SAN DIEGO—Boutique commercial real estate investment platformArc Capital Partners LLC, has partnered withAlex. Brown Realty, Inc. and New StandardEquities to acquire a multifamily property centrallylocated in the North Park submarket of SanDiego.

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Solana Vista is a 132-unit, class-B apartmentcomplex located in a high-density area near the city's employmentcenters, cultural attractions, and recreational activities.

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“We are thrilled to have the opportunity to acquire an urbaninfill asset in Southern California with significant upside,” saidQuincy Allen, managing partner of Arc CapitalPartners. “We plan to re-brand the asset and completely renovatethe property by upgrading building exteriors, enhancing unitinteriors and adding common area amenities to incorporate clean,modern design elements.”

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The joint venture plans to reposition the asset to better suitmillennial preferences. The North Park neighborhood is located justnorth of Balboa Park and was recognized in 2012 by ForbesMagazine as one of the top hipster neighborhoods in America.The property is highly desirable due to its central location, shortcommute to employment centers and its proximity to a walkableneighborhood with art galleries, boutiques, and eateries.

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“We are pleased to partner with Arc Capital Partners and NewStandard Equities,” said Tom Burton, CIO of ABR.“This investment reflects the type of value-added opportunity andjoint venture participation that defines our strategy.” ABR madeits investment through ABR Chesapeake Fund IV, a value-added realestate fund sponsored by ABR.

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“Arc Capital Partners' profound understanding of the millennialmarket and ABR's ability to underwrite and approve the investmentenabled us to move quickly on this opportunity,” said EddieRing, president and CEO of New Standard Equities. “Ourfirm will oversee the renovation program with the goal ofreflecting the character of the community.”

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The undisclosed seller was represented by JLL;the buyers were represented by HFF for capitalmarkets.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.