Multifamily

Farnam Realty Acquires 430-Unit Veritas Apartments in Las Vegas

by Nellie Day August 3, 2017

LAS VEGAS — Farnam Realty has acquired the 430-unit Veritas Apartments in the Las Vegas submarket of Henderson for an undisclosed sum. The Class A community is located at 3370 St. Rose Parkway. Veritas Apartments was built in 2010. It offers one- to three-bedroom units. The building features four swimming pools, a covered patio with an outdoor kitchen, barbecue grills, a fitness center with a yoga room, and a clubhouse with gaming room and cyber café. JLL’s John Cunningham and Charles Steele represented executed the sale. The seller was Monogram Residential Trust.

August 3, 2017

California Multifamily Western

Property West Residential Buys Encinitas Heights Apartments Near San Diego for $53M

by Nellie Day August 3, 2017

ENCINITAS, CALIF. — Property West Residential has purchased the 120-unit Encinitas Heights apartment building just north of San Diego for $53 million. The community is located at 1100 Garden View Road in Encinitas. Encinitas Heights was built in 2002. The property features one- to three-bedroom apartments with washers and dryers, central air conditioning and gourmet kitchens. Community amenities include a 24-hour fitness center, a solar heated pool and a rentable clubhouse. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller in this transaction.

August 3, 2017

California Multifamily Seniors Housing Western

CBRE Brokers $6.8M Sale of 28-Unit Seniors Housing Community in Brea

by Nellie Day August 3, 2017

BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apartments, a 28-unit age-restricted community in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private seller in a 1031-exchange transaction. The property was recently upgraded and is located near the Brea Downtown entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.

August 3, 2017

Maryland Multifamily Southeast

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton August 3, 2017

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

August 3, 2017

Alabama Multifamily Southeast

Cortland Partners, Harbert Realty to Break Ground on 318-Unit Multifamily Development in Birmingham

by Camren Skelton August 3, 2017

BIRMINGHAM, ALA. — Cortland Partners and Harbert Realty Services will break ground on Thursday, Aug. 17 for Vesta, a 318-unit apartment community situated at 2173 Highland Ave. S. in Birmingham. The project will include a 17-story concrete high-rise, five-story wood-frame mid-rise, 522-space parking garage and 6,500 square feet of ground-floor retail space. Residential units will feature one- and two-bedroom floor plans with an average size of 839 square feet. Amenities will include a rooftop pool and lounge, fitness center, yoga studio and a sun terrace. Vesta was designed by Smallwood Reynolds Stewart and Stewart, and is being built by B.L. Harbert International, an affiliate of the Harbert Corp., and Cortland Improvements, a division of Cortland Partners. Bill Leffler of CBRE arranged construction financing through Citizens Bank and ACRE Investment Real Estate Services. Vesta marks Harbert Realty Services’ first multifamily project.

August 3, 2017

Georgia Multifamily Southeast

JLL Income Property Trust Acquires Multifamily Community in Metro Atlanta for $47M

by Camren Skelton August 3, 2017

JOHNS CREEK, GA. — JLL Income Property Trust has purchased The Reserve at Johns Creek Walk, a 210-unit apartment complex in Johns Creek, roughly 27 miles north of Atlanta, for $47 million. The seller was not disclosed. The property includes a mix of one-, two- and three-bedroom units, and features a fitness center, conference room, swimming pool, outdoor kitchen, pet spa, playground and a car care center.

August 3, 2017

Florida Multifamily Southeast

CBRE Arranges $28.3M Sale of Multifamily Asset in Jacksonville

by Camren Skelton August 3, 2017

JACKSONVILLE, FLA. — CBRE has arranged the $28.3 million sale of Bay Club Apartments, a 220-unit multifamily property located at 9009 Western Lake Drive in Jacksonville. Shelton Granade, Luke Wickham, Justin Basquill, Cliff Taylor and Joe Ayers of CBRE represented the seller, an affiliate of The Milestone Group LLC, in the sale to Resource Apartment OP III LP. Constructed in 1990, Bay Club features a swimming pool, clubhouse, pet park and private patio or balcony with each unit. The property was 96 percent occupied at the time of sale.

August 3, 2017

Multifamily Student Housing Texas

Motivado Group Completes 165-Bed Student Housing Property in Austin

by Taylor Williams August 3, 2017

AUSTIN, TEXAS — Motivado Group Inc., a Texas-based design-build firm, has completed The Ruckus Lofts, a 165-bed student housing property located two blocks west of The University of Texas at Austin. Amenities of the seven-story building include a fitness center, cyber café, student conference rooms and a coffee bar. Motivado Group served as general contractor on the project, which was developed by Lincoln Ventures.

August 3, 2017

Illinois Midwest Multifamily Seniors Housing

Silverado to Host Groundbreaking Ceremony for 90-Unit Memory Care Community Near Chicago

by Kristin Harlow August 3, 2017

ST. CHARLES, ILL. — Silverado will host a groundbreaking ceremony Friday, Aug. 11 for Silverado St. Charles, a 90-unit memory care community in the Chicago suburb of St. Charles. The 47,000-square-foot, single-story community is scheduled to open during summer 2018. It will be located on a four-acre plot. Silverado estimates total project costs at $12 million. Development team members include Jensen and Halstead Ltd. for architecture and planning; Cemcon Engineering for civil engineering; Terracon for geo-technical field observations; and Testing Services Corp (TSC) for construction testing services. Irvine, California-based Silverado is a memory care operator with 52 locations in Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.

August 3, 2017

Midwest Minnesota Multifamily

High Street Residential Completes 164-Unit Apartment Complex in Minneapolis

by Kristin Harlow August 3, 2017

MINNEAPOLIS — High Street Residential, a subsidiary of Trammell Crow Co., has completed Foundry on Lake Street, a 164-unit, Class A multifamily property located at 3118 W. Lake St. in Minneapolis. The property, which offers studio, one-, two- and three-bedroom units, is currently 54 percent leased following its grand opening on May 1. Amenities include a coffee bar, fitness club, resort-style pool and grilling stations, as well as 5,000 square feet of indoor restaurant space. Utah-based Big-D Construction Corp. served as general contractor for the project designed by Minneapolis-based ESG Architects.

August 3, 2017

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