Multifamily

Bedrock, Woodborn to Develop Mixed-Income Residential Development at Frederick Douglass Site in Detroit

by Kristin Harlow August 1, 2018

DETROIT — The Detroit City Council has approved a development agreement for Bedrock and Woodborn Partners to develop a mixed-income residential development on the former Frederick Douglass public housing site. The 22-acre property has been vacant since public housing structures were demolished in 2014. Bedrock has selected architectural firm Rossetti to create the master plan for the $300 million project. The proposed neighborhood will consist of 913 housing units for rent and for sale, spread across six residential styles including townhomes, carriage homes, duplettes, flats, walk-ups and apartments. Other plans call for more than three acres of open parks and courtyard space, 19,000 square feet of retail space, more than 1,100 parking spaces, an early childhood education center and a 80-room hotel. Affordable housing developer Jonathan Rose Cos. will advise on the development of the affordable housing component of the project. Approximately 25 percent of the rental units will be designated as affordable. Proceeds from the $23 million sale of the site will enable the Detroit Housing Commission to invest in preservation and renovation of other affordable housing units throughout the city. Over the next several years, Bedrock plans to develop up to 3,500 residential rental units in Detroit. The developer’s …

August 1, 2018

Acquisitions Multifamily Texas

Waterton Acquires 432-Unit Apartment Community in Metro Houston

by Taylor Williams August 1, 2018

THE WOODLANDS, TEXAS — Chicago-based Waterton has acquired Plantation at The Woodlands, a 432-unit apartment community in The Woodlands, located about 30 miles north of Houston. The property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, a business center, game room, a playground and package delivery service. The property was acquired from a partnership controlled by CBRE Global Investors as part of a multifamily portfolio sale totaling 3,685 units.

August 1, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 240-Unit Apartment Property in Fort Worth

by Taylor Williams August 1, 2018

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Tuscany Apartments, a 240-unit multifamily property in Fort Worth. Built in 1980, the pet-friendly property features one- and two-bedroom units and amenities such as a pool, clubhouse and on-site laundry facilities. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva also procured the buyer, a Dallas-based investment firm.

August 1, 2018

Acquisitions California Mixed-Use Multifamily Office Retail Western

Asana Partners Purchases Mixed-Use Portfolio in Los Angeles for $23.2M

by Amy Works August 1, 2018

LOS ANGELES — Charlotte, N.C.-based Asana Partners has purchased The Fig Collection @ Highland Park, a three-property mixed-use portfolio in Los Angeles’ Highland Park submarket. Engine Real Estate, a Los Angeles-based private investor, sold the asset for $23.2 million. The portfolio includes: A two-building multifamily and retail property located at 5900 N. Figueroa St. and 111 S. Avenue 59. The property at 5900 N. Figueroa St. includes 12 studio and one-bedroom apartment units and 11,305 square feet of ground-floor retail space, which is 86 percent leased. Mr. Holmes Bakehouse occupies the 4,167-square-foot building located at 111 S. Avenue 59. A single-story, 2,250-square-foot building located at 5711 N. Figueroa St. The property is fully occupied by Sonomama, a high-end gift and apothecary shop; and Afters Ice Cream, an ice cream shop with outposts across Southern California. A two-story, 22,500-square-foot property, located at 5715-5717 N. Figueroa St. Recently renovated, the property features retail and commercial office space, which is fully occupied. Tenants include LemonTree, an audio production facility and recording studio; Blind Barber, a barber shop with a speakeasy bar; Chops Market, a deli; Otono Restaurant; Pacific Union, a luxury residential real estate brokerage firm; and Arrive Enterprises. Dana Brody of JLL …

August 1, 2018

Acquisitions California Multifamily Western

Bascom Group Buys 78-Unit Apartment Community in Southeast Los Angeles for $12.5M

by Amy Works August 1, 2018

LOS ANGELES — The Bascom Group has acquired Island Apartments, a multifamily property located at 8222 Rosemead Blvd. in Southeast Los Angeles. An undisclosed seller sold the asset for $12.5 million, or about $160,000 per unit. Constructed in 1957, the property features 78 apartment units. The buyer plans to renovate the complex to modernize the look and feel of the unit interiors. Mike Krantz of Brentwood Realty Partners brokered the transaction. Erich Pryor of Talonvest arranged $9.6 million in debt financing through California Bank & Trust for the buyer.

August 1, 2018

Acquisitions Maryland Multifamily Southeast

Broadtree Residential Acquires Three Apartment Communities in Baltimore, Pennsylvania for $137.5M

by Camren Skelton August 1, 2018

BALTIMORE AND CAMP HILL, PENN. — Broadtree Residential Inc. has acquired three multifamily communities located in Baltimore and Pennsylvania for $137.5 million. The multifamily REIT acquired the assets from affiliates of Chesapeake Realty Partners (CRP) as part of its inaugural Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction. In an UPREIT transaction, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of operating partnership units. As a result of the transaction, the sellers contributed more than $25 million of equity into the operating partnership of Broadtree. In Baltimore, the sold portfolio included 1901 South Charles and 2 East Wells. Developed in 2012 by CRP, 1901 South Charles includes 193 units and features a mix of studio to two-bedroom floor plans. Constructed in 2015, 2 East Wells includes 152 units with a mix of studio, one- and two-bedroom layouts. In Camp Hill, roughly four miles southwest of Harrisburg, Broadtree acquired The Overlook. The 288-unit community was constructed in 2014 and includes a mix of one- and two-bedroom units. Community amenities across the portfolio include fitness centers, yoga studios, swimming pools, grilling stations and resident clubhouses.

August 1, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sales of Three Multifamily Assets in Metro Atlanta Totaling $70.5M

by Camren Skelton August 1, 2018

ATLANTA — Cushman & Wakefield has brokered the sales of three multifamily communities in metro Atlanta for a combined $70.5 million. In Cumming, roughly 40 miles northeast of Atlanta, AMF Fountains of Kelly Mill LLC sold the 46-unit Fountains at Kelly Mill for $10.7 million. Constructed in 2017, the property features townhome-style units with 1,620-square-foot floor plans. ALA Sugar Hill LLC sold Sugar Hill Overlook, located 38 miles northeast of Atlanta in Sugar Hill, for $25.8 million. The 131-unit community was completed in 2018 and features townhome-style units with an average size of 1,500 square feet. Nathan Swenson of Cushman & Wakefield arranged the transactions on behalf of the sellers, and Audubon Communities acquired both assets. In Lithia Springs, Cushman & Wakefield arranged the $34 million sale of Sweetwater Creek, a 240-unit community located roughly 18 miles west of Atlanta. Josh Goldfarb, Mike Kemether and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, a joint venture between M. Banks Realty Partners and Sage Equities. InterCapital Partners acquired the property. Constructed in 2002, Sweetwater Creek features a car care center, clubhouse, fitness center, laundry facility, business center, swimming pool, lighted tennis court and a walking/jogging trail.

August 1, 2018

Acquisitions Multifamily Texas

Waterton Acquires Four Multifamily Assets Totaling 1,634 Units in Dallas Area

by Taylor Williams July 31, 2018

DALLAS AND PLANO, TEXAS — Chicago-based Waterton has acquired four multifamily assets totaling 1,634 units in Dallas and Plano. The properties include the 535-unit Gramercy on the Park in Dallas; the 417-unit Mockingbird Flats in Dallas; the 380-unit Creekside at Legacy in Plano; and the 302-unit Lakeshore at Preston in Plano. The properties, which were built between 1992 and 2012, were acquired in a portfolio sale from a partnership controlled by CBRE Global Investors for undisclosed prices. The portfolio also included multifamily assets in North Carolina, Arizona and Virginia.

July 31, 2018

Acquisitions Multifamily Texas

L5 Investments, BH Equities Sell 364-Unit Apartment Community in Houston

by Taylor Williams July 31, 2018

HOUSTON — A partnership between California-based L5 Investments and Iowa-based BH Equities has sold Huntington Glen, a 364-unit multifamily community in southwest Houston. Built in 1982, Huntington Glen offers amenities such as two pools, a business center and a playground. The partnership acquired the asset in 2015 and implemented a capital improvement program. The buyer was Austin-based GVA Real Estate Group. Joey Rippel, Chris Young and Connor Phillips of HFF represented the partnership in the sale.

July 31, 2018

Acquisitions Multifamily Texas

WWC Purchases 161-Unit Apartment Property in Metro Houston for $14.9M

by Taylor Williams July 31, 2018

SPRING, TEXAS — Western Wealth Capital (WWC) has purchased Wimbledon Apartment Homes, a 161-unit multifamily property in the northern Houston suburb of Spring, for $14.9 million. The property was built in 1979 and features one-, two- and three-bedroom units. Amenities include a pet park, business center and a coffee bar. This transaction marks WWC’s first acquisition of a multifamily property in Houston and its fourth overall in Texas.

July 31, 2018

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