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Multifamily

State-Industry
Conference CoverageFeaturesStudent Housing

InterFace Student Housing State of the Industry Panel Predicts Flight to Quality, Focus on Affordability for 2025 

by Hayden Spiess

By Katie Sloan AUSTIN, TEXAS — The ‘State of the Industry’ panel at the 17th annual InterFace Student Housing conference held more of a trepidatious tone than heard in recent years. While pre-leasing levels and rental rates are still above historical norms, the industry is seeing a slight deceleration in pre-leasing speed and rate growth, leading some to question what the industry has in store for the year ahead. The discussion — held on April 10 in Austin, Texas — was moderated by Alex O’Brien, CEO with Cardinal Group.  The best way to characterize the industry this year is hesitant according to Ryan Lang, executive vice chairman with Newmark, who believes investor reluctance is largely due to pre-leasing numbers falling a couple of points behind levels seen at this time last year. Still, levels are trending far ahead of pre-leasing levels seen in 2019, lending to confidence overall in the sector.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “The past two years were unprecedented from a leasing perspective with properties leasing up the fastest and with the highest rents growths …

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DevelopmentMultifamilyTexas

Z Modular Begins Leasing 264-Unit Multifamily Project in Marble Falls, Texas

by Taylor Williams

MARBLE FALLS, TEXAS — Z Modular, a division of Zekelman Industries, has begun leasing at FLATZ 830, a 264-unit multifamily project in Marble Falls, roughly 50 miles northwest of Austin. Units come in studio, one-, two- and three-bedroom floor plans, according to Apartments.com. Amenities include a pool, fitness center, multi-sport simulator, pet park, coworking lounge, private conference room and complimentary coffee bar. Rents start at approximately $1,400 per month for a studio apartment.

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AcquisitionsMultifamilyTexas

Lion Real Estate Group Acquires 241-Unit Apartment Complex in West Houston

by Taylor Williams

HOUSTON ­— Lion Real Estate Group, a Dallas-based investment firm, has acquired Villages of Briar Forest, a 241-unit apartment complex in West Houston. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, coffee bar and a dog park. Lion plans to renovate select unit interiors with new quartz countertops, vinyl plank flooring, backsplashes, cabinetry and lighting packages. Thomas Alleman of Newmark brokered the deal.  

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Jacobs-Woods-Lansdale
AcquisitionsMultifamilyNortheastPennsylvania

Equus Capital Partners Buys Apartment Complex in Lansdale, Pennsylvania, for $73.1M

by Taylor Williams

LANSDALE, PA. — Locally based investment firm Equus Capital Partners has purchased Jacobs Woods, a 230-unit apartment complex located in the northern Philadelphia suburb of Lansdale, for $73.1 million. Built on 37 acres in 1996, the garden-style property offers one-, two- and three-bedroom units across 33 townhome-style buildings. Erin Miller led the Newmark team that brokered the sale of Jacobs Woods, which was 98 percent occupied at the time of sale. The seller was not disclosed. The new ownership plans to upgrade unit interiors and amenity spaces.

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The-AJ-Sacramento-CA
CaliforniaDevelopmentMultifamilyWestern

USA Properties Fund Opens $130M Multifamily Community at The Railyards in Sacramento

by Amy Works

SACRAMENTO, CALIF. — USA Properties Fund, in partnership with LDK Ventures, has completed The A.J., a $130 million mixed-income apartment property within The Railyards in Sacramento. The apartment community is named after A.J. Stevens, a community leader and legendary Southern Pacific master mechanic who worked in The Railyards in the 1870s and 1880s. Stevens oversaw the building of Southern Pacific’s locomotives and retail cars in The Railyards. Today, The Railyards is an infill development that will include live entertainment, shops and restaurants, as well as a Kaiser Permanente medical center and a new soccer stadium for Sacramento Republic FC. Located at 251 6th St., The A.J. features 345 apartments, including 69 affordable homes for residents earning 50 percent or less of the area median income, with stainless steel appliances, quartz countertops, two-tone cabinets, ceiling fans, rainfall showerheads and walk-in closets. Ground-floor apartments feature stained concrete floors while units on the other four floors will feature carpet and wood-plank floors. Apartments will also feature smart-lock access, smart thermostats and the ability to check on deliveries and visitors from screens in the units. Community amenities include a 24/7 fitness center; a sky lounge with a rooftop observation deck with fire tables, gas …

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Briarwood-Apts-Pueblo-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Advisors Brokers Sale of 60-Unit Briarwood Apartments in Pueblo, Colorado

by Amy Works

PUEBLO, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Briarwood Apartments, a multifamily property located at 2026 Carlee Drive in Pueblo. The asset sold for $5.5 million, or $91,667 per unit. The property includes 60 units, plus an onsite manager house and workshop. Briarwood Apartments features 30 one-bedroom apartments and 30 two-bedroom units. Chris Knowlton of Pinnacle handled the transaction for both the undisclosed seller and undisclosed buyer.

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AcquisitionsMidwestMultifamilyNebraskaSeniors Housing

NHI Acquires Six-Property Seniors Housing Portfolio in Nebraska for $63.5M

by Kristin Harlow

NEBRASKA — National Health Investors Inc. (NHI) has acquired a portfolio of six Agemark memory care communities located in Nebraska for $63.5 million. The seller, Agemark Senior Living, will continue to operate the properties, which total 205 units, on a 15-year master lease with two five-year renewal options. Agemark operates the communities under the CountryHouse brand, which was established in 1997 exclusively for residents requiring personalized memory care.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

LV Collective Breaks Ground on Two-Building Student Housing Project Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — LV Collective has broken ground on Rambler Riverfront, a two-building student housing development near Purdue University in West Lafayette. The luxury project at 224 E. State St. is slated for completion in fall 2027. Plans for the 799,289-square-foot development include 583 units as well as retail space.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Mill Creek Begins Leasing 239-Unit Modera Liberty Row Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Mill Creek Residential has begun leasing Modera Liberty Row, a 239-unit apartment community located at 7740 Liberty Row Drive in Charlotte’s SouthPark neighborhood. The community will offer studio, one-, two- and three-bedroom options averaging 1,100 square feet in size. Monthly rental rates at Modera Liberty Row range from $1,950 to $4,500, according to the property website. Amenities will include a resort-style pool, fitness center with a yoga studio, four elevated courtyards, multiple clubrooms, game room, golf simulator lounge, bocce ball courts, coworking spaces, private offices, pet spa, bicycle storage, 24/7 self-serve package room and secured parking garages with EV charging stations. The two-building property is located on The Loop, a three-mile urban trail, and within close proximity to Piedmont Town Center, Phillips Place and SouthPark Mall. Mill Creek anticipates first move-ins at Modera Liberty Row in June.

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Cottage-Row-Stillwater
AcquisitionsMultifamilyStudent HousingTexas

Joint Venture Acquires 792-Bed Student Housing Community Near Oklahoma State University

by Taylor Williams

STILLWATER, OKLA. — A joint venture between Monument Square Investment Group and affiliates of Walton Street Capital has acquired Cottage Row Stillwater, a 792-bed student housing community located near the Oklahoma State University campus in Stillwater. Developed in 2013, the property offers 231 cottage-style units and townhomes in two-, three-, four- and five-bedroom configurations. Shared amenities include a recently renovated, 11,000-square-foot clubhouse with study rooms, entertainment spaces and a fitness center; resort-style pool and hot tub; grilling stations; green space; full-sized basketball and sand volleyball courts; and a putting green. The joint venture plans to implement several capital improvements at the property, including new exterior paint and enhancements to the pool deck. The seller and additional terms of the transaction were not released.

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