Multifamily

Mill Creek Opens 269-Unit Apartment Community in Atlanta’s Vinings District

by Camren Skelton August 29, 2018

ATLANTA — Mill Creek Residential has opened a 269-unit apartment community in Atlanta’s Vinings district. Located at 3205 Cumberland Blvd., Modera Vinings is located roughly 11 miles northwest of downtown Atlanta and less than three miles from SunTrust Park, the new home ballpark of the Atlanta Braves. The community overlooks a private body of water, dubbed Crossroads Pond, and includes a mix of studio to three-bedroom units atop 5,316 square feet of ground-floor retail space. In addition to the recently announced Kale Me Crazy, the development will house Highland Bakery. The Atlanta-based breakfast, brunch and lunch chain is expected to open in early 2019, marking the restaurant’s 11th location in the city. Community amenities at Modera Vinings include an open-air event space, swimming pool with sundeck, courtyard with fire pits, dog park, pet spa and a fitness center with a yoga studio and personal training sessions. Resident move-ins began earlier this month at the complex. Monthly rental rates at the community range from $1,510 for a one-bedroom unit to $3,648 for a three-bedroom, according to Apartments.com.

August 29, 2018

Acquisitions Florida Multifamily Southeast

CBRE Brokers $15.3M Sale of Multifamily Community in Jacksonville

by Camren Skelton August 29, 2018

JACKSONVILLE, FLA. — CBRE has brokered the $15.3 million sale of Palm Trace Apartments, a 160-unit multifamily community located at 6870 103rd St. in Jacksonville. Shelton Granade, Cliff Taylor, Joe Ayers, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, Chicago-based American Landmark Properties. Beverly Hills, Calif.-based Enzo Multifamily acquired the asset. Palm Trace Apartments includes a mix of one- and two-bedroom units and features a dog spa, car wash area, resident clubhouse, fitness center, pool, playground and a grilling/picnic area.

August 29, 2018

Arizona Development Multifamily Western

Evergreen Devco Breaks Ground on 258-Unit Apartment Community in Phoenix

by Amy Works August 29, 2018

PHOENIX — Evergreen Devco has broken ground on Parc at South Mountain, a luxury apartment community located at 3400 E. Southern Ave. in Phoenix. Situated on 10.8 acres, the development will feature 258 garden-style apartment units with wood-inspired plank flooring, quartz countertops and stainless-steel appliances. On-site amenities will include a resort-style pool and spa. The property’s leasing office is slated to open July 2019. The project team includes Todd & Associates as architect; MT Builders as contractor; Kland Civil Engineers as civil engineer; and Collaborative V Design Studio as landscape architect.

August 29, 2018

Acquisitions California Multifamily Western

Levin Johnston Arranges $7.6M Acquisition of Multifamily Community in Santa Clara, California

by Amy Works August 29, 2018

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the purchase of Claddagh Apartments, a multifamily property located at 1408 Reeve St. in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the property. Levin Johnston represented the buyer in the deal.

August 29, 2018

Acquisitions Multifamily Southeast Top Stories Virginia

Harbor Group International Acquires Apartment Community in Northern Virginia for $193M

by Camren Skelton August 29, 2018

HERNDON, VA. — Harbor Group International LLC (HGI) has acquired Dulles Greene Apartments, an 806-unit multifamily community in Herndon, for $193 million. The community is located roughly four miles from Washington Dulles International Airport and approximately 26 miles west of Washington, D.C. In addition, the property is situated adjacent to a new Metrorail station that is currently under construction. Constructed between 1998 and 2003, Dulles Greene Apartments includes a mix of one-, two- and three-bedroom floor plans ranging in size from 750 square feet to 1,370 square feet. Monthly rental rates range from $1,537 for a one-bedroom unit to $2,138 for a three-bedroom unit. Community amenities include a fitness center, resident lounge, theater room, resort-style swimming pool, outdoor fire pit, tennis court, playground, yoga room, coffee bar, outdoor hot tub, sand volleyball court and walking trails. “This property supports two of our key investment objectives — acquiring multifamily properties in top-tier markets with value-add upside potential and acquiring investments in areas with strong employment drivers and public transportation infrastructure,” says T. Richard Litton, Jr., president of HGI. Dubbed “Data Center Alley,” the Dulles Technology Corridor and Northern Virginia are known for their high concentration of data centers belonging to Amazon, Google, …

August 29, 2018

Indiana Loans Midwest Multifamily

SunTrust Originates $4.2M Fannie Mae Loan for Refinancing of Multifamily Property in Indianapolis

by Kristin Harlow August 28, 2018

INDIANAPOLIS — SunTrust Banks Inc. has originated a $4.2 million Fannie Mae loan for the refinancing of Temple Lofts Apartments in Indianapolis. The apartment property features 40 units within two buildings. The site was formerly home to a historic church that was converted into apartments. The 12-year loan features a 30-year amortization schedule. SunTrust sourced the loan through Jeff Spahn of PR Mortgage & Investments, a SunTrust correspondent based in Indianapolis.

August 28, 2018

Loans Multifamily Office Retail Texas

NorthMarq Arranges $54.9M in Financing for Commercial, Multifamily Properties in Metro Houston

by Taylor Williams August 28, 2018

HOUSTON — NorthMarq Capital has arranged $54.9 million in loans for the acquisition and refinancing of four commercial properties and one apartment community located throughout the Houston area. The properties include Deer Park Marketplace, a 35,000-square-foot retail asset in Deer Park; Havenwood Office Park, a 240,000-square-foot office property in The Woodlands; Hidden Lakes Phase III, a 9,000-square-foot retail property in League City; 2700 Research Forest, a 75,000-square-foot office building in The Woodlands; and Jacinto Palms Apartments in Jacinto City. Warren Hitchcock of NorthMarq Capital’s Houston office arranged the loans on behalf of the undisclosed borrowers.

August 28, 2018

Acquisitions Arizona Multifamily Western

Tonti Properties Sells 173-Unit Multifamily Community in Arizona for $22.5M

by Amy Works August 28, 2018

TEMPE, ARIZ. — Tonti Properties has sold Wilshire Pines, a multifamily property located at 208 E. Baseline Road in Temple. Sheiner Group acquired the asset for $22.5 million. Built in 1979, the property features 173 apartment units. Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Cliff David of Marcus & Millichap represented the seller and procured the buyer in the deal.

August 28, 2018

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Northcap Commercial Brokers $11.5M Sale of Mixed-Use Asset in Las Vegas

by Amy Works August 28, 2018

LAS VEGAS — Northcap Commercial Multifamily has negotiated the sale of Desert Manor, a mixed-use asset located on an entire city block at 629 S. Main St. in Las Vegas. An undisclosed buyer acquired the property for $11.5 million. The sale consisted of 191 multifamily units, 6,364 square feet of retail space and 0.89 acres of land. Devin Lee of Northcap Multifamily represented the seller, 1060 Broadway LLC, in the deal.

August 28, 2018

Colorado Loans Multifamily Seniors Housing Western

HFF Arranges Construction Financing for Seniors Housing Community in Denver

by Amy Works August 28, 2018

DENVER — HFF has arranged financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver. Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. A joint venture between affiliates of Banner Senior, Solera Senior Living and Wheelock Street Capital are developing the property. Rosemann & Associates is designing the community, which is scheduled for completion in 2019. The HFF team representing the borrower included David Fasano, Sarah Anderson and Brock Yaffe. A national bank is providing the nonrecourse loan. The amount of the financing was not disclosed.

August 28, 2018

Newer Posts

Older Posts