HOUSTON — Clearworth Capital LLC has acquired The Hamptons and Las Brisas on El Dorado, two multifamily properties totaling 548 units in the Clear Lake submarket of Houston. Both the 347-unit Hamptons and the 202-unit Las Brisas were built in the 1970s and are located near the University of Houston’s Clear Lake campus. NorthMarq Capital provided an undisclosed amount of acquisition financing for the Class C portfolio. The seller was not disclosed.
FORT WORTH, TEXAS — Southlake, Texas-based development firm Integrated Real Estate Group plans to build a 308-unit multifamily asset located at the intersection of Golden Triangle Boulevard and Katy Road in Fort Worth. Mark Boone of Realty Capital Management LLC represented the buyer and seller in the sale of the 12 acres on which the property will be situated. Additional details have not yet been released.
HYATTSVILLE, MD. — Greysteel has brokered the $10.3 million sale of Courtyard Park, a 94-unit apartment community in Hyattsville, roughly seven miles northeast of Washington, D.C. Signature Properties acquired the property from CRG Cos. Kyle Tangney, Herbert Schwat and Ari Azarbarzin of Greysteel negotiated the transaction. Located at 4201-4213 Oglethorpe St., Courtyard Park, constructed in 1948, comprises seven four-story buildings.
BROWNSBURG, IND. — Flaherty & Collins Properties has broken ground on The Arbuckle, a $40 million luxury apartment property in Brownsburg, about 17 miles west of Indianapolis. The property, located at 300 N. Green St., will consist of 208 luxury market-rate apartment units. Floor plans will comprise studio, one- and two-bedroom units. Among the nearly 7,000 square feet of amenities will be a courtyard, saltwater pool, coffee lounge, conference room, pet wash, study lounge and fitness center. Flaherty & Collins Construction is the general contractor. The project team also consists of CSO Architects, ecological engineering and design firm Williams Creek, and consulting engineering firm Lynch Harrison & Brumleve Inc. Busey Bank provided construction financing. The 391,502-square-foot project is slated for completion in spring 2019.
IRONTON, OHIO — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan for the renovation of Sherman Thompson Towers Apartments in Ironton, located in southernmost Ohio along the Ohio River. The affordable seniors housing property consists of 151 units, each of which are designated for residents earning 30 to 60 percent of the area median income. The Ohio Housing Finance Agency provided tax credits for the project. Jeff Rodman of KeyBank arranged the loan for the borrower, Millennia Housing Development Ltd.
Orange County’s well-diversified and growing economy, coupled with its high quality of life, attract residents nationally and internationally to the region. Prohibitive home pricing also intensifies the high barrier to home ownership, further supporting overall apartment fundamentals in the Orange County market. Developers are targeting urban centers where they can transform the areas with Class A rentals. Anaheim’s Platinum Triangle, the Disney Resort, Convention Center Complex and surrounding area are undergoing an infusion of more than $5 billion that is redefining the area as a highly urbanized residential, entertainment and business hub. A similar transformation is happening at the Irvine Business Complex (IBC). In addition to these clusters, about 19,000 units are scheduled to come online over the next few years, particularly in the Class A product category. Rents in Orange County rose 4.8 percent year-over-year through January, outpacing the 4.6 percent national growth rate. Renter demand remains elevated, fueled by a rapidly expanding economy and population gains. Large companies and startups alike are drawn to the market’s highly educated workforce as nearly 25 percent of residents have at least a bachelor’s degree. This reinforces the foundation for the multifamily sector’s rent growth in both “renter by necessity” (students/young professionals/blue-collar/subsidized …
MESA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has acquired the 265-unit Sonoma Villas apartments in Mesa for $22.4 million. The community is located at 1800 E. Covina St. Sonoma Villas was built in 1980. The JV plans to enhance the property by making strategic improvements to the common area amenities, apartment interiors, leasing space and clubhouse. The Jones Group represented the buyer, while David and Steve Gebing of Institutional Property Advisors represented the seller, a joint venture between Mentor Properties and ReNUE Properties, in this transaction.
TURLOCK, CALIF. — AMCAL Equities LLC has opened The Vista, a 660-bed student housing community located near California State University, Stanislaus in Turlock. The property offers one-, two-, three- and four-bedroom units. Community amenities include a clubhouse with outdoor volleyball and basketball courts; a resort-style swimming pool; outdoor television lounge; theater; cyber café with free coffee; and 24-hour fitness center. Asset Campus Housing is managing the property. Humphreys & Partners Architects LP designed the community, and AMCAL General Contractors Inc. managed construction. Coleraine Capital Group, AMCAL’s joint venture partner, sourced the land and assisted with the entitlement process.
DENVER — Northstar Commercial Partners has completed Balfour at Stapleton, a 74-unit assisted living and memory care community in Denver’s Stapleton neighborhood. A grand opening will be held in September for the 63,000-square-foot community. Northstar partnered with Balfour Senior Care, a Colorado-based operator, for the project. Northstar and Balfour are currently developing another community, a $51 million, 151-unit project in Ann Arbor, Mich. Construction is expected to begin this year. Northstar Commercial Partners is a privately held commercial real estate investment company headquartered in Denver.
DELRAY BEACH, FLA. — TH Real Estate, an affiliate of TIAA’s Nuveen, has acquired The Atlantic at East Delray, a 228-unit apartment community located at 650 Lavers Circle in Palm Beach County’s Delray Beach. The sales price was not disclosed, but the South Florida Business Journal reports the asset sold for $54 million. TH Real Estate purchased the property from a joint venture between Pollack Shores and its equity partner. Constructed in 1996, The Atlantic at East Delray features a swimming pool, dog park, business center, playground, fitness center, sand volleyball court and picnic areas with charcoal grills.
