STONE MOUNTAIN, GA. — Home Invest, a private real estate investment firm based in Palm Beach Gardens, Fla., has purchased East Ponce Village, a 997-unit multifamily community located at 1310 Wood Bend Drive in Stone Mountain. The seller and sales price were not disclosed. Home Invest assumed operations of the distressed community prior to the sale being finalized and is investing in capital improvements for both the physical property and its resident programming. Built in 1987 roughly 20 miles east of Atlanta, East Ponce Village features two pools, a fitness center and a clubhouse.
Multifamily
LIVINGSTON, N.J. — A partnership between regional owner-operator Sterling Properties and New Jersey-based Danbro Properties has completed Canterly Place, a 300-unit apartment complex in the Northern New Jersey community of Livingston. Canterly Place offers one-, two- and three-bedroom units, 20 percent (60) of which are designated as affordable housing. Amenities include a pool, coworking spaces, a coffee house, clubroom, private dining room, library, fitness center, game lounge, golf simulator, outdoor grilling and dining stations, a courtyard, playground and a dog park. Lessard Design served as the project architect, with Mary Cook Associates handling interior design. Rents start at $2,765 per month for a one-bedroom apartment, and the property is now more than 50 percent occupied.
BERKELEY HEIGHTS, N.J. — Locally based developer The Connell Co. has begun leasing RT500, a 179-unit apartment building located within The Park, a 185-acre mixed-use development in the Northern New Jersey community of Berkeley Heights. Minno & Wasko Architects and Planners, in collaboration with David M. Sullivan Inc., designed the 11-story building, which is one of two buildings at The Park under Connell’s Round Table (RT) Residences brand. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include an outdoor pool, entertainment lounge, game room, fitness center and coworking space. Construction topped out last summer. Rents start at roughly $2,600 per month for a studio apartment.
SEATTLE — Freestone Capital has acquired Aperture on Fifth, a 106-unit multifamily property located in the Denny Triangle neighborhood of Seattle. PrivatePortfolio GroupFreestone Capital sold the property for $32.2 million, or $304,245 per unit. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer, both of which are Seattle-based, in the transaction. Built in 2014, Aperture on Fifth comprises studio, one- and two-bedroom apartments along with a central atrium courtyard, rooftop deck with a bocce ball court, fitness center, bike storage, package lockers, pet wash area and an underground parking garage. Some units feature views of the Space Needle and the downtown Seattle skyline.
Northmarq Arranges $23.5M Sale of Two-Property Multifamily Portfolio in Northern California
by Amy Works
UKIAH, CALIF. — Northmarq has arranged the $23.5 million sale of a two-property multifamily portfolio in the Northern California city of Ukiah. Ridge Capital Investments sold the portfolio to an undisclosed buyer. Totaling 121 units, the portfolio includes Sierra Sunset Village at 505-531 Capps Lane and Alderwood Apartments at 1416 and 1450 S. State St. The 68-unit Sierra Sunset Village features mostly two-bedroom apartments with open floor plans, stainless steel appliances, hardwood-style flooring and central air conditioning. Community amenities include a pool, fitness center and an outdoor picnic area. Alderwood Apartments offers 53 units in a mix of two- and three-bedroom floor plans that are furnished with energy-efficient appliances, hardwood-style flooring and private balconies.Onsite amenities include a resort-style pool, covered garage parking and outdoor grilling areas. Zach LeBeouf and Anthony Pappageorge of Northmarq’s Walnut Creek, Calif., Investment Sales team represented the seller in the deal.
PITTSBURG, KAN. — Gantry has arranged a $22.8 million permanent CMBS loan for University Digs, a multifamily property located at 1902 S. Broadway St. in Pittsburg, directly adjacent to Pittsburg University. The three-story, 190-unit community features a mix of studio, one- and two-bedroom floor plans. Originally built in 1960, University Digs has undergone extensive renovations since its original construction. Amenities include a pool, clubhouse, volleyball court, pickleball court and onsite management. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. The five-year, fixed-rate loan features interest-only payments for the full term.
PORTAGE, WIS. — Impact Seven, in partnership with Harmony Housing Partners, has selected McShane Construction Co. to build River Crossing, a 52-unit affordable housing community in Portage. Positioned on a 2-acre site at 2941 Hunters Trail, the development will consist of a podium-style building atop a one-level underground parking garage with 52 spaces. A portion of the units will accommodate adults with disabilities. Residents will have access to 13,000 square feet of amenities, including a community room, quiet lounge, media room, pet spa, fitness center and storage lockers. Completion is slated for October 2027. Continuum Architects + Planners is the architect, and General Engineering Co. is the civil engineer.
CHICAGO — A partnership between The Scion Group and funds managed by Ares Real Estate has acquired a portfolio of four student housing properties in Sun Belt markets. The aggregate purchase price for the 2,315-bed portfolio was approximately $435 million. The seller, Chicago-based SCHENK+, developed three of the properties and acquired and repositioned the fourth. The portfolio includes two communities serving students attending Texas State University in San Marcos, Texas: The Parlor and Hillside San Marcos. The other two properties are Tenn near University of Tennessee in Knoxville and Georgia Heights near the University of Georgia in Athens. Chicago-based Scion currently operates in all three student housing markets. The company says this acquisition represents a “comprehensive exit” for SCHENK+’s founder, Jared Schenk. “Jared Schenk is one of the true pioneers of off-campus student housing, and he has built an incredible portfolio of high-quality communities,” says Robert Bronstein, CEO of Scion. “Scion is pleased to add another successful portfolio execution to our track record, and we are even more excited to welcome these communities to our portfolio.” Founded in 1999, Scion is the world’s largest owner of off-campus student housing. Following this transaction, Scion will operate nearly 117,000 beds across 187 …
By Cyrus Khadivi, regional vice president of sales, LoopNet Inc./Ten-X For a Dallas multifamily investor considering where to allocate the next deployment of capital, the process and ultimate solution may be more complex than simply seeking the next acquisition. Looking ahead to 2027, the options could range from competing for additional assets in Dallas, pursuing lower-cost alternatives in other parts of the market, making larger investments in properties currently in their portfolio or simply keeping cash on hand until a better deal comes along. No matter what strategy the investor chooses, the deal execution will follow an extended period during which Texas multifamily owners have dealt with increasing debt rates, slowed rent growth in oversupplied markets and higher operating costs. Deals continue to happen, but investors are evaluating them with more attention to underlying fundamentals. According to a new survey among U.S multifamily investors conducted by LoopNet Inc., about a third of survey participants are planning to focus on upgrades to add value to their portfolios and increase rents in the coming year. An equal number plan to keep extra money to weather market downturns, and roughly a quarter of investors plan to make no portfolio changes at all. In …
GLENVIEW, ILL. — Knighthead Funding has provided a $32 million loan for the refinancing of Cerca, a newly constructed multifamily community in Glenview. The loan refinances a previous construction facility and provides proceeds to pay off the property’s preferred equity investor. Jonathan Daniel, Peter Illuzzi and Joseph Marraccini of Knighthead originated the loan on behalf of the borrower, The Drake Group. Amenities at the 62-unit property include fitness rooms, a private dining area, conference rooms, an amenity deck, dog spa and grilling stations. The property also includes 6,886 square feet of ground-floor retail space. Daniel Gillard, Philip Galligan, Michael Gurwin and Ryan Planek of JLL represented the borrower.