Multifamily

Leon Capital Begins Leasing 415-Unit Apartment Community in Richardson

by Taylor Williams September 17, 2019

RICHARDSON, TEXAS — Locally based developer Leon Capital Group has begun leasing Society 190, a 415-unit multifamily community located off President George Bush Turnpike in Richardson, a northeastern suburb of Dallas. The property, construction of which is nearing completion, will feature one-, two- and three-bedroom units ranging in size from 680 to 1,450 square feet. Rents start at $1,275 per month. Amenities include a pool, fitness center, game room, outdoor kitchen and coworking office space.

September 17, 2019

Development Multifamily Texas

Presidium Breaks Ground on 408-Unit Multifamily Project in Fort Worth

by Taylor Williams September 17, 2019

FORT WORTH, TEXAS — Multifamily developer Presidium has broken ground on Presidium at Revelstoke, a 408-unit project located within Alliance Town Center in north Fort Worth. The property will be situated on 17.2 acres and will offer amenities such as a pool, outdoor grilling and gaming area, fitness center, dog park, playground and electric car charging stations. O’Brien Architects is designing the project, and Kimley-Horn is the civil engineer. Provident General Contractors is handling construction, which is expected to be complete in the second half of 2020.

September 17, 2019

Development Florida Multifamily Southeast Student Housing

Public-Private Partnership Delivers $105M Mixed-Use Student Housing Tower on UCF’s Campus in Downtown Orlando

by Alex Tostado September 17, 2019

ORLANDO, FLA. — Development Ventures Group (DEVEN) and Ustler Development Inc., in a public-private partnership with the City of Orlando, have delivered UnionWest at Creative Village on the University of Central Florida’s campus. UnionWest is a 15-story building with 644 student housing beds, 100,000 square feet of academic space, 11,000 square feet of ground-level retail space and a 600-space parking garage. Construction on the $105 million development began in October 2017. The building is located at the corner of West Livingston Street and North Terry Avenue in downtown Orlando, which grants access to both University of Central Florida and Valencia College students. Five of the six ground-floor retail locations in UnionWest are leased. Tenants include Vera Asian, Addition Financial, Subway, Dunkin’ and Qdoba Mexican Grill. The student housing portion opened in time for the fall 2019 semester at 97 percent occupancy.

September 17, 2019

Acquisitions Florida Multifamily Southeast

Westside Acquires Multifamily Community in Tampa for $29.5M

by Alex Tostado September 17, 2019

TAMPA, FLA. — Westside Capital Group has acquired Watermans Crossing Apartments, a 337-unit multifamily community in Tampa’s Wellswood neighborhood, for $29.5 million. The property, which Westside Capital will rebrand as Westshore Crossing, comprises 20 buildings and offers studio through three-bedroom floor plans averaging 895 square feet. Communal amenities include a clubhouse, 876 parking spots, fitness center and three swimming pools. Westside plans to invest $5 million in capital improvements, which will include updating common areas and perform targeted interior unit upgrades. Bridge Investment Group provided the buyer with a $26.3 million acquisition loan with a five-year term and a floating interest rate. Charles Foschini of Berkadia arranged the loan on behalf of the buyer. Luis Elorza and Brad Capas of Cushman & Wakefield represented the buyer in the sale. The seller was not disclosed.

September 17, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Purchases New Apartment Complex in Metro Atlanta

by Alex Tostado September 17, 2019

PEACHTREE CORNERS, GA. — Cortland has purchased Echo Lakeside, a 296-unit apartment complex in Peachtree Corners that was delivered in April. The buyer will rebrand the property as Cortland Peachtree Corners. The property is bordered by two lakes, which includes two docks for residents to fish from or launch kayaks. Additional communal amenities include a clubhouse, business center, fitness center, swimming pool, rideshare space and a dog park. The seller and sales price were not disclosed, though the Gwinnett Daily Post reported that Brand Properties was the developer.

September 17, 2019

Acquisitions Arizona Multifamily Western

ReNUE Properties Acquires 200-Unit Legacy Bungalows Multifamily Property in Phoenix for $26.1M

by Amy Works September 17, 2019

PHOENIX — ReNUE Properties has purchased Legacy Bungalows, a multifamily asset located in Phoenix. Legacy Partners sold the community for $26.1 million, or $130,500 per unit. Completed in 2002, Legacy Bungalows features 200 apartments in a mix of one-, two- and three-bedroom layouts with at least nine-foot ceilings and an average unit size of 852 square feet. The property is situated on 6.4 acres and less than two miles from Chase Field and Talking Stick Resort Arena. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 17, 2019

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $7M Freddie Mac Loan to Refinance Multifamily Property in Chicopee, Massachusetts

by Alex Patton September 17, 2019

CHICOPEE, MASS. — NorthMarq has arranged a $7 million Freddie Mac loan to refinance Montcalm Heights Apartments, a 192-unit multifamily property in Chicopee, located approximately 35 miles north of Hartford. The permanent fixed-rate loan was provided on a 10-year term with a 30-year amortization schedule. The property comprises two four-story buildings with studio, one- and two-bedroom apartments. Amenities include a pool, laundry facilities, picnic area and tenant storage units. Robert Ranieri of NorthMarq arranged the loan for a Freddie Mac borrower.

September 17, 2019

Development Midwest Missouri Multifamily

265-Unit Apartment Community Opens in St. Peters, Missouri

by Kristin Harlow September 17, 2019

ST. PETERS, MO. — A new apartment community known as 5300 Centre Apartments has opened in St. Peters, about 30 miles west of St. Louis. Developed by Propper Construction Services, the four-story property features 265 units across two buildings. The community includes two rooftop garden areas, one of which is designed for recreation areas while the other is designated for quiet areas with hammocks and outdoor yoga classes. Other amenities include a pool, rooftop lounge, fitness center, business center, covered parking, electric vehicle charging stations and bicycle storage. Renters will be able to choose from fully furnished or unfurnished units. Monthly rental rates range from $920 for studios to $2,585 for three-bedroom suites. 2B Residential is the management and leasing company. Zwick + Gandt Architecture served as architect while S.M. Wilson & Co. was the general contractor. A grand opening celebration will take place this Thursday, Sept. 19.

September 17, 2019

Development Hospitality Mixed-Use Multifamily Office Texas Top Stories

Prescott Group Breaks Ground on Multi-Tower Mixed-Use Campus in Turtle Creek Neighborhood of Dallas

by John Nelson September 17, 2019

DALLAS — Prescott Group has begun the demolition and early construction phase for 2727 Turtle Creek, a five-acre mixed-use campus in the Turtle Creek submarket of Dallas. The development will include an office tower, high-rise apartment tower and a hotel tower. Prescott Group imploded an existing, vacant nine-story office building and parking garage on the site early on Sunday, Sept. 15. The building was the former home of Republic Insurance, according to local media reports. Construction crews are clearing the site and beginning utility upgrades for the multi-tower development along Turtle Creek Boulevard. Prescott Group expects to finish the demolition and removal phase of construction by the end of the year and wrap up the utility and infrastructure upgrades in the first quarter of 2020. The office tower at 2727 Turtle Creek will rise 19 stories and span 285,000 square feet. Prescott Group plans for the building to feature a rooftop terrace, fitness center, conference and training center, bike storage and a full-service café. Prescott Group has tapped Jeff Eckert and Ahnie Sheehy of JLL to lease the office space. The hotel will rise 24 stories and offer 200 hotel rooms and an undetermined number of luxury condominiums. Amenities at …

September 17, 2019

Development Multifamily Southeast Tennessee

Beach Co. Breaks Ground on Apartment Complex in Downtown Nashville

by Alex Tostado September 16, 2019

NASHVILLE, TENN. — The Beach Co. has broken ground on Sixth South, an apartment complex in downtown Nashville that will feature 299 multifamily units and 5,400 square feet of retail space. Communal amenities will include a saltwater swimming pool, pool deck, outdoor kitchens, pet spa, club room and a fitness center. The Beach Co. expects to complete Sixth South in summer 2021. JC Darby and Jon Petty with Southeast Venture are the listing agents for the retail space.

September 16, 2019

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