RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.
COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the sale of The Townhouse Apartments, an 88,100-square-foot property located at 3125 E. Fountain Blvd and 1215 Shasta Drive in Colorado Springs. The community traded hands for $8.7 million. The names of the buyer and seller were not released. Built in 1965, the townhome-style property features 54 units in a mix of two- and three-bedroom layouts. Each unit includes a private yard, while some include second-floor balconies. The buyer plans to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome. Patrick Knowlton of Nexus represented the buyer and seller in the deal.
Despite High Materials Costs, Student Housing Builders Don’t See Slowdown, Says NMHC/InterFace Panel
One of the most pressing issues for general contractors today is the high cost of lumber. In the past five months, the cost of lumber has increased nearly 100 percent on projects, according to Justin Walker, president of Construction Enterprises Inc. Luckily, his firm had locked in the cost of materials prior to the pandemic on all but one of its current projects. Walker’s comments came during the Construction Market Update at the 2020 NMHC/InterFace Student Housing Conference. Joining Walker on the panel were David Mellema, director of preconstruction for The Weitz Co.; and Mark Knott, vice president with Project Management Advisors Inc. Brent Little, president of Fountain Residential Partners, moderated the discussion. The National Multifamily Council (NMHC) and InterFace Conference Group co-hosted the virtual conference, which took place Oct. 19 to 22. When the COVID-19 pandemic hit, the lumber mills had to take a step back with their production and close some plants, said Walker. “The construction industry, housing market and multifamily market never slowed down, but the actual production of the mills did.” The producer price index (PPI) for inputs to construction — a measure of both goods and services used in every type of construction — increased …
MADISON, ALA. — Wicker Park Capital Management has sold Elements of Madison, a 336-unit apartment complex in Madison. The property offers one-, two- and three-bedroom floor plans averaging 999 square feet. Communal amenities include two pools, a business center, playground, fitness center and a clubhouse. Elements of Madison was built in two phases between 1986 and 1999. The asset was 95 percent occupied at the time of sale. The community is located at 101 Royal Drive, 12 miles west of downtown Huntsville. Justin Uffinger and Bo Flurry of Newmark Knight Frank (NKF) represented the Savannah, Ga.-based seller in the transaction. Mishawaka, Ind.-based The Sterling Group acquired the complex for an undisclosed price.
ATLANTA — A joint venture between Crown Bay Group LLC, Acorn Property Group LLC and Iron Street Capital LLC has acquired FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, dog park, playground and a MARTA bus stop. The buyers plan to renovate unit interiors as they become available. The asset is situated at 4375 Cascade Road, 12 miles west of downtown Atlanta. The seller and sales price were not disclosed.
KANSAS CITY, MO. — City Club Apartments (CCA) has opened its newest community in Kansas City within the Crossroads neighborhood. The 283-unit, seven-story development also includes duplexes, townhouses and penthouses. There are 50 different floor plans. Amenities include a rooftop sky park, pool, outdoor theater, terrace club, concierge service and nearly 300 underground parking spaces. The first floor features DGX, a small retail store with grab-and-go salads, sandwiches, fresh produce and a selection of home and beauty products. Local restaurateur Howard Hanna plans to open two new concepts at the community in 2021. The combined 6,000-square-foot space will include a 2,000-square-foot wine bar and a 4,000-square-foot diner. Monthly rents start at $1,005 for studios. Residents can now receive up to three months of free rent on select units.
EAST HAVEN, CONN. — Developer WinnCos. has completed The Tyler, a seniors housing project in East Haven that is a redevelopment of an 84-year-old former high school building. The Tyler offers 70 units for individuals aged 55 and older and amenities such as a fitness center, outdoor courtyard and an arts and crafts room. The property consists of 67 one-bedroom units and three two-bedroom units. Twenty apartments rent at market rates, and 50 others are available for residents who earn 25 percent to 80 percent of the area median income.
The Minneapolis metropolitan area made plenty of headlines in 2020, and much of the news wasn’t good. The social fabric was frayed, and property damage estimated at between $250 million and $500 million ensued. On the surface, the Twin Cities appear unlikely sources of stability and relative safety for multifamily investors, and yet market performance and property value trends have so far proven resilient in the face of adversity. In comparison to many of the primary markets and its regional rival, Chicago, Minneapolis has navigated the effects of the pandemic recession remarkably well and may represent an attractive option for investors who remain committed to the urban mid-rise model, as well as those considering increased exposure to suburban situations. The Minneapolis economy was by no means immune to the effects of public health-related lockdowns. Payroll employment plunged by 270,000 jobs in March and April, representing about 13.3 percent of the February metro total. Although severe, pandemic losses fell below the national average (U.S. payrolls fell 14.6 percent) and were comparable to those recorded in Chicago and Milwaukee. Since April, the Minneapolis labor market has made considerable headway. The unemployment rate dropped to 7.9 percent in August, materially lower than the …
HOUSTON — Multifamily developer Wood Partners has completed Alta Washington, a 204-unit apartment community in the Memorial Park area of Houston. The property features one- and two-bedroom units, as well as six townhomes, with quartz countertops, stainless steel appliances and hardwood-style flooring. Amenities include a pool, fitness center, business center, package sorting room, outdoor grilling stations and a dog park. Move-ins will begin in early November. Rents start at $1,675 per month for a one-bedroom unit.
ST. PETERSBURG, FLA. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the properties into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building leased to Ace Hardware. The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, three miles from downtown and one mile from the beach. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into an eight-story, 154-unit assisted living facility. Construction is scheduled to begin in first-quarter 2021. Additional retail development will take place along U.S. Highway 19 at the same time. Jack Dougherty of Allied Group Holdings is also the developer of Marina Walk, a $50 million waterfront apartment complex under construction on the site of the former Flamingo Resort across the street from this new project.