerly known as Lakeville Resort, in October 2009, for $52 million. 

According to Abacus Executive Vice President Greg Lyden, the investment is an excellent example of company’s “value-add” strategy it implements on behalf of its institutional investors.

“Abacus recognized that the property could be repositioned both physically and operationally to garner a greater share of the higher end of the market,” says Lyden.

Upon purchasing the property, the Abacus-led partnership immediately invested $2 million tackling deferred maintenance issues and re-branding the property with a series of strategic capital improvement programs.

 Abacus worked with its design team on to renovate the property’s clubhouse, amenities and select unit interiors. 

The new clubhouse included an upgraded fitness center, resident lounge, business center and a resort-style pool area with gas barbecues. The renovation also included a new tennis court and the introduction of a trash compactor to the property along with more energy efficient laundry facilities.

 “Our revenue this month was $980,000 (or nearly 17 percent) higher than the month we took over the property driven by higher rents and better collections.”

Lyden continues, "It is our philosophy to create value for our investors and then to harvest that value as quickly as possible. We think the Enclave is a great example of that investment philosophy in action."

Stan Jones (middle left photo)  and Phil Saglimbeni  (lower right photo) of Institutional Property Advisors (IPA), represented Abacus and QVT Mount Auburn in the Enclave sale. IPA also served as broker when the firms originally purchased the property.

Gregory Lyden, Phone: (212) 203-4962, Email:,
Stacey Corso, Phone: (925) 953-1716, Email:

Sandy Springs’ Serrano Condominium Achieves Record Sales

 ATLANTA, GA – The first five months of sales at Serrano (top left photo), the luxury condominiums at 901 Abernathy Road NE in Sandy Springs, have produced off-the-charts success.

 Seventy-seven of the 150 homes in the community are sold – that’s 51 percent of the one-, two- and three-bedroom condos, qualifying the building for Federal Housing Administration (FHA) financing.

 The homes sold for an average price of $142,605 over the five-month period from August 26, 2010 through the end of January 2011.  Serrano is one of six condominium communities launched by ST Residential last year.

 “Buyers are realizing this is the perfect economic climate to purchase,” says John Huckaby, ST Residential’s Regional Director in Atlanta.  “The economy has presented them with a unique opportunity and Serrano’s value-driven pricing and luxurious amenities are appealing to the savvy buyer.”

 Serrano buyers can now apply for FHA home loans.  FHA loans offer purchasers the most flexible down payment and qualifying guidelines.  Prospective homeowners can now purchase a condominium with as little as 3.5% down.  The building is also pre-approved for home loans by MetLife.

 Serrano is a five-story condominium community perfectly located off GA 400, extremely close to Perimeter Place and Perimeter Mall, and just a few minutes from Buckhead, Midtown and downtown Atlanta.  For those interested in a quick commute and easy access to Atlanta’s best shopping, dining, and entertainment, Serrano delivers.

 Serrano’s luxurious amenities feature a lush courtyard with swimming pool, outdoor grill and fireplace.  Residents have access to a clubroom with kitchen, a movie room, fitness center, pet walk and controlled-access parking.

The homes feature 13 different floor plans and include stainless steel appliances, granite countertops, crown molding, glass enclosed showers, soaking tubs, double vanities, designer lighting and fixtures, hardwood flooring in the living areas, and balconies.

 To learn more about the Serrano condominium community, buyers can call 404.645.7999 or visit

Contact:  Liz Lapidus Public Relations. Liz Lapidus/Traci Buch, 404-688-1466