Multifamily

Aukum Group Buys 224-Unit Multifamily Property in Arizona for $41M

by Amy Works July 10, 2018

GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 10, 2018

Acquisitions Multifamily Utah Western

29th Street Capital Acquires 43-Unit Multifamily Property in Layton, Utah

by Amy Works July 10, 2018

LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.

July 10, 2018

Development Multifamily Texas

JPI Breaks Ground on 425-Unit Apartment Community in Frisco

by Taylor Williams July 10, 2018

FRISCO, TEXAS — Irving-based multifamily developer JPI has broken ground on Jefferson at The Gate, a 425-unit apartment community in Frisco. The Class A property is located within The Gate, a master development by Dubai-based Invest Group Overseas that upon completion will include 650,000 square feet of office space, 130,000 square feet of retail space and a luxury hotel. Amenities at Jefferson at The Gate will include two pools, a fitness center and yoga studio, access to walking trails and concierge services. The first units are expected to be available for occupancy during the first quarter of 2020.

July 10, 2018

Acquisitions Multifamily Texas

JoCo, ValCap Acquire Two Apartment Communities Totaling 316 Units in Austin

by Taylor Williams July 10, 2018

AUSTIN, TEXAS — A partnership between two private equity firms, Pittsburgh-based JoCo Partners and Dallas-based The ValCap Group, has acquired two adjacent multifamily communities totaling 316 units in Austin. Westwood Apartments was built in 1983 and totals 152 units, and Audubon Square was built in 1986 and totals 164 units. The partnership plans to combine the properties into one community called The Lantern that features amenities such as a clubhouse, fitness center, pool areas, outdoor grilling stations and a dog park. The community opened recently and its first units are currently being renovated.

July 10, 2018

Acquisitions Multifamily Texas

TH Real Estate Purchases 246-Unit Apartment Community in Austin

by Taylor Williams July 9, 2018

AUSTIN, TEXAS — TH Real Estate, an affiliate of Chicago-based asset manager Nuveen, has purchased Tacara Steiner Ranch, a 246-unit apartment community in northwest Austin. The property, which was built in 2017 and was 98 percent occupied at the time of sale, offers one-, two- and three-bedroom units averaging 959 square feet per unit. Amenities include a pool, fitness and massage studios, media and game rooms and a dog park. Scott LaMontagne of JLL handled the sale on behalf of the seller and developer, San Antonio-based Casey Development Ltd.

July 9, 2018

Acquisitions Multifamily Seniors Housing Texas

Griffin-American Acquires Assisted Living Facility in Beaumont for $19.5M

by Taylor Williams July 9, 2018

BEAUMONT, TEXAS — Griffin-American, a partnership between American Healthcare Investors LLC and Griffin Capital Company LLC, has acquired Pinnacle Beaumont Assisted Living Facility in Beaumont for $19.5 million. Situated on 4.4 acres, the property features 79 units and consists of approximately 61,000 square feet of assisted living and memory care space. The acquisition was completed in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the property.

July 9, 2018

Loans Multifamily Seniors Housing Texas

Hunt Capital Closes $9.7M LIHTC Financing for Seniors Housing Project in Uvalde, Texas

by Taylor Williams July 9, 2018

UVALDE, TEXAS — Hunt Capital Partners has closed $9.7 million in low-income housing tax credit (LIHTC) equity financing for the development of Monarch Estates, an affordable seniors housing community in Uvalde, about 100 miles west of San Antonio. Roundstone Development is planning the 80-unit community, which will be the first affordable seniors housing community in the area. The groundbreaking is scheduled for later this month with a July 2019 target completion.

July 9, 2018

Acquisitions Multifamily New Jersey Northeast

Houlihan-Parnes Brokers $27.3M Sale of Apartment Community Near Philadelphia

by David Cohen July 9, 2018

LINDENWOLD, N.J. — Houlihan-Parnes Realtors has brokered the $27.3 million sale of the Stonington Court apartments, a 456-unit apartment community at 1800 Laurel Road in Lindenwold. The community is located approximately 16 miles southeast of Philadelphia. Robert V. Tiburzi Jr. of Houlihan-Parnes represented the seller, an investment company. The Kislak Co., represented the buyer, a New Jersey-based real estate investor.

July 9, 2018

Loans Multifamily North Carolina Southeast

Trez Forman Capital Provides $42M Construction Loan for Apartment Community in Metro Charlotte

by Camren Skelton July 9, 2018

HUNTERSVILLE, N.C. — Trez Forman Capital Group has provided a $42 million construction loan for a new 297-unit apartment community located at 17355 Old Statesville Road in Huntersville, roughly 15 miles north of Charlotte. Brett Forman of Trez Forman originated the loan on behalf of the project developer, Caldwell Station NC LLC. The 20-building community will include a mix of garden-style apartment units and for-rent townhomes. Community amenities will include a saltwater pool, clubhouse, fitness center, lounge area and a dog park. A construction timeline for the project was not disclosed.

July 9, 2018

Development Florida Multifamily Southeast

Trammell Crow, AvalonBay to Develop 350-Unit Multifamily Community Near Miami

by Camren Skelton July 9, 2018

DORAL, FLA. — Trammell Crow Residential, in partnership with AvalonBay Communities Inc., has unveiled plans to develop a 350-unit apartment community located at the corner of N.W. 36th Street and N.W. 79th Avenue in Doral, roughly 16 miles northwest of Miami. The residences will be part of a horizontally integrated mixed-use development that will feature 80,000 square feet of retail, which is under development by the Terra Group. The site currently houses the 139,000-square-foot Atrium Office space. Demolition of the property is scheduled for later this month. The community will include a mix of one- to three-bedroom apartment units and will feature a pool, park and bike path. Trammell Crow and AvalonBay expect to wrap up construction in 2020.

July 9, 2018

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