Multifamily

Ambient Communities Buys 110-Room Vacant Hotel in San Diego, Plans Multifamily Conversion

by Amy Works March 3, 2025

SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.

March 3, 2025

Acquisitions Connecticut Multifamily Northeast

Scully Co., True North Buy 230-Unit Apartment Complex in New Haven, Connecticut

by Taylor Williams March 3, 2025

NEW HAVEN, CONN. — A partnership between two investment firms, Philadelphia-based Scully Co. and Connecticut-based True North Management Group, has purchased The Whit, a 230-unit apartment complex located in New Haven’s Wooster Square neighborhood. Built in 2022, The Whit offers studio, one-, two- and three-bedroom units with an average size of 892 square feet. Residences are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers, and all non-studio apartments have walk-in closets. Amenities include a fitness center with a yoga studio; a landscaped courtyard with a pool and fire pits; a rooftop terrace with bar and lounge seating; a clubroom with a coffee bar; a social dining room with a catering kitchen; and a coworking space with access to individual offices. The Whit also houses three retail spaces, two of which are leased to food-and-beverage operators. Jeffrey Dunne, Simon Butler, Biria St. John, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured the partnership as the buyer. Tom Traynor, Adam Spengler, Nick Harris and Jake Helmig, also with CBRE, arranged acquisition financing for the deal through an undisclosed lender.

March 3, 2025

Acquisitions Florida Multifamily Southeast

BMC Investments Purchases 312-Unit Apartment Community in West Jacksonville

by John Nelson March 3, 2025

JACKSONVILLE, FLA. — Denver-based BMC Investments has acquired The Finley, a 312-unit apartment community located at 9541 103rd St. in west Jacksonville. The sales price was not disclosed, but the Jacksonville Daily Record reports the property traded for $37 million. The three-story property — which was 95 percent occupied at the time of sale — features one-, two-, and three-bedroom apartments ranging in size from 775 square feet to 1,305 square feet, according to Apartments.com. Amenities at the property include a swimming pool, fitness center, clubhouse, car wash area, package services and walking trails. BMC plans to renovate a quarter of The Finley’s units with new flooring and cabinets. This deal marks BMC’s first acquisition in the state of Florida. Erik Bjornson and Tyler Nilsson of Institutional Property Advisors (IPA) brokered the sale.

March 3, 2025

Loans Multifamily New York Northeast Northmarq

Northmarq Provides $12.9M Agency Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams March 3, 2025

NEW YORK CITY — Northmarq has provided a $12.9 million Fannie Mae loan for the refinancing of a 35-unit apartment building located at 49 Ludlow St. in Manhattan’s Lower East Side that was originally constructed in 2000. According to Apartments.com, the elevator-served building offers two- and three-bedroom units, with private terraces available in select residences, as well as onsite laundry facilities. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, an entity doing business as The Downtown Apartments LLC.

March 3, 2025

Development Multifamily New Jersey Northeast

PEEK Properties Begins Leasing 90-Unit Apartment Complex in Orange, New Jersey

by Taylor Williams March 3, 2025

ORANGE, N.J. — Local owner-operator PEEK Properties has begun leasing PINNACLE Orange Crossing, a 90-unit multifamily project in the Northern New Jersey community of Orange. The transit-served site is located within an opportunity zone, and the complex represents the third and final phase of a larger development that now totals 239 units. Residences at PINNACLE Orange Crossing come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, resident lounge and a rooftop terrace. Rents start at approximately $2,200 per month.

March 3, 2025

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $7.8M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams March 3, 2025

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.8 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 284 4th Ave. can support 33,261 buildable square feet of product, although information on the proposed number of units was not disclosed. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the seller, a private investor, in the transaction. The buyer was also a private investor.

March 3, 2025

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $5M Sale of Plymouth Village Apartments in Terryville, Connecticut

by Taylor Williams March 3, 2025

TERRYVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $5 million sale of Plymouth Village, a 46-unit apartment complex in Terryville, about 20 miles west of Hartford. According to Apartments.com, the property offers one- and two-bedroom units. Taylor Perun of NEPCG represented the seller and procured the buyer, both of which were Connecticut-based entities that requested anonymity, in the transaction.

March 3, 2025

Acquisitions Multifamily Texas

Knightvest Capital Acquires 331-Unit Apartment Building in Uptown Dallas

by Taylor Williams February 28, 2025

DALLAS — Knightvest Capital, an investment firm with four offices across Sun Belt markets, has acquired SKYE of Turtle Creek, a 331-unit apartment building in Uptown Dallas that was completed in 1998. According to Apartments.com, SKYE of Turtle Creek offers one-, two- and three-bedroom units that range in size from 843 to 1,886 square feet, as well as a clubhouse, dog park and outdoor grilling and dining stations. The seller and sales price were not disclosed. Knightvest has since rebranded the property as Remi and plans to renovate select units and to upgrade building exteriors and common areas.

February 28, 2025

Alabama Development Multifamily Southeast

Doster Construction Completes $90M Multifamily Development in Huntsville, Alabama

by John Nelson February 28, 2025

HUNTSVILLE, ALA. — Doster Construction Co. has completed Attain at Bradford Creek, a $90 million, Class A multifamily development in Huntsville. Alexandria, Va.-based Bonaventure is the developer and property manager for the project. Located at 556 Martin Road, Attain at Bradford Creek comprises 350 one-, two- and three-bedroom apartments ranging from 839 square feet to 1,375 square feet in size. Monthly rental rates begin at $1,134, according to Apartments.com. Amenities include a resort-style pool, fitness center, clubhouse, Amazon package lockers, dog park and a pond.

February 28, 2025

Acquisitions California Multifamily Western

Bascom Group Buys Value-Add Apartment Community in Rancho Palos Verdes, California for $127M

by Amy Works February 28, 2025

RANCHO PALOS VERDES, CALIF. — The Bascom Group has acquired Highridge Apartments, a value-add multifamily property in Ranchos Palos Verdes, for $127 million, or $494,163 per unit. Built in 1972, Highridge Apartments has undergone significant upgrades and renovations over the years, including the addition of in-unit washers/dryers and enhanced amenities. The community features 257 apartments, averaging 1,157 square feet, as well as 28 loft-style units with high ceilings. Property amenities include ample parking, two pools and spas, two fitness centers, a tennis court and a clubhouse. Bascom plans to renovate unit interiors to a Class A standard and enhance amenities. Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. Blake Rogers and Kevin Sheehan of JLL Investment Sales represented the undisclosed seller in the deal. AMC will provide property management services for the community and SD-Cap will manage planned property renovations.

February 28, 2025

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