Multifamily

CONTI Organization Acquires 350-Unit Apartment Complex in Plano

by Taylor Williams June 17, 2019

PLANO, TEXAS — CONTI Organization, a multifamily investment firm that specializes in value-add deals, has acquired Waterford on the Meadows, a 350-unit complex in Plano. Built on 22 acres in 1984, the garden-style property offers one- and two-bedroom units and amenities such as three pools, a volleyball court and onsite laundry facilities. The seller was California-based Steadfast Income REIT. CBRE brokered the transaction. With this acquisition, CONTI now owns 29 multifamily communities totaling 8,180 units in the metroplex and 40 properties in Texas.

June 17, 2019

Acquisitions Multifamily Texas

CBRE Brokers Sale of 176-Unit Apartment Community in Irving

by Taylor Williams June 17, 2019

IRVING, TEXAS — CBRE has brokered the sale of Hidden Village, a 176-unit apartment community in Irving. Chris Deuillet and Chandler Sims of CBRE represented the seller in the transaction. The buyer was EBEX Irving Apartments LLC, which acquired the asset for an undisclosed price. Hidden Village was 96 percent occupied at the time of sale. The gated community features a clubhouse, onsite laundry services, picnic areas and a playground.

June 17, 2019

Acquisitions Multifamily Washington Western

Joint Venture Buys 198-Unit Bryson Square Apartments Near Seattle for $43.2M

by Amy Works June 17, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Aegon Real Assets US has acquired Bryson Square Apartments, a multifamily property located at 24006 108th Place SE in Kent, for $43.2 million. Built in 1988, the property features 198 apartments and is situated approximately two miles from Kent Station, an open-air lifestyle destination that features a Sounder commuter train station, 14-screen AMC theater and more than 15 restaurants and 30 retailers and servicers. Seattle-based Thrive Communities will manage the property. Berkadia brokered the transaction, which is the first joint venture between the companies. Including Bryson Square, RISE owns approximately 2,700 units across 15 multifamily properties in the Pacific Northwest.

June 17, 2019

Lincoln-Springs-Apts-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $19.5M Sale of Lincoln Springs Apartments in Colorado Springs

by Amy Works June 17, 2019

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Lincoln Springs Apartments, a multifamily property located in Colorado Springs. Monarch REI LLC acquired the property for $19.5 million. Located at 1770 S. Chelton Road, the value-add property features 180 apartment units. Mike Krebsback of Pinnacle Real Estate Advisors represented the buyer in the deal. The name of the seller was not released.

June 17, 2019

Acquisitions California Multifamily Western

LandStone Cos. Sells 114-Unit Multifamily Asset in California for $22.5M

by Amy Works June 17, 2019

BAKERSFIELD, CALIF. — Bakersfield-based LandStone Cos. has completed the sale of Mira Sol Gardens, an apartment community located in Bakersfield. A Newport Beach, Calif.-based private investment group acquired the property for $22.5 million, or $197,500 per unit. Built in 2016, the property features 114 apartments in a mix of two- and three-bedroom floorplans with modernized interiors, attached two-car garages and water-saving, drought-resistant landscaping. The asset is situated on 11.4 acres on Gasol Court, Jerno Drive and Callado Lane in the Far Southwest submarket of Bakersfield. Mark Bonas of The Mogharebi Group and Michael Jordan of Kidder Mathews represented the seller in the transaction.

June 17, 2019

Loans Multifamily New Jersey Northeast

NorthMarq Capital Provides $44.4M in Loans to Refinance New Jersey Multifamily Portfolio

by Taylor Williams June 17, 2019

LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.

June 17, 2019

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Central Birmingham’s Multifamily Development Pipeline Set to Expand Significantly

by Alex Tostado June 17, 2019

Contrary to some Southeast markets’ recent shift in focus to the suburbs, construction in Central Birmingham continues to boom with activity. The Central Birmingham cluster — encompassing the CBD, Southside, Parkside District, University of Alabama Birmingham (UAB) and Lakeview neighborhoods — has established itself as a strong-performing submarket with 3,800 multifamily units total, according to CoStar. The growing number of desirable amenities such as parks, restaurants, museums and trails has helped foster rent growth and additional projects. Birmingham’s overall multifamily construction activity has been consistent with 12,000 units added from 2009 to 2018 (approximately 1,300 units per year). Within the Birmingham metro itself, multifamily construction is highly concentrated in Central Birmingham, which experienced a 225 percent hike in multifamily construction from a low in second-quarter 2017 to 850 units currently under construction and 1,400 units planned or proposed. Suburban supply has been tempered compared to similar metros given the lack of zoned land available. There are a number of planned suburban projects, including projects by Dobbins Group and Davis Development, but none under construction. Drivers of this trend Rents achieved in Central Birmingham enable multifamily development to ensue despite higher construction costs. The Pizitz and Thomas Jefferson Tower (TJ) are …

June 17, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges $63.4M Sale of Multifamily Community in Jacksonville

by Alex Tostado June 14, 2019

JACKSONVILLE, FLA. — CBRE has arranged the $63.4 million sale of Steele Creek Apartments, a 300-unit multifamily community situated in Jacksonville’s Butler Corridor submarket. RST Development acquired the property for $211,333 per unit, which marks the highest ever per-unit price for a suburban multifamily site in Northeast Florida, according to CBRE. Steele Creek offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool with a cabana, grill area, clubhouse, fitness center, car wash area and a pet washing station. Additionally, Steele Creek offers technological finishes such as car charging stations, smart thermostats in each unit, USB ports and a tech-centric business center. Joe Ayers, Cliff Taylor and Shelton Granade of CBRE represented the seller, AC Parker West, in the transaction.

June 14, 2019

Acquisitions Kentucky Multifamily Southeast

Inland Private Capital Sells Apartment Community in Louisville for $45.5M

by Alex Tostado June 14, 2019

LOUISVILLE, KY. — Inland Private Capital Corp. (IPC) has sold Hurstbourne Estates Apartments, a 270-unit complex in Louisville, for $45.5 million. IPC sold the property on behalf of its institutional investors through its subsidiary on behalf of Louisville Multifamily DST, the company’s 1031 tax exchange investment program. At the time of sale, Hurstbourne Estates was 95.2 percent occupied. Communal amenities include a fitness center, clubhouse, yoga room, game room, business center, swimming pool and a dog park. The buyer was not disclosed. The apartment community comprises 17 buildings and was built in 2013. IPC acquired the asset in 2014.

June 14, 2019

Acquisitions Multifamily North Carolina Southeast

Berkadia Negotiates $24.4M Sale of Apartment Complex in Burlington, North Carolina

by Alex Tostado June 14, 2019

BURLINGTON, N.C. — Berkadia has negotiated the $24.4 million sale of Hawthorne at Forestdale, a 234-unit apartment complex in Burlington. The community offers studio, one-, two- and three-bedroom floor plans. Communal amenities include a saltwater swimming pool, sundeck, playground, cyber café, community pond, 24-hour fitness center and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed, Alabama-based seller in the transaction. Berkadia provided the undisclosed Texas-based buyer with a Fannie Mae acquisition loan.

June 14, 2019

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