TUCSON, ARIZ. — Providence Property Group has purchased Tropicana Apartments, a multifamily complex in Tucson, from TropicanaApartments LLC for $1.7 million. Located at 3815-3816 E. 3rd St., the 8,650-square-foot asset offers 14 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
COLUMBUS, OHIO — ACRES Capital Corp. has provided a $72.5 million bridge loan for the refinancing of 4th & 5th Apartments, a 311-unit apartment complex in Columbus. The Class A property features a 557-space parking garage and two retail suites totaling 5,492 square feet. Amenities include a clubhouse, courtyard, fitness center, rooftop area and swimming pool. The community is located on the southern edge of the city’s Weinland Park neighborhood, which is directly east of the Short North Arts District. Loan terms and the borrower were not provided.
JACKSONVILLE, FLA. — Gateway Jax has unveiled plans to break ground on the second building at Pearl Square, a 1.5 million-square-foot mixed-used development underway in downtown Jacksonville. Following the groundbreaking of 515 Pearl in October 2024, 425 Beaver Street will feature 286 multifamily units, onsite parking and nearly 20,000 square feet of retail space. The 425 Beaver Street project team includes SK+I Architecture, Elks Manfredi Architects, Cecconi Simone (interior designer); SK&A Structural Engineers; Lighthouse; and England-Thims & Miller (civil engineer). Jacksonville-based Faver Gray will serve as the general contractor, while the new parks and public spaces will be designed by Hoerr Schaudt. Upon completion, Pearl Square will deliver more than 1,250 residential units; approximately 200,000 square feet of retail space; a 100-room boutique hotel; new public spaces, including widened and shaded sidewalks; public park spaces; and a signature curbless festival street with several outdoor dining options. Retail tenants at the development will include a full-service grocer and fitness club, as well as grab-and-go bodegas, restaurants and other daily service providers like salons and shops. The full build-out of Gateway Jax’s holdings will total an estimated $2 billion in capital investment over the next decade. 425 Beaver Street will break ground on …
DORAVILLE, GA. — A partnership between RangeWater Real Estate and North America Sekisui House (NASH) has opened Camino at BuHi, a 303-apartment community located at 3712 Stewart Road in Doraville, an eastern suburb of Atlanta. The new development is situated at the intersection of Buford Highway and Jess Norman Way. Camino at BuHi offers a mix of studio, one-, two- and three-bedroom apartments and townhomes ranging in size from 474 to 1,411 square feet. Monthly rental rates range from $1,387 to $3,254, according to Apartments.com. Amenities include a dog park and spa, resort-style pool courtyard, coworking offices with dedicated podcast recording space, an outdoor grilling station, fitness center, rooftop lounge and a private speakeasy.
FAYETTEVILLE, ARK. — Student Quarters has acquired Champions Club, a 232-bed student housing property located near the University of Arkansas campus in Fayetteville. Located at 1629 S. Razorback Road, the community offers fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a resort-style pool, 24-hour fitness center, gaming lounge, computer café, dog park and outdoor grilling stations. Student Quarters plans to invest in both operational and experiential upgrades to the community, including the implementation of resident-focused programming and branded touchpoints. The seller and terms of the transaction were not released.
DALLAS — What’s in a name? Plenty, according to the industry professionals that operate and market active adult communities. Jane Arthur Roslovic, co-founder and CEO of Treplus Communities, says that “if anybody called [her] a senior” she’d “smack them.” Roslovic’s quip came during a panel discussion — titled “Operating and Marketing: Best Practices in Lease-Up, Sales and Programming” — at the 5th annual InterFace Active Adult conference. The daylong event took place Wednesday, May 7, at The Westin Las Colinas in Dallas. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Roslovic and her fellow panelists argued that the same reluctance to be branded as a “senior” extends to prospective residents of active adult communities. The key to attracting and retaining residents, the panelists insisted, is to not only provide excellent product but also understand and cater to the public’s perception of age-restricted properties. Active adult communities are age-eligible, market-rate multifamily properties with enhanced lifestyle programming, according to the National Investment Center for Seniors Housing & Care (NIC). Unlike independent living communities, active adult properties do not …
RIVERDALE, GA. — Atlanta-based RADCO has acquired a 615-unit multifamily community located at 750 Chateau Lane in the Atlanta suburb of Riverdale. Formerly known as Legacy at Riverdale, Rhythm at Riverdale offers studio, one-, two- and three-bedroom apartments spread across 57 low-rise residential buildings. Amenities at the property include multiple swimming pools, tennis and pickleball courts, laundry facilities and grade-level parking. The property rebrand was overseen by Unmaker Studio, RADCO’s internal full-service branding agency. Rhythm at Riverdale is the first property in RADCO’s portfolio to employ the Rhythm name, which is the company’s new brand for value-add properties. RADCO plans to complete capital improvements at the property, including renovations to the apartment units, exterior upgrades, building and mechanical repairs and enhancements to the common areas. Matt White and Scott Bray of Berkadia represented the undisclosed seller in the transaction. The sales price was also not disclosed.
ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Kings Brook Arms Apartments, a value-add multifamily property located at 3445-3455 S. Marion St. in Englewood. The property traded for $5.1 million, or $150,000 per unit. The names of the buyer and seller were not released. Mark Knowlton, Jim Knowlton and Chris Knowlton of Pinnacle handled the transaction. Bank of Colorado provided financing for the acquisition.
WASHINGTON, D.C. — Between 2020 and July 1, 2024, Miami experienced a significant population surge, according to the latest estimates from the U.S. Census Bureau. The South Florida city’s population was 487,014 residents in 2024, which is a 10.1 percent increase from 2020 Census figures. In the same time frame, Atlanta saw a 4.3 percent rise in population, while Raleigh experienced an uptick of 6.8 percent. Washington, D.C. saw a 1.8 percent increase since 2020, and Nashville saw a 2.3 percent gain in residents. All of the above except Raleigh ranked in the top 10 nationally for new downtown apartments developed between 2020 and 2024, according to a report from RentCafe. Leading the pack was Washington, D.C., which has added nearly 23,000 apartments to the downtown supply since the pandemic. To calculate population growth within a city or town, the Census Bureau uses updated county-level data on housing units, as well as average household sizes in the surrounding county, to estimate the population of each city and town within that county. The estimate for people living in group quarters (such as dorms or nursing homes) is then included to the household population estimate to obtain the total resident population.
AUSTIN, TEXAS — San Antonio-based owner-operator EMBREY will develop The Hatchery, a 344-unit lakefront apartment community that will be located just east of downtown Austin. Designed by San Antonio-based Lake | Flato Architects and Dallas-based GFF, The Hatchery will offer studio, one- and two-bedroom units. Amenities will include a rooftop pool and clubhouse, fitness center, a residential lounge with coworking space, game room, grab-and-go market, central courtyard and outdoor kitchens and gaming lawns. Frost Bank is financing construction of the project, the first units of which are expected to be available by mid-2027. Full completion is slated for mid-2028.