Partnership to Develop $120M Apartment Community in Cape Coral, Florida

CAPE CORAL, FLA. — A partnership between Shoreham Capital, Bridge Investment Group and Wynkoop Financial has purchased 26 acres in the southwest Florida city of Cape Coral for the development of a $120 million apartment community. Named Siesta Lakes, the 412-unit property will include one-, two- and three-bedroom floor plans with private balconies, open living areas and high-end finishes. Community amenities will include a gym, pool, dog park, pickleball courts and a business center. The …

August 12, 2022Development, Florida, Multifamily, Southeast

Northmarq Brokers Sale of One City Center Apartments in Downtown Durham

DURHAM, N.C. — Northmarq has brokered the sale of the apartments at One City Center, a 28-story mixed-use tower located at 110 Corcoran St. in downtown Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Sara Wagman of Northmarq represented the seller and developer, Austin Lawrence Partners, in the transaction. The buyer and sales price were not disclosed. Built in 2019, the property features 109 apartments, as well as a rooftop pool and hot tub, fitness center …

August 12, 2022Acquisitions, Mixed-Use, Multifamily, North Carolina, Southeast

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, …

August 12, 2022Affordable Housing, Development, Southeast, Virginia

Berkadia Negotiates $93M Sale of The Vines at Riverpark Apartment Property in Oxnard, California

OXNARD, CALIF. — Berkadia Institutional Solutions has arranged the sale of The Vines at Riverpark, a multifamily community in Oxnard. Champion Real Estate Co. sold the asset to Interstate Equities Corp. for $93 million, or more than $567,000 per unit, in an off-market transaction. Both the buyer and seller were based in California. Adrienne Barr of Berkadia Los Angeles and Mike Murphy of Berkadia Irvine represented the seller in the transaction. Located at 3040 N. Oxnard Blvd., The Vines …

August 12, 2022Acquisitions, California, Multifamily, Western

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

WEST COVINA, CALIF. — CBRE has arranged the sale of Atrium at West Covina, a 138-unit multifamily property located at 1829-1841 E. Workman Ave. in West Covina. Langdon Park Capital acquired the asset from an affiliate of Abacus Capital Group for $48.6 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Built in 1962 and 1963, Atrium at West Covina features swimming pools, a fitness center and social areas. The community offers mostly two- and …

August 12, 2022Acquisitions, Affordable Housing, California, Multifamily

Associated Bank Provides $67.5M Construction Loan for Rental Townhome Property in Minnesota

MAPLE GROVE, MINN. — Associated Bank has provided a $67.5 million loan for the construction of Summerwell Maple Grove. The project will consist of 220 luxury rental townhomes in the Minneapolis suburb of Maple Grove. The two-story units will range in size from 1,187 to 1,996 square feet. Amenities will include a clubhouse, fitness center, yoga room, business center, outdoor pool, dog walk, playground, putting green and walking trails. The borrower, Greystar, plans to begin construction …

August 12, 2022Loans, Midwest, Minnesota, Multifamily

Milhaus Begins Development of $66.8M Apartment Complex in Kansas City

KANSAS CITY, MO. — Milhaus has begun development of a $66.8 million apartment complex in Kansas City’s Volker neighborhood. The yet-to-be named project will consist of 226 studio, one- and two-bedroom units. Amenities will include a coworking area, conference spaces, fitness center, movie room, outdoor pool, pet spa, package room and garage parking. Financing came from Cadence Commercial Real Estate, Humphreys Capital and CrossFirst Bank. Helix is the architect and interior designer, while …

August 12, 2022Development, Midwest, Missouri, Multifamily

Highpointe Communities Breaks Ground on $73M Multifamily Project in San Marcos, Texas

SAN MARCOS, TEXAS — California-based developer Highpointe Communities has broken ground on Sendero at Trace, a $73 million multifamily project in the Central Texas city of San Marcos. The community will feature 399 one-, two- and three-bedroom units ranging in size from 775 to 1,300 square feet. The amenity package will comprise a pool, fitness center, clubhouse, outdoor gathering spaces and lifestyle programming services. The first units are expected to be available for occupancy by the end …

August 12, 2022Development, Multifamily, Texas

Better World Holdings, Crown Capital Buy 362-Unit Multifamily Asset in Houston

HOUSTON — A partnership between locally based investment firm Better World Holdings and New York-based Crown Capital Ventures has purchased Serenity at Cityside, a 362-unit multifamily property in Houston’s Galleria neighborhood. Built in 1968, the 32-building property offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, clubhouse and picnic areas. The new ownership plans to invest about $6 million in capital improvements and to rebrand the …

August 12, 2022Acquisitions, Multifamily, Texas

Northmarq Provides $22M Agency Loan for Refinancing of Southern New York Active Adult Complex

CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million Fannie Mae loan for the refinancing of Springvale Apartments, a 524-unit active adult community in Croton-on-Hudson, about 30 miles north of Manhattan. The 31-building property was built on a 35-acre site overlooking the Hudson River between 1956 and 1959 and is reserved for renters age 55 and above. Robert Ranieri of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule. The borrower was …

August 12, 2022Loans, Multifamily, New York, Northeast, Seniors Housing