Multifamily

TMG Brokers $29.2M Sale of Park West Apartment Homes in Fresno

by Amy Works March 8, 2021

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Park West Apartment Homes, a multifamily community located in Fresno in California’s Central Valley. A Southern California-based seller sold the asset to a Southern California-based private capital investor for $29.2 million. Built in 1973 on 23 acres, Park West Apartments features 256 units, two swimming pools and spas, tennis courts, basketball courts, garages, covered parking, a leasing center, clubhouse with kitchen facilities, laundry facilities and a commercial building that is leased to a day care center. Alex Mogharebi, Otto Ozen, Robin Kane and Brenda Kane of TMG represented the seller in the deal.

March 8, 2021

Acquisitions Arizona Development Multifamily Western

Embrey Partners Acquires Land Site for 266-Unit The Quincy at Kierland Multifamily Project in Phoenix

by Amy Works March 8, 2021

PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.

March 8, 2021

Arizona Development Multifamily Western

Pintar Investment, Suncrest Real Estate to Develop 109-Unit Build-to-Rent Community in Phoenix

by Amy Works March 8, 2021

PHOENIX — A joint venture between Pintar Investment Co. and Phoenix-based Suncrest Real Estate & Land has acquired an 8.7-acre Opportunity Zone land parcel at the northeast corner of Encanto Boulevard and 83rd Avenue in Phoenix. The partnership plans to develop Zora Encanto, a 109-unit build-to-rent community offering a blend of single-family living with multifamily community amenities, on the site. Zora Encanto will feature a mix of one- and two-bedroom units, each with private walk-up entrances and individually fenced backyards. Individual units will include in-house smart technology, hardwood-style floors, 10-foot ceilings and dog doors. The gated community will offer a resort-style swimming pool, fitness center, yoga lawn, grilling stations, community fireplaces and an event lawn for private gatherings. Construction is slated to begin in May, with completion and initial move-ins scheduled for mid-2022. Pintar acquired the community, which will be professionally managed, as part of its PICOZ Fund I LP. Zora Encanto is the fourth asset in the investment vehicle.

March 8, 2021

Development Multifamily Texas

NRP Group Breaks Ground on 300-Unit Mixed-Income Housing Project in Princeton, Texas

by Taylor Williams March 8, 2021

PRINCETON, TEXAS — The NRP Group, a Cleveland-based developer, has broken ground on Princeton Crossroads, a 300-unit mixed-income housing project that will be located about 40 miles northeast of Dallas. Princeton Crossroads is being developed in partnership with Texoma Housing Partners and will consist of one-, two- and three-bedroom units ranging in size from 610 to 1,320 square feet. Fifty percent of the units will be reserved for residents earning less than 80 percent of the area median income (AMI). Amegy Bank provided construction financing. Leasing is expected to begin in spring 2022, with full completion slated for fall 2022.

March 8, 2021

Acquisitions Multifamily South Carolina Southeast

Berkadia Arranges $49.8M Sale of Two Multifamily Properties in Greenville

by Julia Sanders March 8, 2021

GREENVILLE, S.C. — Berkadia has arranged the $49.8 million sale of The Park at Sorrento and The Park at Toscana, two multifamily properties located in Greenville. Mark Boyce and Blake Coffey of Berkadia completed the transaction on behalf of the seller, an undisclosed entity, and the buyer, Nebraska-based Foundation for Affordable Housing. The Park at Sorrento is located at 660 Halton Road. The 242-unit property features one- and two-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse and a tennis court. The community is close to the shops and restaurants along Laurens Road and downtown Greenville. The Park at Toscana is a 172-unit property located at 2900 E North St. featuring one-, two- and three-bedroom floor plans with private balconies and air conditioning. Community amenities include a fitness center, a business center, a swimming pool and a TV lounge. The property is close to the Haywood Mall and Interstate 385.

March 8, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 220-Unit Fielder’s Glen Apartments in Arlington

by Taylor Williams March 8, 2021

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Fielder’s Glen, a 220-unit apartment community in Arlington. The property consists of 15 buildings on a 10.5-acre tract. Amenities include a pool, fitness center, clubhouse, laundry facilities and a courtyard. Al Silva of Marcus & Millichap represented the seller, a Colorado-based partnership, and procured the buyer, a private investment company based in Canada. The new ownership plans to implement a multimillion-dollar renovation.

March 8, 2021

Development Georgia Multifamily Southeast

PointOne Holdings, Residential Group to Develop 256-Unit SODO Apartments in Duluth, Georgia

by Julia Sanders March 8, 2021

DULUTH, GA. — South Florida-based PointOne Holdings has partnered with Atlanta-based The Residential Group to develop SODO, a 256-unit multifamily residential community at 3256 Buford Highway in Duluth, a northeastern suburb of Metro Atlanta. First units are slated to be delivered in the summer of 2022. SODA will include four-story buildings, with a clubhouse, business center, cyber café and coworking space. Community amenities will include a pool with a fire pit and grilling areas, fitness center, dog park and a pet spa. The property will also include finishes such as stone countertops, designer cabinetry, stainless steel appliances and hardwood-style flooring. PointOne and The Residential Group recently closed the site acquisition and financing for the project. Construction will soon be underway, with first units expected to come on line in summer 2022.

March 8, 2021

Development Illinois Midwest Multifamily

Summit Design + Build Completes Adaptive Reuse of Former Sears Store in Chicago into Apartments

by Kristin Harlow March 8, 2021

CHICAGO — Summit Design + Build has completed the adaptive reuse of a former Sears department store in Chicago’s Ravenswood neighborhood. The Sears store opened in 1925 and permanently closed in 2016. Summit transformed the property into 59 apartment units with first-floor commercial space. DeVry University occupies 90 percent of the available commercial space. Floor plans range from one- to three-bedroom units. CA Ventures and Springbank Capital Advisors served as developers. Gillespie Design Group was the project architect.

March 8, 2021

Acquisitions Midwest Missouri Multifamily

Hudson Equities Acquires 301-Unit Apartment Community in Kansas City

by Kristin Harlow March 8, 2021

KANSAS CITY, MO. — Hudson Equities Management Corp. has acquired The Reserve at South Pointe in Kansas City for an undisclosed price. The 301-unit apartment community is located at 8900 Old Santa Fe Road. The property is spread across 17 buildings and floor plans vary from one- to three-bedroom units. Amenities include a pool, fitness center, business center and dog park. Built in 1972, the community has undergone substantial capital improvements over the past four years. All units have received new appliances, countertops, flooring, lighting, hardware and paint. Max Helgeson, Michael Spero and Jeff Stingley of CBRE’s Kansas City multifamily team represented the private seller. The sale represents New Jersey-based Hudson’s first acquisition in the Kansas City area.

March 8, 2021

Development Multifamily New Jersey Northeast

Heritage Capital Completes 89-Unit Multifamily Redevelopment Project in Hackensack

by Taylor Williams March 8, 2021

HACKENSACK, N.J. — Heritage Capital Management has completed 210 Main, an 89-unit multifamily project located just outside New York City in Hackensack. The 11-story former bank building, which was originally constructed in the 1910s, houses studio, one- and two-bedroom units and 5,500 square feet of ground-floor retail space. Units feature stainless steel appliances, walk-in closets, workspaces and terraces. Amenities include a media room and game lounge and onsite storage units. Rents start at approximately $1,850 per month for a studio unit.

March 8, 2021

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