Multifamily

Carroll Organization Acquires 321-Unit Apartment Community in Houston

by Taylor Williams May 17, 2018

HOUSTON — Carroll Organization, an Atlanta-based multifamily investment and management firm, has acquired The Ava, a 321-unit multifamily community in Houston via its latest investment fund. The four-story, mid-rise property, which has since been rebranded Arium Uptown West, is located near the Galleria/Uptown area on the city’s west side. Amenities include a two-level fitness center, resident clubhouse, resort-style pool with outdoor kitchen, multi-level parking garage and a pet park. The seller and sales were not disclosed.

May 17, 2018

Development Florida Multifamily Southeast Student Housing

Mallory & Evans to Break Ground on 376-Bed Student Housing Community in Daytona Beach

by Camren Skelton May 17, 2018

DAYTONA BEACH, FLA. — Mallory & Evans is set to break ground on Bellamy Daytona, a 376-bed student housing community located in Daytona Beach. The $26 million community will serve students at Embry-Riddle Aeronautical University, Daytona Beach; Daytona State College; The Florida State University College of Medicine, Daytona Beach; The University of Central Florida, Daytona Beach; Bethune-Cookman University; and Keiser University, Daytona Beach. The four-story property will offer three-, four- and five-bedroom, fully furnished apartments with bed-to-bath parity. Every unit will have “smart house” features including Amazon Alexa, thermostats and keyless entry locks operated through smartphone applications. Shared amenities will include a clubhouse, 24-hour fitness center, tanning studio and a resort-style pool. Construction and leasing are expected to begin this summer, with completion scheduled for fall 2019. Caliber Living will manage and lease the property upon completion.

May 17, 2018

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 178-Unit Apartment Property in St. Louis

by Kristin Harlow May 17, 2018

ST. LOUIS — Berkadia has arranged the sale of The Orion Apartments in St. Louis for an undisclosed price. The 178-unit apartment property features a 40,000-square-foot Whole Foods Market on the first floor. Amenities include a pool, fitness center, clubroom and electric car charging stations. Ken Aston and Andrea Kendrick of Berkadia represented the seller, Mills Properties Inc. Canada-based Brass Enterprises Inc. was the buyer.

May 17, 2018

California Development Multifamily Student Housing Western

American Campus Communities, UC Irvine Begin Construction of 1,441-Bed Residence Hall

by Amy Works May 17, 2018

IRVINE, CALIF. — American Campus Communities and the University of California, Irvine, have broken ground on a 1,441-bed, on-campus residential building and a bike storage facility. This marks the beginning of Phase IV of the partnership’s on-campus development plan. The past three phases of development have brought a total of 5,162 units to the campus. Benchmark Contractors, a subsidiary of Morley Builders, was the general contractor for the past three phases on UCI’s campus, and is moving forward with a design-assist approach for the new large development. KTGY is the architect for the project. The development is set to open at the end of summer 2019.

May 17, 2018

California Development Multifamily Seniors Housing Western

Steadfast Nears Completion of $95.5M Seniors Housing Community Near Los Angeles

by Amy Works May 17, 2018

LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.

May 17, 2018

California Features Multifamily Seniors Housing Western

Buckingham: Encourage Talent and You’ll Cultivate Careers in Senior Care

by Katie Sloan May 17, 2018

SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …

May 17, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 15-Unit Apartment Portfolio in Fishtown

by David Cohen May 16, 2018

PHILADELPHIA — Marcus & Millichap has brokered the $1.5 million sale of a 15-unit apartment portfolio in the Fishtown neighborhood of Philadelphia. The sales price equates to approximately $100,000 per unit. The portfolio is located at 1417-1419 E. Columbia Ave. and 1243 E. Susquehanna Ave. Andrew Townsend, Clarke Talone, Joseph Sutow and Ridge MacLaren of Marcus & Millichap represented the undisclosed seller in the transaction, which had owned the properties for more than a decade. The buyer was a private real estate investment group and was also represented by Marcus & Millichap.

May 16, 2018

Development Multifamily Seniors Housing Texas

PMRG to Develop $40M Seniors Housing Community in Metro Dallas

by Taylor Williams May 16, 2018

MCKINNEY, TEXAS — Houston-based PRMG will develop Hidden Springs, a $40 million senior living community that will be located in the northern Dallas metro of McKinney. The property will span 215,000 square feet and include 132 independent living units, 40 assisted living units and 28 memory care units. Amenities will include an art studio, dog park, community market, library, media room, putting green and a salon/spa. The groundbreaking is scheduled for this summer and initial occupancy is expected to begin in July 2019.

May 16, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Three Apartment Properties in Indianapolis for $63.8M

by Kristin Harlow May 16, 2018

INDIANAPOLIS — Emma Capital Investments Inc. has purchased three apartment properties totaling 849 units in Indianapolis for $63.8 million. The properties include the 336-unit Retreat Northwest, the 388-unit M Club Apartments and the 125-unit Aura Apartments. All three properties were built in the 1970s. The seller was not disclosed. To date, Emma Capital’s U.S. portfolio totals 7,500 apartment units, mostly located in the Sun Belt states.

May 16, 2018

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