Multifamily

Berkadia Arranges Sale of 276-Unit Apartment Property in Fort Lauderdale

by Julia Sanders March 16, 2022

FORT LAUDERDALE, FLA. — Berkadia has arranged the sale of Riverland Apartments, a 276-unit, garden-style apartment community located in Fort Lauderdale. Roberto Pesant, Jaret Turkell, Omar Morales and Jose Mota of Berkadia represented the Houston-based seller, Morgan, in the transaction. The buyer and sales price were not disclosed. Developed by Morgan in 2021, Riverland Apartments features six, four-story buildings with a unit mix of 24 studios, 164 one-bedroom, 80 two-bedroom and eight three-bedroom apartments. Community amenities include a business center, internet lounge, clubroom for gatherings, entertaining kitchen, fitness center, mailroom with parcel lockers, covered seating area with gas grill stations, covered veranda for relaxation, pool pavilions, sunbathing deck, dog park and a heated pool that overlooks a lake. Located at 420 SW 27th Ave., the property is situated close to Interstate 95 and the Tri-Rail Station. Additionally, the property is situated two miles from downtown Fort Lauderdale and 7.8 miles from Fort Lauderdale-Hollywood International Airport.

March 16, 2022

Acquisitions Multifamily Texas

Lynd Group Sells Suburban Houston Apartment Community for $61.3M

by Taylor Williams March 16, 2022

HUMBLE, TEXAS — San Antonio-based multifamily investment firm The Lynd Group has sold Paramount at Kingwood, a 372-unit apartment community located on the northern outskirts of Houston. Massachusetts-based Colony Hills Capital purchased the property for $61.3 million. Built in 2000, Paramount at Kingwood features one-, two- and three- bedroom units and amenities such as a clubhouse, business center, pool and a fitness center. Lynd acquired the property in June 2021 for $44.5 million and implemented approximately $2 million in capital improvements.

March 16, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Buys 164-Unit Multifamily Property in Downtown Dallas

by Taylor Williams March 16, 2022

DALLAS — New York City-based Sentinel Real Estate Corp. has purchased Third Rail Lofts, a 164-unit multifamily property in downtown Dallas that also houses three retail spaces. The three-building complex features studio, one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and granite countertops. Amenities include a pool, bowling alley, billiards room, movie theater, wine tasting room, outdoor bar with a grilling area and a private dog walk. Sentinel plans to implement a value-add program and rebrand the community as Main 3 Downtown.

March 16, 2022

Acquisitions Multifamily Northeast Pennsylvania

OneFive Capital Acquires Modular Housing Community in Philadelphia for $88M

by Taylor Williams March 16, 2022

PHILADELPHIA — Locally based investment firm OneFive Capital has acquired Next LVL, a 281-unit modular housing community in Philadelphia’s University City neighborhood, for $88 million. The seven-story building includes 7,391 square feet of commercial space and 54 underground parking spots. Ken Wellar, Douglas Sitt, Mark Duszak and Corey Lonberger of Rittenhouse Realty Advisors represented the seller and developer, Philadelphia-based Alterra Property Group, in the transaction. The Rittenhouse team also procured OneFive Capital, which plans to rebrand the community as SOLO on Chestnut, as the buyer. ACORE Capital provided acquisition financing.

March 16, 2022

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark Nears Completion of 97-Unit Seniors Housing Community in Hanover, Massachusetts

by Taylor Williams March 16, 2022

HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.

March 16, 2022

Acquisitions Colorado Multifamily Northmarq Western

Northmarq Brokers $29.1M Sale of Highline Lofts Apartments in Aurora, Colorado

by Amy Works March 16, 2022

AURORA, COLO. — Northmarq has arranged the sale of Highline Lofts Apartments, a multifamily property located at 456 S. Ironton St. in Aurora. Lowe Property Group sold the property to Summit Communities for $29.1 million, or $260,000 per unit. Built in 1972, Highline Lofts Apartments features 112 units in a mix of one-, two- and three-bedroom floor plans, ranging from 740 square feet to 1,395 square feet. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller in the deal.

March 16, 2022

Acquisitions Development Idaho Multifamily Western

Pacific Partners Residential Buys Former Transportation Terminal in Boise for Multifamily Redevelopment Project

by Amy Works March 16, 2022

BOISE, IDAHO — Pacific Partners Residential has acquired a 0.84-acre site in downtown Boise for an undisclosed price. The buyer plans to redevelop the property, which is located at 1212 W. Bannock St. and formerly used as a transportation terminal for the Greyhound Bus Co., into a residential community. Curtis Cluff of Cushman & Wakefield and Matt Haumann of CBRE co-represented the buyer, while Jay Story of Story Commercial Real Estate represented the seller in the deal.

March 16, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

by Kristin Harlow March 16, 2022

MIAMI — Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development is perched directly above MiamiCentral, a transportation hub spanning six city blocks that connects to four major transit lines. “The ParkLine Miami investment represents a unique opportunity to acquire a world-class asset in a desirable, high-growth location with accessibility to major employment drivers and direct elevator access to all major regional and local transportation modes,” says Richard Litton, president of HGI. ParkLine Miami consists of two apartment towers rising 44 and 47 stories. Connecting the two towers is a two-acre amenity deck set 150 feet above street level. Offerings include pools, outdoor and indoor fitness centers, pet parks, a quarter-mile running track and a business center with coworking spaces. HGI, a privately owned international real estate investment and management firm based in Norfolk, Va., now owns 1,105 units across five properties in Miami-Dade County. Cammeby’s International Group partnered with HGI on the transaction. Cammeby’s, which …

March 16, 2022

Acquisitions Florida Multifamily Southeast

JBM Brokers $265M Sale of Three Multifamily Properties in Fort Myers, Florida

by Julia Sanders March 15, 2022

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $265 million sale of three multifamily properties in Fort Myers totaling 775 units. The three properties include Las Palmas, Drift at The Forum and Estero Oaks. Built in 2021 by The NRP Group, Las Palmas is a 300-unit, Class A apartment property with townhome-style units and attached two-car garages. Unit features include espresso flat-panel cabinets, vinyl flooring and kitchen islands with maple white quartz countertops. Community amenities include home office space, a fitness center, two resort-style saltwater pools and a volleyball court. PassiveInvesting.com purchased the property. Developed in 2021 by the Garrett Cos., the Drift at The Forum is a 195-unit apartment community that offers one-, two- and three-bedroom floorplans with in-unit washers and dryers and an elevator. Community amenities include a resort-style pool with shaded cabanas, a 1,500-square-foot fitness center, theater room, arcade and putting green. Situated at 3419 Forum Blvd., the property is located adjacent to The Forum shopping center, a Target-anchored power center. Miami-based Momentum Real Estate Partners purchased the property. Estero Oaks, a 280-unit apartment community, was completed in 2017. Unit features include granite countertops, walk-in closets, island kitchens and an in-unit washers and dryers. …

March 15, 2022

Acquisitions Louisiana Multifamily Southeast

Kushner Realty Purchases Two Multifamily Properties in Lafayette, Louisiana for $93.5M

by Julia Sanders March 15, 2022

LAFAYETTE, LA. — New York-based Kushner Realty Acquisition LLC has purchased two multifamily properties in Lafayette for a combined $93.5 million. New Orleans-based Key Real Estate sold the communities, Robley Place and Ansley Walk, for $52.5 million and $41 million, respectively. Albert Elmore and Brian Savage of Colliers represented both the buyer and the seller in the transaction. The adjacent properties both offer one-, two- and three-bedroom floorplans. Built in 2016, Robley Place features 248 units with stainless steel appliances, wood-style flooring and walk-in closets. Community amenities include a courtyard, grill, fitness center, pet washing station, spa, pool, playground and a business center. Built in 2008, Ansley Walk has 242 units with walk-in closets, balconies and patios and master bathrooms with double vanities. Community amenities include laundry facilities, pet play area, car wash area, pet washing station, package service and Wi-Fi at the pool and clubhouse.

March 15, 2022

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