Multifamily

Wolcott Group Divests of Six-Building Apartment Portfolio in Chicago’s Kenwood Neighborhood for $17.9M

by Amy Works August 21, 2020

CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit. Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline. Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.

August 21, 2020

Development Indiana Midwest Multifamily

Boston Capital Invests in Two Affordable Apartment Communities in Indiana with RealAmerica Development

by Amy Works August 21, 2020

FISHERS AND PLAINFIELD, IND. — Boston Capital is investing in the construction of two affordable multifamily properties in Indiana: the 62-unit SouthPointe Village Apartments in Fishers and the 52-unit Haven Homes in Plainfield. The investments represent Boston Capital’s second and third partnerships with Indianapolis-based RealAmerica Development. Located 14 miles northeast of Indianapolis, SouthPointe Village will feature 19 one-bedroom units and 43 two-bedroom units in a single residential building. Thirteen of the units will be set aside for persons with developmental disabilities. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. Additionally, the property will include a community room, computer center, fitness center, classes and space for service providers, an indoor playground, library and access to the Nickle Plate Trail. Situated near the Indianapolis International Airport, Haven Homes will feature 16 one-bedroom units, 20 two-bedroom units and 16 three-bedroom units in two residential buildings. Thirteen units will be set aside for victims of domestic violence. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. The development will include a freestanding clubhouse with a community room, computer center and fitness center with classes. Other amenities will include a …

August 21, 2020

Development Multifamily Nevada Seniors Housing Western

Investcor, Integral to Build 90-Unit Seniors Housing Community in Sparks, Nevada

by Amy Works August 20, 2020

SPARKS, NEV. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675-acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion in early 2022.

August 20, 2020

Acquisitions Arizona Multifamily Western

Dalan Management, VM Management Sell Verona Court Apartments in Phoenix for $20M

by Amy Works August 20, 2020

PHOENIX — A partnership between Dalan Management and VM Management has completed the disposition of Verona Court, a multifamily complex in Phoenix. A private buyer acquired the asset for $20 million, or $141,844 per unit. Built in 1985, Verona Court features 141 apartments in a mix of one- and two-bedroom layouts. Community amenities include two swimming pools and two laundry facilities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 20, 2020

Acquisitions Illinois Loans Midwest Multifamily

Associated Bank Arranges $1.4M Acquisition Loan for Residential Building in Chicago

by Amy Works August 20, 2020

CHICAGO — Associated Bank has completed a $1.4 million loan for 312 Properties for the purchase of a residential building in Chicago’s South Shore neighborhood. Located at 6700 S. Clyde Ave., the three-story building features 13 apartments. The property was previously subdivided as condominiums but operating as an apartment building. At closing, the buyer acquired all the units from the seller and converted the building to a multifamily designation. Elizabeth Hozian of Associated Bank’s commercial real estate division managed the loan and closing.

August 20, 2020

Development Multifamily New York Northeast

NRP Group Breaks Ground on 303-Unit Apartment Community in White Plains, New York

by Taylor Williams August 20, 2020

WHITE PLAINS, N.Y. — Multifamily developer The NRP Group, in partnership with New York-based owner RPW Group, has broken ground on a 303-unit apartment community in White Plains, located north of New York City. The property is being constructed on part of a 70-acre site that formerly housed the world headquarters of IBM, adjacent to a 620,000-square-foot office building that RPW Group owns and operates. Units will come in a mix of one-, two- and three-bedroom units, and amenities will include a pool, fitness center and small workspaces. Completion is slated for early 2022.

August 20, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 424-Unit Jefferson Boardwalk Apartments in Metro Dallas

by Taylor Williams August 20, 2020

FARMERS BRANCH, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Jefferson Boardwalk, a 424-unit apartment community located in the northern Dallas metro of Farmers Branch. The property was built on 15.1 acres in 2018 and features one-, two- and three-bedroom floor plans and Class A amenities. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, locally based developer JPI, in the transaction. The team also procured the buyer, an affiliate of Lone Star Funds.

August 20, 2020

Development Multifamily Texas

Presidium Breaks Ground on 290-Unit Apartment Community in Metro Dallas

by Taylor Williams August 20, 2020

GRAND PRAIRIE, TEXAS — Texas-based developer Presidium Group has broken ground on Presidium Hill Street, a 290-unit apartment community in Grand Prairie, roughly midway between Dallas and Fort Worth. Designed by Dallas-based O’Brien Architects, the four-story property will feature amenities such as a pool, business center with conference rooms, fitness center, rooftop terrace, a pet grooming area and bike storage space. Completion is slated for mid-2022. Veritex Community Bank provided construction financing.

August 20, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 179-Unit Colony Apartments in Irving

by Taylor Williams August 20, 2020

IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Colony, a 179-unit apartment community in Irving. Built in phases in the 1960s, the property offers proximity to multiple schools, as well as the 12,000-acre Las Colinas business and entertainment district. The Colony’s amenities include three pools, a dog park and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Capital Vision Management, and procured the buyer, a Dallas-based private investment group.

August 20, 2020

Development Florida Multifamily Southeast Student Housing Top Stories

Moss Construction Completes $134M University of Miami Lakeside Village Student Housing Property

by Alex Tostado August 20, 2020

CORAL GABLES, FLA. — Moss Construction has delivered University of Miami Lakeside Village, a $134 million, 1,115-bed student housing community on the University of Miami campus. The 569,441-square-foot, seven-story project features 25 interconnected buildings and several outdoor spaces. The property offers classrooms, music rooms, study areas, recreation rooms, a 200-seat auditorium and offices. The buildings also have food options, a package center and an exhibition hall. The university opened for in-person classes Monday, Aug. 17, a week earlier than planned due to the coronavirus pandemic. The fall semester will conclude Friday, Nov. 20, the week before Thanksgiving. To support sustainability initiatives, the property includes green roofs that absorb carbon dioxide to help clean the air and regulate the climate. Also, existing plant life was evaluated and, when possible, integrated into the landscape or relocated elsewhere on campus. Miami-based Arquitectonica designed the community. — Alex Tostado

August 20, 2020

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