METAIRIE, LA. — Audubon will develop a five-story, $55 million apartment community in Metairie known as The Metro at Clearview. The 270-unit development will feature units averaging 925 square feet and leases ranging from an average of $1,500 to $3,000 per month. The apartment complex is the multifamily component of Clearview City Center, a redevelopment of the former Clearview Shopping Center. The $100 million mixed-use development, owned by the Richards family, sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The Metro at Clearview will feature two courtyards, a pool and cabanas, yoga lawn, lounge area, grilling stations, sitting area and a Zen garden. Community amenities include a 2,000-square-foot clubroom with multiple seating and entertainment areas, a catering kitchen, fully furnished fitness center and a sky lounge. The Metro at Clearview will join other planned tenants at the Clearview City Center redevelopment, including Ochsner Health System, which is developing a super clinic for comprehensive healthcare services, and Regions Bank at the intersection of Clearview Parkway and Veterans Boulevard. Audubon expects to begin construction this May and complete the development in two years. Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties.
Multifamily
Viking Capital Acquires Marbella Place Apartment Community in Stockbridge, Georgia for $52.7M
by John Nelson
STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.
CHICAGO — Evergreen Real Estate Group and Structured Development have begun development of Schiller Place Apartments on Chicago’s Near North Side. The mixed-income housing community, located on West Schiller Street, will span three buildings with 48 units. The project is being built on land formerly occupied by the Isham YMCA. Schiller Place will feature eight market-rate units. The remaining 40 units will be set aside for households earning between 30 and 60 percent of the area median income (AMI). The development team secured project-based vouchers for 24 units through the Chicago Housing Authority. Additionally, five units will be set aside for veterans and an additional five units reserved for individuals sourced through the Statewide Referral Network, which works with households earning at or below 30 percent of AMI with a head of household who has a disability or illness. Completion is slated for early 2022. GMA Construction is the general contractor and Bailey Edward is the architecture firm. Funding for the project came from the Illinois Housing Development Authority, Hudson Housing Capital, CIBC Bank, IFF and Clocktower Tax Credits. Housing and Human Development Corp. will provide onsite social services to residents.
FRISCO, TEXAS — Developer Toll Brothers Inc. has completed Kilby, a 258-unit apartment community located within the Frisco Square mixed-use development on the northern outskirts of Dallas. Units come in one- and two-bedroom floor plans and feature quartz countertops, stainless steel appliances and wood-style flooring. Amenities include a pool, outdoor kitchen and bar, clubroom, fitness center and a pet spa. KWA Construction served as the general contractor for the project. Rents start at approximately $1,380 per month for a one-bedroom unit, according to Apartments.com.
AUSTIN, TEXAS — Avanta Residential, an affiliate of Hunt Cos., will develop a community of 216 single-family rental homes within The Colony, a 2,300-acre master-planned community in Austin. Communal amenities will include a clubhouse and pool, walking trails with fitness stations, open play areas and playgrounds. Avanta plans to break ground in the near future and to deliver the homes for rent in 2022. Alliance Bank of Arizona is providing construction financing for the project.
Evergreen Development Sells 324-Unit Outlook Gateway Multifamily Community in Denver to Cortland
by Amy Works
DENVER — Evergreen Development has completed the disposition of Outlook Gateway, a newly built apartment property in Denver. Cortland acquired the asset for an undisclosed price. Situated on 16.6 acres at 5650 Argonne St., the 13-building Outlook Gateway features 324 apartments in a mix of one- and two-bedroom layouts, averaging 901 square feet. Each unit offer quartz countertops, wood-style flooring, glass showers, walk-in closets, in-unit washers/dryers and private balconies or patios. Community amenities include a clubhouse, pool, hot tub, fitness center, business center, coffee bar, bike and ski repair facility, bocce ball court, dog park, open green spaces and a package room with lockers. Evergreen Devco developed Outlook Gateway, while Nexus Builders, an Evergreen-affiliate company, served as general contractor. Denver-based Kephart Architects designed the project. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.
SOUTH SALT LAKE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of ViA, a multifamily property located in South Salt Lake, approximately 10 minutes south of Salt Lake City. Graycliff Capital acquired the property from an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital and Castlewood Development for an undisclosed price. Built in 2016, the five-story property features 138 apartments with an average unit size of 700 square feet. Community amenities include community-wide WiFi, door-to-door trash pickup, heated swimming pool, hot tub and car-charging station. The property is located adjacent to the Meadowbrook station of the Utah Transit Authority’s TRAX light rail system and near Southgate Shopping Center, University of Utah, Salt Lake Community College and Westminster College. Brock Zylstra, Danny Shin, Steven Gebing and Cliff David of IPA represented the sellers in the transaction. Gary Mangum of Marcus & Millichap served as broker of record in Utah.
NEW CASTLE, DEL. — Greystone has provided a $25 million Fannie Mae acquisition loan for The Garrison, a 120-unit multifamily property in New Castle, located south of Wilmington. The property was built in 2019. Dan Sacks of Greystone originated the nonrecourse loan, which was structured with a fixed interest rate, 12-year term and a 30-year amortization schedule. Jack Miller of Platinum Capital Group arranged the debt on behalf of the borrower, Goldcrest Management.
READINGTON, N.J. — Larken Associates, a New Jersey-based developer, has broken ground on The Ridge at Readington, a 254-unit apartment project that will be located about 50 miles west of New York City. The property will feature 21 different floor plans with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities will include a clubhouse with a theater room, pool, gym, outdoor lounge, children’s play area, a dog park and walking trails. Completion is slated for summer 2022.
NORWALK, CONN. — CBRE has negotiated the sale of a 198-unit multifamily portfolio in the coastal Connecticut city of Norwalk. The portfolio consists of the 129-unit Berkeley at Waypointe Apartments and the 69-unit Quincy Lofts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Eric Apfel of CBRE represented the owner, Alex. Brown Realty, while also procuring the buyer, Invictus Real Estate Partners.