Lord Mayor Sally Capp and Sentinel Managing Director Keith Lucas at the topping out ceremony for the Briscoe. Photo: Kit Haselden Photography

Sentinel has marked the 'topping out' construction milestone at its Build to Rent apartment building, The Briscoe, in West Melbourne. On completion, the project will be Sentinel's third completed Build to Rent community in Australia.

To commemorate the achievement for the project and Melbourne's growing Build to Rent sector, The Lord Mayor of Melbourne, Sally Capp, joined Sentinel's Managing Director in Australia, Keith Lucas, construction partner Crema Constructions and project architects Rothelowman on-site at 164-168 Roden Street for a site tour and topping out ceremony.

Sentinel has established The Briscoe as the name of its new apartment community, paying homage to the site's former status as home to one of Australia's largest Victorian-era hardware firms, Briscoe & Company Limited. The Briscoe will be home to 172 premium and sustainable Build to Rent apartments across seven levels, ranging from one- to three-bedroom layouts. It is scheduled to reach practical completion in March 2023.

Melbourne Lord Mayor Sally Capp welcomed the project and said it will add value to Melbourne's housing landscape.

"I welcome more, quality housing supply in our city, especially when it is combined with community facilities and environmental outcomes," the Lord Mayor said.

"Melbourne is Australia’s most liveable city and it is projects like The Briscoe by Sentinel that continue to strengthen that title."

Artist rendering of The Briscoe, featuring the historic façade of the original building and recreated historic signage. Final finishes may vary.

As pioneered by Sentinel's previous Australian Build to Rent properties, The Briscoe will pursue carbon neutral certification on completion. The building has also been designed to be fossil-fuel-free and target a 5-Star Green Star rating from the Green Building Council of Australia.

The Briscoe will have a broad range of state-of-the-art amenities to provide residents with a sophisticated rental experience. These amenities include a rooftop terrace with sweeping views overlooking the Melbourne CBD skyline, a gym, a residents' lounge and dining area that can be booked for private functions, a business centre and a landscaped, green inner-courtyard at the centre of the building which will act as the uniting feature of the community.

Sentinel's on-site management, leasing and maintenance staff will provide an enhanced rental experience for residents, including a streamlined and personalised leasing process, 24/7 on-site maintenance and an ongoing program of curated resident events to grow and sustain a vibrant rental community.

Keith Lucas, Managing Director of Sentinel in Australia said: "It's fantastic to see The Briscoe, our first Build to Rent development in Victoria, progress another step closer to completion. It will offer residents a refined, highly sustainable and community-focussed lifestyle, creating a sense of place within and adding to West Melbourne’s existing character.

"The Briscoe has been thoughtfully designed outside and in for a renter-oriented living experience. The design draws heavily on the eclectic industrial heritage of the site and art deco influence of the iconic Briscoe and Co signage. The building is also designed to achieve leading sustainability benchmarks including carbon neutral certification, empowering residents to live greener," said Mr. Lucas.

The announcement received positive coverage in Australian media:
Herald Sun
The Fifth Estate
Brisbane Times
The Chronicle

Sentinel currently has more than 1,300 Build to Rent units under various stages of development throughout Australia. Read more about our Australian Build to Rent Projects.

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Element 27, Sentinel's flagship Build to Rent apartment community in Subiaco, WA, which was the first purpose-built BTR apartment building operating in Australia

Sentinel and Dutch pension fund manager PGGM have today announced a new partnership to develop and manage up to A$1.5 billion in Build to Rent communities throughout Australia.

PGGM's first investment tranche opens up a pipeline of over A$700 million in initial development potential for the venture. The partnership aims to develop a national portfolio of approximately 2,500 Build to Rent units, with the first two sites for development already confirmed. Sentinel, through its vertically integrated platform, will provide investment management, development management and property management services to the partnership.

Michael Streicker, President of Sentinel, said: "Sentinel is proud to expand our partnership with PGGM into the Australian market. Their commitment to this venture is a clear vote of confidence in our Build to Rent platform and the future of the sector in Australia.

"We're committed to continuing to deliver high quality, sustainable and community-focused living that enhances the housing choices available to Australians. This is particularly important at a time where changes in the housing market and supply levels are front of mind for so many," said Mr. Streicker.

Jikke de Wit, Senior Director Private Real Estate of PGGM said: "We are excited to expand our relationship with Sentinel into the Australian Build to Rent market. Although the sector is still relatively small, we believe that it will grow over time and become an important part of the Australian housing market.

"Sentinel is a longtime partner of PGGM in the US and we are confident their expertise will help us build a new portfolio of high quality, low carbon apartment communities. The sustainability of this investment contributes to our client PFZW's long-term ambition to align their real estate investments with the Paris Climate Agreement," said Ms. de Wit.

The partnership will leverage Sentinel's 50 years' global multifamily experience and its decade-long endeavour to establish an Australian Build to Rent sector. In 2019, Sentinel delivered Element 27, Australia's first ever purpose-built institutional Build to Rent community, located in Subiaco, Western Australia. In 2021, the first phase of Element 27 became the first apartment building in Australia to be Carbon Neutral Certified under the Climate Active Carbon Neutral Standard for Buildings.

Sentinel currently has more than 1,300 Build to Rent units under various stages of development throughout Australia. Read more about our Australian Build to Rent Projects.

The announcement has received considerable coverage in the press:
Australian Financial Review
IPE RealAssets
The Australian
The Urban Developer
Australian Property Journal
Sovereign Wealth Fund Institute
IREI
Financial Standard
The Property Tribune
Real Estate Source
Business News

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The Broderick is ideally located in the Society Hill neighborhood of Philadelphia, near Washington Square Park and Independence National Historic Park.

Sentinel has recently acquired two high-rise apartment communities – The Broderick and The Republic – totaling 213 units and located in Center City Philadelphia. These acquisitions presented Sentinel with the opportunity to increase its investment in the rapidly expanding Philadelphia market. The transactions follow the recent acquisition of Madison Lansdale Station, a 186-unit mid-rise apartment community located in Lansdale, PA, approximately 32 miles northwest of Philadelphia’s City Center.

Both The Broderick and The Republic benefit from superior walkable and transit-oriented locations with significant rental rate upside potential through comprehensive unit upgrades and over 5,000 square feet of retail space within each. Moreover, their location in Center City offers proximity to top employers and an extraordinary range of dining, entertainment and cultural attractions.

"With The Broderick and The Republic, we found a compelling opportunity to acquire institutional-quality assets in two of Philadelphia’s most desirable neighborhoods, attracting a wide range of residents who want to live and work in the heart of the city," said Michael Streicker, President of Sentinel. "These locations have also seen significant post-pandemic recovery, with increasing in-migration, strong rent growth and a return to the urban vibrancy that remains a signature of the city’s culture and lifestyle."

Sentinel has been active in the Pennsylvania market throughout its 53-year history, having owned and operated 12 properties in the state. Currently, Sentinel owns and operates four properties in Philadelphia submarkets, in addition to these new acquisitions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.

The Broderick

The Broderick occupies an irreplaceable location next to the nation’s most famed city parks and museums in historic Society Hill. Surrounded by Washington Square Park, Independence National Historical Park and the Delaware River, The Broderick benefits from its proximity to these landmarks, which also protect its unparalleled views and, combined with reduced tax incentives for new construction, limit new supply in the market. Additionally, The Broderick’s highly visible location within Society Hill draws a steady demographic base of mature, well-established professionals with strong employment profiles who are willing to pay a premium for luxury unit finishes in a concierge-serviced building.

The Broderick is a boutique community comprising 69 apartments averaging 854 square feet. Residences boast quartz countertops, stainless steel appliances, luxury wood-style flooring, spacious closets, in-unit washers and dryers and oversized French windows with breathtaking views. Amenities include a penthouse-level resident lounge, an entertaining kitchen and a complimentary coffee bar. The previous owner recently renovated 46 units and Sentinel has identified a substantial value-add opportunity to renovate the remaining 23 units to capture additional rent premiums.

The Republic

The Republic is a 144-unit community conveniently located in the heart of Rittenhouse Square, Center City Philadelphia’s most sought-after neighborhood. Boasting some of the highest per-square-foot rental rates in the city, Rittenhouse Square features luxury hotels, high-end retail, world-renowned restaurants, energetic nightlife and an extensive array of art and culture offerings. The property features a rooftop overlooking the scenic Rittenhouse Square Park and is within a ten-minute walk to over 46.8 million square feet of Class A office space and to many of Philadelphia’s largest employers both in Center City Philadelphia and in University City. Furthermore, residents are in proximity to various public transportation options along SEPTA’s Market-Frankford line via the 30th Street Station and the 19th Street Trolley Station.

Residences at The Republic average 695 square feet and feature nine-foot ceilings, quartz countertops, stainless steel appliances, luxury wood-style flooring, spacious closets, full-sized washer/dryers and oversized windows with stunning views. Previous ownership renovated 84 units and Sentinel has identified a significant value-add opportunity to renovate the remaining 60 units to drive rent growth while retaining a notable value compared to top-of-the-market properties in Center City.

The acquisitions received coverage in a number of publications:
Philadelphia Business Journal
Bisnow
Multifamily Executive

See more of Sentinel's portfolio and learn more about our multifamily assets.

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The Retreat at Cinco Ranch features a resort-style pool with a sundeck and lounge area, overlooked by the well-appointed Clubhouse.

Sentinel has recently acquired The Retreat at Cinco Ranch, a 268-unit garden-style apartment community in the desirable Cinco Ranch submarket of Katy, TX, just west of Houston.

Originally constructed in 2008, The Retreat at Cinco Ranch comprises 12 three-story residential buildings consisting of one-, two- and three-bedroom apartments averaging 943 square feet. The first floor of the complex underwent a substantial renovation in 2019, which included the installation of modern appliances and upgraded finishes – including new kitchen and bathroom cabinetry, quartz countertops, the addition of tile in kitchen backsplashes and bathroom showers, and wood-style flooring in living areas. Following the transaction, Sentinel intends to realize additional value by expanding the capital improvement program to replace legacy finishes on the second and third floors.

Community amenities include a modern clubhouse with a fitness center, an indoor cycling studio, a resident lounge with a kitchen and coffee bar, a business center, and package lockers, a resort-style swimming pool with a sundeck and lounge area, outdoor grilling stations and a playground with a picnic area.

The Retreat at Cinco Ranch is optimally located amid some of Houston’s most upscale residential neighborhoods and within the top-ranked Katy Independent School District, enjoying access to several lifestyle, retail and restaurant destinations along Mason Road. The property offers convenient access to Houston’s energy corridor along Interstate 10, which is home to the North American Headquarters for Shell, CITGO and BP, among others. Major employers in the area also include MD Anderson Cancer Center, Texas Children’s Hospital and GEICO.

Sentinel has been active in the Houston market throughout its 53-year history and currently owns and operates three properties nearby, 3000 Sage Apartments, The Lodge at Cypresswood Apartments and Everlee Apartments, providing enhanced competitive positioning in the submarket. We will continue to leverage our market expertise and deep industry relationships to identify attractive investment opportunities and expand our portfolio in the region.

The acquisition received coverage in:
Multi-Housing News
REBusiness Online
Bisnow
Community Impact
Houston Chronicle

See more of Sentinel's portfolio and learn more about our multifamily assets.

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Lexington Farms features a highly-amenitized pool area, with a poolside firepit, a BBQ pavilion, a ping-pong table, a hammock lounge, a snooker ball court and a bocce ball court.

Sentinel has recently acquired Lexington Farms Apartments, a 404-unit garden-style community in the desirable suburb of Overland Park, 18 miles southwest of Downtown Kansas City.

Originally constructed in 1997, but recently renovated, Lexington Farms features one-, two- and three-bedroom apartments averaging 972 square feet. Over the past two years, a substantial upgrade program was conducted on the property’s common areas, including repainting the building exteriors, remodeling the clubhouse to reflect a contemporary aesthetic and the addition of a business center, Wi-Fi lounge and coffee bar. During the same period, two-thirds of the units were updated to include modern finishes, appliances and fixtures, including quartz countertops, stainless steel appliances, tile backsplashes, shaker-style cabinetry, kitchen islands, wood-style plank flooring in common and wet areas, carpeted bedrooms, ceramic tile baths, full-size side-by-side washers and dryers, soaking tubs, walk-in closets, private balconies or patios and Wi-Fi thermostats. Sentinel intends to realize additional value at the property by renovating the remaining units.

"Lexington Farms presented an attractive opportunity to acquire a partially-renovated multifamily development located in a desirable area supported by strong fundamentals, including good schools and strong local employment centers," said Michael Streicker, President of Sentinel. "We look forward to leveraging our significant expertise to renovate the remainder of the property, realizing additional upside potential."

In addition to the renovated clubhouse, community amenities include a lounge area, a coffee bar and demonstration kitchen, two heated saltwater swimming pools, a poolside firepit, a BBQ pavilion, a ping-pong table, a hammock lounge, a snooker ball court, a bocce ball court, a tennis court, a 24-hour fitness center, a dry sauna, billiards and a dog park.

Lexington Farms is located within walking distance of retail and restaurant developments along the 135th Street corridor including Overland Pointe Marketplace, an 80,000-square-foot retail center with several national tenants. Moreover, Lexington Farms is served by top-ranked Blue Valley School District, which is less than 1.5 miles from the community. Major employers in the area include Cerner, T-Mobile, OptumRx and Overland Park Regional Medical Center, comprising nearly 30,000 jobs. Lexington Park Apartments also benefits from proximity to several of Kansas City’s major thoroughfares such as I-435, I-35 and US-69, which provide convenient access throughout the metropolitan area.

Sentinel has been active in the Kansas City market throughout its 53-year history, having owned and operated 17 multifamily properties in the area. In addition to Lexington Farms, Sentinel currently owns three properties nearby, Weston Point Apartments, Corbin Greens Apartments and The Fairways at Corbin Park Apartments, providing enhanced competitive positioning in the submarket. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.

The acquisition received coverage in several publications:
Midwest Real Estate Journal
Multi-Housing News

See more of Sentinel's portfolio and learn more about our multifamily assets.

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Sentinel's President Michael Streicker was recently interviewed for The Australian Financial Review regarding our Australian properties and future development plans.

Australia is currently facing a considerable housing shortage, particularly in the rental market, and Build to Rent shows promise as a potential solution to the problem. The progress of our property in Melbourne that is currently under construction and the success of our properties in Subiaco are of particular interest as renters discover the benefits of the Build to Rent model and Build to Sell developments stall due to a number of disruptions in that sector. As an early mover in the market, Sentinel's success illustrates the potential of Build to Rent as a viable alternative to the fragmented rental market that has existed in the country to date.

Read the full article on The Australian Financial Review here:
https://www.afr.com/property/residential/housing-shortfall-fuels-sentinel-s-2b-build-to-rent-ambition-20220412-p5acvj

Since 2011, Sentinel Real Estate Corporation has been investigating the apartment rental market and laying the foundations for the launch of our Build to Rent model for residential communities in Australia. Learn more about Sentinel's Build to Rent.

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Main 3 Downtown features a rooftop terrace with a salt water pool, firepit and outdoor kitchen/grilling area.

Sentinel has recently acquired Third Rail Lofts, a 164-unit apartment community located in Downtown Dallas. The transaction provides the opportunity to acquire an institutional-scale asset in a high growth, urban location at a significant discount to replacement cost. Immediately upon acquisition, Sentinel is rebranding the community as Main 3 Downtown.

Consisting of three adjoining buildings – The Flats, The Landmark and The Tower – Main 3 Downtown comprises 164 studio, one- and two-bedroom apartments and three retail spaces. The luxury loft-style residences feature an impressive selection of finishes including stainless steel appliances, walk-in closets, custom cabinetry and granite countertops; however, they were last updated in 2008. Sentinel expects to realize additional value through the execution of a capital improvement program that calls for the modernization of all 164 units. Each building’s lobby will be updated to increase consistency in design and branding across the community. The firm also intends to renovate the amenities, which include a two-lane bowling alley, a billiards room, a small movie theater and a wine tasting room, as well as a pool deck and terrace with a salt-water pool, an outdoor bar with a grilling area, a fire pit, an outdoor movie theater and a private dog walk.

Main 3 Downtown is located in Dallas, which has experienced tremendous growth over the past decade and is now the fourth most populous MSA in the United States. The Downtown submarket in particular has seen more than $7 billion in public and private investment since 2000, leading the area to be recognized as a premier live/work/play neighborhood. The property is situated on Main Street in the center of the Dallas Central Business District, and is within walking distance of employers, retail, restaurants museums and the Dallas Area Rapid Transit (DART) light-rail station. In addition to being home to major corporations such as AT&T, Goldman Sachs and Neiman Marcus Group, the Central Business District is the largest employment center in North Texas with more than 135,000 daytime workers, providing a robust built-in demand driver for rental housing in the area.

"The Dallas economy benefits from a diverse employment base and low cost of living as compared to coastal cities, both of which support strong in-migration trends,” said Michael Streicker, President of Sentinel. “The Downtown area has experienced tremendous growth, and the recently completed AT&T Discovery District and the repositioning of The National on Elm Street have brought renewed vibrancy and livability to the Central Business District. We look forward to implementing a value-enhancing investment program at Main 3 Downtown to update the unit interiors and improve the quality of the amenities for the residents of Dallas."

Sentinel has been active in the Dallas market throughout its 53-year history, having owned and operated 23 multifamily properties and 6 commercial properties in the area. Since its inception, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities throughout the region.

The acquisition has received considerable media coverage including:

https://www.multihousingnews.com/sentinel-buys-dallas-apartments/
https://www.connectcre.com/stories/sentinel-real-estate-corp-acquires-dallas-apartment-community/
https://rebusinessonline.com/sentinel-real-estate-buys-164-unit-multifamily-property-in-downtown-dallas/
https://money.yahoo.com/sentinel-real-estate-corporation-acquires-130000673.html

Learn more about Main 3 Downtown here: https://www.main3downtown.com/

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You can read the full article at: Multifamily Executive

A vital part of planning for spring leasing is enhancing curb appeal. For properties like Parc at Grandview, lush landscaping and thoughtful maintenance of popular amenities are important considerations.

Learn more about Sentinel's portfolio and asset management.

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“In Hill House at Chestnut Hill, we are acquiring a well-repositioned asset where we can leverage strategic capital improvements to create additional value,” said Michael Streicker, President of Sentinel. “The neighborhood’s high barriers to entry make it difficult to build – interestingly, only 700 units have been delivered within a three-mile radius of the property since 1991. With no new supply planned in the market for the foreseeable future, an average household income of $158,000, and a submarket vacancy rate of 4.2 percent, there are numerous factors that we expect will continue to make this property and location attractive.”

Located in the heart of historic Chestnut Hill – which is known as Philadelphia’s garden district and was named by Forbes as one of the top seven urban enclaves in the United States – Hill House at Chestnut Hill provides amenity-rich living with skyline views of the city across a range of floorplans, from studios to three-bedroom, three-bathroom apartments. Each unit features luxury finishes such as quartz countertops, stainless steel appliances, hardwood floors and spacious closets. Community amenities include a 24-hour doorman, a fitness center, a resort-style pool, an outdoor patio living space, and a resident lounge with complimentary Starbucks on tap.

The previous ownership has executed an extensive capital improvement program, which comprised upgrades to interior units and building systems, as well as improvements to common spaces including the lobby, leasing office, common hallways, outdoor amenities and landscaping. Sentinel has the opportunity to realize additional value creation by renovating the remaining interior units over time.

Over its 51-year history, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities throughout the region.

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Element 27 was the first purpose-built institutional Build to Rent community in Australia and is the only Build to Rent property currently active in Western Australia. Upon completion of Phases 2 and 3, Element 27 will comprise a total of 264 rental dwellings in the Perth community.

Lot 204 will be a 16,061 square metre, five storey residential apartment building that seamlessly melds with the neighbouring streetscape. Designed by local architecture practice, Hillam Architects, the façade design is inspired of the site’s rich history as a porcelain works factory with a vertical rigid grid, reflecting the process of stacking pottery into a kiln.

The premium Build to Rent project will comprise of 91 apartments, with studio, one-, two- and three-bedroom options. We will also create over 550 square metres of communal open space, including a large resident’s garden on the Ground Floor and 225 square metres of landscaped amenities on the rooftop, featuring a luxurious pool deck. Additionally, an internal natural light-filled garden courtyard will be a green, urban retreat for residents.

We’ve taken a unique, whole building approach to sustainability within the project’s design. Plans include a 60kw solar plant in the building, a rainwater recapture system, building consumption monitoring, enhanced waste-management streams, a greywater recycling plant, solar shading and deep soil zones. We will also target an 8-Star NatHERS rating.

Michael Streicker, President of Sentinel said: “It’s rewarding to see the third and final phase of Element 27 take a major step forward with Development Approval for Lot 204 received.

“The first phase of Element 27 has been operational for over a year now; and we’ve had a fantastic response from residents regarding the premium design, variety of amenities and the building management provisions that our Build to Rent model offers.

“Lot 204 will reflect the same level of quality living already delivered in earlier stages of Element 27 and will increase Perth’s housing stock at a critical time, with record low vacancy rates in the residential market,” said Mr. Streicker.

Other amenities at Lot 204 include a business centre, an enhanced onsite management and leasing facility, 113 car parking spaces, EV charging stations, motorcycle/scooter bays, dedicated bicycle storage and a concierge system for deliveries to residents.

Lot 204 is located in walking distance to a variety of landscaped public open spaces and forms the culmination of the district’s ‘green spine’. The picnic and recreational facilities of Subiaco Common are easily accessible via a well-developed network of pedestrian footpaths. The development also overlooks a park, playground and lake, and is only a short walk from the Subiaco train station.

Construction of Lot 204 is expected to begin in June 2021. In combination with current works in progress on Lot 207, the development will create an average of 108 full-time jobs for local workers each year.

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