Multifamily

Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

by Kristin Harlow March 10, 2021

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …

March 10, 2021

Arizona Development Loans Multifamily Single-Family Rental Western

ACRES Originates $62M Construction Loan for Bungalows on Cotton Lane Multifamily Property in Glendale, Arizona

by Amy Works March 9, 2021

GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.

March 9, 2021

Acquisitions Multifamily Oregon Western

Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

by Amy Works March 9, 2021

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price. Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5. Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.

March 9, 2021

Development Georgia Multifamily Southeast Student Housing

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

by Julia Sanders March 9, 2021

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …

March 9, 2021

Development Multifamily Seniors Housing Southeast Virginia

Pembroke Realty, Beth Sholom Village to Build Senior Living Community in Virginia Beach

by Julia Sanders March 9, 2021

VIRGINIA BEACH, VA. — Pembroke Realty Group and Beth Sholom Village will build a seven-story senior living community in Virginia Beach known as the Senior Living Project at Pembroke. Kahler Slater Architects designed the community with CJMW Architecture in charge of programming. The community is scheduled to open in 2023. The Senior Living Project at Pembroke will have 124 independent living residences, 20 assisted living apartments and 12 memory support units. Community amenities will include entertaining spaces, a rooftop terrace, indoor pool, fitness room and Wi-Fi throughout. The property will also feature a pet-friendly environment, beautician services, health and wellness classes, chef-prepared meals with flexible dining options and professional housekeeping services. The senior living community will be located at the corner of Jeanne Street and Constitution Drive. Beth Sholom Village first opened in 1980 and has grown from a 120-bed skilled nursing facility to a campus that includes The Terrace Assisted Living. The growth continued with various services, including rehabilitation, transportation, skilled home health and hospice care.

March 9, 2021

Acquisitions Multifamily Southeast Virginia

Capital Square 1031 Acquires Multifamily Community in Metro D.C.

by Julia Sanders March 9, 2021

GAINESVILLE, VA. — Capital Square 1031 has acquired SomerHill Farms, a 140-unit multifamily community in Gainesville, a suburb of Washington, D.C. Located at 7351 Yountville Drive, the community is situated on 18.8 acres. Constructed in 2006, SomerHill Farms features six three- and four-story residential buildings and one clubhouse. The community includes one-, two- and three-bedroom units ranging in size from 786 square feet to 1,446 square feet. Community amenities include a clubhouse, outdoor pool, dog park, fitness center, tot lot and community garden. Capital Square 1031 acquired the property via an investment vehicle that seeks to raise $23.2 million in equity from accredited investors and has a minimum investment threshold of $50,000. The seller and sales price were not disclosed. Capital Square 1031 is a national real estate firm specializing in real estate investments, including Delaware statutory trusts for 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion.

March 9, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 262-Unit Riley Apartments at CityLine in Metro Dallas

by Taylor Williams March 9, 2021

RICHARDSON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Riley, a 262-unit apartment community located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. The property was built in 2018 and offers amenities such as a pool, grilling areas, dog park, fitness center and a Wi-Fi café with a serving bar and TV. Drew Kile, Joey Tumminello, Will Balthrope and Grant Raymond of IPA represented the seller, JLB Partners, and procured the buyer, TTI Capital.

March 9, 2021

Acquisitions Iowa Midwest Multifamily

JLL Brokers Sale of 261-Unit Apartment Community in West Des Moines

by Kristin Harlow March 9, 2021

WEST DES MOINES, IOWA — JLL Capital Markets has brokered the sale of Signature Place in West Des Moines for an undisclosed price. The 261-unit garden-style apartment community, built in 1997, features 12 buildings. Approximately 16 percent of the units have been renovated. Amenities include a pool, clubhouse, fitness center, dog park and business center. David Gaines and Kyle Butler led the JLL team that represented the seller, Artisan Capital Group LLC. The buyer, a West Coast-based equity group, assumed existing Fannie Mae debt.

March 9, 2021

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges Sale of Three Multifamily Properties in Indianapolis

by Kristin Harlow March 9, 2021

INDIANAPOLIS — Triad Real Estate Partners has arranged the sale of three multifamily properties in Indianapolis for an undisclosed price. The Delaware Apartments, built in 2016, features 47 units and 8,920 square feet of fully leased commercial space. It is situated just north of downtown Indianapolis in the Fall Creek Place neighborhood. The second property is 632 MLK. The four-story asset, built in 2016, features 30 units with 42 beds. It is situated near the Indiana University-Purdue University Indianapolis (IUPUI) campus. The third asset is The California Townhomes. The four contiguous townhomes are also located near the IUPUI campus. The seller for all three assets was Cedarview Management, a private owner and operator based in Bloomington, Ind. The buyers included a local group, a Miami-based investment group and a California-based private investor.

March 9, 2021

Development Massachusetts Multifamily Northeast

Toll Brothers, Davis Cos. Open 112-Unit Bradford Apartments in Belmont, Massachusetts

by Taylor Williams March 9, 2021

BELMONT, MASS. — A partnership between two development firms, Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) and Boston-based Davis Cos., has opened The Bradford, a 112-unit apartment building in the western Boston suburb of Belmont. The property offers studio, one- and two-bedroom floor plans with keyless entry systems, quartz countertops, stainless steel appliances and individual washers and dryers. Balconies are also available in select units. Amenities include a private courtyard with grilling stations, a roof deck and a resident lounge. Rents start at $2,000 per month for a studio unit, according to Apartments.com.

March 9, 2021

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