REBusinessOnline

Multifamily

Henley USA, Modern Residential Acquire Sonoma Villas in Mesa for $22.4M

MESA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has acquired the 265-unit Sonoma Villas apartments in Mesa for $22.4 million. The community is located at 1800 E. Covina St. Sonoma Villas was built in 1980. The JV plans to enhance the property by making strategic improvements to the common area amenities, apartment interiors, leasing space and clubhouse. The Jones Group represented the buyer, while David and Steve Gebing of Institutional Property Advisors..

August 21, 2017

AMCAL Opens 660-Bed Community Near California State University, Stanislaus

TURLOCK, CALIF. — AMCAL Equities LLC has opened The Vista, a 660-bed student housing community located near California State University, Stanislaus in Turlock. The property offers one-, two-, three- and four-bedroom units. Community amenities include a clubhouse with outdoor volleyball and basketball courts; a resort-style swimming pool; outdoor television lounge; theater; cyber café with free coffee; and 24-hour fitness center. Asset Campus Housing is managing the property. Humphreys..

August 21, 2017

Northstar Commercial Partners Completes 74-Unit Seniors Housing Community in Denver

DENVER — Northstar Commercial Partners has completed Balfour at Stapleton, a 74-unit assisted living and memory care community in Denver’s Stapleton neighborhood. A grand opening will be held in September for the 63,000-square-foot community. Northstar partnered with Balfour Senior Care, a Colorado-based operator, for the project. Northstar and Balfour are currently developing another community, a $51 million, 151-unit project in Ann Arbor, Mich. Construction is expected to begin this..

August 21, 2017

TH Real Estate Acquires Multifamily Community in Palm Beach County for $54M

DELRAY BEACH, FLA. — TH Real Estate, an affiliate of TIAA’s Nuveen, has acquired The Atlantic at East Delray, a 228-unit apartment community located at 650 Lavers Circle in Palm Beach County’s Delray Beach. The sales price was not disclosed, but the South Florida Business Journal reports the asset sold for $54 million. TH Real Estate purchased the property from a joint venture between Pollack Shores and its equity partner. Constructed in 1996, The Atlantic at East Delray features a..

August 21, 2017

47-Unit Luxury Apartment Building Opens in Evanston, Illinois

EVANSTON, ILL. — Real Capital Solutions Inc. and RMK Management Corp. have opened 1620 Central, a 47-unit luxury apartment building in Evanston. The four-story property, located at 1620 Central St., is 40 percent leased. Floor plans include one-, two- and three-bedroom units ranging from 601 to 1,297 square feet. Monthly rents range from $2,020 to $3,287. Amenities include a bike storage room, electronic package management system and dry cleaning drop-off and pick-up. TJM Development Inc. and..

August 21, 2017

CBRE Arranges Sale of Two Multifamily Properties Near Major Universities in Kansas

TOPEKA AND MANHATTAN, KAN. — CBRE has arranged the sale of two multifamily properties near major universities in Kansas for an undisclosed price. Constructed between 2009 and 2014, the Lofts at College Hill is a 220-unit property located near Washburn University in Topeka. Amenities include a clubhouse, fitness facility, resort-style pool, media room, game room and business room. The Campus East Apartments consists of 110 units and is located one block from Kansas State University in..

August 21, 2017

IPA Arranges Sale of 240-Unit Apartment Community in Fort Worth

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen, a 240-unit multifamily community located near downtown Fort Worth. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Hulen Place Multifamily LP, and procured the buyer, San Francisco-based investment firm Hamilton Zanze. Other terms of sale were not disclosed.

August 18, 2017

JLL Brokers Sale of 202-Unit Apartment Complex in San Antonio

SAN ANTONIO — JLL has brokered the sale of The Parker Apartment Homes, a 202-unit multifamily property located at 6600 Fairdale Drive in San Antonio. Amenities include a pool, dog park, business center and on-site laundry services. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Forge Partners, in the transaction. An Austin-based private investor purchased the asset for an undisclosed price.

August 18, 2017

Walker & Dunlop Brokers $118.4M Sale of Green Apartment Complex in Palm Beach County

PALM BEACH GARDENS, FLA. — Walker & Dunlop Inc. has brokered the sale of The Quaye at Palm Beach Gardens, a 340-unit, Class A apartment community located in South Florida’s Palm Beach County. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of PGIM Real Estate, the real estate arm of Prudential Financial, purchased the asset in July for $118.4 million. Greg Engler, Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales..

August 18, 2017

Cushman & Wakefield Arranges $53.3M Sale of Apartment Asset in Augusta, Georgia

AUGUSTA, GA. — Cushman & Wakefield has brokered the $53.3 million sale of Ansley at Town Center, a Class A apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the seller, Atlanta-based Cortland Partners, in the transaction. Demarest, N.J.-based Spyglass Capital Partners acquired the property. Ansley at Town Center features a swimming pool, fitness center, business center and a clubhouse.

August 18, 2017