Multifamily

High Street Residential, Principal Sell New High-Rise Apartment Tower in Plano

by John Nelson February 6, 2020

PLANO, TEXAS — High Street Residential and Principal Real Estate Investors have sold The Kincaid at Legacy, a 25-story upscale apartment tower located at 7200 Dallas Parkway in Plano. Boston-based Intercontinental Real Estate Corp. purchased the 300-unit high-rise for an undisclosed price. CBRE represented the sellers in the transaction. Built in 2018, Kincaid at Legacy offers one-, two- and three-bedroom units that range in size from 677 to 4,500 square feet. The property features 14,500 square feet of amenity space, including a resort-style pool, water features, fire pits, fitness center, resident lounge with media screening room, entertainment kitchen, conference rooms, business center, complimentary Wi-Fi, bike storage, concierge services and an amenity deck on the seventh floor with a second pool and two dog parks. In 2016, Intercontinental bought the adjoining Legacy Tower office building from Trammell Crow Co., parent company of High Street Residential.

February 6, 2020

Development Loans Multifamily Texas

Dougherty Mortgage Provides $35M HUD Construction Loan for Apartment Project in Terrell, Texas

by John Nelson February 6, 2020

TERRELL, TEXAS — Dougherty Mortgage has provided a $35 million construction loan for Crossroads at Terrell, a 270-unit, garden-style apartment community planned for a 10.5-acre site in the east Dallas suburb of Terrell. Dougherty’s Fort Worth office closed the HUD 221(d)(4) loan on behalf of the borrower and developer, an entity doing business as Terrell MF Ventures LLC. The loan features a 40-year term and 40-year amortization schedule. The Class A community will feature a package center, resort-style pool, fire pit, outdoor cooking, business center, clubhouse with kitchen, game room, fitness center, bicycle storage, dog park and a pet spa. The developer plans to build Crossroads at Terrell to National Green Building Bronze standards. The 221(d)(4) product is HUD’s flagship loan program financing the construction and redevelopment of market-rate and affordable housing apartment communities. Details about the project’s construction timeline were not disclosed.

February 6, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

Development Florida Multifamily Southeast

DIX Developments Unveils Plans to Construct 120 Micro Apartment Units in Orlando

by Alex Tostado February 6, 2020

ORLANDO, FLA. — DIX Developments LLC has unveiled plans to develop Vive on Eola, a 12-story residential building that will feature 120 micro units averaging 400 square feet. The development, estimated at $32 million, will welcome its first residents in early 2022. Vive on Eola’s floor plans will be similar to a studio apartment and monthly rental rates are projected to start at $1,250. The tower will have a ground-level signature restaurant, coffee shop, three floors of parking and as much as 13,500 square feet of coworking space. The site is at the corner of South Eola Drive and Church Street, which currently has a 9,000-square-foot office building that will be operational with month-to-month and other short-term leasing while DIX Developments awaits a demolition permit and other governmental approvals. Once the existing building is taken down, construction of Vive on Eola is expected to take eight to 12 months.

February 6, 2020

Acquisitions Multifamily Washington Western

Turner Impact Capital Acquires 240-Unit Workforce Housing Asset in Metro Seattle

by Amy Works February 6, 2020

RENTON, WASH. — Turner Impact Capital has purchased Sunset View, a multifamily community located in Renton, for an undisclosed price. This is the firm’s first investment in the Pacific Northwest and brings its total number of acquired housing units to 9,755. Terms of the acquisition were not disclosed. Located less than 10 miles from downtown Seattle, Sunset View features 240 workforce housing units. Community amenities include a clubhouse, pool, fitness center and an outdoor game area. Turner Impact Capital purchased the asset through its Turner Multifamily Impact Fund II. The Fund plans to provide programs and implement a range of LEED-based sustainability improvements, including low-flow toilets, Energy Star appliances and LED lighting.

February 6, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates Sale of 47-Unit Seniors Housing Asset in Portland

by Amy Works February 6, 2020

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator with several communities in Washington. This is the company’s first foray into Oregon. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

February 6, 2020

Acquisitions Kentucky Multifamily Southeast

Lexerd Capital Buys 163-Unit Multifamily Community in Louisville

by Alex Tostado February 6, 2020

LOUISVILLE, KY. — Lexerd Capital Management LLC has bought Anchorage Viera, a 163-unit multifamily property in Louisville. The property, which the buyers renamed The Lory of Louisville, comprises 19 two-story buildings and a community building. The community was originally built in 1985 and has recently undergone a $2.5 million renovation to include new Hardiplank siding, roofing, parking lot seal and stripe and refreshed amenities including a clubhouse renovation. Lexerd Capital plans to also invest in further upgrades, including updating kitchens with backsplash and upgrading fixtures, as well as installing soft seating and a TV lounge to the common pool area. The Lory of Louisville is located at 201 Heritage Hill Trail, 14 miles east of downtown Louisville. Further details of the transaction were not disclosed.

February 6, 2020

Development Georgia Multifamily Southeast Top Stories

Crescent Communities Developing 339-Unit Novel Midtown Apartment High-Rise in Atlanta

by Alex Patton February 6, 2020

ATLANTA — Crescent Communities, a North Carolina-based developer, has started construction of Novel Midtown, a 339-unit multifamily high-rise building in the Midtown neighborhood of Atlanta. The 14-story, 360,000-square-foot tower will feature studio, one-, two- and three-bedroom units with private balconies. Amenities include 814 parking spaces, a fitness center, pet spa, coffee bar, saltwater pool and sky deck. The ground floor will offer 15,000 square feet of retail space. Completion is slated for spring 2022. Greenstone Properties is developing a 310,000-square-foot office tower with street-level retail space adjacent to the Novel Midtown site. The location is also near a 70,000-square-foot Whole Foods Market, the Woodruff Arts Center, High Museum of Art and Museum of Design Atlanta. “We are excited about the opportunity that this amazing location provides for us to create an upscale living experience,” says Kyle Brock, managing director for the Georgia region of Crescent Communities’ multifamily business. “Midtown is a sought-after destination to live, work and play.” Niles Bolton Associates is the project architect for Novel Midtown. Ironwood Design Group is the landscape architect and Vignette Interior Design is the interior architect. Balfour Beatty is the general contractor. The Carlyle Group and Santander Bank are financing the project, though …

February 6, 2020

Acquisitions Indiana Midwest Multifamily Student Housing

Muinzer Acquires 1,134-Bed Student Housing Community Near Purdue University for $48M

by Kristin Harlow February 6, 2020

WEST LAFAYETTE, IND. — Muinzer has acquired Village West Apartments, a 1,134-bed student housing community located near the Purdue University campus in West Lafayette, for $48 million. The seller in the off-market transaction was undisclosed. Village West offers two-, three- and four-bedroom, fully furnished units. Shared amenities include a clubhouse, state-of-the-art fitness center, two basketball courts, a study center, media lounge, resort-style swimming pool, dog park, volleyball court, grilling areas and a private shuttle to campus. Muinzer is a fully integrated real estate investment, development and property management firm with offices in West Lafayette and Chicago. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller.

February 6, 2020

Development Multifamily Texas

Premier Tower to Renovate 25-Story Residential Building in Downtown Houston

by John Nelson February 5, 2020

HOUSTON — Premier Tower LP will renovate Commerce Towers, a 25-story residential building located at 914 Main St. in downtown Houston. Originally built in 1928, the property features 140 condominiums for sale. Renovations will involve upgrades to the lobby and amenity spaces, including the pool deck, fitness center and party rooms, as well as exterior renovations to preserve the historic appeal of the building. The project team for the renovation was not disclosed.

February 5, 2020

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