Multifamily

NORTH BETHESDA, MD. — Fivesquares Development and Apartment Investment and Management Co. (Aimco) have opened two multifamily residential buildings in North Bethesda, roughly 13 miles outside downtown Washington, D.C. Dubbed Ravel and Royale, the properties are located at 10511 Strathmore Hall St., adjacent to the Strathmore Music Center, Rock Creek Park and a Washington Metropolitan Area Transit Authority (Metro) station. Ravel and Royale mark the first residential buildings to be delivered at Strathmore Square, a master-planned transit-oriented development that will total 2.2 million square feet upon completion. Ravel, named for French composer and pianist Maurice Ravel, comprises 49 units across nine stories, with two- and three-bedroom layouts. Amenities at the property include 24-hour concierge service. Royale spans 10 stories and features 171 units in one-, two- and three-bedroom layouts. Amenities at the building include workspaces, a fitness center, yoga studio, pool, rooftop deck and a pet spa. The two buildings are also connected by a central courtyard with lounge areas and a firepit. Residents will also have access to bike storage, commercial washers and dryers, high-speed elevators and an onsite property management team.

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SAVANNAH, GA. — Peach Hill Capital and RK2 Property Group have acquired Georgetown Crossing, an apartment community located in Savannah, for $25.6 million. Built in 1994 at 1015 King George Blvd., the property features 168 units in one- and two-bedroom layouts across seven three-story buildings. Amenities at the community include a clubhouse, pool, picnic areas, barbecues and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed seller in the transaction.

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WASHINGTON, D.C. — U.S. Reps. Mike Carey (R-Ohio) and Jimmy Gomez (D-Calif.) have proposed a bill to address the housing crisis in the United States. Dubbed the Revitalizing Downtowns and Main Streets Act, the bill would include a 20 percent tax credit for expenses attendant upon converting certain underutilized or vacant commercial property older than 20 years for residential use. Additionally, the legislation includes a stipulation that 20 percent of the converted residential units be designated for residents earning at or below 80 percent of the area median income (AMI), as well as incentives for rural and economically distressed areas and the ability to combine existing historic tax credits and other state and municipality incentives. NAIOP (National Association for Industrial and Office Parks) commended the proposed legislation, with president and CEO Marc Selvitelli stating that it “will spur the conversion of vacant spaces that can stimulate local economies and begin to address the housing crisis in communities across the United States.”

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Villa-Cielo-Cortaro-Tucson-AZ

TUCSON, ARIZ. — A joint venture between Greenlight Communities and Holualoa Cos. has completed construction of Villa Cielo Cortaro, an “attainable multifamily property” in Tucson. Located at 8255 N. Shannon Road, Villa Cielo Cortaro features 196 studio, one- and two-bedroom units, with rents starting at $1,199. Community amenities include a 24-hour gym, pool, electric vehicle charging stations and a co-working lounge. Move-ins are set to begin in August.

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SEDONA, ARIZ. — Oak Creek Hospitality has acquired Oak Creek Mobilodge, a manufactured home community in Sedona, approximately 30 miles south of Flagstaff. Creekfront Holdings LLC sold the property for $5.3 million. Located at 1156 AZ-179, Oak Creek Mobilodge features 62 manufactured home spaces. Richard Butler of Marcus & Millichap represented the seller, while Lee Jeans of Coldwell Banker procured the buyer in the deal.

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SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of an apartment building located at 544 S. Sixth St. in San Jose. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Situated on a 11,868-square-foot parcel, the 7,970-square-foot building features 10 two-bedroom apartments with in-unit washers and dryers. Nine of apartments have been remodeled to include new wood flooring, stainless steel appliances, updated kitchens and granite countertops. Built in 1969, the asset also features on-site parking and storage. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal.

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RICHMOND, VA. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a senior living community located at 9801 Harmony Woods Way and 2422 University Blvd. in Richmond. Totaling 219 units, the property features independent living, assisted living and memory care residences situated on one contiguous campus. Amenities include restaurant-style dining, a Legends club and bar, wellness center, movie theater, concierge services and programming, including lectures, fitness classes and onsite therapy. The property was 93 percent occupied at the time of financing. Ryan Stoll and Taylor Mokris of BWE secured the financing on behalf of the borrower, an undisclosed private equity investor.

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36N-Tulsa

TULSA, OKLA. — A public-private partnership between Pennrose and the Tulsa Housing Authority (THA) will develop 36N, a $190 million, 545-unit mixed-income residential project. The partnership will redevelop the existing 271-unit Comanche Park Apartments and construct an additional 274 units from the ground up as part of a larger revitalization initiative known as Envision Comanche. The development will also feature single-family homes and a mix of commercial and civic uses, including a grocery store, urban farm and a wilderness area. Vertical construction for Phase I of 36N will begin later this summer, with full completion slated for 2028.

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HOUSTON — Atlanta-based multifamily investment and development firm Cortland has acquired a 288-unit property in Houston’s River Oaks neighborhood. Villas River Oaks offers one- and two-bedroom units that range in size from 625 to 1,200 square feet. Amenities include a pool, clubhouse, fitness center, lounge, community garden and outdoor grilling and dining stations. The seller was international investment firm Heitman. The sales price was not disclosed. The new ownership will implement a value-add program and rebrand the property as Cortland River Oaks.

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CLEVELAND — The Bell Apartments, an adaptive reuse project that involved the conversion of the former Ohio Bell Building into apartments, has opened at 45 Erieview Plaza in downtown Cleveland. Cross Street is handling leasing and marketing for the 367-unit luxury apartment building, while Peak Properties is the property manager. Formerly the Ohio Bell telephone headquarters, the property now features amenities such as a rooftop pool, coworking space, 10,000-square-foot fitness center, pet areas and 24-hour door attendant. Residents can choose from one- and two-bedroom floor plans. Monthly rents start at $1,224, according to the property’s website.  

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