Multifamily

Milhaus, Ryan Begin Development of $34.6M Apartment Project in Kansas City

by Kristin Harlow December 8, 2020

KANSAS CITY, MO. — Milhaus and Ryan Cos. have begun development of a $34.6 million apartment project in Kansas City. The 263-unit project is within the larger mixed-use development known as The Glade. Amenities will include a dog park, clubhouse, fitness center, pool and walking trail. The apartment property will offer studios, one-, two- and three-bedroom units priced from $1,100 per month. Milhaus and Ryan are co-developers while Ryan is also serving as general contractor. Other project partners include Davidson Architecture & Engineering, Helix, Taliaferro & Browne Inc., Landworks Studio, Apex Engineers Inc. and Lankford/Fender + Associates. A timeline for completion was not disclosed.

December 8, 2020

Acquisitions Illinois Midwest Multifamily

Essex Arranges $14.4M Sale of Two Apartment Buildings in Chicago’s Lincoln Park

by Kristin Harlow December 8, 2020

CHICAGO — Essex Realty Group Inc. has arranged the sale of a pair of apartment buildings in Chicago’s Lincoln Park neighborhood for a combined $14.4 million. The buildings, 640 and 656 W. Wrightwood Ave., had been owned by the same entities for more than 50 years. A local investor purchased the 640 property for $5.9 million while a separate local investor bought the 656 property for $8.5 million. The two assets total 107 units. Doug Imber, Kate Varde, Clay Maxfield and Jaimie Steinher of Essex represented the undisclosed sellers. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the buyers.

December 8, 2020

California Development Multifamily Western

MBK Rental Living Completes 330-Unit Artesa at Menifee Town Center Apartments in California

by Amy Works December 8, 2020

MENIFEE, CALIF. — MBK Rental Living, with R.D. Olson Construction as general contractor, has completed the development of Artesa at Menifee Town Center, a multifamily property located at 30414 Town Center Drive in the heart of a master-planned community in Menifee. The community was delivered in 10 phases and consists of 37 residential buildings, two clubhouses and a variety of amenities. The property features 330 units in a mix of one, two- and three-bedroom layouts, with a total of eight floor plans ranging from 820 square feet to 1,322 square feet. Units offer quartz countertops, smart thermostats, gourmet kitchens with prep islands, custom cabinetry, covered patios, wood-style flooring, in-home washers/dryers and stainless steel appliances. Additionally, all units have access to a private garage and select units have vaulted ceilings and direct garage access. Community amenities include a resort-style pool and spa, barbecue area, dog park, package lockers, Wi-Fi in common areas, a playground, large clubhouse with a full kitchen and sports television wall, and a mix of outdoor community spaces. The project team also included SummA Architecture, Gouvis Engineering, Alliance Land Planning and Sitescapes.

December 8, 2020

Acquisitions Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Brokers $32.2M Sale of Mariner Apartments in Port Chester, New York

by Taylor Williams December 8, 2020

PORT CHESTER, N.Y. — Walker & Dunlop has brokered the $32.2 million sale of The Mariner, a 100-unit apartment community in Port Chester, located near the New York-Connecticut border. Built in 2012, the property’s units feature an average size in excess of 1,000 square feet, hardwood floors and quartz countertops. Amenities include a fitness center, social lounge, storage units and concierge services. Thomas Walsh and Joseph Garibaldi of Walker & Dunlop represented the sellers, institutional investors advised by JP Morgan Asset Management, in the transaction.

December 8, 2020

Acquisitions California Multifamily Seniors Housing Western

JCH Negotiates $5.4M Sale of Seniors Housing Community in Southern California

by Amy Works December 8, 2020

RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.

December 8, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $15.1M Sale of Two Apartment Communities in Vineland, New Jersey

by Taylor Williams December 8, 2020

VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Company Inc. has arranged the $15.1 million sale of Regency Court and Chester Court, two apartment communities totaling 152 units in Vineland, located at the southern tip of the Garden State. Regency Court totals 104 units on 4.5 acres, and Chester Court features 48 units on 2.4 acres. Both garden-style properties offer courtyards and onsite laundry facilities. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 8, 2020

Acquisitions Florida Multifamily Southeast

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

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