HOUSTON — New York City-based investment firm Gaia Real Estate has sold The Copperfield Portfolio, a collection of five multifamily properties in northwest Houston totaling 1,376 units. Gaia acquired the properties in 2015 and implemented a value-add program. Renovations included upgrades of amenity spaces such as pools, clubhouses, fitness centers, children’s play areas and laundry centers, as well as new flooring, cabinets, appliances and countertops to the interiors of select units. The …
ARLINGTON, TEXAS — Lument has provided a $22.6 million bridge loan for the acquisition of The Junction, a 252-unit apartment community in Arlington. The garden-style property was built in 1970 and comprises 28 buildings, a leasing office and a laundry facility. Amenities include a pool, outdoor grilling areas, dog park and a playground. The sponsor, American Ventures, plans to use a portion of the proceeds to fund capital improvements. Ted Nasca led the transaction for
BOSTON — MassHousing has provided $205 million in financing for 10 affordable seniors housing communities totaling 931 units that are located in various parts of Massachusetts. The borrower, Providence Realty Investment LLC, will use the proceeds to refinance existing debt and preserve affordability. Providence Realty Investment previously utilized $125 million from MassHousing to purchase the communities in 2011. At that time, nearly a third of the 931 apartments involved were at risk of …
BURLINGTON, MASS. — Developer Nordblom Co., in partnership with Life Time Living, has broken ground on a 167-unit multifamily project in Burlington, a northern suburb of Boston. Residents will have access to memberships at the adjacent athletic resort, concierge services and work-from home amenities. The property is situated within the 150-acre Northwest Park mixed-use development and will include an affordable housing component. Completion is slated for summer …
OVERLAND PARK, KAN. — JVM Realty Corp. has acquired The Vue, a 219-unit luxury apartment complex in the Kansas City suburb of Overland Park. Hunt Midwest sold the asset for an undisclosed price. Units at The Vue, located at 7201 W. 80th St., average 936 square feet. Completed in 2018, the six-story property includes 7,300 square feet of ground-floor retail space that is leased to tenants such as Parisi Coffee and Evolve Juicery & Kitchen. Amenities include a sundeck, fitness center, …
FORT LAUDERDALE, FLA. — Prospect Real Estate Development Group and Midtown Capital have begun construction on a new 252-unit apartment building in Fort Lauderdale. The property, Advantis Station Flagler Village, will include a seventh-floor amenity deck with a pool and unique features such as a large mural, art columns and sections framed by synthetic wood. Advantis Station at Flagler Village is one of several ventures between Prospect and Midtown Capital. The partnership also broke ground on …
LOUISVILLE, KY. — Middleburg Communities, a Vienna, Va.-based real estate investment, development, construction and management firm, has sold Vesta Derby Oaks, a 418-unit apartment community located at 3237 Utah Ave. in Louisville. Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, along with Travis Presnell and Mike Kemether of Cushman & Wakefield’s Multifamily Investment Sales Group, brokered the sale of the property. The buyer and sales price were not …
CHATTANOOGA, TENN. — Los Angeles-based Haven Realty Capital, in a joint venture with funds managed by New York City-based Yieldstreet, has closed on the first phase of a $28.6 million acquisition of Hartman Hill, a 71-home build-to-rent (BTR) residential community in Chattanooga. The Haven-led joint venture will close on the remaining homes in phases over the next seven months. Hartman Hill is being developed on a 26-acre site at 5005 Dayton Blvd. in the Red Bank neighborhood, approximately …
Like much of the rest of the country, the Atlanta multifamily market has been white-hot with strong occupancies and rent growth that is contributing to outsized returns for owners, investors and developers. Recent increases in financing costs does not mean the music is stopping, but the tempo is slowing a bit.Atlanta’s multifamily fundamentals are still outstanding. Occupancies are holding strong and rents are continuing to rise. According to Northmarq’s fourth-quarter 2021 research, …
GLENDALE, ARIZ. — Silver Star Real Estate has purchased Maryland West, a multifamily community located at 4530 W. McLellan Road in Glendale. CRSC Residential Inc. sold the asset for $26.5 million, or $265,000 per unit.Built in 1970, Maryland West features 100 apartments, the majority of which are two- and three-bedroom units. Communal amenities include onsite laundry facilities, a basketball court, playground and covered parking.Cliff David and Steve Gebing of Institutional Property …
