04/11/2007

Strategic Capital Partners Invests in Northgate Apartments in Revere, Mass.

Investment with WinnCompanies will help provide modern apartment units to Boston-area renters.

Strategic Capital Partners (SCP) through its fund, Strategic Partners Value Enhancement Fund, has invested in Northgate Apartments through a partnership controlled by WinnCompanies, a Boston-based, multi-family developer, owner and manager. WinnCompanies previously acquired Northgate Apartments in November 2005.

Northgate is a 215-unit apartment community originally built in 1970-1972, with another building added in 1993. Located on Route 60 in Revere, Massachusetts, six miles north of Boston's financial district via U.S. 1 and five miles north of Logan Airport via Route 1A, the property went through significant exterior renovations in 2006, including new windows and sliding glass doors, balcony replacement, common area and parking area upgrades, and new fencing.

"Strategic Capital Partners is pleased to invest with a company with such a strong reputation and track record as WinnCompanies," said Laurie Smith, Senior Vice President of Acquisitions at SCP. "Our investment in Northgate Apartments will allow for more than $600,000 in interior unit improvements, including new carpeting, paint, countertops and cabinets. These interior renovations will provide renters with modern and aesthetically appealing units while still maintaining a significant price advantage to surrounding properties."

Add Jon Rudzinski of WinnCompanies, "This investment by SCP will allow both companies to take advantage of the rent growth opportunities created by the former and continued capital improvement programs, as well as positive rent growth projections in the Boston multi-family market."

Strategic Capital Partners, LLC (SCP) is a privately held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties via joint ventures with experienced local real estate operators. SCP is focused on properties across the United States that can be repositioned, re-leased and/or redeveloped. The company is headquartered in Chicago with offices in Indianapolis and New York.

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Strategic Capital Partners Invests in Northgate Apartments in Revere, Mass.