Multifamily

BCDC, Ventures Development Break Ground on 185-Unit Multifamily Community in Jacksonville

by Alex Tostado March 23, 2020

JACKSONVILLE, FLA. — Batson-Cook Development Co. (BCDC) and Ventures Development Group have broken ground on a 185-unit multifamily community in Jacksonville’s St. Johns River neighborhood. The property is situated at 841 Prudential Drive, along the bank of the St. Johns River and next to Jacksonville’s medical campus. Communal amenities at the yet-to-be-named complex will include a clubroom, community kitchen, green space, playground, dog park and a pool and deck on the third floor overlooking the river. The developers expect to open the community in early 2022. Niles Bolton is the architect, and Summit Contracting Group is the general contractor. Erik Bjornson and Tyler Nilsson of Newmark Knight Frank (NKF) arranged the land sale of the 2.9-acre plot. Cadence Bank provided a senior construction loan, and Nationwide Realty Investors provided preferred equity. Patterson Real Estate Advisory Group assisted BCDC and Ventures Development with sourcing the debt and equity.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Toms River, New Jersey

by Alex Patton March 23, 2020

TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.

March 23, 2020

Acquisitions Multifamily Oregon Western

Security Properties Acquires 205-Unit Multifamily Property in Oregon for $52M

by Amy Works March 23, 2020

BEND, ORE. — Security Properties, in partnership with a university endowment, has purchased Outlook at Pilot Butte, a Class A apartment community in Bend. An undisclosed seller sold the asset for $52 million. Located at 2001 NE Linnea Drive, Outlook at Pilot Butte features 205 apartments in a mix of one- and two-bedroom layouts with well-appointed kitchens, air conditioning, walk-in closets, in-unit full-size washers and dryers, and private patios or balconies. Community amenities include a clubhouse, resident lounge, fitness center, game room, bicycle storage facility, and outdoor fireplace and fire pit lounge. The buyer plans to implement light interior and exterior renovations, including cosmetic upgrades to unit interiors and enhancing the existing amenity spaces. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

March 23, 2020

California Development Multifamily Western

Trion Properties Completes 28-Unit Apartment Project in Culver City, California

by Amy Works March 23, 2020

CULVER CITY, CALIF. — Los Angeles-based Trion Properties has completed 5012 Apartments, a multifamily community with tech amenities located at 5012 Slauson Ave. in Culver City. As Trion’s first ground-up development, the 28-unit property represents the company’s expansion from value-add multifamily renovations to ground-up development. Additionally, the property is the first project that the firm has taken through the entire process, from unentitled to developed and stabilized. The three-story, pet-friendly community features 15 one-bedroom and 13 two-bedroom units. The property features a variety of interior and common-area tech amenities, including a high-level security system, Nest thermostats, Luxer One package locker service, a ButterflyMX smart video intercom system and Sonos smart speakers. Each unit features state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable television and modern finishes. Community amenities include a second-floor amenity deck, breakfast bar, courtyard equipped with furniture and planters, exterior hallways and covered assigned parking.

March 23, 2020

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $7M Sale of Rosalie at Belmar Apartment Community in Lakewood, Colorado

by Amy Works March 23, 2020

LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of Rosalie at Belmar, a 40-unit multifamily property located in Lakewood. An undisclosed buyer acquired the asset for $7 million. The name of the seller was not released. Built in 1962, Rosalie at Belmar features 21 one-bedroom, 16 two-bedroom and three three-bedroom units. Many of the apartments are newly updated with designer plank flooring, shaker cabinets, double-pane vinyl windows, solid-surface counters, black appliances, air conditioning and ceiling fans. Community amenities include a picnic area, basketball court, playground, off-street parking and on-site laundry. Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

March 23, 2020

Acquisitions Illinois Midwest Multifamily

First Western Properties Brokers Sale of 11-Unit Multifamily Building in Chicago

by Kristin Harlow March 23, 2020

CHICAGO — First Western Properties has brokered the sale of an 11-unit multifamily building located at 1712-1716 W. 87th St. in Chicago’s Beverly neighborhood. The sales price was undisclosed. The property includes 10 paved parking spaces. Paul Tsakiris and Melsi Bifsha of First Western brokered the transaction. Buyer and seller information was not disclosed.

March 23, 2020

Acquisitions Multifamily Southeast Tennessee

GBT Realty Sells Two Multifamily Communities in Nashville for $52.2M

by Alex Tostado March 20, 2020

NASHVILLE, TENN. — GBT Realty Corp. has sold Village 21 and Belcourt Park, two multifamily communities in Nashville, for a total of $52.2 million. Atlanta-based TriBridge Residential acquired both properties. The 101-unit Village 21 sold for $31.7 million. The property is situated at 1620 21st Ave. S., two miles southwest of downtown Nashville. The community offers studio, one- and two-bedroom floor plans and communal amenities including a pool, fitness center, business center, pet washing station, car charging stations and a clubhouse. Village 21 features ground-floor retail space that was not included in the sale. Brentwood, Tenn.-based GBT Realty also sold Belcourt Park, a 76-unit community, for $20.5 million. Belcourt Park is situated at 1710 Belcourt Ave., three blocks from Village 21. The community also offers studio to two-bedroom floor plans. Communal amenities include a clubhouse, fitness center and a lounge.

March 20, 2020

Development Maryland Southeast Student Housing Top Stories

Balfour Beatty Starts Construction of 557-Bed Student Housing, Innovation Center Development in Bowie, Maryland

by Alex Patton March 20, 2020

BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …

March 20, 2020

Development Multifamily Texas

Bolour Begins Work on 780-Unit Multifamily Redevelopment Project in Houston

by Taylor Williams March 20, 2020

HOUSTON — Bolour Associates, an investment and development firm based in Southern California, has begun work on the redevelopment of Bella Luna and San Lucas, two multifamily communities totaling 780 units in Houston. The properties are situated on a combined 20 acres and feature one-, two- and three-bedroom units, as well as townhomes. Amenities include pools, playgrounds and onsite laundry facilities. The redevelopment will deliver new kitchens and bathrooms, upgraded interiors and renovated landscaping, common areas and exteriors. Completion is slated for September.

March 20, 2020

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