Multifamily

Westmount Sells 362-Unit Apartment Community in Houston

by Taylor Williams May 31, 2018

HOUSTON — Dallas-based Westmount Realty Capital LLC has sold Beverly Palms, a 362-unit multifamily community in the Galleria area of Houston. Westmount acquired the Class B property in late 2012 and undertook a $1 million renovation project to upgrade the community’s common areas and unit interiors. Floor plans include one-, two- and three-bedroom units and amenities include two pools, a new playground, business center, fitness center and an on-site convenience store. The buyer was not disclosed.

May 31, 2018

Acquisitions Multifamily New York Northeast Student Housing

OC Ventures Acquires 640-Bed Student Housing Community Near Buffalo

by David Cohen May 31, 2018

Amherst, N.Y. — China-based real estate private equity fund OC Ventures has acquired Twenty 91 North, a 640-bed student housing community located near the University at Buffalo in Amherst. TSB Realty brokered the acquisition of the property from University Student Living and Harrison Street Real Estate. The community was built in 2016, and offers shared amenities including a resort-style pool; a game area with a pool table, ping-pong and shuffleboard; a study lounge; computer lab; fitness center; and private shuttle service.

May 31, 2018

Acquisitions Multifamily Nevada Western

Bascom Group Sells 336-Unit Multifamily Property in Las Vegas to RK Properties for $59.2M

by Amy Works May 31, 2018

LAS VEGAS — The Bascom Group has completed the disposition of Montecito Pointe, an apartment community located at 9745 Grand Teton Drive in northwest Las Vegas. RK Properties acquired the property for $59.2 million. Completed in 2007, the community features 336 apartments, with an average unit size of 981 square feet. Amenities include a pool, fitness center, children’s play area and pet exercise park. John Cunningham and Charles Steele of JLL represented the seller in the deal.

May 31, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $7.4M Sale of Multifamily Building in Denver

by Amy Works May 31, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of The Hanford House, a multifamily property located at 809 Dexter St. in Denver. RGD Properties sold the property to an undisclosed buyer for $7.4 million, or $330 per square foot. The building features 22,431 square feet. Kevin Calame of Pinnacle Real Estate represented the seller in the in the transaction.

May 31, 2018

Development Florida Multifamily Southeast

Summit Contracting Group Starts Construction on $22.6M Apartment Community in St. Augustine

by Camren Skelton May 31, 2018

ST. AUGUSTINE, FLA. — Summit Contracting Group has started construction on Antigua Apartments, a $22.6 million multifamily community located in St. Augustine. The project team includes Atlanta-based developer Catalyst Development Partners and Dallas-based architect Humphreys & Partners Architects. The 249-unit community will be located adjacent to Antigua on Anastasia Island, a master-planned mixed-use development that Catalyst is also developing. Antigua Apartments will feature a resort-style pool, outdoor kitchen with grilling stations, clubhouse with media lounge, coworking spaces, dog grooming spa, dog park, fitness center and green spaces. The development team plans to wrap up construction on the community in summer 2019.

May 31, 2018

Development Louisiana Multifamily Southeast Student Housing

RISE, UL Lafayette to Deliver 600-Bed, On-Campus Student Housing Property

by Camren Skelton May 31, 2018

LAFAYETTE, LA. — RISE: A Real Estate Co., in partnership with University of Louisiana at Lafayette (UL Lafayette), has broken ground on a 600-bed student housing community located on the university’s campus in Lafayette. The five-building development will feature 5,000 square feet of retail space and will be catered toward upperclassmen. The community will feature two-, three- and four-bedroom apartments with full kitchens, bed-to-bath parity and in-unit washers and dryers. Community amenities will include a fitness center, business center, study rooms, game rooms, resident lounge, swimming pool, sand volleyball court and grilling stations. In addition, the community will offer direct connection to the UL Lafayette campus via a pedestrian bridge over an existing drainage canal. The Lemoine Co. is the project’s general contractor, and Niles Bolton Associates is the architect. The project will be financed through a partnership with Ragin’ Cajuns Facilities Inc., which will own the new community upon completion. The project is scheduled to deliver in advance of the fall 2019 semester.

May 31, 2018

Development Multifamily Texas

Transcontinental Breaks Ground on 498-Unit Apartment Community in Dallas

by Taylor Williams May 30, 2018

DALLAS — Transcontinental Realty Investors Inc. (NYSE: TCI) and its subsidiary, Adobe Properties, have broken ground on Lakeside Lofts, a 498-unit apartment community in Dallas. The property will be located within Mercer Crossing, a 1,200-acre mixed-use development on the city’s northwest side. Amenities will include multiple pools, a clubhouse, fitness center, theater room, two parking garages, bocce court and hiking/biking trails. A construction timeline was not released.

May 30, 2018

Acquisitions Multifamily Seniors Housing Texas

Ziegler Arranges Sale of 268-Unit Seniors Housing Property in Dallas

by Taylor Williams May 30, 2018

DALLAS — Ziegler, an Arizona-based seniors housing finance firm, has arranged the sale of Grace Presbyterian Village, a 268-unit continuing care retirement community in Dallas. Situated on 26 acres, the community includes independent living, assisted living and skilled nursing units. The Ensign Group, a California-based seniors housing operator, purchased the property for an undisclosed price.

May 30, 2018

Acquisitions Multifamily Texas

Millennia Cos. Acquires 152-Unit Apartment Complex in Lubbock for $5.9M

by Taylor Williams May 30, 2018

LUBBOCK, TEXAS — Millennia Cos., a Cleveland-based multifamily operator, has acquired an unspecified 152-unit apartment complex in Lubbock for approximately $5.9 million. Miami-based investment banker GenX Capital Partners provided equity for the transaction. Following the acquisition, Millennia’s multifamily portfolio now totals more than 30,000 units.

May 30, 2018

Arizona Development Multifamily Western

Core Spaces to Develop 21-Story Apartment Complex in Tempe, Arizona

by Amy Works May 30, 2018

TEMPE, ARIZ. — Chicago-based Core Spaces is developing its third apartment complex in Tempe. Known as The Collective, the 21-story-plus-penthouse property will be located at the intersection of Seventh Street and Myrtle Avenue. The 319,148-square-foot building will feature 268 units, totaling 464 beds, and 6,000 square feet of ground-floor retail space. Slated to open in 2020, the property will also feature a 5,800-square-foot indoor/outdoor communal garden, amenity space on the fifth floor, a 5,500-square-foot rooftop pool deck and amenity terrace, and outdoor seating area on the ground level.

May 30, 2018

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