Multifamily

Wheelhouse-of-Fair-Oaks-Fairfax-Virginia

DSF Group Acquires Wheelhouse of Fair Oaks Apartments in Fairfax, Virginia, for $134M

by Taylor Williams February 9, 2021

FAIRFAX, VA. — The DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Wheelhouse of Fair Oaks, a 491-unit apartment community located about 20 miles outside of Washington, D.C. in Fairfax. The price of $134 million equates to roughly $273,000 per unit. The new ownership will rebrand the 13-acre community and operate it under its Halstead brand, which includes a number of Class A multifamily properties that are primarily located in New England. As part of the rebranding, DSF Group will implement a value-add program that will upgrade unit interiors. According to the property website, units are available in one-, two- and three-bedroom floor plans and feature individual washers and dryers, walk-in closets and private balconies. Amenities include a pool, fitness center, dog park, package locker service by Luxer One and an outdoor amenity lawn with bocce ball courts and fire pits. In addition, the property is within walking distance of numerous retail and restaurant options, including the Fair Oaks Promenade shopping mall. The seller was not disclosed. — Taylor Williams

February 9, 2021

Development Multifamily North Carolina Southeast

Elevation, Great Lakes Capital to Build 204-Unit Granger Village Multifamily Community in Mooresville, North Carolina

by John Nelson February 8, 2021

MOORESVILLE, N.C. — Elevation Real Estate Group has partnered with Great Lakes Capital to build a 204-unit multifamily complex known as Granger Village in Mooresville. The property is located on 18.6 acres at the southeast corner of Charlotte Highway and East Waterlynn Road. Granger Village will be located near Exit 33 of Interstate 77 by Lake Norman and is approximately 30 miles from Charlotte. The property will feature multifamily units, as well as two commercial parcels that may include 15,500 square feet of retail, restaurant and medical office space. Granger Village is situated less than one mile from the Lake Norman Regional Medical Center and Lowe’s Home Improvement’s corporate headquarters. Raleigh-based Finley Design is the architectural firm on the project. Elevation and Great Lakes Capital plan to start construction this year and open the property in 2022. Leasing is planned to begin later this year. Elevation Real Estate Group is a Charlotte-based real estate company. Great Lakes Capital is a real estate development and private equity firm based in South Bend, Ind.

February 8, 2021

Acquisitions Florida Multifamily Southeast

Stonehaven Properties Acquires Main Street Landing Apartments in New Port Richey, Florida for $19.5M

by John Nelson February 8, 2021

NEW PORT RICHEY, FLA. — Stonehaven Properties has acquired Main Street Landing, an 80-unit multifamily property located at 5500 Main St. in New Port Richey. McGurn Management Co. sold the apartment complex to Stonehaven for $19.5 million, or $243,750 per unit. Joseph Thavis of CBRE’s Tampa office represented both the buyer and seller in the transaction. Completed in 2020, Main Street Landing sits directly on the Pithlachascotee River in downtown New Port Richey. The apartment complex is located 40 miles northwest of Tampa and 35 miles from Tampa International Airport. The property offers units with an average size of 1,412 square feet and average effective rents of $1,554 per unit. Stonehaven Properties looks to improve the asset by adding an onsite fitness center and boat docks.

February 8, 2021

Acquisitions Multifamily Texas

Venterra Realty Acquires 324-Unit Elation at Grandway West Apartments in Metro Houston

by Taylor Williams February 8, 2021

KATY, TEXAS — Locally based investment firm Venterra Realty has acquired Elation at Grandway West, a 324-unit apartment community in the western Houston suburb of Katy. The property offers one- and two-bedroom units ranging in size from 671 to 1,116 square feet. Units feature quartz countertops, stainless steel appliances and smart door locks. Amenities include three outdoor grilling areas, two pools, a dog park, pergolas with swings, a yoga and spin studio, fire pits and a bocce ball court. Matt Philips and Clint Duncan of CBRE brokered the deal, the seller in which was not disclosed.

February 8, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 320-Unit Park at Estancia Multifamily Property in Austin

by Taylor Williams February 8, 2021

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Park at Estancia, a 320-unit multifamily property in Austin’s Far South submarket. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, dog park, outdoor grilling stations and a resident clubhouse with a lounge and game area. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, GenCap Partners, in the transaction. The team also procured the buyer, Churchill Forge Properties.

February 8, 2021

Acquisitions Multifamily Texas

JRK Property Holdings Buys 258-Unit Apartment Community in Southeast Houston

by Taylor Williams February 8, 2021

HOUSTON — Los Angeles-based investment firm JRK Property Holdings has purchased Carrington Park at Gulf Point, a 258-unit apartment community in southeast Houston. Built on 16 acres in 2017, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a clubhouse, according to Apartments.com. The seller was not disclosed.

February 8, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

Loans Massachusetts Multifamily Northeast

Berkadia Provides $17.5M Fannie Mae Loan for Refinancing of Boston Multifamily Portfolio

by Taylor Williams February 8, 2021

BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.

February 8, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

The Neighborhood Developers Underway on 77-Unit Affordable Housing Project Near Boston

by Taylor Williams February 8, 2021

EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.

February 8, 2021

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