Multifamily

JLL Negotiates $146M Sale of Long Island Apartment Community

by Taylor Williams April 11, 2022

LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.

April 11, 2022

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 240-Unit Multifamily Property in Norwalk, Connecticut

by Taylor Williams April 11, 2022

NORWALK, CONN. — Cushman & Wakefield has brokered the sale of Avalon East Norwalk, a 240-unit multifamily property located in the southern coastal part of Connecticut. Avalon East Norwalk features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations and a resident lounge. Brian Whitmer, Adam Spies, Al Mirin, Matt Torrance, Michael Collins, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the seller, Virginia-based multifamily REIT AvalonBay Communities, in the transaction. The team also procured the buyer, Boston-based DSF Group, which will rebrand the property as Halstead Norwalk.

April 11, 2022

Development Massachusetts Multifamily Northeast

Procopio Cos. Tops Off 49-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams April 11, 2022

WILMINGTON, MASS. — Locally based developer The Procopio Cos. has topped off Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development carries a price tag of $20 million. Upon completion this fall, Lume will consist of 39 garden-style apartments and 10 townhomes. Amenities will include a fitness center, clubroom, coworking space and a pet spa. DMS Design is the project architect, with interiors by Conant Design Group. Boston-based Charlesgate is the leasing and management agency.

April 11, 2022

Arizona Development Multifamily Western

Triumph Properties Buys Land Parcel for 287-Unit Aileron Multifamily Development in North Phoenix

by Amy Works April 11, 2022

PHOENIX — Triumph Properties has closed an $82.5 million total capitalization for Aileron, a multifamily project located in North Phoenix. The company acquired the 9.8-acre land parcel from Moderne Capital Partners, which will partner with Triumph on the project. Aileron will feature 286 apartments in a mix of studios, one- and two-bedroom units averaging 842 square feet. Units will feature vinyl plank and carpet flooring, quartz countertops, tile backsplashes, wood cabinets, stainless steel appliances, in-unit laundry and air conditioning. Community amenities will include a pool, spa, clubhouse, fitness center, barbecue area, secured access and a package center.

April 11, 2022

Colorado Development Multifamily Western

Legacy Partners, Pacific Life Acquire Site for 236-Unit Residential Tower in Denver

by Amy Works April 11, 2022

DENVER — Legacy Partners and Pacific Life have purchased Araceli DTC, a to-be-developed residential tower in Denver. Situated on 1.3 acres at 4552 S. Ulster, the property will feature 236 apartments spread across 10 levels and a three-level garage podium. The property will feature panoramic views and an average unit size of 896 square feet. Community amenities will include a pool amenity deck, a protected Uber/Lyft pickup/drop-off area and electric car charging stations. Completion is slated for 2024. Mark Erland, Matthew Benson and Kevin Barron of JLL Capital Markets arranged $106 million in joint-venture equity and construction financing for Legacy Partners. The financing is a four-year, floating-rate senior construction loan, which an investment manager provided.

April 11, 2022

Acquisitions Arizona Multifamily Western

Taurus Investment Buys Rise Metro Multifamily Community in Phoenix for $42M

by Amy Works April 11, 2022

PHOENIX — Taurus Investment Holdings has purchased an apartment property located in Phoenix’s northwest region for $42 million. The buyer will rebrand the Class B property, which was previously known as Rise Metro, as Raystone. Built in 1981, Raystone features 160 units. Through its energy-focused subsidiary, RENU Communities, Taurus plans to transition Raystone to a low-carbon, energy-efficient multifamily complex by replacing all HVAC units with highly efficient air-source heat pumps, replacing existing electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit, upgrading lighting and installing solar panels.

April 11, 2022

Development Multifamily Washington Western

Ethos Breaks Ground on 160-Unit Moraine Apartment Project in Tacoma, Washington

by Amy Works April 11, 2022

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on The Moraine, a multifamily property in Tacoma. The eight-story, 115,000-square-foot podium building will include 160 apartments, a fitness center, media room, roof deck with communal kitchen and billiards room. The project has a voluntary target of 25 percent minority and disadvantaged business participation during construction, a target to recycle 70 percent of the construction waste stream, and the building will have both onsite solar panels and a green roof. The units are designed to provide market-rate affordability by way of efficient floor plans, and 20 percent of the units will be available to those earning no more than 80 percent of area median income as part of the tax exemption program of Pierce County. The project team includes Portland-based Works Progress Architecture, Walsh Construction Co. and Ethos Commercial Advisors.

April 11, 2022

California Loans Multifamily Western

PSRS Arranges $3.5M Refinancing for Riverside Apartments in California

by Amy Works April 11, 2022

RIVERSIDE, CALIF. — PSRS has arranged the $3.5 million cash-out refinancing of Riverside Apartments, a multifamily property located in Riverside. David Sarnoff of PSRS secured the 10-year, fixed-rate loan with a flexible prepayment structure. The name of the borrower was not released. Built in 1990, the wood-frame property features 32 garden-style apartments.

April 11, 2022

Acquisitions Multifamily New York Northeast Top Stories

A&E Real Estate Acquires Apartment Tower in Manhattan from Equity Residential for $266M

by John Nelson April 11, 2022

NEW YORK CITY — A&E Real Estate, a private multifamily investment and management firm based in New York City, has purchased 140 Riverside Boulevard, a luxury 354-unit apartment tower on the Upper West Side of Manhattan. Equity Residential (NYSE: EQR), a multifamily REIT based in Chicago, sold the 28-story community for $266 million. Darcy Stacom and Ryan Silber of CBRE represented Equity Residential in the sale. Built in 2002, the apartment tower features controlled access, a doorman, fitness center, interior courtyard, multiple tenant lounges, onsite management, package services, storage space and concierge services. The property is situated opposite Riverside Park South, a New York City park that fronts the Hudson River. Additionally, the community includes commercial space currently leased to New York Cat Hospital, a veterinarian’s clinic, and Dwight School, a private school catering to pre-K and kindergarten students. “140 Riverside Boulevard is a stand-out in the New York market, situated both waterfront and park-front with direct access to the Hudson River Park system,” says Stacom. “The property has been meticulously maintained and is truly excellent real estate — as this transaction validates.” Founded in 2011, A&E Real Estate began with the acquisition of a 49-unit apartment community in Brooklyn. …

April 11, 2022

Acquisitions Multifamily Student Housing Texas

Palladius Capital Management Buys 672-Bed Student Housing Community in San Marcos, Texas

by Taylor Williams April 8, 2022

SAN MARCOS, TEXAS — Austin-based Palladius Capital Management has purchased The Heights, a 672-bed student housing community serving students at Texas State University in San Marcos, located south of the state capital. The property is located about three miles from campus, comprises 240 units and offers amenities such as a pool, fitness center, clubhouse and study lounges. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program focused on unit interiors, building exteriors and amenity spaces.

April 8, 2022

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