Multifamily

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

by Amy Works March 26, 2021

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

March 26, 2021

Acquisitions Multifamily Washington Western

Summerfield Commercial Arranges $20.5M Sale of Maryhill Apartments in East Wenatchee, Washington

by Amy Works March 26, 2021

EAST WENATCHEE, WASH. — Summerfield Commercial has arranged the sale of Maryhill Apartments, a multifamily property at 2272 S. Nevada Court in East Wenatchee, which is located along the Columbia River in the central part of the state. Maryhill Plaza Apartments LLC sold the asset to 11 Capital LLC for $20.5 million, or $213,542 per unit. Completed earlier this year, Maryhill Apartments features 96 residential units in a mix of 72 two-bedroom and 24 three-bedroom layouts, with an average unit size of 1,128 square feet. Units include open floor plans, in-unit washers/dryers and private patios/balconies, with select units offering mountain views. On-site amenities include a clubhouse, swimming pool, barbecue area, sports court and 182 parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial handled the transaction.

March 26, 2021

Acquisitions Development Multifamily New Jersey Northeast

CBRE Negotiates Sale of Multifamily Development Site in Plainfield, New Jersey

by Taylor Williams March 26, 2021

PLAINFIELD, N.J. — CBRE has negotiated the sale of a multifamily development site that will ultimately house 104 units at 803 South Ave. in Plainfield, located in the north-central part of the state. A partnership between Bennett Realty & Development and EDEN Property Co. LLC sold the site to West of Hudson Real Estate for an undisclosed price. Jeffrey Dunne, Jeremy Neuer, Gene Pride, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented both parties in the deal. A construction timeline for the project was not disclosed.

March 26, 2021

Affordable Housing Development Multifamily Seniors Housing Texas

Cadence McShane Completes 197-Unit Affordable Seniors Housing Project in San Antonio

by Taylor Williams March 25, 2021

SAN ANTONIO — Cadence McShane, the metro Dallas-based general contractor that is a division of The McShane Cos., has completed Brookwood Senior Apartments, a 197-unit affordable housing project in San Antonio catering to senior citizens. Designed by B&A Architects, the six-acre property features one- and two-bedroom units. Amenities include a clubroom, fitness center, dining area, lounge, arts and crafts studio, game room, salon and self-storage rooms. Outdoor amenities include a pool, herb garden and two courtyards. The four-story, wood-frame property also houses carports and 224 parking spaces. San Antonio-based Mission GD developed the property, which is located at 9015 Ingram Road on the city’s west side, in partnership with the Texas Department of Housing & Community Affairs (TDHCA). Information on renter restrictions was also undisclosed.

March 25, 2021

MorningStar-Assisted-Living-&-Memory-Care-at-River-Oaks

Development Multifamily Seniors Housing Texas

MorningStar, Hines Near Completion of 112-Unit Seniors Housing Facility in Houston

by Taylor Williams March 25, 2021

HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate giant Hines are nearing completion of MorningStar Assisted Living & Memory Care at River Oaks, a 112-unit seniors housing facility in Houston. The six-story community will feature 85 assisted living residences and 27 memory care suites. The site is bordered by River Oaks, West University, The Texas Medical Center, Montrose, Downtown and the Galleria. The opening is set for this fall.

March 25, 2021

Acquisitions Colorado Multifamily Western

A.G. Spanos Cos. Divests of 236-Unit Multifamily Community in Northern Colorado

by Amy Works March 25, 2021

JOHNSTOWN, COLO. — Stockton, Calif.-based A.G. Spanos Cos. has completed the sale of Rise at 2534, an apartment property located at 5070 Exposition Drive in Johnstown. A New York City-based pension fund advisor purchased the community for an undisclosed price. Completed in late January 2020, Rise at 2534 features four four-story residential buildings on 8.5 acres. The property offers 236 units, averaging 920 square feet, with spa bathrooms, Bluetooth shower heads, Nest thermostats, keyless fob entry and full-sizer washers/dryers. Community amenities include a heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

March 25, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $4.9M Sale of Shorewood Apartment Community in Central Phoenix

by Amy Works March 25, 2021

PHOENIX — Taylor Street Advisors has arranged the sale of Shorewood Apartments, a multifamily community located at 3601 N. Fifth Ave. in Phoenix. A private investment fund acquired the property from an out-of-state investor for $4.9 million, or $233,333 per unit. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and seller in the deal. The mid-century modern apartment community features 21 residences. The property was recently renovated with the addition of in-unit washers/dryers, new floors, kitchens and baths.

March 25, 2021

Acquisitions Multifamily NAI New Jersey Northeast

NAI DiLeo-Bram Brokers Sale of 56-Unit Apartment Complex in Woodbridge, New Jersey

by Taylor Williams March 25, 2021

WOODBRIDGE, N.J. — NAI DiLeo-Bram has brokered the sale of The Village at Falcon Point, a 56-unit apartment complex located in the Northern New Jersey community of Woodbridge. The seven-building property was completed in 2020. David Simon, Robert DiLeo, Matthew DiLeo and Kyle Gerace of NAI DiLeo-Bram represented the seller, Falcon Partners LLC, in the transaction. The buyer and sales price were not disclosed.

March 25, 2021

Florida Mixed-Use Multifamily Southeast Top Stories

Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M

by Katie Sloan March 25, 2021

PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …

March 25, 2021

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Destination Indianapolis: the Midwest Market Attracting National Interest

by Kristin Harlow March 25, 2021

By Chris Bruzas, Berkadia Like all markets, Indianapolis is hoping for a return to more normal investment activity for commercial real estate in 2021. So far, the signs are positive, especially for the multifamily sector. The end of 2020 saw a pickup in multifamily sales activity nationally, a result of strong appetite from sidelined capital, continued positive collections trends and occupancy trends, and positive signals from the vaccine rollout. Demand forecasts Indianapolis has steadily been gaining favor with investors, given its economic stability, steady population growth and growing renter interest in secondary and tertiary markets. According to Berkadia’s 2021 forecast, Indianapolis continues to set the standard for urban renewal and economic development. Regional job creation, including at Bottleworks District, Indiana University Health and Amazon, continue to attract new residents. More than 13,000 apartment units were delivered in the past five years with demand continuing to rise. At the end of 2020, occupancy in the metro area was at 95.1 percent, reaching a 20-year peak. Underpinning healthy apartment occupancy is housing demand created by a consistent net migration of about 12,000 people annually and rising household formation. Current opportunities Like the rest of the country, Indianapolis continues to feel the impact …

March 25, 2021

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