SACHSE, TEXAS — PMB Capital Development has unveiled updated plans for the retail and multifamily components of The Station, the Dallas-based developer’s $500 million mixed-use project in the northeastern suburb of Sachse. New food and beverage users that will open in the coming months at The Station include Manny’s Tex-Mex Restaurant, brewery Brass Tap, confectionary concept Cold Stone Creamery and Vietnamese kitchen Pho Station. In addition, PMB Capital has announced the construction of a 297-unit apartment community with 18,000 square feet of retail and restaurant space.
FORT WORTH, TEXAS — Canadian investment firm Marlin Spring has acquired Centreport Lake Apartments, a 452-unit multifamily community in Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 673 to 1,394 square feet and amenities such as a pool, fitness center, business center and walking/biking trails. Global alternative investment firm H.I.G. Capital provided an undisclosed amount of acquisition financing for the deal.
By Taylor Williams From sprawling garden-style complexes in the suburbs to wrap-style construction and high-rise buildings in the urban core, multifamily properties come in many shapes and sizes. And in Texas, all of these product types are in high demand. Consequently, developers have generally seen healthy paces of rent growth over the last decade. But with each year of cyclical maturation, land becomes more scarce, construction grows more costly and more communities come on line, making the competition to secure renters increasingly stiff. On a more granular level, bidding wars for large tracts of land that can support major residential density are becoming increasingly intense with the growth of build-to-rent (BTR) development throughout Texas. Global supply chain disruption is putting relentless pressure on costs of construction materials and timelines for new projects, and leasing initiatives are getting smarter via sophisticated proptech platforms that were developed exclusively with real estate operations in mind. But these economic and operational constraints exist entirely on the supply side of the market. Simultaneously, demand for housing is accelerating unencumbered throughout Texas, a perennial medalist in population growth among the 50 states. These market factors are creating an unusual dynamic in which the forces that drive …
ATHENS, GA.— Landmark Properties has formed a joint venture with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) initially targeting $1 billion in investment. The venture will be focused on acquiring and operating value-add student housing properties in select markets across the U.S. “Landmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets,” says Wes Rogers, president and CEO of Athens, Georgia-based Landmark. “We are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.” Hodes Weill Securities LLC acted as financial advisor on behalf of Landmark Properties in connection with the formation and capitalization of the joint venture. Further details were undisclosed.
PEACHTREE CITY, KENNESAW AND MARIETTA, GA. — Alabama-based Atlas Senior Living has acquired three assisted living and memory care communities, all located in the greater Atlanta area. The properties include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta Atlas will replace the current operator, Heritage Senior Living, effective April 1. The acquisitions bring Atlas’ total number of properties to 35, with 10 in Georgia.
CHARLOTTE AND HILLSBOROUGH, N.C. — Tampa, Fla.-based American Landmark Apartments has purchased two multifamily communities in North Carolina for an undisclosed price. The seller was also not disclosed. The two properties include Ardmore King’s Grant Apartments in Charlotte and the 270-unit Ardmore Cates Creek Apartments in Hillsborough. American Landmark plans to enhance both properties with landscaping and amenity upgrades, along with adding new subway tile kitchen backsplashes, upgraded cabinets, new faucets and lighting fixtures, new ceilings fans and new USB outlets to all units. Ardmore King’s Grant Apartments has been renamed Conrad at Concord Mills. Built in 2015 and located at 9015 Kings Grant Drive, Conrad at Concord Mills offers one-, two- and three-bedroom floorplans ranging from 740 to 1,430 square feet. Community amenities include a pool, grilling pavilions, fitness center, complimentary Starbucks Coffee bar, pet play area and pet wash station, car wash station and valet trash. Ardmore Cates Creek has been renamed Cadence at Cates Creek. Built in 2016 and located at 100 Waterstone Park Circle, Cadence at Cates Creek offers one-, two- and three-bedroom floorplans ranging from 753 to 1,509 square feet. Community amenities include a saltwater swimming pool, onsite clubhouse with resident lounge, business center, fitness …
PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.
EVERETT, WASH. — Everett Housing Authority (EHA) has acquired Huntington Park Apartments, an affordable multifamily property in Everett, for $118 million. The acquisition is part of EHA’s large-scale affordable housing preservation strategy. Built in 1991 on 14 acres, the property features 381 apartments, a fitness center, pool, dog park and clubhouse. EHA plans to renovate the property over the next several years with new windows, parking lot repair and sealcoat, roof replacements, and unit renovations as units turn over. KeyBanc Capital Markets’ public sector team arranged the 100 percent loan-to-cost short-term debt for the acquisition.
DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily portfolio located at 1635 and 1671 Cook St., and 1620 Adams St. in Denver. The assets traded for $15 million. Totaling 30,023 square feet, the portfolio features 52 apartments. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed buyer, while Robert Lawson of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal.
ALLEN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired Sovereign Twin Creeks, a 366-unit apartment community in the northeastern Dallas suburb of Allen. The property offers one-, two- and three-bedroom units that range in size from 786 to 1,416 square feet and are furnished with stainless steel appliances and granite countertops. Amenities include a pool with cabanas, fitness center with a yoga studio, Wi-Fi lounge with a coffee bar, outdoor grilling and dining areas and a conference room. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The seller was not disclosed.