Multifamily

Tide Equities, CIM Group Purchase 1,012-Unit Del Mar Terrace Apartments in Phoenix for $255M

by Amy Works March 1, 2022

PHOENIX — Tide Equities and CIM Group have acquired Del Mar Terrace, a multifamily community located at 7007 W. Indian School Road in Phoenix’s West Valley submarket. Del Mar Terrace Apartments LLC, an entity of Heers Development, sold the asset for $255 million, or $251,976 per unit. Built in 1986, Del Mar Terrace features 1,012 apartments in a mix of four one- and two-bedroom floorplans that range in size from 626 square feet to 885 square feet. The pet-friendly property features a swimming pool, fitness center and daycare center. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the buyer in the deal. Loren Heikenfeld, Kevin Leamy, Jeff Erxleben, Lauren Bresky and Joel Heinkenfeld of Northmarq’s Dallas Debt & Equity team secured bridge loan financing and buyer’s equity for the acquisition.

March 1, 2022

Acquisitions Arizona Multifamily Western

SAM Residential Group Buys Multifamily Community Near Phoenix for $36M

by Amy Works March 1, 2022

AVONDALE, ARIZ. — Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a value-add apartment property located at 1408 N. Central Ave. in Avondale. Chicago-based 29th Street Capital sold the asset for $36 million. Built in 1984, 1408 Casitas at Palm Valley features 168 apartments in a mix of one-, two- and three-bedroom layouts with an average unit size of 929 square feet. Units feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers/dryers, outdoor storage and skylights in every unit. Community amenities include a fitness center, cornhole/bocce ball, a fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbecue grilling stations, and an outdoor resident lounge with cabanas and sunning deck. Brett Polacheck, Chris Canter, Brad Goff of Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure acquisition financing for the buyer.

March 1, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $3.1M Sale of Wilson Studios Apartment Building in Tempe

by Amy Works March 1, 2022

TEMPE, ARIZ. — Taylor Street Advisors has arranged the sale of Wilson Studios, a multifamily property located at 110-114 S. Wilson St. in Tempe. A private, out-of-state investor acquired the property from a local private capital firm for $3.1 million, or $192,500 per unit. The buyer plans to renovate the 16-unit property, which is located less than a mile from Arizona State University. Brian Tranetzki and Anton Laakso of Taylor Street Advisors handled the transaction.

March 1, 2022

Development Multifamily Texas

ZOM Living Completes 378-Unit Mezzo Dallas Apartments

by Taylor Williams March 1, 2022

DALLAS — Orlando-based developer ZOM Living has completed Mezzo Dallas, a 378-unit multifamily project located on the city’s north side. The 15-acre garden-style community features 13 buildings that house, one-, two- and three-bedroom units that range in size from 700 to 1,560 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and private yards in select units. Amenities include a pool, lounge, coworking office space, outdoor kitchen and dining area, game room, fitness center with a yoga studio, dog park and a pet spa. JHP Architecture designed the project, and Stanford Construction served as the general contractor. Synovus Bank provided construction financing. ZRS Management will oversee daily operations of the property. Rents start at $1,380 per month for a one-bedroom unit.

March 1, 2022

Tiffany-Square-Apartent-HoustoTiffany-Square-Apartments-Houston

Acquisitions Multifamily Texas

TMG Negotiates Sale of 83-Unit Apartment Complex in Houston

by Taylor Williams March 1, 2022

HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Tiffany Square, an 83-unit apartment complex in Houston. Tiffany Square was built in 1973 on a two-acre site, and its units have an average size of 874 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.

March 1, 2022

Acquisitions Multifamily Oklahoma Seniors Housing Texas

SLIB Arranges Sale of 20-Unit Seniors Housing Community in Tulsa

by Taylor Williams March 1, 2022

TULSA, OKLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Arbors, a 20-unit assisted living community in Tulsa. The 15,688-square-foot property was built in 1997 on approximately two acres of land. The seller is a regional owner based in Tulsa. The buyer is an Oklahoma-based private owner. Jason Punzel and Nick Cacciabando of SLIB handled the transaction. Both parties requested anonymity.

March 1, 2022

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $100M Apartment Complex in Minneapolis

by Kristin Harlow March 1, 2022

MINNEAPOLIS — Kraus-Anderson has completed construction of The Larking, a $100 million apartment complex located at 615 S. 8th St. in downtown Minneapolis. Designed by ESG Architects, the project rises 16 stories with 341 market-rate units. The development also includes three levels of underground parking, a Wells Fargo bank branch an additional 9,100 square feet of street-level retail space. Amenities include a sky lounge, pool deck, fitness center, sauna, golf simulator, pet spa, work-from-home suites and a conference room. Monthly rents start at $1,315 for studios.

March 1, 2022

Acquisitions Multifamily New York Northeast

A&E Real Estate Acquires Queens Apartment Community for $130M

by Taylor Williams March 1, 2022

NEW YORK CITY — A&E Real Estate has acquired Cunningham Heights at Queens Village, an apartment community that consists of 1,056 units across 22 buildings in the borough’s Jamaica neighborhood, for $130 million. Originally built in 1951, the property also includes 623 parking spaces across 25 onsite garages. According to Apartments.com, Cunningham Heights offers studio, one- and two-bedroom units. Jack Bick of Charatan Realty represented A&E Real Estate and the undisclosed seller in the transaction. Signature Bank provided acquisition financing. The property was 99 percent occupied at the time of sale.

March 1, 2022

Acquisitions Multifamily Student Housing Texas

Vesper Holdings, Fortress Acquire 564-Bed Student Housing Community in Denton, Texas

by Taylor Williams February 28, 2022

DENTON, TEXAS — A joint venture between New York City-based investment firm Vesper Holdings and funds managed by affiliates of Fortress Investment Group LLC has purchased CastleRock at Denton, a 564-bed student housing property located near the University of North Texas. Constructed in 2000, the building features 192 units in a mix of one-, two-, three- and four-bedroom floor plans. Amenities include a fitness center, pool, computer lab, clubhouse, dog park and shuttle service to campus. Vesper plans to invest more than $1 million in renovations, including upgrades of unit interiors and amenity spaces, as well as building exteriors. The seller and sales price were not disclosed.

February 28, 2022

Acquisitions Florida Multifamily Southeast

Livingston Street Capital Acquires Multifamily Property in Ponte Vedra Beach, Florida

by Julia Sanders February 28, 2022

PONTE VEDRA BEACH, FLA. — An affiliate of Radnor, Penn.-based Livingston Street Capital has acquired Olea at Nocatee, a 175-unit, Class A multifamily property in Ponte Vedra Beach. The seller and sales price were not disclosed. Built in 2020, Olea at Nocatee includes three three-story buildings and one one-story building. The property offers one-, two- and three-bedroom floorplans with walk-in closets, granite countertops, stainless steel appliances and hardwood-style flooring. Community amenities include a resort-style pool with outdoor kitchen, fitness studio, craft room, library, media room and a golf cart rental service. The property is located near Florida State Road A1A, Interstate 95 and Interstate 295. The property is located within the Nocatee Community Park, a master-planned community which features over 75 acres of parks, including extensive hiking trails, a concession building, dog park, tennis courts and greenways.

February 28, 2022

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