New York Life Real Estate Investors closes on the acquisition of Crestone at Shadow Mountain in Phoenix, Arizona.
New York, January 31, 2018—New York Life Real Estate Investors announced today the purchase, on behalf of institutional investors, of a 248 unit garden-style apartment property known as Crestone at Shadow Mountain. Located in Phoenix’s upscale Paradise Valley submarket, the property offers its tenants a spacious greenbelt and low density living, and provides a central location for convenient commute times to many of Phoenix’s premier employment hubs.
“We are pleased to have had the opportunity to purchase this very attractive, well located apartment community in Phoenix. We will be upgrading the Crestone’s common areas and completing interior unit renovations to further solidify the property’s premier position in the market” said Chris Hunt, senior director at New York Life Real Estate Investors’ San Francisco office.
CBRE negotiated the sale on behalf of the seller, New York City-based HQ Capital Real Estate.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $52.3 billion in assets under management as of November 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/1/17.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
About CBRE Group, Inc.
CBRE Group, Inc (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. (According to Company's website).
About HQ Capital Real Estate
HQ Capital Real Estate is a member of HQ Capital, a global independent alternative investment manager focused on providing investors with attractive investment opportunities in both real estate and private equity. Since its inception in 1989, HQ Capital Real Estate has invested in $14 billion of US real estate on behalf of domestic and foreign institutional investors, family offices, and high-net-worth individuals worldwide. The firm sponsors and actively manages US. multi family residential funds, while also providing separate account real estate investment advisory and asset management services for commercial and residential properties. HQ’s portfolio of investments, both development and acquisition, includes multi-family residential, office, industrial, retail and mixed-use properties totaling 69,000 apartment units and over 22 million square feet of commercial space located in more than 30 states. The company has a staff of 50 real estate professionals and offices located throughout the US. in New York, Seattle, Dallas, and Washington, D.C. (According to Company’s website). CBRE Group, Inc. and HQ Capital Real Estate are not affiliated with New York Life Insurance Company.
New York Life Insurance Company