Multifamily

Breeden Opens 258-Unit Lofts at Front Street Apartments in Norfolk

by John Nelson November 28, 2022

NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.

November 28, 2022

Acquisitions Florida Multifamily Southeast

Colliers Brokers $10.5M Sale of Seven-Building Multifamily Portfolio in Miami

by John Nelson November 28, 2022

MIAMI — Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio Fernandez of Colliers represented the buyer. The buildings, constructed between 1970 and 1972, occupy a 1.3-acre site with a combined lot size of 57,950 square feet. Units at the properties include one- and two-bedroom layouts.

November 28, 2022

Georgia Loans Seniors Housing Southeast

MMCC Arranges $8.3M Refinancing for Brookside Commerce Assisted Living Facility in Northeast Georgia

by John Nelson November 28, 2022

COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.

November 28, 2022

Colorado Development Multifamily Western

Thompson Thrift Plans Alta25 Multifamily Community in Monument, Colorado

by Amy Works November 28, 2022

MONUMENT, COLO. — Thompson Thrift unveiled plans to develop Alta25, a Class A apartment property in Monument, a suburb of Colorado Springs. The 264-unit community is slated to open in 2025. Located at 16218 Jackson Creek Parkway, Alta25 will comprise eight three-story, garden-style buildings and 96 detached garages. The one-, two- and three-bedroom apartments will average 987 square feet and feature gourmet bar-kitchens with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. The units will also offer patio, balcony and private yard options. Community amenities will include a clubhouse, swimming pool, 24-hour fitness center, Amazon package hub, storage and work spaces, courtyards, grilling stations, outdoor game area, electronic firepit with seating area, dog park and pet spa with grooming station. Alta25 is adjacent to Monument Marketplace, which features more than 658,000 square feet of retail and restaurant space, and within The Village at Jackson Creek, a mixed-use project currently in development.

November 28, 2022

Acquisitions California Multifamily Western

IPA Brokers Sale of 90-Unit Foxborough Apartments in Orange, California

by Amy Works November 28, 2022

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Foxborough Apartments, a multifamily property in Orange. Irvine-based Advanced Real Estate acquired the asset, which will be rebranded as Grove House, for an undisclosed price. Built in 1964, the 23-building property features 90 garden-style apartments with garage parking, two swimming pools, a fitness center, storage space and a grilling area. The 1,200-square-foot apartments have wood-burning fireplaces, dishwashers, washers and dryers. Advanced plans to renovate the asset by the addition of central air conditioning, new windows, new cabinetry, flooring, appliances, large fenced-in patios, upgraded landscaping, a modern paint scheme, signage and pool enhancements. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the buyer in the deal.

November 28, 2022

Acquisitions California Multifamily Western

TMG Negotiates $11.2M Sale of Sunnyview Villa Apartments in Palm Springs, California

by Amy Works November 28, 2022

PALM SPRINGS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sunnyview Villa Apartments, a garden-style multifamily community in Palm Springs. A California-based affordable housing investor acquired the property from California- and Utah-based private investor sellers for $11.2 million. Situated on 3.6 acres at 2900 N. Indian Canyon Drive, the property’s 44 two- and three-bedroom apartments are spread across seven two-story walk-up residential buildings. The affordable housing community is less than three miles from shopping, dining and entertainment opportunities in downtown Palm Springs. Otto Ozen of TMG represented the sellers in the deal.

November 28, 2022

Loans Multifamily Texas

David B. Norton Arranges $56M in Construction Debt, JV Equity for San Antonio Multifamily Project

by Taylor Williams November 28, 2022

SAN ANTONIO — Capital advisory firm David B. Norton Inc. has arranged $56 million in construction debt and joint venture equity for a 350-unit multifamily project that will be located roughly 17 miles northwest of downtown San Antonio. The property will comprise 17 buildings that will house an array of floor plans and Class A amenities. A regional bank provided the loan. The borrower was a joint venture between a locally based developer and an institutional investment firm with offices in New York and Florida. All of these parties requested anonymity.

November 28, 2022

Acquisitions Multifamily Texas

GREA Brokers Sale of 192-Unit Blakely Apartment Homes in Arlington

by Taylor Williams November 28, 2022

ARLINGTON, TEXAS — National multifamily advisory firm GREA has brokered the sale of Blakely Apartment Homes, a 192-unit multifamily complex in Arlington. According to Apartments.com, the property was built in 1981, features one- and two-bedroom units ranging in size from 575 to 950 square feet and offers amenities such as a pool, fitness center and onsite laundry facilities. Mark Allen of GREA represented the seller, Ashland Greene Capital, in the transaction and procured the undisclosed, locally based buyer.

November 28, 2022

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 377-Unit Jefferson Apartments in Hackensack, New Jersey

by Taylor Williams November 28, 2022

HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,240 per month for a one-bedroom apartment.

November 28, 2022

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

Greywolf Brokers $4M Sale of Seniors Housing Apartment Building in Middleton, Wisconsin

by Kristin Harlow November 28, 2022

MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.

November 28, 2022

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