Multifamily

Kimball Key Sells Apartment Complex Near Tampa for $55.8M

by Alex Tostado August 5, 2020

CLEARWATER, FLA. — Kimball Key LLC has sold Woodland Key Apartments, a 416-unit complex in Clearwater, for $55.8 million. The property offers one- and two-bedroom floor plans. Communal amenities include two pools with sundecks, a grilling area, car care center, 24-hour fitness center, two dog parks and a clubhouse. The asset is located at 2770 Roosevelt Blvd., 19 miles west of downtown Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. Ashcroft Capital Managers LLC acquired the property.

August 5, 2020

Acquisitions Multifamily Texas

GenCap Partners Sells 274-Unit Park at Rialto Apartment Community in San Antonio

by Taylor Williams August 5, 2020

SAN ANTONIO — Dallas-based GenCap Partners Inc. has sold Park at Rialto, a 274-unit apartment community that is situated on 9.3 acres in northwest San Antonio. GenCap Partners completed the property in 2018. Units feature one-, two- and three-bedroom floor plans with an average size of 882 square feet. Amenities include a pool, fitness center, business center and a resident clubhouse. Sean Sorrell of JLL represented GenCap Partners as the seller in transaction. C.W. Sheehan, Alastair Barnes and Scott Dickey of JLL originated an undisclosed amount of Freddie Mac fixed-rate acquisition financing for the buyer, Covenant Capital Group.

August 5, 2020

Acquisitions Multifamily Seniors Housing Texas

SLP Operations Acquires 118-Bed Skilled Nursing Facility in Orange, Texas

by Taylor Williams August 5, 2020

ORANGE, TEXAS — Skilled nursing owner-operator SLP Operations has acquired Pinehurst Nursing & Rehabilitation Center, a 118-bed facility in Orange, about 110 miles east of Houston. The facility also offers post-acute care, long-term care, respite care and memory care services. The seller and sales price were not disclosed.

August 5, 2020

Company News Multifamily Southeast Tennessee

Envolve Communities, Ross Management Merge Multifamily Operations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. AND DENVER — Envolve Communities LLC and Ross Management have merged their multifamily operations. Memphis-based Envolve Communities owns more than 33,000 multifamily units in 17 states. Denver-based Ross Management owns 53 properties in Colorado and Oklahoma. Envolve Communities says the day-today-operations at Ross Management will see little change, and executive vice president Brooke Akins will stay on and serve in the same role. Ross Management will rebrand as Ross — A Division of Envolve Communities. Terms of the merger were not disclosed.

August 5, 2020

Acquisitions Development Multifamily Southeast Tennessee

Welker Properties-Led Partnership Acquires Multifamily Community in Memphis for $25M, Begins $13.5M in Renovations

by Alex Tostado August 5, 2020

MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.

August 5, 2020

Development Multifamily New Jersey Northeast

Skyline Development Tops Out 14-Story Multifamily Project in North Bergen, New Jersey

by Taylor Williams August 5, 2020

NORTH BERGEN, N.J. — Skyline Development Group, in partnership with Vasco Ventures and Mosaic Real Estate, has topped out Solaia, its 14-story multifamily project in North Bergen, located just across the Hudson River from Upper Manhattan. The property will offer one-, two- and three-bedroom condominiums ranging in size from 864 to 1,900 square feet. Amenities will include a fitness center, a spa, outdoor grilling areas, coworking spaces and resident lounges. Completion is scheduled for the first quarter of 2021.

August 5, 2020

Gordon-Mansfield-Veterans-Village-New-Jersey

Development Multifamily New Jersey Northeast

WinnDevelopment, Soldier On to Develop $23M Apartment Complex in Tinton Falls, New Jersey

by Taylor Williams August 5, 2020

TINTON FALLS, N.J. — WinnDevelopment and nonprofit partner Soldier On Inc. have received financing for the development of The Gordon H. Mansfield Veterans Village, a $23 million apartment complex in Tinton Falls, located south of New York City across Sandy Hook Bay. The property will feature 70 units that will be reserved exclusively for veterans of the U.S. Armed Forces, including veterans who are transitioning from homelessness. The New Jersey Housing & Mortgage Finance Agency provided the funds for the project. Completion is scheduled for the third quarter of 2021.

August 5, 2020

Development Midwest Multifamily Ohio Seniors Housing

Gardner Capital Completes Development of 50-Unit Affordable Seniors Housing Community in Cincinnati

by Kristin Harlow August 5, 2020

CINCINNATI — Gardner Capital has completed development of Roselawn Gardens, a 50-unit affordable seniors housing community in Cincinnati. Eligible residents must earn 30 to 60 percent of the area median income. The unit mix features 11 one-bedroom apartments and 39 two-bedroom apartments. Amenities include meal service, a media room, health and wellness clinic, community room and public transportation. Project partners include the Cincinnati Metropolitan Housing Authority and the Ohio Housing Finance Agency. Financial partners include Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor. Wallick Communities will manage the property.

August 5, 2020

Acquisitions Multifamily Washington Western

Rise Properties Acquires Westwynd Apartments in Vancouver, Washington for $18.3M

by Amy Works August 5, 2020

VANCOUVER, WASH. — Rise Properties (Westwynd) LP, a Seattle-based REIT, has purchased Westwynd Apartment Homes, a multifamily property located in Vancouver. Christensen Properties I, based in Vancouver, sold the asset for $18.3 million. Located at 10117 NE Ninth Ave., Westwynd Apartments features 120 units spread across seven residential buildings, a clubhouse, pool and office, as well as a 20-car garage building. At the time of sale, the property was 98.6 percent occupied. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented both parties in the deal. The purchase is Rise Properties’ first acquisition in the Portland/Vancouver area.

August 5, 2020

Acquisitions California Multifamily Western

ACI Apartments Brokers $9.6M Acquisition of Villas Bonita Multifamily Property in El Centro, California

by Amy Works August 5, 2020

EL CENTRO, CALIF. — ACI Apartments has arranged the purchase of Villas Bonita, a multifamily complex located at 699 Wake Ave. in El Centro. Imperial Properties acquired the asset from Villas Bonita LCC for $9.6 million. Built in 2005, the 71,250-square-foot community features 75 apartments spread across seven two-story buildings. The property offers one-, two- and three-bedroom apartment layouts ranging from 730 square feet to 1,130 square feet, each with an in-unit washer/dryer and balcony or patio. The community also includes 75 carports, 51 surface parking spaces, a gym, recreation room, pool, spa, playground area, barbecues and a large patio. Ricardo Lopez of ACI Apartments represented the buyer, while Steve Willmore and Erik Faucett of Lee & Associates represented the seller in the deal.

August 5, 2020

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