Multifamily

AMLI Residential, Stream Realty Plan $472M Transit-Oriented Development in Addison, Texas

by Katie Sloan April 14, 2022

ADDISON, TEXAS — AMLI Residential and Stream Realty Partners have been named master developers for a $472 million, 18-acre, mixed-use development in Addison, roughly 15 miles north of Dallas. The Town of Addison has been acquiring land for the project since the inception of the DART Light Rail system in 1983 with plans for a transit-oriented development. The project is centered on a DART Silver Line station currently under construction near Addison Circle Park, a 10-acre, master-planned public park. DART has partnered with the Town of Addison through a ground-lease structure that allows for the inclusion of both the train and bus stations in the development. Phase I of the project is set to include: A six-story, Class A office building with 150,000 square feet of leasable space and 9,000 square feet of ground-floor retail; a 13-story luxury multifamily community with 9,000 square feet of ground-floor retail space; a seven-story luxury multifamily building with 5,000 square feet of ground-floor retail space; a 650-stall parking structure with ground-floor retail; and a 45,000-square-foot entertainment complex operated by The HUB, a Texas-based creator of entertainment and restaurant venues with an emphasis on daily events and festivals. Cushman & Wakefield has represented the Town …

April 14, 2022

Acquisitions Multifamily Texas

Lynd Group Sells Houston-Area Apartment Community for $53.9M

by Taylor Williams April 13, 2022

PORTER, TEXAS — San Antonio-based development and investment firm Lynd Group has sold Villas at Valley Ranch, a 312-unit apartment community located in the northeastern Houston suburb of Porter, for $53.9 million. The property is situated within Signorelli Co.’s 1,400-acre Valley Ranch master-planned community. Units come in one- and two-bedroom floor plans, and amenities include a pool, fitness center, resident clubhouse, outdoor grilling and dining areas, a package handling system and a dog park. Lynd acquired the community less than a year ago for $39 million and implemented a value-add program. The buyer was Houston-based Keener Investments. Berkadia brokered the sale.

April 13, 2022

Acquisitions Multifamily Texas

Pegasus Real Estate, Thackeray Partners Buy 224-Unit Apartment Community in San Antonio

by Taylor Williams April 13, 2022

SAN ANTONIO — A partnership between Pegasus Real Estate and Thackeray Partners has purchased NOAH Apartments, a 224-unit multifamily community in San Antonio’s Alamo Heights neighborhood. The garden-style property was built in 1994. Amenities include a pool, fitness center, outdoor kitchen and a pet park. Ryan Epstein, Forrest Bass and Matt Pohl of Walker & Dunlop represented the partnership and the undisclosed seller in the transaction. Tom Toland and Matt Newton, also with Walker & Dunlop, arranged an undisclosed amount of acquisition financing on behalf of the new ownership, which plans to implement a value-add program.

April 13, 2022

Florida Loans Multifamily Southeast

Greystone Provides $11M Fannie Mae Loan to Refinance Multifamily Property in Oakland Park, Florida

by Julia Sanders April 13, 2022

OAKLAND PARK, FLA. — Greystone has provided an $11.1 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Oakwood Apartments, a 124-unit multifamily property in Oakland Park. Kyle Jemtrud of Greystone originated the loan on behalf of 61-34 Madison Real Estate LLC. The nonrecourse loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55 percent loan-to-value ratio. Built in 1971, Oakwood Apartments is a garden-style apartment community with four buildings featuring one- and two-bedroom units. Community amenities include an onsite pool and laundry facilities.

April 13, 2022

Acquisitions Colorado Multifamily Retail Western

Marcus & Millichap Brokers Sale of Brightwater Golf Club, Residential Development in Gypsum, Colorado

by Amy Works April 13, 2022

GYPSUM, COLO. — Marcus & Millichap has arranged the sale of Brightwater Club, a golf course and residential development opportunity in Gypsum. Gypsum Creek Holdings sold the asset to Siena Development for an undisclosed price. Brightwater Club consists of a master-planned, 640-acre residential development with a Phase II development planned on the adjacent 323-acre tract that currently has four residences, three barns and two lakes. James Stewart of Marcus & Millichap represented the seller and procured the buyer in the deal.

April 13, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Health Completes $3M Seniors Housing Renovation Project in Point Pleasant, New Jersey

by Taylor Williams April 13, 2022

POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center, located near the Jersey Shore. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of an activities of daily living suite. Other renovations included a lobby/reception area redesign and expansion, reconfigured and updated dining area and lounges and updates to resident rooms.

April 13, 2022

Acquisitions Midwest Minnesota Multifamily Top Stories

CBRE Investment Management Acquires The Berkman Luxury Apartment Complex in Rochester, Minnesota for $187.6M

by Kristin Harlow April 13, 2022

ROCHESTER, MINN. — CBRE Investment Management has acquired The Berkman, a 350-unit luxury apartment complex in Rochester, a city in Southeast Minnesota. The purchase price was $187.6 million, according to local media reports. The sellers were Kayne Anderson Real Estate and Alatus LLC. Located at 217 14th Ave. SW, The Berkman sits across the street from the Mayo Clinic’s Saint Marys Campus, which is the nation’s largest intensive care unit. The property is also less than one mile from the Mayo Clinic’s downtown campus. The community opened in 2020. The Berkman features several environmentally friendly components, including low-flow plumbing fixtures, efficient electric heat pumping technology and sustainable building materials. David Selznick, chief investment officer with Kayne Anderson, says the objective of the development was to provide an environmental, social and governance (ESG)-oriented community to support the Mayo Clinic’s staff, patients and overall Rochester resident base. “We believe that this asset’s proximity to the area’s elite base of education, research and world-renowned medical institutions, combined with strong demographic fundamentals, will position this property as a quality asset that will capitalize on durable demand from ‘eds and meds,’” says Benjamin Green, managing director of residential transactions at CBRE Investment Management. Community amenities …

April 13, 2022

California Development Multifamily Seniors Housing Western

Calson Management Buys Development Parcel for 128-Unit Seniors Housing Community in Livermore, California

by Amy Works April 12, 2022

LIVERMORE, CALIF. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the complex. “We’re excited to watch the Calson team continue the project and complete our vision for a high-quality housing facility. We know this addition will be a value-add, not just for The Well at Sunset, but also for the wider Livermore community,” says Sean Rohland, managing director at Hunter Street. “The pandemic presented unforeseen complexity, and we were fortunate to partner with Calson to reach an outcome that is favorable to all.” The Well at Sunset was originally constructed in 1978 but had been vacant for several years until it was purchased by Hunter Street and Mana Investments in 2018. What followed was the revitalization of the plaza, as The …

April 12, 2022

Acquisitions Colorado Multifamily Western

Berkadia Negotiates $9M Sale of Domain at Wash Park Apartments in Denver

by Amy Works April 12, 2022

DENVER — Berkadia has arranged the sale of Domain at Wash Park, a mid-rise apartment community in Denver. A California-based buyer acquired the property for $9 million, or $450,000 per unit, from an undisclosed seller. Built in 2014 at 300 S. Lafayette St., Domain at Wash Park features 20 one- and two-bedroom apartments. At the time of sale, the community was 95 percent occupied. Nick Steel, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal.

April 12, 2022

Acquisitions Florida Multifamily Southeast

ZMR Capital Purchases Two Multifamily Properties in Metro Orlando Totaling 560 Units

by Julia Sanders April 12, 2022

APOPKA AND KISSIMMEE, FLA. — Orlando-based ZMR Capital has purchased two multifamily communities in metro Orlando totaling 560 units. The two properties include Laurel at Altamonte Apartments in Apopka (240 units) and Camila in Kissimmee (320 units). Shelton Granade and Luke Wickham of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2000, the Laurel at Altamonte features 11 two-story buildings spread over 14.5 acres. Unit features include quartz countertops, oversized closets, laundry rooms and wood-plank flooring. Community amenities include a fitness center, pool, private garages and a bark park with a pet washing station. Built in 1990, Camila has 14 three-story buildings spread over 27 acres. Unit features include granite countertops, walk-in closets, screened patios or balconies, large windows and washers and dryers in each residence. Community amenities include a pool, heated Jacuzzi, pool deck, fitness center and a clubhouse. Both properties feature one-, two- and three-bedroom floorplans. The common areas and exteriors at each property have all been upgraded. ZMR Capital plans to initiate a capital improvement plan at both properties designed to upgrade all unit interiors with modern features such as stainless …

April 12, 2022

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