Encore Capital Management is proud to announce Rescore, its private REIT solely focused on new multifamily rental development, has acquired its second property.
Rescore now owns an 83,000 square foot infill site located in the Hollywood submarket of Los Angeles, CA. This mixed use site is located just two blocks from the famous Sunset Blvd in a thriving urban submarket. Rescore is finalizing development plans and will build over 300 new multifamily rental units. Rescore sourced this opportunistic assemblage of underutilized assets off-market through a local relationship at an attractive land basis.
A study on urban development released by George Washington University further supports Rescore's strategy of developing apartments in high demand, supply constrained, high walk score neighborhoods. The study states that trends are shifting towards walkable urban development particularly in cities where Rescore is focused. Please click here to access the report.
Leveraging Encore's expertise in off-market sourcing of infill parcels, Rescore has established a pipeline of similar properties representing over $275M in equity requirements. Rescore expects to deploy $500M by the end of 2015.
Rescore is positioned to take advantage of ongoing demographic shifts which have significantly increased the number of renter households in the United States including: a mobile workforce, a return to the urban core from the suburbs, "Millenial" generation (25-34 year olds) delaying life changes such as marriage and family, and retiring baby-boomers and empty-nesters downsizing their housing. Combined with historically low construction of new apartments from 2008 through 2012 and the challenges in obtaining mortgages with today's tight lending standards, these trends have created localized (zip-code level) multifamily rental supply/demand imbalances which Rescore seeks to exploit.
Rescore is building new apartments in urban and infill locations within cities that are experiencing strong job and household growth, including San Francisco, Los Angeles, Dallas, Austin, Miami / Ft.Lauderdale, Orlando, Seattle, and Phoenix / Scottsdale.
Encore is a vertically integrated real estate investment and development firm founded in 2009 by three managing principals each with over 20 years experience in US real estate investment, development, and asset management. Encore Housing Opportunity Fund I and Fund II, with combined AUM in excess of $1B, are both closed to new investors. Rescore has had its initial closing and is expected to have its final close in fall 2014.
Please contact any of the undersigned for more information about Encore, or visit us at www.encorefunds.com
Art Falcone - firstname.lastname@example.org - (561) 961-1256 (o)
Bill Powers - email@example.com - (424) 208-8472 (o)
Tony Avila - firstname.lastname@example.org - (415) 561-0600 (o)