Emerald’s Manhattan portfolio consists of over 1500 units in developing areas of the city.
A primary sector of this portfolio is the close to 1,200 unit “Dawnay Day” acquisition in East Harlem, closed on in December of 2016. This 47-building, high-profile portfolio, one of the largest multifamily acquisitions in recent years, marked a turning point in the expansion of upper Manhattan’s frontiers beyond its pricey boundaries by breaking through the 96th St. “border.”
The deal is successfully delivering on the company’s strategic vision to replicate the high-class Manhattan amenities, ambience and proximity to “the city” while offering its newly repositioned units to the market at a full 30% discount in comparison to the neighboring “Upper East Side” below-96th Street. With prime Manhattan’s sky-rocketing rent averaging approximately $65 per sq. ft., the prospect of moving just 10-15 blocks north offers a tremendous appeal to tenants finding themselves priced out of the city.
The 2nd Ave subway extension project and the broad disparity in rent between the two neighboring sections of the city played a key role in Emerald’s identification of East Harlem as an area ripe for revitalization.
Emerald has continued to expand its upper Manhattan presence through strategic acquisition of the Hamilton portfolio on the upper west side along with additional properties in West and East Harlem.
The Bronx portfolio features many of Emerald’s very first acquisitions and serves as a testimony to the soundness of its repositioning philosophy.
Consisting of approximately 1800 residential units spread across some 60-plus buildings, Emerald’s holdings in the Bronx span many of the borough’s diverse neighborhoods including Grand Concourse, Fordham University, Mott Haven, Hunts Point, Kingsbridge and others. The consistent and common denominator has been Emerald’s ability to strategically identify up-and-coming areas and gear them for workforce housing. As gentrification took hold of many of this demographic’s former strongholds across the city, Emerald recognized these key areas in the Bronx with their close proximity to the city and robust transit infrastructure, as ideally suited for the creation of best-in-class workforce housing.
Through gut renovation and full rehab of each unit upon vacancy, Emerald has successfully repositioned thousands of rental units, creating brand new, well-appointed apartments at significantly lower rents. Case studies of Emerald’s Bronx portfolio indicate pattern of dynamic revitalization, rapidly multiplying the value of its holdings over a short period of time.
The Brooklyn portfolio consists of 60 units in six residential buildings. Situated at the outskirts of Williamsburg’s neighboring communities.
This portfolio capitalizes on the expanding borders of the new “Cosmopolitan Bohemia” spreading eastward and foraying further into the neighborhoods of Bushwick and Bed Stuy.
Once again, Emerald demonstrates its savvy for identifying value and opportunity catering to the area’s new demographic and its appreciation for classic hip-style amenities such as oversized rooms, ultra-modern layouts, high ceiling and abundant sunlight.
In April of 2017 Emerald purchased a 1,000 units apartment community in Tucker, Georgia
In April of 2017 Emerald purchased a 1,000 units apartment community in Tucker, Georgia a suburb of Atlanta. Emerald successfully repositioned the portfolio through an expansive Capex program as well as a total rebranding of the property.
Emerald first acquisition in St Louis was the Central West End City Portfolio
located right between Washington University and Barnes Jewish Hospital. The portfolio consists of 3 historic landmark high-rise towers and a class A new construction building. The portfolio overlooks the expansive 1,371 acre Forest Park, home to the St. Louis Zoo, St. Louis Art Museum as well as multiple golf courses and other attractions.
Upon acquisition, Emerald embarked on a massive $9mm rehabilitation project, which includes a complete overhaul of the properties infrastructure, as well as the total renovation of the common areas and apartment units. The portfolio has been rebranded as “275 On The Park” and is being repositioned to be the premier multi family address in St Louis.
In May of 2019 Emerald acquired an additional 224 class A units in the Central West End Market. Emerald is focused on implementing its business plan for the properties, which include upgrading unit interiors, and enhancing the amenity spaces at the properties.
In August of 2018 Emerald Equity Group closed on the purchase of a 557 unit portfolio in Columbus Ohio.
The Columbus East Portfolio was an off-market transaction which Emerald identified as an opportunity for consistent cash flow combined with a value-add component. The portfolio was passively managed by its previous long-term owners and presented an opportunity to refresh the property and increase rents in line with the market. Upon acquisition, Emerald began to renovate or replace all roofs and elevated walkways as well as upgrade the unit interior and exteriors. Once the renovation campaign is complete the property is well positioned to capitalize on the surging Columbus real estate market by providing beautiful and affordable workforce housing.
In November of 2018 Emerald closed on the purchase of a 25 story high-rise mixed use property in downtown Dallas Texas.
The Manor House Apartments is a Dallas icon located in the heart of the downtown. Exuding a posh, classic retro design with world class amenities and services, Manor House has maintained its reputation for decades as one of infill Dallas’ most sophisticated apartment communities. The community offers concierge service, valet parking, and doorman services, all of which are available 24 hours.
The deal presents a great repositioning opportunity in a core plus market. This is a continuation of Emeralds business model to identify and reposition underperforming core assets in strong urban markets. Emerald partnered with Harbor Group International as a Joint Venture Partner on this deal. Emerald’s expertise and track record with value-add urban high-rise properties is complemented by Harbor Groups vast experience and resources in the greater Dallas market. The Emerald and Harbor union provides the deal with the tools critical to making this deal a success.
In February of 2019 Emerald closed on a 408 unit portfolio in Nashville TN.
With the acquisition the property was rebranded as “The Highland On Briley”. Located just outside the Nashville CBD, the property benefits from the surging Nashville market. With major corporations as Amazon deploying and expanding large resources in Nashville, Emerald has identified it as a market that it would like to invest and scale up in.
In September of 2019 Emerald acquired a portfolio of over 700 units in Central Jersey.
This was acquired in an off market transaction consummated through Emeralds relationships with the seller.
Upon acquisition Emerald began implementing its business plan for the portfolio, which includes upgrading the unit interiors, and enhancing the amenity spaces at the property. As in every acquisition, the goal is to provide a better living experience for its residents, while delivering solid returns for its partners.