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

Acquisitions Multifamily Texas

Indus Management Acquires 396-Unit Sharpstown Garden Apartments in Houston

by Taylor Williams December 4, 2020

HOUSTON — Indus Management, a locally based affordable housing owner-operator, has acquired Sharpstown Garden Apartments, a 396-unit workforce housing community in southwest Houston. The property features one-, two- and three-bedroom units. According to Apartments.com, Sharpstown Garden was originally built in 1960 and renovated in 2000 and now offers amenities such as multiple pools, a business center and a clubhouse. Indus Management purchased the community from Pryzant Management, which had spent approximately $900,000 in capital improvements over the last four years. Chris Young and Joey Rippel of JLL brokered the deal.

December 4, 2020

Acquisitions Multifamily Texas

Hamilton Zanze Sells 264-Unit Bradford Pointe Apartments in North Austin

by Taylor Williams December 4, 2020

AUSTIN, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold Bradford Pointe, a 264-unit apartment community in North Austin. The property was built in 1984 and offers one- and two-bedroom residences averaging 638 square feet. Units feature wood-style flooring, upgraded appliances and resurfaced countertops, and select units have private patios and balconies. Amenities include two pools, a fitness center, business center, playground, resident clubhouse and an outdoor kitchen. Hamilton Zanze acquired Bradford Pointe, which was 95 percent occupied at the time of sale, in 2015. The buyer was not disclosed.

December 4, 2020

Development Midwest Missouri Multifamily

IMPACT Strategies Breaks Ground on 128-Unit Luxury Apartment Development in St. Louis

by Kristin Harlow December 4, 2020

ST. LOUIS — IMPACT Strategies has broken ground on 2200 LaSalle at Lafayette Square, a 128-unit luxury apartment development in the historic Lafayette Square district of St. Louis. The $25 million project is a redevelopment of a 12-acre industrial site. Cornerstone Development and Chouteau Avenue Partners are the developers while HOK Architects is the project architect. The five-story property will include a two-story parking structure. An amenity deck level will include a private bar, clubroom and fitness area, as well as an outdoor space with a pavilion, fire pit, grilling station and pool. Completion is slated for mid-2022.

December 4, 2020

California Development Multifamily Western

High Street Residential, Principal Real Estate Investors Plan 318-Unit Llewellyn Multifamily Property in Los Angeles

by Amy Works December 4, 2020

LOS ANGELES — High Street Residential and Principal Real Estate Investors have announced plans for Llewellyn, an apartment community located in Mission Junction on the eastern edge of Los Angeles’ Chinatown neighborhood. Located at 1101 N. Main St. at the intersection of Llewellyn Street, the development features 318 units in a mix of studio, one- and two-bedroom layouts, as well as 15 ground-floor units with individual entrances and direct access to private outdoor patios. Pre-leasing for the community began in October, with occupancy slated for January 2021. Community amenities include a 1,700-square-foot co-lab workspace; soundproof music room; two rooftop decks with mountain and cityscape views; three communal courtyards; heated pool and spa; multiple indoor/outdoor entertaining spaces with fire pits and barbecue grills; outdoor children’s play area; double-height fitness center; dog park; and bike service room. High Street Residential broke ground on the seven-story property in May 2019. Project partners include KFA as architect, T.B. Penick & Sons as contractor, CDC Designs for interiors, Altitude Design Office for branding and Greystar for property management. Compass is serving as the exclusive leasing agent.

December 4, 2020

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