Multifamily

Suffolk University Buys 114-Room Ames Boston Hotel

by Alex Patton September 26, 2019

BOSTON — Suffolk University has purchased the 114-room Ames Boston Hotel, located in Financial District of the city, for $63 million. The historic property, located at 1 Court St., was originally built in 1893 and redeveloped in 2009. The university will rebrand the building as a student housing facility called the One Court Street Residence Hall, which will ultimately house approximately 280 students. The building will undergo minor renovations, which are slated for completion in fall 2020. Ted Wheatley and Robert Webster of JLL represented Suffolk University in the transaction. Denny Meikleham, Alan Suzuki and Matthew Enright of JLL represented the seller, Invesco Real Estate.

September 26, 2019

Acquisitions Multifamily Southeast Virginia

JLL Negotiates $141M Sale of Transit-Oriented Apartment Community in Northern Virginia

by Alex Tostado September 26, 2019

ASHBURN, VA. — JLL has negotiated the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment complex in Ashburn. The property is situated at 21827 High Rock Terrace, less than one mile from the Ashburn Metro Station and 30 miles west of downtown Washington, D.C. The community offers one-, two- and three-bedroom floor plans averaging 1,001 square feet. Forty of the units are designated affordable housing. Communal amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, playground, 24-hour fitness center, multi-station business center, indoor lounge with fireplace, demonstration kitchen and a dining area. Walter Coker and Brian Crivella of JLL represented the seller, Northwestern Mutual, in the transaction. The buyer was Fairfield Residential.

September 26, 2019

Development Georgia Multifamily Seniors Housing Southeast

Village Park Breaks Ground on 204-Unit Seniors Housing Community in Atlanta’s Buckhead District

by Alex Tostado September 26, 2019

ATLANTA — Village Park has broken ground on Corso Atlanta, a senior living community in Atlanta’s Buckhead neighborhood. Situated on a nine-acre site, the first phase of development will feature 82 independent living units, 21 independent living homes, 75 assisted units and 26 memory care units. Village Park, the developer and future operator of the facility, plans to partner with local farmers, florists, manicurists and chefs to operate the onsite amenities. The property is located across the street from Northside Medical Center. The development is scheduled for completion in late 2020 or early 2021. The architect is THW Architects, and the general contractor is Gilbane Building Co.

September 26, 2019

Acquisitions Maryland Multifamily Southeast

Donaldson Group, Declaration Partners Acquire Multifamily Community in Suburban Maryland for $53M

by Alex Tostado September 26, 2019

SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that includes unit upgrades, common area enhancements, exterior improvements and mechanical system modernization. Maxi Leachman of CBRE originated an acquisition loan through Freddie Mac on behalf of the partnership. The seller was not disclosed.

September 26, 2019

Development Multifamily Texas

Oden Hughes Breaks Ground on 287-Unit Multifamily Community in Dallas

by Taylor Williams September 26, 2019

DALLAS — Austin-based developer Oden Hughes has broken ground on Phase I of Lenox Maplewood, a project that will add 275 apartments and 12 townhomes to the Dallas Medical District. Floor plans will include one- and two-bedroom apartments and three-bedroom townhomes. The first units are scheduled to open in late 2020. Oden Hughes has the ability to build at least one more phase, but the timing of any additional phases has not been determined. Zoning on the property allows the developer to build a total of up to 800 units on the site. BGO Architects is handling design of the project.

September 26, 2019

Development Multifamily Student Housing Texas

Parallel Co. Begins Construction on 18-Story Student Housing Tower Near UT Austin

by Taylor Williams September 26, 2019

AUSTIN, TEXAS — The Parallel Co. has begun construction on an 18-story, 558-bed student housing community located near the University of Texas at Austin. The property will offer 153 fully furnished units. Shared amenities will include a coffee bar, rooftop sky lounge, study lounges with conference rooms, fitness center, package room with lockers and a rooftop pool area with outdoor TVs, grills, hot tub and a fire pit. A timeline for delivery was not announced. Parallel recently opened the 502-bed MUZE community, which is located nearby and also serves students attending the University of Texas at Austin.

September 26, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 72-Unit Apartment Complex Near Houston

by Taylor Williams September 26, 2019

LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of Pearl at Oyster Creek, a 72-unit apartment complex in Lake Jackson, located south of Houston. Jeffrey Fript and Chris Mazzini of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies that requested anonymity, in the transaction. The buyer plans to upgrade the property’s exterior and unit interiors.

September 26, 2019

Acquisitions Multifamily Washington Western

Bell Partners Enters Metro Seattle Market with $96M Purchase of 3040 Apartments

by Amy Works September 26, 2019

REDMOND, WASH. — Bell Partners, on behalf of its Fund VI investors, has entered the metro Seattle market with the acquisition of 3040 Apartments, a multifamily property in Redmond. An undisclosed seller sold the asset for $96 million. The buyer plans to rename the property Bell Overlake. Developed this year, the asset feature 243 apartments. Units features quartz countertops, plank flooring, large closets and in-unit washers/dryers. Select units have lofts, patios or balconies and views of the surrounding mountains. Community amenities include a rooftop deck, fitness center with separate yoga studio, pet spa, courtyard with barbecue area and fire pits, and garage parking with electric charging stations. The community is located within walking distance of Microsoft’s global headquarters campus and convenient access to the Seattle Transit Link light rail expansion.

September 26, 2019

Acquisitions California Multifamily Western

Decron Properties Acquires 250-Unit Alura Apartments in Los Angeles for $79M

by Amy Works September 26, 2019

LOS ANGELES — Decron Properties has purchased Alura, a multifamily property located in the Los Angeles neighborhood of Woodland Hills, for $79 million. Situated in the Warner Center district, Alura features 250 apartments in a mix of studio, one-, two- and three-bedroom layouts. Los Angeles-based Decron plans to implement a capital improvements plan to modernize the property, which was built in 1977. Renovations will include upgrades to interior units and exterior common areas. Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

September 26, 2019

Illinois Loans Midwest Multifamily

American Street Capital Arranges $9.6M Refinancing for Multifamily Portfolio in Oak Forest, Illinois

by Kristin Harlow September 26, 2019

OAK FOREST, ILL. — American Street Capital (ASC) has arranged $9.6 million in permanent debt for the refinancing of a 149-unit multifamily portfolio in Oak Forest, a suburb of Chicago. The portfolio comprises three separate properties, each with one-, two- and three-bedroom units. Igor Zhizhin of ASC arranged three nonrecourse loans with a correspondent agency lender. The borrower was not disclosed.

September 26, 2019

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