Multifamily

Northland Acquires 210-Unit Active Adult Community in Alpharetta, Georgia

by John Nelson August 26, 2022

ALPHARETTA, GA. — Northland, a private equity investor based in Newton, Mass., has purchased Emblem Alpharetta, a 210-unit active adult community in the north Atlanta suburb of Alpharetta. Situated on seven acres, the property was fully occupied at the time of sale and represents the fourth Georgia acquisition for Northland this year but the first active adult acquisition in its portfolio. The seller and sales price were not disclosed. Emblem Alpharetta comprises one- and two-bedroom apartments in a four-story building that centers around a resort-style pool and sundeck. Units are reserved for households age 55 and older. Amenities include a fitness center, bocce ball court and outdoor entertaining spaces. Northland plans to invest $3 million in capital improvements at Emblem Alpharetta over the next four years.

August 26, 2022

Acquisitions Affordable Housing Loans Multifamily New Mexico Western

Northmarq Negotiates Sale of 188-Unit Villas Esperanza Multifamily Property in Albuquerque

by Amy Works August 26, 2022

ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …

August 26, 2022

California Development Multifamily Student Housing Western

JLL Arranges $12.7M Sale of Student Housing Development Site Near San Diego State University

by Amy Works August 26, 2022

SAN DIEGO — JLL Capital Markets has arranged the $12.7 million sale of a 0.35-acre development site located adjacent to the San Diego State University campus in California. Situated at 5505 Lindo Paseo, the site is currently home to a fraternity house and is suitable for a dense, vertical development, according to JLL. Stewart Hayes, Scott Clifton, Teddy Leatherman, Kevin Kazlow and Jack Goldberger of JLL represented the sellers, Amplify Development Co. and Blue Vista Capital Management, in the disposition. An affiliate of Champion Real Estate Company acquired the property.

August 26, 2022

Acquisitions Multifamily Texas

Colliers Brokers Sale of 184-Unit Multifamily Complex in Metro Houston

by Taylor Williams August 25, 2022

ROSENBERG, TEXAS — Colliers has brokered the sale of Fountains of Rosenberg, a 184-unit multifamily complex located on the southwestern outskirts of Houston. The recently renovated property offers a pool and a fitness center. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, an entity doing business as Mosaic Fountains LP, in the transaction. The buyer was Dallas-based Momentum Multifamily.

August 25, 2022

Company News Development Georgia Southeast Student Housing

Landmark Properties Announces $2B Partnership with ADIA to Target Student Housing Development

by John Nelson August 25, 2022

ATHENS, GA. AND ABU DHABI, UNITED ARAB EMIRATES — Landmark Properties has announced a $2 billion joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The partnership will be focused on developing and operating student housing properties in targeted markets throughout the United States. The new build-to-core joint venture follows the $1 billion value-add student housing platform formed by Landmark and ADIA announced in March 2022. “We remain disciplined in our strategy of growing the highest quality student housing portfolio in the country,” says Wes Rogers, president and CEO of Athens, Ga.-based Landmark. “Student housing continues to demonstrate, in all market cycles, a resilient asset class with strong fundamentals, and we continue to see compelling opportunities for development throughout the U.S.,” adds Rogers. “This latest joint venture offers the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.”

August 25, 2022

Acquisitions Kansas Midwest Multifamily

Cantor Fitzgerald, BH Acquire 309-Unit Apartment Complex in Lenexa, Kansas

by Kristin Harlow August 25, 2022

LENEXA, KAN. — A joint venture between affiliates of Cantor Fitzgerald LP and BH Cos. Inc. has acquired West End at City Center in Lenexa. The 309-unit apartment complex is situated within walking distance of Lenexa City Center, a 200-acre development featuring a mix of retail, restaurant, entertainment, multifamily and hospitality space. Built in 2009, the property features one-, two- and three-bedroom units with an average size of 970 square feet. Amenities include a fitness center, pool, business center and picnic area. As of late July, the community was nearly 96 percent leased. Mac Crowther and Whittaker Potts of Newmark brokered the transaction, which marks the seventh multifamily acquisition by the joint venture. The seller and sales price were undisclosed.

August 25, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $2M Sale of Two-Building Multifamily Portfolio in Chicago

by Kristin Harlow August 25, 2022

CHICAGO — Kiser Group has arranged the sale of a portfolio of two multifamily buildings in Chicago’s East Garfield Park neighborhood for $2 million. The two buildings house a combined 35 units. The property at 351 S. Homan Ave. features a mix of two-, three- and four-bedroom units, while the building at 10-18 S. Homan Ave. houses two- and three-bedroom units. Aaron Sklar, Noah Birk and Jack Petrando of Kiser brokered the transaction. An out-of-state buyer purchased the portfolio from the undisclosed seller.

August 25, 2022

Affordable Housing Development Florida Mixed-Use Multifamily Office Retail Southeast

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson August 25, 2022

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

August 25, 2022

Development Multifamily Northeast Pennsylvania

High Street, MetLife Complete 280-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams August 25, 2022

WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.

August 25, 2022

California Development Multifamily Western

Sudberry Properties Starts Construction of 268-Unit Luma at El Corazon Apartments in Oceanside, California

by Amy Works August 25, 2022

OCEANSIDE, CALIF. — Sudberry Properties has started construction of Luma at El Corazon, a mixed-use apartment community in Oceanside. Located at 3546 Village Commercial Drive, Luma is situated within El Corazon, a 465-acre multi-phase development on a former crystal silica mine. Luma at El Corazon will feature 23 three-story residential buildings with a mix of 113 one-bedroom, 120 two-bedroom and 35 three-bedroom apartments. Ranging in size from 691 square feet to 1,440 square feet, the units come in 11 floor plan configurations, all featuring an outdoor deck, balcony or patio, stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. Community amenities will include a furnished club room with demonstration kitchen and covered patio; conference room; indoor/outdoor fitness center; and a pool and spa area with lounges and barbecue facilities. Luma will also feature two 2,350-square-foot retail suites on either side of the main entrance. The community will be built in phases, with the leasing center and first apartments slated to open in fall 2023. The development team includes Bassenian Lagonia, architect; Hunsaker & Associates, civil engineer; Wermers Construction, general contractor; Schmidt Design Group, landscape architect; and Design Tec, interior design.

August 25, 2022

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