Multifamily

Matthews Brokers $7.3M Sale of Apartment Community in Baton Rouge

by John Nelson August 15, 2022

BATON ROUGE, LA. — Matthews Real Estate Investment Services has brokered the $7.3 million sale of Acadian Place Apartments, a 120-unit multifamily property located at 855 S. Flannery Road in Baton Rouge. John Solari of Matthews represented the undisclosed seller in the transaction. A private investor based in New York purchased the property. Acadian Place is situated within walking distance to Flannery Road Park, an elementary school, Shopper’s Value Food and multiple restaurants. According to Apartments.com, the gated property was built in 1973 and features a pool, laundry facilities, playground, clubhouse and onsite property management.

August 15, 2022

Development Florida Multifamily Southeast

Partnership to Develop $120M Apartment Community in Cape Coral, Florida

by John Nelson August 12, 2022

CAPE CORAL, FLA. — A partnership between Shoreham Capital, Bridge Investment Group and Wynkoop Financial has purchased 26 acres in the southwest Florida city of Cape Coral for the development of a $120 million apartment community. Named Siesta Lakes, the 412-unit property will include one-, two- and three-bedroom floor plans with private balconies, open living areas and high-end finishes. Community amenities will include a gym, pool, dog park, pickleball courts and a business center. The co-developers plan to break ground in the fourth quarter.

August 12, 2022

Acquisitions Mixed-Use Multifamily North Carolina Southeast

Northmarq Brokers Sale of One City Center Apartments in Downtown Durham

by John Nelson August 12, 2022

DURHAM, N.C. — Northmarq has brokered the sale of the apartments at One City Center, a 28-story mixed-use tower located at 110 Corcoran St. in downtown Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Sara Wagman of Northmarq represented the seller and developer, Austin Lawrence Partners, in the transaction. The buyer and sales price were not disclosed. Built in 2019, the property features 109 apartments, as well as a rooftop pool and hot tub, fitness center and a courtyard on the sixth floor with an al fresco dining area and fenced dog park. Individual units feature floor-to-ceiling windows, custom quartz countertops and private balconies. One City Center also features 30 for-sale condominiums, 130,000 square feet of office space and 22,000 square feet of retail space that were not part of the transaction.

August 12, 2022

Affordable Housing Development Southeast Virginia

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

by John Nelson August 12, 2022

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, library, laundry, fitness room, elevator, park areas with benches, bike racks and off-street parking, as well as an onsite leasing and management office and 6,500 square feet of commercial space on the ground floor. Virginia Housing awarded Low Income Housing Tax Credits to Woda Cooper to support financing, including equity invested by Wells Fargo. Cedar Rapids Bank & Trust also provided construction financing. The project team includes civil engineer Hoggard-Eure Associates and structural engineer Speight Marshall Francis. Holley Pointe is named after the late Dr. James Holley III, a former mayor of Portsmouth.

August 12, 2022

Acquisitions California Multifamily Western

Berkadia Negotiates $93M Sale of The Vines at Riverpark Apartment Property in Oxnard, California

by Amy Works August 12, 2022

OXNARD, CALIF. — Berkadia Institutional Solutions has arranged the sale of The Vines at Riverpark, a multifamily community in Oxnard. Champion Real Estate Co. sold the asset to Interstate Equities Corp. for $93 million, or more than $567,000 per unit, in an off-market transaction. Both the buyer and seller were based in California. Adrienne Barr of Berkadia Los Angeles and Mike Murphy of Berkadia Irvine represented the seller in the transaction. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 apartments that were originally built as two-story condominiums in 2013 and 2014. The Vines offers 136 three-bedroom, two-and-one-half bath units and 28 two-bedroom, two-bath units. Units feature private, two-car direct-access parking garages, separate water heaters, central air and heat and a front porch or balcony. Additional unit features include GE Energy Star stainless steel appliances, granite countertops and backsplashes, brushed nickel hardware and plumbing fixtures, espresso-colored cabinets with stainless steel pulls throughout the kitchens and bathrooms and vinyl wood plank flooring throughout the first floor.

August 12, 2022

Acquisitions Affordable Housing California Multifamily

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

by Amy Works August 12, 2022

WEST COVINA, CALIF. — CBRE has arranged the sale of Atrium at West Covina, a 138-unit multifamily property located at 1829-1841 E. Workman Ave. in West Covina. Langdon Park Capital acquired the asset from an affiliate of Abacus Capital Group for $48.6 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Built in 1962 and 1963, Atrium at West Covina features swimming pools, a fitness center and social areas. The community offers mostly two- and three-bedroom layouts that average more than 1,000 square feet. The buyer plans to improve the units while also preserving the property’s workforce housing designation.

August 12, 2022

Loans Midwest Minnesota Multifamily

Associated Bank Provides $67.5M Construction Loan for Rental Townhome Property in Minnesota

by Kristin Harlow August 12, 2022

MAPLE GROVE, MINN. — Associated Bank has provided a $67.5 million loan for the construction of Summerwell Maple Grove. The project will consist of 220 luxury rental townhomes in the Minneapolis suburb of Maple Grove. The two-story units will range in size from 1,187 to 1,996 square feet. Amenities will include a clubhouse, fitness center, yoga room, business center, outdoor pool, dog walk, playground, putting green and walking trails. The borrower, Greystar, plans to begin construction shortly. Completion is slated for this time next year. Edward Notz of Associated Bank handled the loan arrangements and closing. Loan terms were not provided.

August 12, 2022

Development Midwest Missouri Multifamily

Milhaus Begins Development of $66.8M Apartment Complex in Kansas City

by Kristin Harlow August 12, 2022

KANSAS CITY, MO. — Milhaus has begun development of a $66.8 million apartment complex in Kansas City’s Volker neighborhood. The yet-to-be named project will consist of 226 studio, one- and two-bedroom units. Amenities will include a coworking area, conference spaces, fitness center, movie room, outdoor pool, pet spa, package room and garage parking. Financing came from Cadence Commercial Real Estate, Humphreys Capital and CrossFirst Bank. Helix is the architect and interior designer, while Taliaferro & Browne Inc. is the civil engineer. The project marks Milhaus’ ninth in metro Kansas City and will bring its total apartment count in the area to nearly 2,000 units. Completion is slated for October 2024.

August 12, 2022

Development Multifamily Texas

Highpointe Communities Breaks Ground on $73M Multifamily Project in San Marcos, Texas

by Taylor Williams August 12, 2022

SAN MARCOS, TEXAS — California-based developer Highpointe Communities has broken ground on Sendero at Trace, a $73 million multifamily project in the Central Texas city of San Marcos. The community will feature 399 one-, two- and three-bedroom units ranging in size from 775 to 1,300 square feet. The amenity package will comprise a pool, fitness center, clubhouse, outdoor gathering spaces and lifestyle programming services. The first units are expected to be available for occupancy by the end of 2023.

August 12, 2022

Acquisitions Multifamily Texas

Better World Holdings, Crown Capital Buy 362-Unit Multifamily Asset in Houston

by Taylor Williams August 12, 2022

HOUSTON — A partnership between locally based investment firm Better World Holdings and New York-based Crown Capital Ventures has purchased Serenity at Cityside, a 362-unit multifamily property in Houston’s Galleria neighborhood. Built in 1968, the 32-building property offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, clubhouse and picnic areas. The new ownership plans to invest about $6 million in capital improvements and to rebrand the property as Aura Galleria. The seller was an entity doing business as CPEP Beverly Palms LLC. The sales price was not disclosed.

August 12, 2022

Newer Posts

Older Posts