Multifamily

Auerbach Funds, Dunross Capital Purchase 220-Unit Townhome Community in Southwest Atlanta’s College Park

by Alex Tostado October 30, 2020

COLLEGE PARK, GA. — A partnership between Auerbach Funds and Dunross Capital has purchased The Life at Avery Park, a 220-unit townhome community in College Park. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, grilling area and a playground. The buyers plan to implement an upgrade plan at the community, which will include renovating the unit interiors and communal space. The Life at Avery Park was originally built in 1970 and most recently renovated in 2001. The asset is situated at 2609 Charlestown Drive, 11 miles southwest of downtown Atlanta. The seller and sales price were not disclosed.

October 30, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Frampton Construction Delivers 101-Unit Seniors Housing Community in Greenville

by Alex Tostado October 30, 2020

GREENVILLE, S.C. — Frampton Construction Co. has completed work on The Blake at Hollingsworth Park, a 101-unit seniors housing community in Greenville. Cardinal Ventures is the developer of the community. The property features 68 assisted living and 33 memory care suites. The 86,000-square-foot assisted living and memory care facility is in the Hollingsworth Park area of Verdae, a master-planned community. Young, Wier + Boerner Architecture completed the design for the building, and Hoyt + Berenyi was civil engineer for the project. This is Frampton’s fifth Blake-branded assisted living project.

October 30, 2020

Development Loans Multifamily Texas

JPI Receives Construction Financing for 424-Unit Jefferson at The Grove Apartments in Frisco

by Taylor Williams October 30, 2020

FRISCO, TEXAS — JPI has received construction financing for Jefferson at The Grove, a 424-unit apartment community in Frisco. Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails. Units will feature 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units. Amenities will include a pool with cabanas, fitness center with a spin studio, private courtyards and a dog park. The opening is scheduled for spring 2022.

October 30, 2020

Acquisitions Multifamily Texas

Three Pillars Capital Acquires Houston Multifamily Portfolio for $100M

by Taylor Williams October 30, 2020

HOUSTON —Three Pillars Capital, a locally based private equity firm that specializes in value-add multifamily investments, has acquired a portfolio of three apartment properties totaling approximately 700 units in Houston. The properties offer proximity to the Texas Medical Center, Rice Village Plaza and NRG Stadium. The names of the properties and seller were not disclosed.

October 30, 2020

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 162-Unit Live Oak Apartments in Houston

by Taylor Williams October 30, 2020

HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Live Oak Apartments, a 162-unit community in Houston’s Energy Corridor. Built in 1977 and renovated in 2018, the property features one- and two-bedroom units and amenities such as a pool, playground, pet play area and onsite laundry facilities. Bryce Smith of TMG represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

October 30, 2020

Development Midwest Minnesota Multifamily

Opus Completes 218-Unit Apartment Building in Minneapolis

by Kristin Harlow October 30, 2020

MINNEAPOLIS — The Opus Group has completed construction of Vesi, a 218-unit apartment building in the North Loop neighborhood of Minneapolis. The six-story property features a mix of studio, one-bedroom, two-bedroom and penthouse units. Amenities include a rooftop terrace, pool and spa, fitness room, library, dog wash and golf simulator. Opus served as developer, design-builder, architect and engineer. ESG Architects was the design architect and interior designer. Vesi is the fifth residential project for Opus in downtown Minneapolis since 2014. Monthly rents start at $1,610. Residents can now receive $500 off their first month of rent.

October 30, 2020

Acquisitions Colorado Multifamily Western

CentrePoint, CentreSquare Acquire Outlook Biscay Multifamily Property in Colorado for $37.5M

by Amy Works October 30, 2020

AURORA, COLO. — CentrePoint and CentreSquare have purchased Outlook Biscay, an apartment community located at 3382 S. Biscay Way in Aurora. Denver-based Evergreen Development sold the asset for $37.5 million. Built in 2019, Outlook Biscay offers 96 for-rent townhomes, averaging 1,210 square feet and spread across 20 two-story buildings. Each two- and three-bedroom unit feature a two-car, direct-access garage, private entrance, quartz countertops, stainless steel appliances and laundry rooms with full-size washers and dryers. Community amenities include a central leasing center, year-round swimming pool, dog wash and green areas. Jake Young, Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the deal.

October 30, 2020

California Development Multifamily Seniors Housing Western

Oakmont Senior Living Opens 142-Unit Seniors Housing Community in East Sacramento

by Amy Works October 30, 2020

SACRAMENTO, CALIF. — Oakmont Senior Living has opened an independent living, assisted living and memory care community in the East Sacramento neighborhood of the state capital. Located in the Fabulous Forties area, Oakmont of East Sacramento totals 140,000 square feet, plus a 36,000-square-foot parking garage, on a 3.5-acre plot. The community features 100 independent living/assisted living units and 42 memory care units. Terry Ervin is the executive director and Deanna Barker is director of memory care.

October 30, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $6.4M Sale of Revival Midtown Apartment Property in Phoenix

by Amy Works October 30, 2020

PHOENIX — Marcus & Millichap has arranged the sale of Revival Midtown, a multifamily community located at 1220 E. Medlock Drive in Phoenix. A local limited liability partnership sold the asset to an undisclosed buyer for $6.4 million, or $182,587 per unit. Revival Midtown features 35 units in a mix of 16 one-bedroom/one-bath and 19 two-bedroom/two-bath layouts. Richard Butler of Marcus & Millichap represented the seller in the deal.

October 30, 2020

Conference Coverage Features Multifamily Student Housing

Student Housing Internet Providers Hustle to Upgrade Capabilities During Pandemic, Says NMHC/InterFace Panel

by Alex Tostado October 30, 2020

One of the biggest challenges during the COVID-19 pandemic for student housing internet providers has been upgrading their bandwidth capabilities to ensure that all students in a community have reliable and fast connections. The proliferation of video calling between students and professors during the pandemic has been a major driver of this hustle to upgrade connectivity services. The number of megabits per second needed for a Zoom call is something that today’s networks can handle, according to Daniel Myers, president and founder of DojoNetworks and a speaker at the NMHC/InterFace Student Housing Conference. The National Multifamily Housing Council (NMHC) and InterFace Conference Group co-hosted the virtual event, which took place from Oct. 19 to 22. The organizations’ physical events normally take place in April (InterFace Student Housing) and October (NMHC Student Housing). One problem that the panelists of the Internet Connectivity and Technology panel spoke about was hosting multiple students on the same network simultaneously. A Zoom call requires two-and-a-half megabits per second to upstream (when the video is input) and downstream (when the video is distributed), according to Myers. “If you have five students on a call and they only have eight or 10 megabits upstream, then they’re stuck …

October 30, 2020

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