REBusinessOnline

Wood Partners Opens 336-Unit Multifamily Property in Metro Houston

BAYTOWN, TEXAS — Wood Partners, a multifamily development and investment firm with offices around the country, has opened Alta Baytown, a 336-unit apartment community located in the eastern Houston suburb of Baytown. Floor plans feature one-, two- and three-bedroom units with granite countertops, custom backsplashes and full-size washers and dryers. Amenities include a business center with two private conference rooms, fitness center, bike shop and a pet park. Rents start at roughly $1,000 …

Greystar Breaks Ground on 152-Unit Apartment Community in Houston

HOUSTON — Greystar has broken ground on a 152-unit multifamily community at 510 W. 20th St. in Houston’s Heights neighborhood. Designed by Meeks + Partners, the community will offer one- and two-bedroom units ranging in size from 850 to 1,900 square feet. Penthouse units ranging in size from 1,700 to 2,300 square feet will also be available for lease. Amenities will include a clubroom, business center, fitness and yoga rooms, a resort-style pool with outdoor kitchen and a high-end sky …

Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M

COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million. The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or …

Levin Johnston Negotiates $15.9M Sale of Buena Vista Apartments in Alameda, California

ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of Buena Vista Apartments, a multifamily community located at 4330-450 Buena Vista Ave. in Alameda. A private, high-net-worth investor sold the property to an undisclosed buyer for $15.9 million. Adam Levin and Robert Johnston of Levin Johnston represented the seller in the transaction. Originally constructed in 1966 and renovated in 2018, the 52-unit property consists of two parcels and offers a mix of …

NorthMarq Arranges $5M Refinancing for Multifamily Property in Cincinnati

CINCINNATI — NorthMarq has arranged a $5 million loan for the refinancing of Lytle Tower, a 115-unit multifamily property in Cincinnati. The 12-story building, located at 405 Broadway St., features studios, one-bedroom units and one-bedroom penthouses. Amenities include a resident lounge, fitness center, on-site restaurant and in-unit laundry. Noah Juran of NorthMarq arranged the 20-year loan, which features a 30-year amortization schedule. A life insurance company provided the

FCP Acquires 286-Unit Apartment Community in Philadelphia for $117.9M

PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of …

Arbor Provides $15M Bridge Loan for Refinancing of Brooklyn Apartment Complex

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not

Seniors Housing Developers Embrace Intergenerational Living Trends

As the industry eagerly anticipates the arrival of baby boomers, intergenerational housing models are emerging as an attractive alternative for a group that wants a different type of retirement experience. Developers, operators and owners are tweaking time-tested intergenerational arrangements and trying new approaches.  Mixing different age groups has benefits for everyone involved, experts say. It’s natural, and the way families lived until we started to move so far apart. Many …

AHC to Break Ground on $48.3M Affordable Housing Development in Alexandria

ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local …

Cushman & Wakefield Negotiates Sale of 314-Unit Apartment Complex in Orlando

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of Alta Grande, a 314-unit apartment complex in Orlando that opened in May 2018. Lantower Residential acquired the property and will rebrand it as Lantower Grande Flats. The property was 98.4 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans spread across 10 three-story buildings. Community amenities include a fitness center with separate yoga studio, dog park, saltwater swimming pool, …

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