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Olympus Property, RSE Capital Acquire 303-Unit Carrington Oaks Apartments in Buda, Texas

BUDA, TEXAS — A partnership between Fort Worth-based investment firm Olympus Property and RSE Capital Partners has acquired Carrington Oaks, a 303-unit apartment community located in the Central Texas city of Buda. Built in 2015, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops, kitchen islands/breakfast bars and faux wood vinyl flooring. Amenities include a pool with cabanas, a fitness center with a spin room, resident clubhouse, …

Retail, Office Trends Influence Apartment Development Strategies, Says InterFace Panel

ATLANTA — Much of today’s new apartment projects feature a ground-floor retail component. But developers at the 10th annual InterFace Multifamily Southeast actually expressed concern about this type of development approach. “The overall retail market is just not what it once was,” said Richard Aaronson, CEO of Atlantic Residential. “A lot of municipalities are recognizing that ground-floor retail in a residential building is not ideal.” In other words, if there is difficulty …

Pandora’s Box: Determining the Best Path Forward for Package Management in Student Housing

If you have sufficient room and staff at your property to handle the influx of package deliveries today, chances are good you may come up short tomorrow.  “I’m sure in a few years, I will say the same thing I said two years ago: We still don’t have large enough package areas,” says Kristen Penrod, a principal with Parallel. Most properties report receiving an average of 150 to 200 packages per day. But at larger properties, and during peak times such as move-in, deliveries can …

Cederlind Real Estate Sells El Matador Apartments in Tukwila for $7.4M

TUKWILA, WASH. — Cederlind Real Estate has completed the sale of El Matador Apartments, a multifamily property located at 14828 Military Road South in Tukwila. James Lee of Lee El Matador LLC, a local private investor, purchased the apartment community for $7.4 million. Situated four blocks from the Tukwila Link Light Rail station, El Matador Apartments features 44 for-rent residential units and a swimming pool. Additionally, the property is located in close proximity to interstates 5 and …

ESG Kullen Acquires Condo Property in Chicago for $107M, Plans Deconversion

CHICAGO — ESG Kullen has acquired 1400 N. Lakeshore Drive in Chicago for $107 million. The buyer will convert the 391-unit, multi-building condominium property back into apartments. Sam Haddadin and Dan Cohen of CBRE represented the condo association and its president, Michael Arrington, in the condo deconversion sale. Built in 1927, the property originally comprised apartment units and was converted to condos in 2006. A large majority of the units are studios and one-bedroom units. The …

CBRE Arranges Acquisition Financing for 166-Unit Multifamily Asset in Metro Austin

CEDAR PARK, TEXAS — CBRE has arranged an undisclosed amount of permanent acquisition financing for The View at Cedar Park, a 166-unit multifamily community located on the northern outskirts of Austin in Cedar Park. The property was completed in 2017 and features amenities such as a pool, fitness center, business center and a dog park. Benjamin Roelke and Ian Walker of CBRE arranged the loan, which carried a five-year term and a fixed interest rate, through an undisclosed life company on …

Allegro Senior Living Opens 212-Unit Community in Dadeland

KENDALL, FLA. — Allegro Dadeland has opened a 212-unit senior living community at 7400 SW 88th St. in the Miami suburb of Kendall. The high-rise, pet-friendly Dadeland complex offers one-, two- and three-bedroom layouts. Communal amenities include housekeeping, transportation, dining venues, a bar, fitness center, salon, theater, valet parking, common areas and a pool. The community is situated in mixed-use neighborhood, adjacent to restaurants and the Dadeland

Grandbridge Provides $42.9M Refinancing Loan for Apartment Complex Near Nashville

MURFREESBORO, TENN. — Grandbridge Real Estate Capital LLC has provided a $42.9 million construction refinancing loan for The Banks at West Fork Apartments, a 328-unit apartment complex 30 miles southwest of Nashville, in Murfreesboro. The non-recourse loan was structured with a 15-year fixed interest rate and a 30-year amortization beginning after a period of interest-only payments. Bill Mattice, Phillip Cox and Paul McDonald of Grandbridge, along with Carl Bedwell of Pinnacle Financial …

IPA Brokers $58.5M Sale of Pico Lanai Apartment Community in Santa Monica, California

SANTA MONICA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Pico Lanai, a multifamily complex located in Santa Monica. Raintree Properties sold the asset to Pacific Reach Properties for $58.5 million, or $336,494 per unit and $868 per square foot. Situated on 2.8 acres at 2501 Pico Blvd., Pico Lanai Apartments features 174 for-rent units. The property was developed in 1960. The buyer plans to reposition the asset to cater to …

Hunt Real Estate Capital Provides $11.8M Refinancing for Albany Meadows Apartments in Oregon

ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed …

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