The Tuckerman Group Announces Investments in Two Rancho Cucamonga Apartment Communities
August 01 2006 - 11:21AM
Business Wire
The Tuckerman Group, a real estate investment management and
advisory firm and a member of State Street Global Alliance, LLC,
announced today that one of its European-based institutional
clients has acquired Chambray Apartments and Meritage Apartments,
two adjacent developments in Rancho Cucamonga, Calif., for
$149,200,000. Chambray Apartments, which consists of 270
garden-style apartments, and Meritage Apartments, which consists of
319 units, were developed and sold by a joint venture between
Fairfield Residential and a public pension fund advised by Heitman.
The two projects were completed in 2006. "As a firm that
continually strives to identify the most optimal real estate
investment options, we're pleased to have provided this client with
these two irreplaceable properties for their portfolio," said Chip
Lauckhardt, chairman and chief executive officer of The Tuckerman
Group. "We seek out areas of the market which contain
characteristics that are the most promising in terms of potential
investment return for our clients." Rancho Cucamonga is an affluent
submarket of Southern California's Inland Empire, with an average
2005 annual household income of $82,000, according to Claritas Inc.
The Inland Empire is one of the strongest apartment markets in the
U.S., with reported occupancy of 96.2 percent as of June 30, 2006,
according to M/PF YieldStar. Chambray and Meritage are located
across from Victoria Gardens, a 1.25 million square-foot, open-air
lifestyle shopping center that has become the hub of Rancho
Cucamonga's 160-acre town center. "These apartment communities are
part of a large collection of real estate projects throughout the
U.S. that we've sought out with the aim of generating the greatest
possible investment returns," said Glen Weisberg, senior managing
director of The Tuckerman Group. The Tuckerman Group manages
private real estate investments and public real estate securities
portfolios and provides advisory services to institutional and
individual investors. The company's direct real estate investment
capability has a strategic focus on value-added strategies. About
The Tuckerman Group The Tuckerman Group is a member of State Street
Global Alliance, LLC, a jointly owned subsidiary of State Street
Global Advisors, the investment management arm of State Street
Corporation, and the Dutch pension fund Stichting Pensioenfonds ABP
(ABP), the world's second largest pension fund. The Tuckerman Group
has two principal units: Tuckerman Investors, which offers
value-added investment programs to institutional investors on a
co-investment basis, and Tuckerman Securities, which manages funds
that invest in real estate securities on both an active fundamental
and passive basis. The Tuckerman Group has assets under management
of $5.7 billion in real estate and real estate securities, as of
June 30, 2006. Its headquarters are in Purchase, NY, with
additional offices in Boston and Chicago. About State Street Global
Alliance, LLC State Street Global Alliance, LLC, founded in 2001,
is the strategic venturing partnership jointly owned by State
Street Global Advisors and one of the world's largest pension
funds, Stichting Pensioenfonds ABP (ABP). State Street Global
Alliance seeks to develop partnerships with innovative asset
managers worldwide to develop investment excellence and innovation
with growth rates in excess of industry averages. State Street
Global Alliance currently consists of six majority owned companies
and two minority investments. For more information, visit
www.ssgaglobalalliance.com. About State Street Global Advisors
State Street Global Advisors, the investment management arm of
State Street Corporation, delivers investment strategies and
integrated solutions to clients worldwide across every asset class,
investment approach and style. With $1.5 trillion in assets under
management as of June 30, 2006, State Street Global Advisors has
investment centers in Boston, Hong Kong, London, Milan, Montreal,
Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in
25 cities worldwide. For more information, visit State Street
Global Advisors at www.ssga.com.
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