Multifamily

CBRE Arranges $25.4M in Acquisition Financing for Parkside at Littleton Village Apartments in Colorado

by Amy Works August 9, 2024

LITTLETON, COLO. — CBRE has facilitated $25.4 million in acquisition financing for Brixton Capital for the purchase of Parkside at Littleton Village, an apartment community at 300 E. Freemont Place in the Denver suburb of Littleton. The buyer and seller were not disclosed. Built in 2022, the 114-unit community features one-, two- and three-bedroom floorplans, averaging 1,215 square feet. Each unit features high-end finishes including custom cabinets, private balconies or patios, stainless steel appliances, in-unit washers/dryers and wood-style flooring. Community amenities include an entertainment and game room, electric vehicle charging stations, a clubhouse, fitness center and pet park. Scott Peterson, Mark McGovern, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured the five-year, interest-only, nonrecourse loan with a national life insurance company.

August 9, 2024

Acquisitions Arizona Multifamily Western

Christiansen Ventures Acquires 229-Unit Alta North Central Multifamily Community in Phoenix

by Amy Works August 9, 2024

PHOENIX — Christiansen Ventures LLC has purchased Alta North Central, an apartment community located in North Central Phoenix. An institutional fund manager sold the asset for an undisclosed price. Built in 2020, Alta North Central features 229 apartments with quartz countertops, custom tile backsplashes, designer cabinetry and stainless steel appliances. Community amenities include a social lounge with a grand piano, epicurean demonstration kitchen, billiards table, multiple TV seating areas and a private resident bar. Additional on-site amenities include an athletic center with spin and yoga rooms and a swimming pool and spa area with fire features and in-water seating. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Troy Tegeler and CJ Connolly, along with the CBRE Debt & Structured Finance team, arranged financing for the buyer.

August 9, 2024

Acquisitions Multifamily Texas

Decron Properties Acquires 334-Unit Citizen House Pflugerville Apartments in Metro Austin

by Taylor Williams August 9, 2024

PFLUGERVILLE, TEXAS — Los Angeles-based investment firm Decron Properties has acquired Citizen House Pflugerville, a 334-unit apartment community located on the northern outskirts of Austin. The garden-style property houses one- and two-bedroom units that are furnished with quartz countertops, stainless steel appliances, wood-style flooring and walk-in closets. The amenity package comprises a pool with a spa and cabanas, clubhouse with a demonstration kitchen and coffee bar, a two-level fitness center with virtual training capabilities, an outdoor entertainment lounge, package lockers and a dog park. The seller and sales price were not disclosed.

August 9, 2024

Acquisitions Multifamily Texas

Equity Residential Buys 324-Unit Apartment Community in Grapevine, Texas

by Taylor Williams August 9, 2024

GRAPEVINE, TEXAS — Chicago-based investment firm Equity Residential has purchased Marlowe Grapevine, a 324-unit apartment community located in the northern-central part of the Dallas-Fort Worth metroplex. The property was built on 15 acres in 2023. According to Apartments.com, Marlowe Grapevine features one-, two- and three-bedroom units that range in size from 705 to 1,693 square feet. Amenities include a pool, fitness center, clubhouse, lounge, spa and a pet play/washing area. Equity Residential purchased the property from a partnership between Greystar and Carlyle Group for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

August 9, 2024

Acquisitions Multifamily Texas

KW Commercial Arranges Sale of 238-Unit Apartment Complex in Boerne, Texas

by Taylor Williams August 9, 2024

BOERNE, TEXAS — KW Commercial has arranged the sale of Legacy at Cibolo, a 238-unit apartment complex located in the northwestern San Antonio suburb of Boerne. Built in 2020, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed.

August 9, 2024

Acquisitions Illinois Midwest Multifamily

Bender Cos., Eastham Capital Acquire 85-Unit Arrive Town Center in Vernon Hills, Illinois

by Kristin Harlow August 9, 2024

VERNON HILLS, ILL. — Bender Cos. and Eastham Capital have acquired Arrive Town Center in the Chicago suburb of Vernon Hills. Built in 2010, the property features 85 luxury apartment units, amenities and 10,000 square feet of ground-floor retail space. Floor plans average 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and heated indoor parking garage. The property will undergo improvements and a rebranding, taking on the new name The Landing at Town Center. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer. The seller and sales price were undisclosed.

August 9, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $1.8M Sale of Multifamily Property in Chicago’s Grand Crossing

by Kristin Harlow August 9, 2024

CHICAGO — Kiser Group has arranged the sale of a multifamily property located at 7042 S. Michigan Ave. in Chicago’s Grand Crossing neighborhood for $1.8 million. All of the units have been renovated in the last 10 years, and the property was nearly fully occupied at the time of sale. Aaron Sklar and Noah Birk of Kiser represented the buyer and seller, both of which were long-term owners in the area. The sales price represented a cap rate of nearly 9 percent.

August 9, 2024

Acquisitions Connecticut Multifamily Northeast

Cushman & Wakefield Brokers Sale of 189-Unit Apartment Complex in Darien, Connecticut

by Taylor Williams August 9, 2024

DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit apartment complex in southern coastal Connecticut. Avalon Darien offers a mix of recently renovated one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge and playground. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller, AvalonBay Communities, in the transaction. The team also procured the undisclosed buyer. The sales price was also not disclosed.

August 9, 2024

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Negotiates $2.5M Sale of Manhattan Apartment Building

by Taylor Williams August 9, 2024

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $2.5 million sale of an eight-unit apartment building located at 313 W. 92nd St. on Manhattan’s Upper West Side. Five of the eight units were vacant at the time of sale. Ben Khakshoor of Rosewood represented the buyer, Put Duc Huang, in the transaction. Mike Kerwin, also with Rosewood, represented the seller, the Goldberg Family, which owned the building for 85 years.

August 9, 2024

Development North Carolina Southeast Student Housing

Core Spaces, TPG Break Ground on 2,195-Bed Student Housing Development Near North Carolina State University

by John Nelson August 8, 2024

RALEIGH, N.C. — Construction is underway on Hub Raleigh, a 2,195-bed student housing development located at 111 Cox Ave. near the North Carolina State University (NC State) campus in Raleigh. The nearly 1 million-square-foot project is being developed by a joint venture between Core Spaces and TPG Real Estate and is scheduled for completion ahead of the 2026-2027 academic year. The 12-story building will offer a mix of studio through four-bedroom, fully furnished units. The property will feature over 40,000 square feet of indoor and outdoor amenity space, including a resort-style swimming pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, clubhouse and coworking space. The community will also include a 558-stall parking garage. TSB Capital Advisors acted as financial advisor to Core Spaces and TPG Real Estate on the joint venture and construction financing, which was provided by Pacific Life Insurance Co. PC Treehouse Construction, a partnership between Power Construction and Core Spaces, is serving as general contractor for the project. The design team includes architect Antunovich Associates, interior designer Harken and Core Spaces’ in-house team.

August 8, 2024

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