Atlas Limited Partnerships LLC soars to greater heights after announcing its plans to acquire an interest in a $57.2 million development in Southern California.

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Atlas Limited Partnerships LLC soars to greater heights after announcing its plans to acquire an interest in a $57.2 million development in Southern California.

September 18
06:51 2022
Atlas Commercial Capital, Inc. and its related companies continue to be on track to become a significant player in the multifamily investment arena after several decades in the real estate finance, brokerage, and property advisory businesses.

Atlas Commercial Capital, Inc. has recently set its sights on a new $50+ million development in California. It will invest in the deal through its subsidiary, Atlas Limited Partnerships LLC

This move paves the way for a limited number of accredited investors to get in on the ground floor of new properties in supply-constrained California markets with significant barriers to entry. 

Real estate investing is sensible in markets like the San Diego area of California, which has a severe housing shortage yet continues to grow.

Atlas Limited Partnerships LLC unveiled its agreement for the Hexagon Apartments, a signature asset in one of California’s most attractive urban areas. This incredible 6-story, Class A steel and concrete building is approximately 162,800 square feet, contains 126 units, and is nearing completion. It is geared to the 55+ Active adult. It is also the institutional quality and is a short 10-minute ride from downtown San Diego. 

Based on the most recent state assessment, known as the Regional Housing Needs Assessment, San Diego needs to construct 108,036 new housing units by 2029 to meet its needs. The county has only built approximately 5,200 units each year in the past three years, which is way below the numbers needed to match the demand.

Another significant aspect of this acquisition is that the property caters to the aging population. Being in one of the best year-round climates in the nation has led many seniors to the San Diego Market. 

In fact, according to KP Meehan, a managing member of Atlas Limited Partnerships, “The senior population here is growing, and there is a lack of options. A recent survey showed nearly a 100% occupancy rate for both market-rate apartments and senior properties. With a lack of housing options, high occupancies, and no other similar properties being built, property management expects that full lease-up to take between 90-180 days from Certificate of Occupancy.”

Mr. Meehan also states, “The Hexagon Apartments are in the best location since they are within walking distance of a major hospital and medical offices; this is a significant benefit and major leasing factor for our senior residents.”

He also added, “The original plan for Hexagon Apartments was to make it into a market rate 55+ community. However, the future includes adding extra amenities, which could significantly raise the Net Operating Income and overall asset performance. Another consideration is that residents who choose a 55+ rental community typically stay longer, which benefits the property with a more stable cash flow and lower maintenance and turn-over cost.”

Mr. Meehan says the investment offering is open to only accredited investors (as defined by the SEC). The partnership units are each $75,000, and investors can purchase multiple units.

Since Atlas Limited Partnerships is an affiliate of Atlas Commercial Capital, the partnership will benefit from the expertise this related firm brings to the table. Since its inception in 1995, the Atlas team has been instrumental in closing nationwide transactions for hundreds of investors and developers. 

Accredited investors who want to check out the Hexagon Apartments and take advantage of the investment opportunity may contact the Atlas team immediately to get started. For more information, others who wish to learn more about Atlas Limited Partnerships LLC may visit www.atlaslimitedpartnerships.com.

Media Contact
Company Name: Atlas Limited Partnerships LLC
Contact Person: KP Meehan
Email: Send Email
Country: United States
Website: http://atlaslimitedpartnerships.com/

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