Multifamily

Bascom Group, Oaktree Acquire 408-Unit Apartment Community in West Sacramento for $126M

by Amy Works January 27, 2025

WEST SACRAMENTO, CALIF. — The Bascom Group, in partnership with funds managed by Oaktree Capital Management, has purchased The Strand, a multifamily property in West Sacramento, for $126 million, or $308,824 per unit. Built in 2021 by MBK Rental Living, The Strand features 408 junior one-bedroom, one-bedroom, two-bedroom and three-bedroom units. Community amenities include two pools and spas, indoor and outdoor fitness centers, a clubhouse, dog park and electric vehicle charging stations. Louis Friedel, Clay Akiwenze and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital provided the acquisition loan. Berkadia’s investment sales team, led by Jason Parr and Scott MacDonald, represented the seller. Sares Regis will provide property management services.

January 27, 2025

Arizona Development Multifamily Seniors Housing Western

Thoma-Holec to Design Interiors of Five Acanthus Senior Living Communities in Metro Phoenix

by Amy Works January 27, 2025

PHOENIX — Thoma-Holec Design has been tapped to lead the interior design of five new Acanthus Senior Living developments. Each of the projects, all located throughout metro Phoenix, will be situated on a Catholic church property. The developments, which will comprise roughly 150 units each, will be located at St. Benedict Catholic Church in Ahwatukee, St. Clare of Assisi Catholic Church in Surprise, St. Raphael Catholic Church in Glendale, St. Gabriel Catholic Church in Cave Creek and St. Joesph Catholic Church in Phoenix. Open to individuals of all faiths, the communities will offer independent living, assisted living and memory care residences. Acanthus Development is scheduled to begin construction on the first of the communities, in Ahwatukee, in April of this year. “We are privileged to contribute to Acanthus’ innovative approach of integrating senior living communities within church grounds,” says LuAnn Thoma-Holec, principal of Thoma-Holec Design. “Our designs will reflect the unique cultural and spiritual essence of each parish, creating environments that support residents’ physical, emotional and spiritual well-being.”

January 27, 2025

Acquisitions Midwest Multifamily Wisconsin

CBRE Arranges Sale of Two Multifamily Properties Totaling 674 Units in Fitchburg, Wisconsin

by Kristin Harlow January 27, 2025

FITCHBURG, WIS. — CBRE has arranged the sale of The Pines and The Fairways, two multifamily properties totaling 674 units in Fitchburg, a southern suburb of Madison. FPA Multifamily LLC purchased the assets from E.J. Plesko & Associates Inc. affiliated entities for an undisclosed price. CBRE’s Gretchen Richards, Patrick Gallagher, Matson Holbrook, Sean Beuche, Abe Appert, Keith Collins and Ted Abramson represented the seller. The Pines is located at 2302 High Ridge Trail near the southeastern end of Nine Springs Golf & Disc Golf Course. Built in 1978, the 305-unit property features a range of one-, two- and three-bedroom floor plans. Of the 305 units, 120 are direct-entry townhomes. The Fairways is located at 2301 Traceway Drive near the northeastern end of Nine Springs Golf & Disc Golf Course. Built in 1970, the 369-unit property features a variety of one-, two-, and four-bedroom units.

January 27, 2025

Acquisitions Midwest Minnesota Multifamily

Habitat Acquires 214-Unit Rental Townhome Community in Woodbury, Minnesota

by Kristin Harlow January 27, 2025

WOODBURY, MINN. — Habitat has acquired Seasons Villas, a multifamily community with 214 townhome-style rental units in the Twin Cities suburb of Woodbury. The purchase price was undisclosed. Seasons Villas features 47 single-story units and 167 two-story units. Floor plans span 960 to 1,160 square feet. Habitat also assumed management of the property. In addition to performing routine asset preservation and maintenance improvements, Habitat plans to enhance the pet-friendly community with the addition of a dog park. The seller was Boston Capital Group, and Willow Bridge Property Co. previously managed the asset. Habitat’s acquisition team managed the purchase process, supported by the Middle-Income Affordable Preservation Fund, a $150 million joint venture between Enterprise Community Partners and Banc of America Community Development Co. The fund focuses on preserving “missing middle” housing by investing equity capital to develop and acquire properties with affordability generally between 80 and 120 percent of the area median income. CBRE’s Minneapolis team represented the seller.

January 27, 2025

Development Multifamily Southeast Tennessee

Hensler Development, Partners to Open 345-Unit Apartment Community in Nashville

by John Nelson January 24, 2025

NASHVILLE, TENN. — A partnership between Hensler Development Group, Stiles and PGIM Real Estate will open Olive at Peabody Union, a 345-unit apartment community located between downtown Nashville and the Cumberland River. The community is situated in the center of the larger 125-acre mixed-use development of Peabody Union, which offers residents direct access to 50,000 square feet of combined retail and restaurant space, as well as 250,000 square feet of office space. Designed by Hastings Architecture, the 27-story tower will feature studios, one-, two- and three-bedroom penthouses — ranging from 1,179 to 2,585 square feet in size. Amenities will include a wellness center with a sauna and cold plunge, speakeasy sky lounge, pool deck and hot tub, coworking lounges and a gym. The development team, along with newly appointed property management firm Bozzuto Group, will begin preleasing in February, with initial move-ins slated for April of this year.

January 24, 2025

Development Georgia Multifamily Southeast

McShane Construction Completes 318-Unit Apartment Complex in Kennesaw, Georgia

by John Nelson January 24, 2025

KENNESAW, GA — McShane Construction Co. has completed The Lacy at South Main, a 318-unit apartment complex located in downtown Kennesaw. The developer is Highpoint Development. Designed by Niles Bolton Associates, the four-story complex offers one-, two- and three-bedroom floor plans that range from 708 to 1,505 square feet in size, according to Apartments.com. Apartments are available for lease, with monthly rental rates beginning at $1,625. Amenities include a 24/7 fitness center, lounge, coffee bar, swimming pool, two courtyards, grilling stations, coworking spaces and a pet park. Additionally, the site offers controlled-access parking and electric vehicle charging stations. Situated on 19 acres, the complex is part of a larger mixed-use community that features 44 townhomes, a retail outparcel and a linear park space.

January 24, 2025

Acquisitions Multifamily Texas

DVO Real Estate Buys 312-Unit Apartment Community in Richardson, Texas

by Taylor Williams January 24, 2025

RICHARDSON, TEXAS — DVO Real Estate has purchased Sweetwater at Buckingham, a 312-uit apartment community in the northeastern Dallas suburb of Richardson. The property offers one-, two- and three-bedroom units with an average size of 889 square feet. Amenities include a pool, fitness center, business center and a playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, REM Finance, in the transaction. The team also procured DVO as the buyer.

January 24, 2025

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 133-Unit Boston Apartment Complex

by Taylor Williams January 24, 2025

BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created and operated by Makor Capital LLC, in the transaction. The team also procured the buyer, an affiliate of Wingate Multifamily LLC.

January 24, 2025

Acquisitions Loans Multifamily New Jersey Northeast

NewPoint Provides $17.7M in Acquisition Financing for Northern New Jersey Multifamily Property

by Taylor Williams January 24, 2025

SOMERSET, N.J. — NewPoint Real Estate Capital has provided $17.7 million in bridge-to-HUD financing for the acquisition of Brentwood Park, a 77-unit multifamily property located in the Northern New Jersey community of Somerset. Built in 2023, Brentwood Park consists of two four-story buildings that house studio, one- and two-bedroom units, as well as 3,125 square feet of commercial space. Matthew Meskill of NewPoint originated the financing, which was structured with a floating interest rate and a two-year initial term, on behalf of the undisclosed buyer. Adam Zweibel of Hudson Atlantic brokered the sale.

January 24, 2025

Acquisitions Arizona Multifamily Western

IMT Acquires 370-Unit Apartment Community in Phoenix

by Amy Works January 24, 2025

PHOENIX — Los Angeles-based IMT Capital, along with its affiliated property management company IMT Residential, has purchased Marquis at Desert Ridge from a national multifamily investor and operator for an undisclosed price. IMT will rebrand the community as IMT Desert Ridge. Built in 2014, the community features 370 one- and two-bedroom units with select upgrades, including wood-style plank flooring, quartz countertops in the kitchen and baths, stainless steel appliances, custom cabinetry with brushed nickel hardware, full-size washers/dryers, 9- to 14-foot ceilings, open-concept floor plans and private balconies or patios. Onsite amenities include a resort-style swimming pool and spa area with a sundeck lounge and cabanas, an outdoor kitchen and grill stations, a 24-hour fitness center, residential clubhouse with an entertaining kitchen, billiard room and a business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Green of CBRE represented the seller in the transaction.

January 24, 2025

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