Multifamily

Continental Realty Acquires Multifamily Community in Mount Pleasant, South Carolina for $28.3M

by Julia Sanders January 31, 2022

MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. has acquired The Six Apartments, a 92-unit multifamily community located in Mount Pleasant, for $28.3 million. Tai Cohen of Cushman & Wakefield represented the undisclosed seller in the transaction. The asset was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. Developed by an affiliate of Origin Development Partners LLC, the Six offers studio, one- and two-bedroom floorplans ranging from 574 to 1,154 square feet of space. Built in 2018, unit features include granite kitchen and bathroom countertops, custom cabinetry, hardwood flooring, tile backsplashes, pendant lighting, walk-in closets, ceiling fans throughout, in-unit washers and dryers, stainless steel appliances, garden tubs and balconies. Community amenities include an outdoor pool, clubhouse with conference center, health and fitness center, pet park, bike and kayak storage area, private garages and a recreational area with an outdoor kitchen, movie screen wall and firepit. The three-story community was 97 percent occupied at the time of sale. Located at 2170 Snyder Circle, the property is situated near top employers including Joint Base Charleston, Medical University of South Carolina, The Boeing Co. and …

January 31, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of Two Houston Multifamily Properties Totaling 687 Units

by Taylor Williams January 31, 2022

HOUSTON — Berkadia has negotiated the sale of The Alora and The Ellis, two multifamily properties totaling 687 units in Houston. The 400-unit Alora offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, sport court, playground and a dog park. The 287-unit Ellis features one-, two- and three-bedroom units that range in size from 721 to 1,147 square feet. Its amenity package consists of a pool with a sundeck, picnic and grilling stations, a clubhouse with a coffee bar, event and party room and onsite laundry facilities. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, locally based investment firm Barvin, in the transaction. Houston-based Indus Management acquired the assets for an undisclosed price.

January 31, 2022

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 408-Unit Apartment Property in Farmington, Missouri

by Kristin Harlow January 31, 2022

FARMINGTON, MO. — Berkadia has arranged the sale of The Avery in Farmington, about 75 miles south of St. Louis. The sales price was undisclosed. The 408-unit multifamily property offers convenient access to Parkland Health Center and Farmington Regional Airport. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia St. Louis represented the seller, Montana-based Braxton Development. Minnesota-based Timberland Partners was the buyer.

January 31, 2022

Development Midwest Missouri Multifamily

Mia Rose Holdings to Build 180-Unit Luxury Multifamily Development in St. Peters, Missouri

by Kristin Harlow January 31, 2022

ST. PETERS, MO. — Mia Rose Holdings has received zoning and site plan approval to build The Station at St. Peters Luxury Living, a 180-unit multifamily development in St. Peters, a northwest suburb of St. Louis. Construction is scheduled to begin in the second quarter, with completion slated for the first quarter of 2023. The development’s 60 two-bedroom units and 120 one-bedroom units will be spread across five buildings. There will also be a 3,800-square-foot clubhouse. Amenities will include a conference center, package concierge, kitchen, public workspace and fitness center. The project team includes general contractor Midas Construction, architect Rosemann & Associates PC, civil engineer Premier Design Group and mechanical, electrical and plumbing engineer Engenuity. The property manager will be 2B Residential. Mia Rose is a Chesterfield, Mo.-based developer.

January 31, 2022

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires Apartment Community in Suburban Minneapolis for $19.7M

by Kristin Harlow January 31, 2022

BROOKLYN PARK, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Ridgebrook Apartments in Brooklyn Park, a northern suburb of Minneapolis. The purchase price was $19.7 million. The 144-unit apartment community is located at 5840 73rd Ave. Built in 1969, the property features amenities such as a clubhouse, fitness center, pool, playground and barbecue area. Monument plans to upgrade the common areas and units. Ted Brickel of Colliers represented the seller, North Shore Development Partners. Monument, which purchased the community in a joint venture with unnamed private investors, now owns and manages five multifamily assets in Minnesota totaling 747 units. Baseball star Alex Rodriguez and Ramon Corona founded Monument Capital Management in 2012.

January 31, 2022

Loans Multifamily New York Northeast

Greystone Arranges $125M Loan for Refinancing of Harlem Apartment Building

by Taylor Williams January 31, 2022

NEW YORK CITY — Greystone has arranged a $125 million bridge loan for the refinancing of The Smile, a 233-unit apartment building located at 158 E. 126th St. in Harlem. The property, which includes 25,000 square feet of commercial space that is leased to Beth Israel Medical Center, features a mix of market-rate residences (70 percent) and affordable housing units (30 percent). Amenities include coworking space, a fitness center, spa and an outdoor space with four pools, a lounge and a movie theater. Drew Fletcher and Matthew Klauer led a Greystone team that arranged the loan through insurance giant AIG on behalf of the borrower, a partnership between New York-based Blumenfeld Development Group and global asset manager Invesco Real Estate.

January 31, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $9.1M Sale of Pine Vista Apartments in Las Vegas

by Amy Works January 31, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Pine Vista Apartments, a multifamily community in Las Vegas. Pine Vista Apartments LLC sold the asset to an undisclosed buyer for $9.1 million, or $114,375 per unit. Located at 1536 N. 22nd St. and 1537 N. 23rd St., Pine Vista Apartments features 80 units. The property was built in 1963. Jason Dittenber, Jerad Roberts, Devin Lee and Robin Willet of Northcap Commercial represented the seller in the off-market, all-cash transaction.

January 31, 2022

Development Multifamily Northeast Pennsylvania Top Stories

Post Brothers, Tower Investments Start Construction of $750M Multifamily Project in Philadelphia

by Taylor Williams January 31, 2022

PHILADELPHIA — A partnership between developer Post Brothers and Tower Investments has started construction of Broad & Washington, a $750 million, multi-phase multifamily project in Philadelphia. Designed by BKV Group, the project will consist of 1,457 apartments, 65,000 square feet of retail space and a parking garage. According to the architecture firm, the site consists of two parcels: Parcel A, which spans approximately 1.4 million square feet, and the 318,000-square-foot Parcel B. The project is located at 1001 S. Broad St. at the corner of Washington Avenue, near the end of the Avenue of the Arts district. Russell Schildkraut and Christine Zivkovic of Ackman-Ziff Real Estate Group arranged $250 million and $100 million, respectively, in construction financing from Bank OZK and Starwood Property Trust for the first phase of Broad & Washington. Both direct lenders have partnered with Post Brothers on past projects as well. All told, Post Brothers has secured more than $400 million in construction debt for the first phase of the project, which will comprise some 600 units and 50,000 square feet of commercial space across four interconnected buildings. Delivery of the first phase is slated for 2024, and the development team expects to complete the entire project …

January 31, 2022

California Development Multifamily Office Top Stories

STC Venture Breaks Ground on Three Buildings in Cityline Sunnyvale Mixed-Use Project Near San Jose

by Julia Sanders January 28, 2022

SUNNYVALE, CALIF. — STC Venture has broken ground on Phase III of the Cityline Sunnyvale mixed-use project, which will add one residential building and two office towers in downtown Sunnyvale, 12.3 miles west of San Jose. The three new towers will include two seven-story buildings with approximately 590,000 square feet of rentable office, retail, flex and outdoor terrace space. The office portion of the project will be both LEED Gold and WiredScore Gold certified, which measures internet connectivity and digital infrastructure in commercial properties. The third building is The Martin, a 12-story apartment tower with 479 units, including 53 affordable rental units. The residential property will feature a hospitality-level amenity package and ground-floor retail and restaurant spaces. Additionally, the completed three towers will include a public park, which will be used as the town square and gathering space for the downtown area. “These 590,000 square feet of new office and retail space will bring more jobs to the central core of Sunnyvale and boost business for all of the community’s business owners,” says Deke Hunter, president of Hunter Properties. Phase I of Cityline Sunnyvale included 198 apartments located along Washington and McKinley avenues, as well as 85,000 square feet of …

January 28, 2022

Acquisitions Multifamily Student Housing Texas

Joint Venture Acquires 792-Bed Student Housing Community in College Station

by Taylor Williams January 28, 2022

COLLEGE STATION, TEXAS — A joint venture between TEXLA Housing Partners and a private equity fund advised by Crow Holdings Capital has acquired Holleman Crossing, a 792-bed student housing community located near Texas A&M University in College Station. The garden-style property offers one-, two- and four-bedroom units across 20 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study rooms, and a dog park. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.

January 28, 2022

Newer Posts

Older Posts