CARROLLTON, TEXAS — Phoenix GC Services LLC, a Dallas-based construction firm, has broken ground on Frankford Station Lofts, a 204-unit multifamily community located in the northern Dallas metro of Carrollton. The transit-oriented property will feature a fitness center, courtyard pool, dog park, pet washing station, valet trash service and parcel lockers. The project is expected to be complete by late 2019.
BEAVERTON, ORE. — Security Properties has purchased Arbor Creek, a garden-style apartment community located at 3280 SW 170th Ave. in the Portland suburb of Beaverton. Jackson Square Properties sold the property for $84.3 million. Charles Halladay, Scott Gilson and Charlie Watson of HFF arranged a seven-year, floating-rate loan through Freddie Mac’s CME Program for the buyer. Situated on 22 acres and originally completed in 1984, Arbor Creek features one- and two-bedroom units, averaging 768 square feet, 360 of which have been renovated since 2012. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center. Ira Virden and Carrie Kahn of HFF represented the seller in the transaction.
PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …
DURHAM, N.C. — TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has completed the sale of Southpoint Glen, a multifamily property located at 5800 Tattersall Drive in Durham. Washington, D.C.-based StoneBridge Investments acquired the property for $42.7 million. Located within minutes of Research Triangle Park (RTP), the garden-style apartment community features 346 units, a swimming pool and a fitness center. The buyer plans to renovate portions of the property, including adding upgraded cabinets, faux granite countertops, tile backsplashes, two-inch blinds and plank flooring with soundproofing to individual apartments. StoneBridge also plans to expand the swimming pool and fitness center, add an outdoor fitness area and repurpose the existing sand volleyball court. Elliott Throne and Roger Edwards of HFF secured a seven-year fixed-rate acquisition loan through Freddie Mac’s CME Program for Stonebridge.
DECATUR, GA. — FCP, along with partner Croatan Investments, has completed the sale of The Clarion, a 217-unit apartment community in Decatur, about six miles northeast of Atlanta. Gamma Real Estate acquired the property for an undisclosed price. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the sellers, which recently completed renovations to individual units along and improvements to the building exteriors, common areas and community amenities. Built in 1990, The Clarion is situated near Emory University, the Centers for Disease Control and Prevention (CDC) and DeKalb Medical Center. Rents range from $1,115 to $2,165, according to Apartments.com. Community amenities include on-site laundry facilities, a clubhouse, tennis court, fitness center and a swimming pool with a sundeck.
In the world of multifamily development, it’s rare to find a market that quite literally checks every box. But in Dallas-Fort Worth’s (DFW) Far Northeast submarket, which encompasses Plano, Frisco, Allen and McKinney, that’s precisely the case. In terms of fundamental demand drivers, Collin County is growing by about 80 new residents per day, one of the fastest rates in the country. The county’s population is expected to increase by nearly 800,000 over the next two decades, and to add more than 300,000 new jobs during that stretch as well. The region also epitomizes the corporate relocations for which DFW has become renowned. The arrivals of Toyota North America, JPMorgan Chase, Liberty Mutual and FedEx have already brought thousands of high-paying jobs to the Far Northeast submarket. Just as important, these companies have established precedents for medium-sized companies to follow suit and keep the job growth train rolling. The impacts of those demand drivers on multifamily growth in the region has been tremendous. But there’s more to the story of this area’s multifamily explosion than the increase in jobs and population. Lesser-Known Factors While corporate relocations have brought swaths of millennials to the area — in Frisco, that group comprises …
NEW YORK CITY — Square Mile Capital has provided a $138.5 million preferred equity investment in the recapitalization of ALTA, a 43-story apartment tower in Long Island City. The property is located at 29-26 Northern Blvd. Simon Baron Development LLC broke ground on the 467-unit property in 2015 and completed the project earlier this year. Building amenities include a 10,000-square-foot fitness center, 50-foot indoor swimming pool, multiple roof decks, a state-of-the-art golf simulator and a dog spa. ALTA was developed by affiliates of Simon Baron Development LLC. Leasing of the property commenced in May.
NEW YORK CITY — Rosewood Realty Group has negotiated the $3.7 million sale of a four-story apartment building in the Flatbush neighborhood of Brooklyn. Located at 2522 Newkirk Ave., the 15,800-square-foot building was built in 1915 and consists of 16 residential units. Michael Guttman and Aaron Jungreis of Rosewood represented the seller, Aulder Capital, in the transaction. Roswood also represented the buyer, Sutton Equity Capital.
DESOTO, TEXAS — Madison Marquette, which recently merged with PMRG, has broken ground on DeSoto Transitional Rehabilitation Center, a 55,000-square-foot skilled nursing facility in DeSoto, a southern suburb of Dallas. HMG Healthcare will operate the 100-bed facility, which is being developed in partnership with Global Health LLC and an associated group of multidisciplinary physicians and operation specialists. Completion is slated for the fourth quarter of 2019.
NEWNAN, GA. — The Praedium Group has acquired Trees of Newnan, a multifamily property located in Newnan, for $79.5 million, or $159,000 per unit. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer plans to rebrand the 500-unit property as The Willows at Ashley Park. On-site amenities include a fitness facility, resort-style pool, bark park pet playground and walking/jogging paths with natural wooded areas.
