Multifamily

Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

by Alex Tostado June 13, 2019

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.

June 13, 2019

Development Florida Multifamily Southeast Student Housing

Haven Campus Communities to Break Ground on 702-Bed Student Housing Community Near Florida State University

by Alex Tostado June 13, 2019

TALLAHASSEE, FLA. — Haven Campus Communities is set to break ground on Haven17, a 702-bed student housing community located near Florida State University in Tallahassee. The development, set to open in fall 2021, will be located within walking distance of the university’s main campus and athletic facilities. The property will offer fully furnished two- and four-bedroom units with bed-to-bath parity. Community amenities will include smart thermostats, smart ceiling fans and an Amazon Echo in each unit; a cyber lounge with charging stations; a coffee bar; fitness center; yoga studio; tanning room; sauna; gaming area; private study areas; a computer center; package lockers; a smart market; a swimming pool with a sundeck featuring built-in grilling stations, a putting green, hammock garden, cornhole and ping pong; and fire pits.

June 13, 2019

Acquisitions Florida Multifamily Southeast

Coastline Management Purchases Apartment Complex in Gainesville for $13.2M

by Alex Tostado June 13, 2019

GAINESVILLE, FLA. — Coastline Management Group Inc. has purchased Point West Apartments, a 146-unit multifamily community in Gainesville, for $13.2 million. Coastline plans to renovate the 45-year-old property, the details of which were not disclosed. The complex offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, picnic area and a laundromat with 24/7 gated access. Coastline acquired the asset from an undisclosed seller in an off-market transaction.

June 13, 2019

Acquisitions Multifamily Nevada Western

TruAmerica Multifamily Acquires 896-Unit Allanza at the Lakes in Las Vegas for $152M

by Amy Works June 13, 2019

LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings on a 40-acre site. Community amenities include five swimming pools, two fitness centers, a pet spa, picnic areas and a playground. Phillip Weigand and Thomas Olivetti of Northmarq’s Las Vegas office represented the undisclosed seller in the deal.

June 13, 2019

California Development Multifamily Student Housing Western

P3 Breaks Ground on 1,100-Bed Hornet Commons Student Housing at California State University, Sacramento

by Amy Works June 13, 2019

SACRAMENTO, CALIF. — A public-private partnership between University Enterprises Inc. — California State University, Sacramento’s (CSUS) commercial services auxiliary — and Greystar has broken ground on Hornet Commons, a 365,000-square-foot residence complex. The 1,100-bed development will feature six four-story buildings. Shared amenities will include a swimming pool, café, fitness center and a community room. Delivery is slated for fall 2021 The development team includes Sundt Construction Inc. and architectural firm Steinberg Hart.

June 13, 2019

Acquisitions Arizona Multifamily Western

Pillar Communities Sells 315-Unit Apartment Community in Arizona for $67.8M

by Amy Works June 13, 2019

GILBERT, ARIZ. — Pillar Communities & Private Portfolio Group has completed the disposition of Pillar at SanTan, a garden-style apartment complex located at 2910 S. Greenfield Road in Gilbert. Baron Properties acquired the asset for $67.8 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office represented the seller in the transaction. Constructed in 2009, Pillar at SanTan features 315 units in a mix of studio, one-, two- and three-bedroom floorplans with nine-foot ceilings, well-appointed kitchens and patios/balconies. Community amenities include a resort-style swimming pool, spa, poolside lounge, outdoor kitchen, fitness center, outdoor picnic areas, grills and a playground.

June 13, 2019

Acquisitions Multifamily Texas

Passco Acquires 380-Unit Apartment Community in San Antonio

by Taylor Williams June 13, 2019

SAN ANTONIO — Passco Cos., a California-based multifamily development and investment firm, has acquired Tribute at The Rim, a 380-unit multifamily community in San Antonio. Built in 2017, the property is located within The Rim, a mixed-use development that is located on the city’s northwest side, and offers proximity to the hubs of major employers like USAA and Valero Energy. Floor plans feature one-, two- and three-bedroom units with quartz countertops, modern cabinetry and glass backsplashes. Amenities include a pool with a nearby fire pit, fitness center with on-demand classes, a dog park and grooming station, sky lounge, conference room and a bike storage and repair room. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Kairoi Development, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing for the deal on behalf of Passco.

June 13, 2019

Development Multifamily Texas

MORGAN Begins Leasing 264-Unit Multifamily Property in Houston

by Taylor Williams June 13, 2019

HOUSTON — Locally based multifamily developer MORGAN has begun leasing Pearl Marketplace, a 264-unit multifamily property in Houston’s Midtown district that includes a 40,000-square-foot Whole Foods Market on the ground floor. The grocery space is currently under construction and expected to open during the first quarter of 2020. Pearl Marketplace offers studio, one- and two-bedroom units with hardwood flooring, custom cabinetry, quartz countertops and smart thermostats. Communal amenities include a dog park and wash station, as well as a resort-style pool with a sun deck, poolside cabanas, grilling stations and TVs. A fitness center that overlooks the pool area will offer a variety of circuit and cardio equipment.

June 13, 2019

Acquisitions Indiana Midwest Multifamily

Besyata, Scharf Acquire 328-Unit Apartment Property in Indianapolis

by Kristin Harlow June 13, 2019

INDIANAPOLIS — Besyata Investment Group and The Scharf Group have acquired Southport Crossing Apartments in Indianapolis for an undisclosed price. Built in 1971, the 328-unit apartment property is located on Southport Road near Greenwood Park Mall. Amenities include a clubhouse, pool and fitness center. The seller was not disclosed.

June 13, 2019

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $7M Sale of Multifamily Property in Rantoul, Illinois

by Kristin Harlow June 13, 2019

RANTOUL, ILL. — Berkadia has negotiated the $7 million sale of South Pointe Commons in Rantoul, about 19 miles northeast of Champaign. The 245-unit multifamily property was originally built in 1959 as military housing for Chanute Air Force Base, which closed in 1993. The property is situated on 150 acres and consists of 37 two-story buildings. Floor plans are comprised of three- and four-bedroom units ranging from 1,050 to 2,300 square feet. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the Urbana, Ill.-based seller. Philadelphia-based Odin Properties purchased the asset.

June 13, 2019

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