Multifamily

GREA Negotiates $58M Sale of Avenue 33 Apartments in Stockbridge, Georgia

by John Nelson August 17, 2022

STOCKBRIDGE, GA. — GREA has negotiated the sale of Avenue 33 Apartments, a 284-unit multifamily community located at 3386 Mount Zion Road in Stockbridge, a south Atlanta suburb. REM Acquisitions purchased the property from Peak Capital Partners for $58.2 million. Chandler Brown, Taylor Brown, Cory Caroline Sams and Walter Miller of GREA represented the seller in the transaction. Built in 1999, Avenue 33 features one-, two- and three-bedroom floor plans, as well as a clubhouse, resort-style swimming pool, fitness center, business center, dog park and outdoor grilling stations. The new ownership plans to enhance previously completed upgrades at the property.

August 17, 2022

Acquisitions Loans South Carolina Southeast Student Housing

Newmark Secures $29M Acquisition Financing for Student Housing Property in Clemson

by John Nelson August 17, 2022

CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.

August 17, 2022

Acquisitions Multifamily Texas

37th Parallel Properties Buys 344-Unit Apartment Community in Fort Worth

by Taylor Williams August 16, 2022

FORT WORTH, TEXAS — Richmond, Va.-based investment firm 37th Parallel Properties has purchased Heights at Cityview, a 344-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units with an average size of 984 square feet and amenities such as a pool, fitness center, clubhouse and a putting green. Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of floating-rate agency financing for the acquisition.

August 16, 2022

Development Multifamily Texas

RightQuest Residential Breaks Ground on 264-Unit Paloma San Antonio Apartments

by Taylor Williams August 16, 2022

SAN ANTONIO — Dallas-based RightQuest Residential has broken ground on Paloma San Antonio, a 264-unit multifamily project that will be located on a 13-acre site on The Alamo City’s east side. Units will come in one- and two-bedroom formats, and amenities will include a pool, fitness center, business center, outdoor grilling stations, package lockers and a dog park. Cross Architects designed the project, and Houston-based Nations Construction is serving as the general contractor. Veritex Community Bank provided construction financing. The first units will be available for occupancy in fall 2023.

August 16, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges Sale of Four Skilled Nursing Facilities in Texas for $28M

by Taylor Williams August 16, 2022

WACO, HOUSTON AND FORT WORTH, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities totaling 704 licensed beds in Waco, Houston and Fort Worth. A national owner acquired the properties for $28 million and plans to lease the facilities out to multiple operators. Blueprint marketed the properties, which were all built in the 1960s, on behalf of a court-appointed receiver.

August 16, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 28-Unit Judson Meadows Apartments in San Antonio

by Taylor Williams August 16, 2022

SAN ANTONIO — Northmarq has brokered the sale of Judson Meadows, a 28-unit apartment complex in San Antonio. The property was built in 2007 and offers a playground, dog park and outdoor picnic areas. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.

August 16, 2022

Development Florida Mixed-Use Multifamily Southeast

Suffolk to Build 46-Story Mixed-Use Condominium Tower in Downtown St. Petersburg, Florida

by John Nelson August 16, 2022

ST. PETERSBURG, FLA. — Suffolk Construction Co. has been selected to build The Residences at 400 Central, a 46-story mixed-use condominium tower located in downtown St. Petersburg. The 1.3 million-square-foot project will feature 301 condominiums, shops, Class A offices, restaurants and a rooftop observatory with views from Tampa Bay to the Gulf of Mexico. The condos will consist of one- to four-bedroom floorplans, as well as some customized penthouse homes. Residents will have access to more than 35,000 square feet of private indoor and outdoor amenities upon completion. Construction crews are preparing to drill test pilings for the 400 Central tower foundation, which will be immediately followed by the start of foundation work. Red Apple Real Estate and Michael Saunders & Co. are the development team behind 400 Central. The duo established a sales gallery near the site at 465 Central Ave.

August 16, 2022

Acquisitions Multifamily New Hampshire Northeast

DSF Group Sells Halstead Manchester Apartments in New Hampshire for $164.6M

by Taylor Williams August 16, 2022

MANCHESTER, N.H. — An affiliate of Boston-based DSF Group has sold Halstead Manchester, a 640-unit apartment community located in the southern part of The Granite State, for $164.6 million. Originally built between 1981 and 1985, the market-rate property comprises 16 three-story buildings and two single-story amenity buildings on a 41-acre site. According to Apartments.com, Halstead Manchester offers one- and two-bedroom units that range in size from 650 to 1,100 square feet. Biria St. John, Simon Butler and John McLaughlin of CBRE represented DSF Group in the transaction. The buyer was not disclosed.

August 16, 2022

Acquisitions Loans North Carolina Seniors Housing Southeast

Ziegler Arranges Acquisition Financing for 203-Unit Seniors Housing Property in Burlington, North Carolina

by John Nelson August 16, 2022

BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns and operates a second CCRC in nearby Greensboro, N.C. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring was installed as operator. Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender. The amount of the financing was not disclosed. In addition to the acquisition, the transaction will fund capital improvements at the campus.

August 16, 2022

Acquisitions California Multifamily Western

SummerHill Sells 333-Unit Eleanor Multifamily Community in Milpitas, California for $193M

by Amy Works August 16, 2022

MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit. Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2022

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