GALVESTON, TEXAS — Houston-based River Oaks Equity Partners has brokered the sale of Oasis Apartments, a 30-unit, Class C property in Galveston. Clint Roberts of River Oaks represented the seller and the buyer, both of which requested anonymity, in the transaction.
CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.
FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.
Columbus, Ohio’s exploding population growth and strong economy are reflected in a red-hot housing market. Each weekend, open house signs dominate intersection corners. It is hard to miss big splashy billboards announcing new market-rate apartment complexes along our major I-70 and I-71 corridors. Last spring, Realtor.com named Columbus as the fourth-hottest housing market in the country. The bad news is our housing supply is not keeping up with demand. In fact, the Building Industry Association of Central Ohio notes that by 2050, when we’ll have a predicted 500,000 new jobs and 1 million new residents, a general housing shortfall of 43 percent will occur if we continue on our current building rate of 8,000 new units per year. We need 14,000 units for all incomes per year to keep up. Affordable housing gap An affordable housing crisis runs even deeper. Columbus’ booming housing market widens the gap for residents seeking affordable, safe and decent homes. Low- and moderate-income working families desperately need greater access to affordable housing near our city’s job centers. Service jobs abound in and around the city core, but most of our urban neighborhoods are quickly gentrifying, and rents have spiked due to their appeal to higher …
MIAMI — A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and just under 8,000 square feet of retail space. Located at 8400 S. Dixie Highway, the building is adjacent to Dadeland North Metrorail Station and the Dadeland Station retail center. Amenities at Motion Dadeland include a fitness center, swimming pool with poolside cabanas, media room and coworking space. The design team included general contractor Civic Construction and designer Corwil Architects. TD Bank and Santander Bank provided construction financing.
JERSEY CITY, N.J. — Marcus & Millichap has negotiated the $4.1 million sale of a 22-unit apartment building in Jersey City. Located at 86-88 Charles St., the property is less than onemile from the 9th Street light rail station. Fahri Ozturk and RichardGattoof Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
DENVER — CBRE has negotiated the sale of The Grammercy Apartment Homes, a multifamily property located at 9600 E. Girard Ave. in southeast Denver. Carmel, Ind.-based BH Acquisitions acquired the asset from San Francisco-based FPA The Glen, an affiliate of FPA Multifamily, for $25.8 million. David Potarf, Dan Woodward, Matthew Barnett and Jake Young of CBRE represented the seller. Built in 1974, The Grammercy features 156 studio, one- and two-bedroom units across 13 buildings on 5.3 acres. The community offers an outdoor pool and deck, laundry facilities, reserved parking and a parcel packaging system. Approximately two-thirds of the apartments were recently upgraded with new appliances, flooring, fixtures, hardware, interior paint and resurfaced countertops.
LOS ANGELES — FourPoint Investment Sales Partners has arranged the sale of Chateau Sera and Tropicana, two student housing communities totaling 60 beds near the University of Southern California in Los Angeles. Both buildings were recently renovated and feature exterior and interior upgrades throughout. Chris Epp, Chris Bancroft, Craig Miller and Meredith Wolff of FourPoint arranged the transaction on behalf of the seller, NB Private Capital. A California-based regional operator acquired the portfolio. Terms of the sale were undisclosed.
PHOENIX — Newmark Knight Frank Multifamily has arranged the sale of Cabana at the Pointe, a garden-style community located at 1829 E. Morten Ave. in central Phoenix. Colorado-based JM Logan LLC acquired the property from Arizona-based Cornerstone – Deco Cabana Pointe LLC for $22.2 million. Brad Goff, Brett Polachek and Chris Canter of Newmark Knight Frank Multifamily represented the buyer in the deal. Constructed in 1980 and last renovated in 2013, the property features 180 apartments in a mix of studio, one- and two-bedroom layouts with patios/balconies, ceiling fans, walk-in closets and newer appliances. Community amenities include a resort-style pool, outdoor fire pit, fitness center, bike storage area, two laundry facilities and a dog park.
HOUSTON — Hines has broken ground on The Preston, a 46-story residential project located at the corner of Preston and Milam streets in downtown Houston. The tower will offer 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. The Preston will also be located within walking distance of about 50 bars and restaurants. Amenities will include a pool, cabanas, yoga lawn, fitness center, coworking office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. JLL arranged construction financing and equity for the project, completion of which is scheduled for the third quarter of 2022.