NEW YORK - (July 28, 2012) - Today, Edge announced that it had secured construction financing for a multifamily development project in Temecula, California. In November 2011, Edge, in partnership with The Dinerstein Companies (“Dinerstein”) and Palatine Capital Partners (“Palatine”), closed on the acquisition of a prime 13 acre urban infill development parcel. Upon completion, the project will consist of over 250 multifamily rental units, built to LEED certification standards.
Edge has previously partnered with Dinerstein and Palatine on student housing development projects in Florida and North Carolina, and more recently, on multifamily development projects in Los Angeles and Woodland Hills, California.
In West LA, directly across from Playa Vista, the partnership acquired a 4.4 acre parcel of land to develop 196 class A multifamily units, built to LEED certification standards. The development will benefit from the compelling dynamics of constrained supply, 3.2mm square feet of office space along with many other demand drivers. The land acquisition closed in July 2011 upon the successful completion of the entitlement process. The property is also in close proximity to local attractions, the Los Angeles International Airport and major highways.
In Woodland Hills, the partnership acquired a 7.2 acre parcel of land in the Warner Center submarket. The land acquisition closed in March 2012, simultaneously with the close of the construction loan. The property is one mile from the central business district, and is accessible from all major highways. Upon completion, the property will consist of 395 multifamily rental units, built to LEED certification standards.
Since its founding, Dinerstein has managed as many as 17,000 apartment units at one time, developed and constructed over 40,000 units at a cost exceeding $1.0 billion, and sold over $1.5 billion in apartment communities. Jeffrey Walker, a principal at Edge, commented, “To date, we have partnered with Dinerstein on five separate development projects within the multifamily and student housing sectors. We believe that this partnership provides us with added confidence as we expand our multifamily platform and participate in all stages of the real estate value creation chain. We are confident of Dinerstein’s execution capabilities and look forward to more successful opportunities with them.”
Edge is a multi-strategy real estate investment partnership formed in 2008 by Jeff Walker and Evan Mallah, in partnership with a family office whose principals manage over $5 billion of institutional equity. Well capitalized, without troubled legacy investments and with a flexible long-term approach, Edge is uniquely situated to transact in the current environment. Edge will invest throughout the capital structure, and has dedicated investment programs in Multifamily, Hospitality, Special Situations, Office and Retail.