REBusinessOnline

Westmount Realty Capital Sells 357-Unit Highland Bluffs Apartments in East Dallas

DALLAS — Locally based investment firm Westmount Realty Capital has sold Highland Bluffs, a 357-unit apartment community in East Dallas. The property was built in 1984 and consists of 28 three-story buildings that house one- and two-bedroom units ranging in size from 465 to 1,012 square feet. Amenities include a pool, playground, outdoor picnic areas and onsite laundry facilities. Al Silva of Marcus & Millichap represented Westmount Realty Capital, which invested significant upgrades …

Livingston Street Capital Acquires 231-Unit Active Adult Community Near Philadelphia

KING OF PRUSSIA, PA. — Livingston Street Capital, a private equity firm with offices in Radnor, Pa., and New York City, has acquired Canvas Valley Forge, a 231-unit active adult community located north of Philadelphia in King of Prussia. The property offers 147 one-bedroom units and 84 two-bedroom units. Indoor amenities include a fitness center, salon and spa, craft room, game room, library/media room, resident lounge, package room and concierge services. Outdoors, residents have access to a …

Adam America, Stellar Communities to Develop 275-Unit Apartment Community in Broward County

DANIA BEACH, FLA. — An affiliate of Adam America Real Estate and Stellar Communities plan to develop a six-story, 275-unit apartment community in South Florida’s Broward County. The developers recently purchased 7.2 acres of fully entitled land at 4200 SW 54 Court in Dania Beach for the development near the new Seminole Hard Rock Hotel & Casino. Designed by CFE Architects, the unnamed apartment community will feature a 450-space parking garage, nature preserve, parks, resort-style pool, …

Lument Provides $11M Agency Loan for Refinancing of Abby Glen Apartments in Madison, Alabama

MADISON, ALA. — Lument has provided an $11 million Fannie Mae loan for the refinancing of Abby Glen Apartments, a 120-unit multifamily community in the Huntsville suburb of Madison. Built in 2001, the property comprises nine one-story buildings, a rental office and a single-family home, with units available furnished or unfurnished. Amenities include a laundry facility, swimming pool, fire pit/grilling area, fitness center, dog park and a bocce ball court. Bryan Cullen of Lument originated …

Blueprint Arranges Sale of 85-Bed Skilled Nursing Facility in New Mexico

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico.The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care.The facility was experiencing census growth following an operator transition in 2019 as well as upward trending …

Newmark Arranges Sale of Three Student Housing Assets Serving Michigan State University

EAST LANSING, MICH. — Newmark has arranged the sale of three student housing assets totaling 496 beds that serve Michigan State University in East Lansing. The sales price was undisclosed. The properties include: The Gates, a 139-bed property built in 2014; The Manor, a 56-bed building constructed in 2015; and The Tower, a 301-bed property. Amenities include controlled access, resident events, onsite parking, laundry facilities and a pedestrian bridge to campus. Ryan Lang, Jack Brett, Ben …

Fantini & Gorga Arranges $23M Permanent Loan for Mixed-Income Community in Portland, Maine

PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed …

One Year Later: Surfside Collapse Inspires Newly Passed Florida Legislation Addressing Structural Integrity

By Jim Prichard of Ball Janik LLPThe 13-story, L-shaped Champlain Towers decorated the Surfside coastline. In the early morning of June 24, 2021, the pool deck suffered a partial collapse, triggering more destruction in the structure's central section and eastern wing. In less than 30 seconds, approximately half of the 136 units in the building were destroyed, leaving 98 residents dead and establishing a horrific legacy as one of the deadliest structural engineering failures in U.S. …

Fort Worth’s Multifamily Vacancy Falls via Robust Job Growth, Household Formation

By Al Silva, senior managing director, investments, Marcus & Millichap; and Ford Braly, first vice president, investments, Marcus & Millichap The multifamily segment in Fort Worth is in a great position. The metro’s vacancy rate slid down to a multi-decade low of 3.1 percent last year, which facilitated stellar rent growth as the number of available rental units plummeted.  Fort Worth’s average effective rent grew more than 15 percent in 2021 to $1,276 per month, and the …

Virtu Investments Sells Foothill Ridge Apartments in Upland, California to Clear Capital for $82M

UPLAND, CALIF. — Virtu Investments has completed the disposition of Foothill Ridge, a multifamily property in Upland, to Clear Capital for $82 million, or $353,448 per unit.Built in 1973, Foothill Ridge features 232 apartments spread across 32 one- and two-story buildings on 11 acres. Units offer energy-efficient appliances, large closets and central air conditioning. Community amenities include ample open space, a resort-style pool with furnished sundeck, a spa, fitness center, dog park, …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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