Multifamily

Asia Capital Real Estate Acquires Aven Apartments in Durham

by Julia Sanders April 7, 2022

DURHAM, N.C. — Asia Capital Real Estate (ACRE) has acquired Aven Apartments, a 144-unit multifamily property in Durham. Magma Equities sold the property for an undisclosed price. Aven Apartments offers one- and two-bedroom floorplans. Community amenities include a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground and onsite management with 24-hour maintenance. ACRE plans to launch a $3 million capital improvements and investment strategy at the property. In-unit renovations will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting and other miscellaneous aesthetic additions. ACRE plans to also repurpose existing tennis courts into a courtyard area featuring grills, fire pit and a playground.

April 7, 2022

Acquisitions Multifamily Texas

Lightbulb Capital Acquires 390-Unit Cooper Apartments in Fort Worth

by Taylor Williams April 7, 2022

FORT WORTH, TEXAS — An affiliate of Lightbulb Capital Group, the family office of Los Angeles-based investor Jay Schuminsky, has acquired The Cooper, a 390-unit apartment community in Fort Worth’s Near Southside Medical District. Built in 2021, the property features studio, one-, two- and three-bedroom units with keyless entry systems, individual washers and dryers and private balconies/patios, as well as townhomes. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, fitness center, coworking lounge, media room and a pet lounge and wash area. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Lang Partners, in the transaction. The team also procured Lightbulb Capital as the buyer.

April 7, 2022

Development Multifamily Texas

SWBC to Develop 365-Unit Royalton at Westover Hills Apartments in San Antonio

by Taylor Williams April 7, 2022

SAN ANTONIO — Texas-based developer SWBC Real Estate has acquired 14.4 acres at the northeast quadrant of Highway 151 and Loop 1604 in San Antonio for the development of The Royalton at Westover Hills, a 365-unit apartment community. The site is adjacent to the new Methodist Healthcare campus that is currently under construction. Designed by Cross Architects, The Royalton at Westover Hills will feature one-, two- and three-bedroom units with an average size of 875 square feet. Residences will be furnished with stainless steel appliances, granite countertops and washer/dryer hook ups. Amenities will include outdoor grilling, dining and lounge areas, as well as a pool, fitness center and a dog park. Construction is slated to begin in the first quarter of 2023 and to last about 26 months.

April 7, 2022

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Arranges $42M Sale of Rise Metro Apartments in Phoenix

by Amy Works April 7, 2022

PHOENIX — ABI Multifamily has arranged the sale of Rise Metro Apartments, a multifamily property located at 2045 W. Butler Drive in Phoenix. Arizona-based Rise48 Equity sold the asset to a Massachusetts-based buyer for $42 million, or $262,500 per unit. Built in 1981, Rise Metro Apartments features 160 garden-style units in a mix of 72 one-bedroom/one-bath, 36 two-bedroom/one-bath, 40 two-bedroom/two-bath and 12 three-bedroom/two-bath layouts. Each unit is individually metered for electricity and features individual HVACs. Unit amenities include a patio or balcony, ceiling fans, fireplaces in select units, walk-in closets in select units, extra storage space and high-speed internet/cable access. Additional unit amenities include refrigerators, dishwashers, garbage disposals and stacked washers/dryers. Community amenities include a swimming pool and spa, fitness center, business center, basketball court, barbecue/picnic area and dog walk. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

April 7, 2022

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates Sale of Four Seniors Housing Communities in Oregon

by Amy Works April 7, 2022

BROOKINGS, GOLD BEACH AND SHERIDAN, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four properties in Oregon: two properties in Brookings, one in Gold Beach and another in Sheridan. The combined communities consist of 169 units and 190 beds. Brookings is a city in Curry County, located on the coast. Gold Beach is located 30 miles north of Brookings on the coast. Sheridan is located approximately 50 miles southwest of Portland. These facilities combined total approximately 109,507 square feet and are situated on approximately 25.6 acres of land. The seller was an Oregon-based owner-operator looking to recycle the capital for additional expansion opportunities. The buyer is a joint venture between a Pacific Northwest-based operator and a California-based private equity company. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 7, 2022

Acquisitions Multifamily Texas

Western Wealth Capital Acquires 250-Unit Villas at Chase Oaks Apartments in Plano

by Taylor Williams April 7, 2022

PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Villas as Chase Oaks, a 250-unit apartment community located north of Dallas in Plano that was originally built in 1986. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, sports court, fitness center, dog park, clubhouse and a package locker system. The seller was not disclosed. Western Wealth Capital plans to renovate the unit interiors and building exteriors.

April 7, 2022

Acquisitions Multifamily New York Northeast Student Housing

Champion Real Estate Buys Student Housing Community Near Syracuse University for $65M

by Taylor Williams April 7, 2022

SYRACUSE, N.Y. — Champion Real Estate Co. has purchased Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades, including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and the undisclosed seller in the transaction.

April 7, 2022

Affordable Housing Development Midwest Multifamily Wisconsin

McShane to Begin Construction of 172-Unit Affordable Housing Community in Sun Prairie, Wisconsin

by Kristin Harlow April 6, 2022

SUN PRAIRIE, WIS. — Developer Roers Cos. has selected McShane Construction Co. to build The Wildwood at Main, a 172-unit affordable housing community in Sun Prairie, a northeast suburb of Madison. The two-building property will be constructed atop an underground parking garage. Amenities will include a clubroom, fitness room, playground and outdoor grill area. Korb + Associates is the architect. The project was designed to achieve Wisconsin Green Built Home certification. Completion is slated for August 2023. Income restrictions for units were not provided.

April 6, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires Two Dallas-Area Apartment Communities Totaling 676 Units

by Taylor Williams April 6, 2022

DALLAS AND CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired two garden-style apartment communities totaling 676 units in the Dallas area in a single transaction. Lake Highlands is a 356-unit property located on the city’s east side that was built on 12 acres in 1979. Carrollton Oaks is a 320-unit community that was constructed in 1981. Both properties offer one- and two-bedroom units. S2 Capital plans to invest about $5 million over the next two years in capital improvements to both assets. Renovations will include upgrades of unit interiors, building exteriors and landscaping, as well as amenity spaces such as the pools, clubhouses and leasing offices. Taylor Snoddy of Northmarq represented the undisclosed seller in the deal. Lauren Bresky and Lauren Heikenfeld of Northmarq arranged acquisition financing on behalf of S2 Capital.

April 6, 2022

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