Multifamily

Passco Cos. Divests of 389-Unit Almeria at Ocotillo Apartments in Chandler, Arizona

by Amy Works April 1, 2021

CHANDLER, ARIZ. — Passco Cos. has completed the disposition of Almeria at Ocotillo, an apartment community located in Chandler. A New York-based pension fund advisor acquired the property for an undisclosed price. Built in two phases in 2014 and 2015, Almeria at Ocotillo features 389 apartments, two swimming pools, two clubhouses, two fitness centers with yoga studios, outside dining areas with gas barbecue grills, a children’s playground and splash pad, and a pet park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

April 1, 2021

Development Hospitality Mixed-Use Multifamily Office Retail Southeast Top Stories Virginia

Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

by Katie Sloan April 1, 2021

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn. The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park. At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers. The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …

April 1, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 300-Unit Palo Alto Apartments in Metro Austin

by Taylor Williams March 31, 2021

PFLUGERVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Palo Alto Apartments, a newly built, 300-unit multifamily community in the northern Austin suburb of Pflugerville. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center, business center and a resident clubhouse. Will Balthrope, Jordan Featherston and Drew Kile of IPA, along with Kent Myers of Marcus & Millichap, represented the seller, Palo Alto Luxury Apartments LP, and procured the buyer, Oxford at Palo Alto Ltd.

March 31, 2021

Development Mixed-Use Multifamily Southeast Virginia

Summit Pointe Realty Breaks Ground on $68M Mosaic Apartments in Hampton Roads Region

by Julia Sanders March 31, 2021

CHESAPEAKE, VA. — Summit Pointe Realty LLC has broken ground on Mosaic, a mixed-use multifamily community in the Hampton Roads town of Chesapeake. The $68 million project will include 507,495 square feet of apartments, restaurants, shops and a public parking garage. The six-story apartment community will offer 270 one-, two- and three-bedroom residences with full balconies. Eight residences are designed as two-story lofts with street-level access. Community amenities will include a clubhouse, fitness center, concierge services, swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and a dog-wash station. Mosaic property will also have more than 30,000 square feet of street-level retail and restaurant spaces. An imbedded 515-car public parking garage comprising 185,000 square feet will also be developed as part of Mosaic. Construction will commence April 1, and delivery of the first residential and commercial spaces is anticipated in summer 2022. Mosaic is the multifamily component of Phase II of Summit Pointe, a $330 million mixed-use development situated on 69 acres along Volvo Parkway. When complete, Summit Pointe will include more than 1 million square feet of office space, up to 500,000 square feet of retail space, approximately 250,000 square feet of hospitality and conference space and …

March 31, 2021

Iowa Loans Midwest Multifamily Nebraska

NorthMarq Provides $73.2M in HUD-Insured Financing for Three-Property Multifamily Portfolio in Iowa, Nebraska

by Kristin Harlow March 31, 2021

NORWALK, IOWA AND OMAHA, NEB. — NorthMarq has arranged $73.2 million in FHA debt for the refinancing of a three-property, 721-unit multifamily portfolio in Norwalk, Iowa, and Omaha. Torrey Pines and Old Market Lofts are both located in Omaha. Built in 1998, Torrey Pines features 264 units. Old Market Lofts was originally constructed in 1901 as a warehouse but was redeveloped into 265 apartments in 2002. High Pointe is situated in Norwalk, just south of Des Moines. The 192-unit property was built in 2000. All three communities were eligible for HUD’s 223(a)(7) refinance program. Loan amounts range from $16.5 million to $34.8 million, and each loan features a 35-year term and amortization period. Brett Hood of NorthMarq’s Chicago office arranged the loans on behalf of Monitor Finance.

March 31, 2021

Acquisitions Michigan Midwest Multifamily

Time Equities Acquires Apartment Complex in Grand Rapids for $68.2M

by Kristin Harlow March 31, 2021

GRAND RAPIDS, MICH. — Time Equities Inc. (TEI) has acquired The Brix in Grand Rapids for $68.2 million. Located at 414 Benson Ave. and built in 2018, the two-building apartment complex offers one- to three-bedroom floor plans. It is currently 93 percent occupied. Amenities include a heated swimming pool, two-story fitness center, tenant lounge, golf simulator, covered parking and pet park. Brad Gordon and Robert Cohan of TEI managed the acquisition on an internal basis and will also manage the property. Evan Riggle of Triad RE Partneres represented the undisclosed seller. The purchase marks TEI’s 13th acquisition in the state of Michigan and its third multifamily property in Grand Rapids.

March 31, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Chelsea Investment, Sudberry Properties Open $155M Affordable Housing Development at Civita in San Diego

by Amy Works March 31, 2021

SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into a sustainable, transit-oriented village. Siena features 103 apartments for seniors in earning 30 percent to 60 percent of area median income (AMI). The one- and two-bedroom units range from 540 square feet to 783 square feet, with rents starting at $468 per month. Stylus offers 203 two- and three-bedroom apartments for families earning 50 percent to 60 percent of AMI. The units range from 770 square feet to 1,040 square feet, with rents starting at $1,037 per month. Additionally, Stylus features 37,000 square feet of ground-floor retail space, which LA Fitness will occupy. Each apartment community has its own clubroom with kitchen, on-site management, computer lab, laundry facilities on each …

March 31, 2021

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $31M Refinancing for Seniors Housing Property in Rancho Cucamonga, California

by Amy Works March 31, 2021

RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.

March 31, 2021

Development Florida Multifamily Southeast Top Stories

Melo Group Breaks Ground on 57-Story Downtown 1st Apartment Tower in Miami

by Kristin Harlow March 31, 2021

MIAMI — Melo Group has started construction of Downtown 1st, a transit-oriented multifamily development at 22 SW 1st St. in Miami’s central business district (CBD). The 57-story tower will include 560 market-rate apartments, 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Completion is slated for 2022. Downtown 1st will include one-, two- and three-bedroom apartments. Units will feature glass balconies with bay and city views. Building amenities will include two swimming pools, a fitness center, business center, social room/game room, 24-hour concierge/security and a multi-level garage with valet service. The site for Downtown 1st is in close proximity to Miami-Dade County’s Government Center, the Main Public Library, the Miami-Dade County Courthouse, Miami-Dade College’s Wolfson Campus, the New World School of the Arts and Brightline’s MiamiCentral Melo is also building Downtown 5th, twin 52-story apartment towers in Miami’s CBD. Pre-leasing is underway for the 1,042 units, which are slated for completion this summer. The firm is planning a third multifamily project nearby dubbed Downtown 6th that will total roughly 800 units. All told, Melo Group is expected to deliver nearly 2,500 residential units to Miami’s CBD over the next two years. “We’re bullish on downtown Miami’s CBD,” says Carlos Melo, co-principal of …

March 31, 2021

Alabama Development Multifamily Southeast

Novare Group, BCDC to Develop 290-Unit Apartment Community in Madison, Alabama

by Julia Sanders March 30, 2021

MADISON, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) plan to develop a new apartment community in Madison. Synovus Bank provided construction financing to the co-developers, and Marble Capital provided equity for the 290-unit, mid-rise community. The Synovus loan was not disclosed but reportedly totaled $31.5 million. The unnamed project will include three, four-story residential buildings with two ground-floor retail spaces totaling 5,000 square feet. Each building will have conditioned corridors and elevators, and there will be 483 surface parking spaces and 25 detached garages. The property will offer studios, one- and two-bedroom units. Community amenities will include a resort-style swimming pool, private coworking lounge with private rooms and a conference room, fitness center with a yoga and spin room, dog park, clubroom with demo kitchen and fireplace and direct access to the Singing River Trail, a 70-mile-long Northern Alabama trail system. The project will also include eight live/work units. Located at 375 Lime Quarry Road, the community will be adjacent to Town Madison, a 563-acre mixed-use urban, walkable community. Niles Bolton Associates is the architect, Walter Schoel Engineering Co. is the civil engineer and Doster Construction Co. is the general contractor. Construction will commence in April, with the …

March 30, 2021

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