Multifamily

Colliers International Arranges $6.4 Million Sale of Student Housing Community Near California Polytechnic State University

by Amy Works August 8, 2018

SAN LUIS OBISPO, CALIF. — Colliers International has arranged the $6.4 million sale of Icon SLO, a 26-bed student housing community located near California Polytechnic State University in San Luis Obispo. The property offers six four-bedroom units and one two-bedroom unit. Each unit is fully furnished. The building also features ground-floor retail occupied by tenants including Soul Yoga and Tiki Hut, a Caribbean restaurant. Dorothy Jackman and Jamie Swick of Colliers’ National Student Housing Group worked with Pat Swanson and Brett Bayless of Colliers Los Angeles to represent the undisclosed seller in the transaction. The buyer was also undisclosed.

August 8, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 876-Unit Multifamily Community in Central Florida

by Camren Skelton August 8, 2018

ALTAMONTE SPRINGS, FLA. — CBRE has arranged the sale of Timberlake & The Glades, an 876-unit multifamily community in Altamonte Springs, roughly 10 miles north of Orlando. The exact sales price and name of the buyer were not disclosed, but sources familiar with the transaction report the property sold for more than $110 million — the largest multifamily sale in Orlando’s history, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, a partnership between GoldOller Real Estate Investments and The Family Office. Timberlake & The Glades are two contiguous phases that were completed in 1986. Community amenities include four swimming pools, two fitness centers and tennis courts. In addition, the property is located within walking distance to several restaurants and a Publix-anchored shopping center.

August 8, 2018

Acquisitions District of Columbia Multifamily Southeast

CIM Group Purchases Newly Constructed, 319-Unit Apartment Community in D.C.

by Camren Skelton August 8, 2018

WASHINGTON, D.C. — CIM Group has acquired Trellis House, a newly constructed, 319-unit apartment community located at 907 Barry Place N.W. in Washington, D.C., for an undisclosed price. Gateway Investment Partners and RISE: A Real Estate Co., completed construction on the six-story community earlier this year, according to local media reports. The LEED-certified building includes a mix of studio to two-bedroom units, as well as townhomes. Community amenities include a 12,000-square-foot courtyard and pool deck with fireplaces and grill stations; fitness center with spin stations and a yoga studio; club and game room; test kitchen, coworking area; rooftop observation deck; and a pet spa. In addition, Trellis House includes 11,000 square feet of ground-floor retail space. The community is located adjacent to Howard University and is proximate to the Green Line subway that provides connections to the entire Metro network.

August 8, 2018

Development Multifamily Texas

KWA Construction Delivers 353-Unit Apartment Complex in Arlington

by Taylor Williams August 7, 2018

ARLINGTON, TEXAS — Multifamily general contractor KWA Construction has delivered Phase I of Arlington Commons, a 1,300-unit apartment project in Arlington. Developed by The Nehemiah Co., Phase I delivered a 353-unit complex with one- and two-bedroom units ranging in size from 580 to 1,418 square feet. Amenities include a wellness center and gym, pool with cabanas, outdoor entertainment area with TVs and a dog park. The project, which is a redevelopment play, is valued at approximately $350 million and expected to be fully complete in 2026.

August 7, 2018

Acquisitions Multifamily Texas

Cortland, GTIS Acquire 582-Unit Apartment Community in Irving

by Taylor Williams August 7, 2018

IRVING, TEXAS — A partnership between two investment firms, Atlanta-based Cortland Partners and New York-based GTIS Partners, has acquired a 582-unit apartment community located within Irving’s Las Colinas district. Cortland Waters Edge was built in phases between 2014 and 2016 and features one-, two- and three-bedroom units. Cortland and GTIS acquired the complex in a two-property portfolio featuring a 330-unit apartment community in Orlando. The seller was not disclosed.

August 7, 2018

Loans Multifamily Texas

Regions Bank Provides $41M Construction Loan for Houston Apartments

by Taylor Williams August 7, 2018

HOUSTON — Birmingham, Ala.-based Regions Bank has provided a $41 million construction loan for an undisclosed, 327-unit multifamily community in Houston. The Class A project will be located near Houston’s central business district and the Washington Corridor areas. The property will feature one- and two-bedroom units and amenities such as a pool, outdoor common areas, a fitness center, a rooftop deck and a business center. The borrower was Phoenix-based Alliance Residential Co. A timeline for construction was not released.

August 7, 2018

Development Multifamily South Carolina Southeast

Beach Co. Breaks Ground on Mixed-Use Building in Charleston’s Historic District

by Camren Skelton August 7, 2018

CHARLESTON, S.C. — The Beach Co. has broken ground on The Jasper, a 12-story mixed-use building located at 310 Broad St. in Charleston’s Harleston Village neighborhood. The property, situated at the western gateway to Charleston’s historic district, will feature views of the Ashley River and offer 75,000 square feet of office space, 219 multifamily units and 25,000 square feet of ground-floor retail and restaurant space. The residential portion of the project will feature a rooftop pool and garden, resident clubhouse and lounge and enclosed parking. Chicago-based Antunovich Associates is designing the community in partnership with LS3P Architects and Charleston-based DesignWorks. The Beach Co. expects to wrap up construction on The Jasper in 2020.

August 7, 2018

Development Multifamily Southeast Tennessee

GBT Realty Completes $20M Multifamily Community in Nashville’s Hillsboro Village

by Camren Skelton August 7, 2018

NASHVILLE, TENN. — GBT Realty Corp. has completed construction on Belcourt Park, a 76-unit multifamily community located in Nashville’s Hillsboro Village neighborhood. The $20 million project replaced the former home of Belmont Nursing Home, which closed in 2015. Belcourt Park is located across the street from the main entrance to Belmont University and three blocks from Vanderbilt University Medical Center. The four-story development includes a mix of studio to two-bedroom units with monthly rents ranging from $1,500 to $2,500. Community amenities include a Wi-Fi workspace, espresso bar, fitness center, patio with grills and fire pits and resident-only bike racks. Belcourt Park is currently 50 percent occupied after opening for resident move-ins in June.

August 7, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $50M Sale of Apartment Building in Coney Island

by David Cohen August 7, 2018

NEW YORK CITY — Rosewood Realty has negotiated the $50 million sale of a 250-unit apartment building in the Coney Island neighborhood of Brooklyn. Located at 2911 West 36th St., the 20-story building spans 229,865 square feet and also includes five retail units. Aaron Jungreis of Rosewood Realty represented both the buyer, Spencer Equity, and the seller, Orbach Group, in the transaction. The building is part of the federal government’s Section 8 Housing program and is under a 20-year contract with the Department of Housing and Urban Development (HUD), which ends in 2034. The deal was approved by HUD and the city’s Department of Housing Preservation and Development.

August 7, 2018

Acquisitions Multifamily New York Northeast

Sinatra & Co., Windsor Capital Acquire Multifamily Community in Syracuse for $58.5M

by David Cohen August 7, 2018

SYRACUSE, N.Y. — Sinatra & Co Real Estate and Windsor Capital Group have acquired the Nob Hill Apartments, a 761-unit multifamily community in Syracuse. The joint venture purchased the property, which is located at 101 Lafayette Road, for $58.5 million. The seller was undisclosed. A team from Pyramid Brokerage and Cushman & Wakefield brokered the transaction. Situated on 27 acres, Nob Hill Apartments consists of four mid-rise apartment buildings, a clubhouse and an indoor parking garage. Amenities include a fitness center, clubroom and outdoor swimming pool with large sun deck.

August 7, 2018

Newer Posts

Older Posts