Multifamily

29th Street Capital Buys 284-Unit Highbank Apartments in Houston

by Taylor Williams March 24, 2022

HOUSTON — Chicago-based investment firm 29th Street Capital has purchased The Highbank, a 284-unit multifamily property located near Texas Medical Center in Houston. Built in 2017, the community offers amenities such as a pool, outdoor grilling areas, a fitness center and a clubhouse with a wine lounge and library. The new ownership plans to upgrade the unit interiors. The seller and sales price were not disclosed. Haven Residential, an affiliate of 29th Street Capital, will assume management of the property.

March 24, 2022

SilverLake-Apartments-Belleville-New-Jersey

Development Multifamily New Jersey Northeast

Klein Enterprises Opens 232-Unit SilverLake Apartments in Belleville, New Jersey

by Taylor Williams March 24, 2022

BELLEVILLE, N.J. — Baltimore-based developer Klein Enterprises has opened SilverLake Apartments, a 232-unit multifamily community located about 15 miles outside of Manhattan. Units feature studio, one- and two-bedroom floor plans, and amenities include a fitness center, dog park and pet spa, game room, entertainment lounge with a kitchen, rooftop terrace, business center and package lockers. The property opened to an initial occupancy rate of 87 percent.

March 24, 2022

Development Mixed-Use Multifamily Office Retail Texas Top Stories

Public-Private Partnership Plans 600,000 SF West Grove Mixed-Use Project in McKinney, Texas

by Katie Sloan March 24, 2022

MCKINNEY, TEXAS — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. Architecture firm Gensler designed the project to promote outdoor gathering with open air paseos, outdoor decks, an experiential indoor/outdoor restaurant and entertainment space, and a central lawn that will feature live music, family movie nights and fitness classes year-round. “West Grove will be designed to bring people and a growing city together,” says Artemio De La Vega, president and CEO of De La Vega Capital. “A central green space and a mix of open-air, experience-driven retail and restaurant spaces will cultivate a sense of community, where visitors can connect meaningfully with each other and their natural environment.” A groundbreaking for the project is scheduled to take place during 2022. Dallas-based De La Vega Capital and Development is …

March 24, 2022

Acquisitions Florida Multifamily Southeast

Park Partners, Independencia Acquire Multifamily Property in Orlando for $77.8M

by Julia Sanders March 23, 2022

ORLANDO, FLA. — Park Partners Residential and Independencia Asset Management have acquired The Commons, a 280-unit multifamily property in Orlando, for $77.8 million. The property was purchased from real estate funds managed by Ares Management. Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman & Wakefield brokered the sale. The joint venture between Boca Raton, Fla.-based Park Partners Residential and Miami-based Independencia Asset Management received a $58.5 million construction loan. American Real Estate Capital provided the loan, which will be used to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces. The joint venture will renovate the pool, clubhouse and fitness areas along with the add a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will also include an array of wellness-focused amenities including a gym, sports court and a basketball court along with a cardio gym with yoga and spinning areas. Located at 8050 Gables Commons Drive, The Commons is situated 16.4 miles from downtown Orlando. The property is also 2.3 miles from the Walt Disney World Resort.

March 23, 2022

Acquisitions Multifamily Texas

Eagle Property Capital Buys Three Apartment Communities Totaling 840 Units in Dallas-Fort Worth

by Taylor Williams March 23, 2022

GRAPEVINE, RICHARDSON AND CARROLLTON, TEXAS — A fund backed by Mexico City-based private equity firm Eagle Property Capital Investments has acquired a trio of apartment communities totaling 840 units in the Dallas-Fort Worth metroplex. Mustang Villas is a 246-unit property in Grapevine that was built in 1974 and offers one-, two- and three-bedroom units that range in size from 530 to 1,310 square feet. Prestonwood Apartment Homes in Richardson was constructed in 1979 and offers 194 residences in one- and two-bedroom floor plans ranging between 788 and 1,222 square feet. Bella Vista, which is located in Carrollton and was built in 1981, features 400 units in one- and two-bedroom formats spanning between 600 and 1,189 square feet. Amenities at Mustang Villa include a business center, fitness center, community room, playground and a sports court. Prestonwood Apartment Homes and Bella Vista have amenity packages that include pools, fitness centers and outdoor picnic and grilling areas, while Prestonwood features a playground and Bella Vista a sports court. The new ownership plans to invest in various capital improvements throughout the three properties.Brad Williamson, Mitch Sinberg, Matt Robbins and Abigail Beauchamp of Berkadia secured acquisition financing on behalf of the buyer.

March 23, 2022

California Development Loans Multifamily Western

Newmark Secures $284M Construction Financing for The Maxwell Apartments in San Jose

by Amy Works March 23, 2022

SAN JOSE, CALIF. — Newmark, on behalf of Bay West Development and Forum Real Estate Group, has arranged $284 million in construction financing for the development of The Maxwell, an apartment community situated on 4.5 acres in San Jose. Construction is slated to commence before the end of March and the first phase is scheduled for delivery by third-quarter 2024. Located within the South Bascom Urban Village Plan and approved under the City of San Jose’s Signature Project process, The Maxwell will feature 590 apartments and best-in-class amenities and unit interiors, as well as direct access to the VTA Light Rail Bascom Station.

March 23, 2022

Acquisitions Arizona Multifamily Western

AndMark Management Co. Sells Paseo Del Sol Multifamily Community in Tucson for $33.6M

by Amy Works March 23, 2022

TUCSON, ARIZ. — Los Angeles-based AndMark Management Co. has completed the disposition of Paseo Del Sol, a 152-unit multifamily property located at 6280 S. Campbell Ave. in Tucson. Los Angeles-based Element Property Co. acquired the asset for $33.6 million, or $221,382 per unit. Built in 1994, Paseo Del Sol features 38 two-story buildings offering 76 three-bedroom/two-bath and 76 four-bedroom/two-bath units that range in size from 1,050 square feet to 1,150 square feet. Onsite amenities include a pool, clubhouse and covered parking. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaq and Tyler Woodard arranged a $27.2 million bridge loan for the acquisition.

March 23, 2022

Illinois Loans Midwest Multifamily

Greystone Provides $57.1M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow March 23, 2022

ELK GROVE VILLAGE, ILL. — Greystone has provided a $57.1 million loan for the acquisition of Terrace of Elk Grove Apartments in Elk Grove Village. The buyer, Bayshore Properties, is converting the 427-unit property from condos into apartments. The complex, originally built as a rental apartment property in 1968, consists of eight three-story buildings. Amenities include a pool, clubhouse, fitness center, game room, business center, laundry facilities, courtyards and onsite management. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse bridge loan, which features a 24-month term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

March 23, 2022

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of 160-Unit Park Ridge Apartments in El Paso

by Taylor Williams March 23, 2022

EL PASO, TEXAS — Greysteel has negotiated the sale of Park Ridge Apartments, a 160-unit multifamily community in El Paso. Built in 1974, the property features one-, two- and three-bedroom units with an average size of 826 square feet. Amenities include a pool and a basketball court. Jack Stone and Doug Banerjee of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

March 23, 2022

Company News Multifamily Texas

NewQuest Properties Launches Multifamily Division to Serve Houston Market

by Taylor Williams March 23, 2022

HOUSTON — NewQuest Properties, a Houston-based retail development, brokerage and management firm, has launched a division to provide similar services to the city’s multifamily sector. NewQuest, which owns and manages more than 12 million square feet of commercial space, has tapped industry veteran John Leonard to lead the new division. Leonard most recently served as senior vice president and CFO of developer Sueba USA.

March 23, 2022

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