MIDDLETON, CONN. — Chozick Realty Inc. has brokered the $15.6 million sale of Stonegate Apartments, a 179-unit multifamily property in Middleton, located just south of Hartford. The property at 1150 South Main St. offers 121 one-bedroom units and 58 two-bedroom units, with amenities including a pool, outdoor grilling areas and walking paths. The complex was originally built in 1969. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction and procured the buyer, a regional owner of multifamily properties in the tri-state region.
RENO, NEV. — Campbell, Calif.-based Elan Multifamily Investments has acquired Skyline Canyon Apartments, a multifamily property located on four acres off the McCarran Loop in Reno. Oakmont Properties sold the asset for $37.5 million, or $184,069 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the deal. Built in 1973, the property features 204 apartments, with downtown Reno and the Reno Riverwalk District approximately four miles away.
WOOD VILLAGE, ORE. — Pacific Oak Capital is funding the $33 million development of Wood Village Apartments, a multifamily and retail property located in an Opportunity Zone in Wood Village, a suburb of Portland. The property will feature 172 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 361 square feet to 1,325 square feet, spread across seven three- and four-story buildings. The asset will also include a more than 10,000-square-foot, two-building neighborhood retail center, a community clubhouse and pool. Construction is slated to begin later this year, with completion scheduled for summer 2021.
LAS VEGAS — A joint venture between Tower 16 Capital and Henley Investments has purchased Five89 Apartments, a multifamily property located at 4801 E. Sahara Ave. in Las Vegas. A private seller sold the asset for $32.5 million in an off-market transaction. The buyers plan to renovate the 312-unit apartment complex. The property consists of mostly two- and three-bedroom apartments with covered parking and private balconies or patios. Community amenities include two swimming pools, a fitness center, playground and leasing office. Tower 16 will oversee the $4 million renovation and upgrade program that will include new outdoor amenities, an upgraded leasing office and interior renovations. Pinnacle will serve as property manager for the asset.
HOUSTON — A joint venture between Excelsa Properties and Goldcor Capital Partners has acquired Bayou Parc at Oak Forest, a 392-unit multifamily community in Houston. Built in 1974, the property consists of 36 two-story buildings with studio, one-, two- and three-bedroom apartments ranging in size from 480 to 1,210 square feet. Amenities include a pool, fitness center, business center, picnic area, a playground and two dog parks. Bayou Parc at Oak Forest was 94 percent occupied at the time of sale. The seller was not disclosed.
The apartment construction boom continues in Miami as rapid demographic and employment growth foster rental demand. Employers expanded staffs by 25,900 personnel year over year in February, roughly 6,900 more than in the preceding annual period, which has kept the unemployment rate below 4 percent for 12 consecutive months. Hiring during this period was led by the professional and business services sector, due in part to a growing tech sector. The relatively higher salaries in this segment helped boost the median household income 6.8 percent year-over-year in March, among the top five growth rates in the nation. Available employment is helping draw new residents and produce population growth above the national pace. Over the past 12 months, the metro has gained nearly 28,000 residents, generating a strong need for additional housing options, and many are opting to rent. These factors are contributing to robust apartment demand and maintaining minimal rental availability in several submarkets, including Downtown and North Central Miami, despite the increase in deliveries over the past few years. The rise in household income is providing demand for apartments with luxury amenities in walkable urban neighborhoods. During the first quarter of 2019, apartment deliveries remained above the five-year average …
HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta River Oaks, a 364-unit multifamily project in Houston. Located at 3636 W. Dallas St., the property is situated near an array of shopping and dining establishments, as well as the Buffalo Bayou hiking and jogging trails. Floor plans will consist of one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, custom backsplashes and individual washers and dryers. Amenities will include a pool, fitness center and outdoor kitchen areas. Alta River Oaks is slated to open in the fourth quarter of 2020.
CORPUS CHRISTI, BASTROP AND SAN ANTONIO, TEXAS — KeyBank Real Estate Capital has provided $35 million in HUD financing for a three-property, 378-bed skilled nursing portfolio located throughout Texas. The financing includes $16 million for the Regency-Windsor Calallen in Corpus Christi; $14.5 million for the Regency Bastrop Nursing & Rehabilitation Center in Bastrop; and $14 million for the Regency-Windsor Mission Oaks Nursing & Rehabilitation Center in San Antonio. The financing was closed using HUD’s 232/223(f) mortgage insurance program and paid off an acquisition loan structured by KeyBank’s Healthcare Group. Grant Saunders, Peter Trazzera and John Randolph of KeyBank handled the transaction.
MORENO VALLEY, CALIF. — CBRE has arranged the sale of a multifamily property located at 15700 Lasselle St. in Moreno Valley. Irvine, Calif.-based 4GVentures sold the 304-unit asset to a New York-based real estate investment firm for an undisclosed price. Dean Zander, Stew Weston and John Montakab of CBRE represented the seller, while Brian Eisendrath and Annie Rice of CBRE facilitated an acquisition loan on behalf of the borrower in the transaction. The property features a mix of one-, two- and three-bedroom apartments, a pool, jacuzzi, built-in fire pits, barbecues, guard gates and a fitness center. Additionally, the property is centrally located and in close proximity to Kaiser Medical Center and Riverside University Hospital.
AUSTIN, TEXAS — Locally based investment firm Rastegar Property Group has purchased Zilker Place and Redbud Bungalows, two multifamily assets in Austin totaling 38 units and roughly 33,000 square feet. Zilker Place is located in south Austin and features 23 units, and Redbud Bungalows is located in the West Lake Hills area and totals 15 units. Both properties will undergo capital improvement programs. The seller(s) was not disclosed.