Multifamily

Inman Equities Sells Kabana Cove Apartments in Jacksonville for $8.6M

by Julia Sanders March 31, 2022

JACKSONVILLE, FLA. — Inman Equities has sold Kabana Cove Apartments, an 80-unit multifamily property in Jacksonville, for $8.6 million. Luke McCann and John Rutherford of NAI Hallmark brokered the transaction on behalf of Inman Equities and the buyer, Investor Boardroom. Built in 1974, the property offers 64 two-bedroom, one-bath units and 16 one-bedroom, one-bath units. Community amenities include a clubhouse, laundry facilities and package services. Inman Equities recently renovated the exterior of the property, including new paint, landscaping and pool upgrades. Located at 6595 San Juan Ave. on 3.1 acres, Kabana Cove is situated 8.4 miles from Florida State College at Jacksonville and 20.4 miles from Jacksonville International Airport.

March 31, 2022

Development Multifamily Student Housing Texas

Treemont Partners Nears Completion of 446-Bed Student Housing Project Near Texas Tech University

by Taylor Williams March 31, 2022

LUBBOCK, TEXAS — Houston-based developer Treemont Partners is nearing completion of construction on The Carlton House, a 446-bed student housing project that will serve students at Texas Tech University in Lubbock. The Carlton House will feature a mix of one- and two-bedroom units and amenities such as two pools, a community kitchen and living room, fitness center, private and group study lounges, outdoor grilling and dining areas and a dog park. University Partners will lease and manage the project upon completion, which is slated for June.

March 31, 2022

Affordable Housing Development Midwest Minnesota Multifamily

Red Lake Nation, Cuningham Complete 110-Unit Affordable Housing Development in Minneapolis

by Kristin Harlow March 31, 2022

MINNEAPOLIS — Red Lake Nation and design firm Cuningham have completed Mino-bimaadiziwin Affordable Housing, a 110-unit affordable housing development located in the American Cultural Corridor of Minneapolis. Mino-bimaadiziwin means “living the good life” in Ojibwe. The nearly $42 million project provides housing to Red Lake Ojibwe Band members and other local Native American residents. It is the first housing project developed by a tribal government in a major city, according to Sam Olbekson, founder and CEO of Full Circle Indigenous Planning + Design LLC as well as a Cuningham consultant. The six-story development features a Red Lake Nation embassy and healthcare clinic in addition to the housing units. Project funding came from the City of Minneapolis, Hennepin County, the Shakopee Mdewakanton Sioux Community and 15 other sources. The project was built on a site that formerly served as a temporary navigation center for unsheltered residents in response to an encampment of over 300 people called the Wall of Forgotten Natives. The Cuningham team collaborated closely with the Red Lake Ojibwe community members on the property’s design.

March 31, 2022

Development Multifamily Texas

Castletop Capital, Trammell Crow Complete 373-Unit Multifamily Project in Austin

by Taylor Williams March 31, 2022

AUSTIN, TEXAS — A partnership between locally based investment and management firm Castletop Capital and Dallas-based developer Trammell Crow Co. has completed Korina at the Grove, a 373-unit apartment community in Austin. The property is situated within The Grove, a 450,000-square-foot mixed-use development in the central part of the city. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, business center, flex entertainment spaces, a dog park and a rooftop terrace. Dallas-based JHP Architecture served as the project architect, with interior design by Britt Design Group. Information on starting rents was not disclosed.

March 31, 2022

Acquisitions Multifamily Texas

IPA Arranges Sale of 344-Unit Heights of Cityview Apartments in Fort Worth

by Taylor Williams March 31, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Heights of Cityview, a 344-unit apartment community in southwest Fort Worth. Built on 22 acres in 1998, the property features one-, two- and three-bedroom units with an average size of 984 square feet. Amenities include multiple pools, a fitness center, clubhouse, pet park, package locker system and outdoor grilling areas. Drew Kile, Joey Tumminello, Michael Ware, Asher Hall, Taylor Hill and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 31, 2022

Acquisitions Multifamily Nevada Western

Marcus & Millichap Arranges $302.5M Sale of Eight-Property Multifamily Portfolio in Reno

by Amy Works March 31, 2022

RENO, NEV. — Marcus & Millichap has arranged the sale of The ERGS Portfolio, an eight-property apartment portfolio in Reno. The 1,077 units traded for $302.5 million, or $280,872 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the undisclosed seller and procured the undisclosed buyer in the deal. Built between 1958 and 2021, the portfolio includes: North Peak Apartments, 352 units Silver Lake Apartments, 352 units Sierra Sage Apartments, 232 units Vale Apartments, 40 units Vale Townhomes, 16 units Peavine Peaks, 30 units Oak Manor, 47 units Angel Street Apartments, eight units

March 31, 2022

Acquisitions Massachusetts Multifamily Northeast Student Housing

CBRE Brokers Sale of 404-Bed Student Housing Community in Amherst, Massachusetts

by Taylor Williams March 31, 2022

AMHERST, MASS. — CBRE has brokered the sale of North 116 Flats, a 404-bed student housing community serving students at the University of Massachusetts at Amherst, located in the central part of the state. Built in 2020, North 116 Flats totals 150 units that were approximately 95 percent occupied at the time of sale. Georgia-based Landmark Properties acquired the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Biria St. John and Simon Butler of CBRE brokered the deal.

March 31, 2022

Acquisitions California Multifamily Student Housing Western

CBRE Brokers Sale of 160-Bed Student Housing Property Near UCLA

by Amy Works March 31, 2022

LOS ANGELES — CBRE has arranged the sale of Studio 11024, a 160-bed student housing property serving students attending the University of California, Los Angeles (UCLA). The 31-unit community was built in 2015 in the Westwood neighborhood of Los Angeles. The property offers shared amenities including a fitness center; yoga studio; study center with both private and group study spaces; a community room with a kitchenette; courtyard; grilling station; and two rooftop decks. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE represented the seller, Phoenix Property Co., in the disposition of the property to an undisclosed company based in the Los Angeles area.

March 31, 2022

Idaho Loans Multifamily Western

CommCap Advisors Secures $2.3M Loan for Treasure Valley Multifamily Portfolio in Idaho

by Amy Works March 31, 2022

NAMPA, CALDWELL AND BOISE, IDAHO — CommCap Advisors has arranged a $2.3 million loan for an apartment portfolio in Nampa, Caldwell and Boise. Totaling 20,070 square feet, the portfolio includes 820 and 824 17th Avenue South and 1615 2nd Street in Nampa, 1022 Main Street in Caldwell and 512 Warm Springs in Boise. Stephen Huelsman of CommCap Advisors arranged the 25-year loan, which features a 25-year amortization schedule, through a life insurance company.

March 31, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $41.8M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams March 31, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $41.8 million sale of a portfolio of four rent-stabilized multifamily buildings totaling 246 units in Brooklyn’s Midwood neighborhood that were built in the 1940s. The unit mix consists of four studios, 77 one-bedroom apartments, 100 two-bedroom residences and 25 three-bedroom units. Ofer Cohen, Matt Cosentino, Daniel Lebor, Isaiah Thomas and Ben Robbins of TerraCRG represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a sub-5 percent cap rate.

March 31, 2022

Newer Posts

Older Posts