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07/12/2010
Tax Credits Enable Strategic Capital Partners to Move Forward with Avondale Meadows Redevelopment
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05/25/2010
Strategic Capital Partners, LLC Shares NAIOP "Deal of the Year" Award
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03/19/2010
Strategic Capital Partners Named a Network Member of Purpose Built Communitites
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Strategic Capital Partners, Horizon Realty Advisors Acquire North Park Village Apartments in Salt Lake City
New partnership established; property to undergo $1 million of improvements.Strategic Capital Partners, LLC (SCP) through its fund, Strategic Partners Value Enhancement FUND (SPVEF) has invested in the North Park Village Apartments in Salt Lake City through a partnership controlled by Horizon Realty Advisors, LLC (HRA), a Seattle-based multi-family owner and manager.
North Park Village is a 170-unit condominium community built in 1978 and 1984. HRA will spend approximately $1 million to renovate and reposition the property, resulting in an eventual increase in rents and other revenue of more than $100 per unit per month. Improvements will include upgrading and painting the exterior, resurfacing the parking lot, renovating the clubhouse and upgrading flooring surfaces, appliances, lighting and countertops in the units.
"Strategic Capital Partners is pleased to invest with a company with such a strong reputation and track record as Horizon Realty Advisors," said Fred Scott, Vice President of Acquistions for SCP. "We look forward to a long and successful partnership on this and other properties."
HRA is a privately held company that owns and operates more than 5,000 units in five states. "Establishing this partnership with SCP accomplishes a significant objective for HRA: to partners with a fund capable of capitalizing many more value-added, multi-famly investment opportunities," said Tim Smith of HRA. "We are excited about this partnership and the prospect of many more with SCP in the immediate future."
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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