Stratford Wood – Minnetonka, MNClick here for high-resolution version
DALLAS, TX–(Marketwired – January 15, 2016) – Pinnacle, one of the nation’s leading multifamily management firms, announces an expanded strategic relationship with Chicago-based Oak Residential Partners to manage four garden-style assets in the Atlanta, Kansas City and Minneapolis metropolitan service areas. The portfolio, comprised of 1,373 apartment homes, includes the conventional communities of St. Ives Crossing in Stockbridge, Ga.; The Gallery in Marietta, Ga.; Four Winds in Overland Park, Kan.; and Stratford Wood in Minnetonka, Minn.
"Pinnacle is honored to have been selected by Oak Residential to manage all four of these assets. We are confident that we will bring value in each of these unique submarkets," said Woody Stone, executive vice president of Pinnacle’s Eastern Division. "We have recently had success in executing a disposition for Oak in Florida and we are thrilled to extend the relationship, partnering again to achieve success for their investors."
The recent assignments with Oak Residential Partners began in the third quarter of 2015 when Pinnacle was awarded management of St. Ives Crossing (www.stivescrossing.com), a Class A vintage asset in the Atlanta suburb of Stockbridge. Located at 305 St. Ives Crossing, the 348-unit property is rich with amenities and offers one-, two- and three-bedroom options within easy reach of shopping, golf, dining, the airport and the downtown area.
"Pinnacle’s exemplary performance for us in Florida strengthened our trust in them," said Rick Wise, managing principal of Oak Residential. "They add value and share our vision for how we want to reposition our properties. I am confident that working together, we will achieve great results at these properties."
The Gallery was the next asset awarded to Pinnacle in November 2015. The 378-unit Class B asset, located at 720 Franklin Road, resides in the Marietta submarket of metropolitan Atlanta. The community has a mix of spacious one-, two- and three-bedroom apartment homes which are perfect for single or family living and are surrounded by countless restaurants and shopping areas. The Gallery (www.thegalleryapartmentatl.com) offers a unique lifestyle from the inside, out.
Following came the management of Four Winds Apartments, located at 8000 Perry Street in the upscale Overland Park neighborhood of Kansas City. The Class B property is currently making desirable upgrades to its 350 units bringing improved interiors, a dog park, renovated amenity areas and a new cyber café. Four Winds residents (www.fourwindsapartment.com) can rent up to three-bedroom homes in this professionally landscaped and well-positioned community.
Pinnacle recently assumed oversight for Stratford Wood (www.stratfordwood.com), a 297-unit community located at 19800 Stratford Road, only minutes away from the shores of historic Lake Minnetonka. Appealing to renters of all ages, the community is home to some of the most beautiful scenery in Hennepin County. The apartment homes are just as appealing as the community grounds and accommodate residents with heated parking, onsite storage and elevator access along with countless other amenities.
About Pinnacle Property Management Services, LLC
Pinnacle Property Management Services, LLC, ("Pinnacle") is a privately held national real estate provider specializing in third party management of multifamily residential communities. As one of the nation’s preferred third-party managers, Pinnacle’s portfolio includes nearly 135,000 residential units and 2 million square feet of commercial assets. With the Corporate headquarters located in Dallas, Texas, Pinnacle has 3,000 employees located in 35 states and 25 major metropolitan areas. For more information, visit www.pinnacleliving.com.
About Oak Residential Partners, LLC
Oak Residential Partners, LLC is a Chicago-based real estate investment platform specializing in the investment and management of multifamily rental communities in major markets throughout the United States. The company looks to reposition its communities through value-added improvements and achieve strong risk-adjusted returns for investors. The company targets properties in major markets throughout the southeast, southwest, and Midwest and currently owns properties in nine major U.S. markets. In combination with its affiliate company, Oak Realty Group, Inc., the companies have transacted over $650 million of real estate representing multifamily, office, medical office, industrial, retail, and developable land. Its extensive experience with both institutional equity investors and high net worth private investors, allows the company to approach each opportunity with experience-based knowledge and sophistication, while remaining committed to delivering superior returns. For more information, visit www.oakresidentialpartners.com.