Multifamily

Casoro Group Buys The Jax Apartment Community in San Antonio for $90M

by John Nelson January 13, 2020

SAN ANTONIO — Casoro Group, an Austin-based investment firm formerly known as The PPA Group, has purchased The Jax in San Antonio. The recently upgraded, 322-unit apartment community is located at 12222 Vance Jackson Road on the city’s northwest side. The purchase price was not disclosed, but Austin Business Journal reports the property traded for $90 million. Mark Brandenburg of JLL arranged a $35.5 million acquisition loan on behalf of Casoro. Nexbank provided the five-year, floating-rate loan. Units at The Jax feature a mix of one-, two- and three-bedroom floor plans ranging from 692 to 1,545 square feet. Community amenities include a swimming pool, courtyards with barbecue grills, children’s play area, 24-hour fitness center, clubhouse and a business center. CLEAR Property Management, an affiliate of Casoro, manages The Jax. The seller was not disclosed.

January 13, 2020

Acquisitions District of Columbia Multifamily Southeast

Nuveen Sells Woodley Apartments in Northwest D.C. for $180.3M

by Alex Tostado January 13, 2020

WASHINGTON, D.C. — Nuveen, the asset management unit of TIAA, has sold The Woodley, a 212-unit apartment community in Northwest Washington, D.C., for $180.3 million, according to The Washington Business Journal and land records from the D.C. Recorder of Deeds. Boston-based GID Real Estate Investments purchased the property located at 2700 Woodley Road NW for nearly $15 million less than what TIAA-CREF paid for The Woodley in 2014. The apartment complex features studio through three-bedroom units. Community amenities include a courtyard with reflecting pool, rooftop lounge and clubroom with kitchen, infinity pool, library and a fitness center. The Woodley is located adjacent to the Woodley Park Washington Metro station.

January 13, 2020

Development Georgia Loans Multifamily Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

Acquisitions Seniors Housing Texas

Ensign Group Buys 217-Unit Seniors Housing Community in San Antonio

by John Nelson January 13, 2020

SAN ANTONIO — The Ensign Group Inc. has purchased the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus located at 5000 Fawn Meadow in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and sales price were not disclosed. The acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.

January 13, 2020

Development Multifamily Student Housing Washington Western

Peak Campus, Blue Vista Buy Student Housing Development Site Near the University of Washington

by Amy Works January 13, 2020

SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.

January 13, 2020

Acquisitions California Multifamily Western

Sares Regis Group Divests of 83-Unit Aperture Apartments in San Bruno, California

by Amy Works January 13, 2020

SAN BRUNO, CALIF. — Sares Regis Group of Northern California (SRGNC) has completed the sale of Aperture, a multifamily property in downtown San Bruno, for an undisclosed price. The name of the buyer was not released. SRGNC developed the 83-unit property, which opened last year, in partnership with The Resmark Cos. Located at 400 San Mateo Ave., Aperture features a fitness studio, clubroom, outdoor barbecues and gathering areas, keyless entry, a bike room and electric vehicle charging stations. The property was the first residential project to delivered after San Bruno adopted the San Bruno Transit Corridors Specific Plan in 2013 to revitalize the area near the city’s Caltrain station. The development team includes KTGY as architect, RJA as civil engineer, Nishkian Menniger as structural engineer and Johnston Moyer as general contractor. The Jones-Saglimbeni Group of Institutional Property Advisors handled the transaction.

January 13, 2020

Development Michigan Midwest Multifamily

City Club Apartments Begins Redevelopment of 18-Story Multifamily Building in Detroit

by Kristin Harlow January 13, 2020

DETROIT — City Club Apartments has broken ground on the redevelopment of the formerly named Elmwood Park Plaza, an 18-story apartment building in Detroit built in the early 1970s. Located at 750 Chene St. in the newly renamed Rivertown District, the redevelopment will comprise 202 apartment and penthouse units, 20 percent of which will be affordable for existing residents. The project will feature green space, a new HVAC system and new efficiency windows. Amenities will include a lobby lounge, clubroom, fitness center, outdoor park, beach volleyball court, dog park and an 18th-floor sky lounge. The property will be named City Club Apartments Lafayette Park. Existing residents can stay in place during the redevelopment. New residents are expected to begin moving into the redeveloped units in March. City Club Apartments is an owner, developer and manager of apartments with approximately 10,000 units within 30 communities.

January 13, 2020

Kansas Loans Midwest Multifamily Student Housing

Prescient Capital Provides $6.8M Refinancing for Student Housing Property in Kansas

by Kristin Harlow January 13, 2020

EMPORIA, KAN. — Prescient Capital has provided a $6.8 million loan for the refinancing of The Villas at Emporia, a 192-bed student housing property in eastern central Kansas. The four-story complex is located at 1839 Merchant St. The loan term is 12 months with two six-month extension options. Loan proceeds will be utilized to pay off maturing debt. The borrower was undisclosed. Emporia is home to Emporia State University.

January 13, 2020

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Population Gains, Transforming CBDs Drive Triangle’s Multifamily Market Forward

by Alex Tostado January 13, 2020

Today, the Triangle market is booming. The once sleepy Raleigh and Durham central business districts have been transformed with development pipelines exceeding $2.5 billion. Since 2009, Kane Realty’s North Hills, which has become our standard bearer for suburban mixed-use planning, has delivered an additional 1,100 multifamily units, 120,000 square feet of retail, 501 hotel keys and 1.1 million square feet of office space that is achieving top rental rates for the market. And there are more uses coming. There are 10 exciting mixed-use projects under construction as the Triangle continues to take amenities to the next level and increase its competitiveness. Multiple demand drivers The Triangle still feels like it’s in earlier innings with durable growth potential as evidenced by: • Explosive In-migration: 52 percent population growth since 2001, or 3.7 times the national average. • Balanced, Recession Resistant Factors: The market is a top 10 life sciences clusters and includes the largest research park in the United States with Research Triangle Park (RTP). Raleigh-Durham also has well-regarded university and hospital systems and state capital. • Highly Educated Workforce: There are more than 80,000 students enrolled at University of North Carolina at Chapel Hill, Duke University and North Carolina State …

January 13, 2020

Affordable Housing Content Partner Development Features Georgia Mixed-Use Multifamily Southeast Southeast Feature Archive Walker & Dunlop

Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement

by Jaime Lackey January 12, 2020

When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …

January 12, 2020

Newer Posts

Older Posts