Multifamily

Laramar Group Purchases 616-Unit Multifamily Community in Jacksonville

by Alex Tostado December 7, 2020

JACKSONVILLE, FLA. — The Laramar Group has purchased Creekfront at Deerwood, a 616-unit multifamily community in Jacksonville’s Baymeadows neighborhood. The property comprises 108 residential buildings offering one-, two and three-bedroom floor plans. Communal amenities include five pools, a 3,500-square-foot fitness center, theater room and a community center. The asset is situated at 9803 Creekfront Road, 11 miles southeast of downtown Jacksonville. The buyer plans to implement upgrades such as exterior enhancements to improve curb appeal and introducing smart home technology for residents. Further details of the sale were not disclosed.

December 7, 2020

Acquisitions Florida Multifamily Southeast

Waypoint Real Estate Acquires Apartment Complex in Daytona Beach for $57.1M

by Alex Tostado December 7, 2020

DAYTONA BEACH, FLA. — Waypoint Real Estate Investments has acquired Tomoka Pointe, a 276-unit apartment complex in Daytona Beach, for $57.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, pool, resident lounge, 24-hour fitness center and a clubhouse. The asset is situated at 1317 Tomoka Town Center Drive, five miles west of downtown Daytona Beach. The seller, Tomoka Pointe Housing LP, delivered the community in 2019. Scott Ramey, Erik Bjornson and Patrick Dufour of Newmark represented the seller in the transaction.

December 7, 2020

Acquisitions Kentucky Multifamily Southeast Student Housing

Newmark Arranges Sale of 649-Bed Student Housing Community Near University of Kentucky

by Alex Tostado December 7, 2020

LEXINGTON, KY. — Newmark has arranged the sale of The Lex, a 649-bed student housing community near the University of Kentucky in Lexington. The property is the closest student housing community to Rupp Arena, the home court of the university’s men’s basketball team. Communal amenities at The Lex include a business center, game room, 24-hour fitness center, pool and grilling areas. The property offers studio to four-bedroom floor plans. Debbie Corson, Ryan Lang and Jack Brett of Newmark represented the seller, a partnership between Atlanta-based CF Real Estate Services and global private equity firm SFO Group, in the transaction. Boston-based William Fideli Investments acquired the asset for an undisclosed price.

December 7, 2020

Acquisitions Indiana Midwest Multifamily Student Housing

Newmark Brokers Sale of 358-Bed Student Housing Property in Indianapolis

by Kristin Harlow December 7, 2020

INDIANAPOLIS — Newmark has brokered the sale of The Avenue, a 358-bed student housing property near Indiana University-Purdue University Indianapolis (IUPUI). The asset features one-, two- and four-bedroom units with a variety of floor plans. The property sits on 3.4 acres directly adjacent to the northern edge of campus. Ryan Lang, Jack Brett and Debbie Corson of Newmark represented the seller, Preiss Cos., in a partnership with Investcorp. Atlanta-based Student Quarters was the buyer. IUPUI is a core campus of Indiana University that also offers Purdue University degrees. It is the result of a 1969 merger between Purdue Indianapolis Extension Center and Indiana University Indianapolis.

December 7, 2020

Acquisitions Midwest Minnesota Multifamily

Peak Capital Partners Acquires 231-Unit Luxury Apartment Complex in Eagan, Minnesota

by Kristin Harlow December 7, 2020

EAGAN, MINN. — Peak Capital Partners has acquired Royal Oaks Apartments in Eagan for an undisclosed price. The 231-unit luxury apartment complex is located at 3515 Federal Drive. Royal Oaks is less than one mile from Eagan’s retail hub and also features convenient access to I-494 and the Metro Orange line. Built in 1987, the property underwent substantial unit renovations and amenity upgrades during the time the previous owner, Timberland Partners, held the asset. Ted Ambramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Timberland in the sale.

December 7, 2020

Acquisitions California Multifamily Western

Oakmont Properties Acquires Alira Luxury Apartments in Sacramento from AG Spanos Cos. for $92.3M

by Amy Works December 7, 2020

SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.

December 7, 2020

Arizona Loans Multifamily Western

KeyBank Arranges $41.6M in Refinancing for Multifamily Property in Flagstaff, Arizona

by Amy Works December 7, 2020

FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured $41.6 million in fixed-rate Freddie Mac financing for Centerville, Utah-based Keller Investment Properties. The borrower will use the loan proceeds to refinance The Lodge Luxury Apartment Homes in Flagstaff. Built in 2004, The Lodge Luxury Apartment Homes features 252 garden-style units spread across 18 three-story buildings on 16 acres. Community amenities include a clubhouse, fitness center, spa, playground, picnic area and bike trail. Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group structured the financing with a 10-year term featuring five years of interest-only payments and a 30-year amortization schedule.

December 7, 2020

Development Multifamily North Carolina Southeast

Aventon to Develop $140M Apartment Community in Raleigh

by Alex Tostado December 4, 2020

RALEIGH, N.C. — Aventon Cos. will develop Aventon North Ridge, a 372-unit apartment community in Raleigh. Aventon expects construction to cost $140 million and to open the community in late 2021. The asset will comprise four three- and four-story buildings, 12 detached carriage homes over private garages and a two-story clubhouse. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a fitness center, yoga studio, media lounges, podcast studio, pool, two dog parks and an outdoor kitchen. Cline Design Associates is the architect. Locally based Aventon acquired 39 acres to develop the project, which will span 26 acres in its first phase. Aventon will develop the additional 13 acres into a separate multifamily community, for which further details were not disclosed.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

RADCO Sells Apartment Complex Near Atlanta for $71.3M

by Alex Tostado December 4, 2020

NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Disposes Multifamily Community in Metro Atlanta for $21.2M

by Alex Tostado December 4, 2020

COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.

December 4, 2020

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