February 11, 2016
296-Unit Residential Property in Menlo Park Under Single Ownership Since Its Completion in 1970
San Francisco – February 11, 2016 – Maximus Real Estate Partners and Deutsche Asset Management announced their joint acquisition of Sharon Green, a 296-unit rental property located in Menlo Park, California. The property was acquired from Essex Property Trust, a publicly traded REIT.
Sharon Green has been under single ownership since its completion in 1970. The property is ideally located on 17 landscaped acres within the Sharon Heights area of Menlo Park and minutes from the upscale shops and restaurants at Stanford Shopping Center.
“This acquisition is consistent with Maximus’ strategy of investing in top-of-the-market properties within each of their respective regions,” said Rob Rosania, founder of Maximus Real Estate Partners. “This was a rare opportunity to acquire one of the most significant assets in the Peninsula area, given the constrained supply of residential property in this high barrier-to-entry market, the demand for quality housing, and the continuing positive real estate fundamentals in the Bay Area.”
“Sharon Green is a unique, low density property located in one of the most desirable neighborhoods in the San Francisco Bay Area,” said Todd Henderson, Head of Real Estate in the Americas for Deutsche Asset Management. “We believe this asset will benefit from its position in the market and a thoughtful renovation program, resulting in excellent long-term returns on our investment.”
Plans call for a capital improvement program for the property.
Select units at Sharon Green feature wood-burning fire places, large patios and balconies. Property amenities include a club house, business center, fitness center, covered parking, exercise facilities, two swimming pools, and two tennis courts.
Maximus Real Estate Partners is reinventing the concept of urban living. Founded in 2012, the real estate and development company is creating transformational value in areas that have been in want of livable modern housing while revitalizing existing under-cared-for properties. Recognized as the most rapidly growing multifamily investor in the San Francisco Bay Area, Maximus currently owns five multifamily renovation/development properties including the largest entitlement in California history, Parkmerced. This development received the prestigious American Institute of Architecture (AIA) award for Urban Design in 2013 for the project’s innovative long-term development design creating the largest carbon net neutral community. With 5,000 existing units and over 7,000 units in the development pipeline, Maximus has a deeply sophisticated and environmentally innovative approach that has positioned the company to revolutionize the urban community experience.
Deutsche Asset Management – Real Estate
Deutsche Asset Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world, USD 51.1 billion in assets under management as of June 30, 2015, and offers a diverse range of strategies and solutions across the risk and return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans and private clients worldwide. To learn more about Deutsche Asset Management’s real estate investment capabilities, please go to Deutsche Real Estate
An investment in real estate involves a high degree of risk, including possible loss of principal amount invested, and is suitable only for sophisticated investors who can bear such losses.
Deutsche Asset Management
With about USD 836 billion of assets under management (as of September 30, 2015), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.
¹ Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.