Multifamily

True North Capital Partners Acquires 207-Unit Apartment Community in Waltham, Massachusetts

by Amy Works October 26, 2016

WALTHAM, MASS. — An affiliate of True North Capital Partners has acquired Waltham Overlook, an apartment community located in Waltham, for an undisclosed sum. Built in 1979 and renovated in 2010, the community comprises nine three-story garden-style apartment buildings, a fitness center, outdoor pool, grill area and sun deck. The property features 207 apartment units in a mix of one- and two-bedroom layouts. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.

October 26, 2016

Multifamily Texas

StreetLights Residential Opens The Carter Apartment Community in Houston

by Haisten Willis October 26, 2016

HOUSTON — StreetLights Residential has opened The Carter, a 305-unit apartment community in Houston. Located on Chelsea Boulevard just east of Montrose Boulevard, The Carter is situated near Hermann Park, midtown, downtown, the Texas Medical Center and Rice University. On-site amenities include a bar, fitness center, conference center, pet washing station, dog park, pool and 24-hour concierge service. The Carter’s fitness center features Precor fitness equipment, flex fitness room with spin bikes and a yoga studio. There is also a lounge with billiards and a card table located on the 19th floor. The Carter offers one-, two- and three-bedroom residences, along with four townhomes and five penthouses. Units range from 723 to 3,329 square feet. Unit amenities include 10-foot ceilings, granite countertops and backsplashes, hardwood flooring and stainless steel appliances. GDA Architects designed the building, Lynda Tycher & Associates designed the landscape and SLR Texas Construction served as the general contractor. StreetLights Residential and 5G Studio collaborated on the interior design. Lincoln Property Co. will manage the community.

October 26, 2016

Multifamily Texas

Transwestern Arranges Three Multifamily Sales in Metro Houston Totaling 773 Units

by Haisten Willis October 26, 2016

HOUSTON and GALVESTON, TEXAS — Transwestern has arranged the sale of three multifamily properties in metro Houston totaling 773 units. Transwestern’s Ed Cummins, Tim Gregory, Ryan Mendez, Kenady Davis and Lupe Olivares represented the sellers. The transactions include: Park Hollow, a 172-unit community located at 4343 S. Shaver St. in Houston, was purchased for an undisclosed amount. Transwestern represented the seller, Umbrella Home LLC, in the transaction. Maxey Village, a 409-unit community located at 666 Maxey Road in Houston, was purchased for an undisclosed amount. Transwestern represented the seller, Sintoro Capital LLC, in the transaction. Park at Cedar Lawn, a 192-unit community located at 4400 Ave. N. in Galveston, was purchased for an undisclosed amount. Transwestern represented the seller, Mosaic PCL LP, in the transaction.

October 26, 2016

Multifamily Texas

DCM Acquires 240-Unit Apartment Property in Metro Houston

by Haisten Willis October 26, 2016

BAYTOWN, TEXAS — Drever Capital Management (DCM) has acquired Aria at Rollingbrook, a 240-unit apartment community previously known as Watercolor, in Baytown. DCM purchased the property, located at 1700 Rollingbrook Drive, from The Leyendecker Group of Houston. A renovation program is planned to enhance the community and resident experience. Interior upgrades will include granite kitchen countertops, Energy Star appliances and a washer and dryer in each unit. Clint Duncan of CBRE’s Houston office represented the seller in the transaction. Tom Cabibi of DCM internally represented the buyer.

October 26, 2016

Multifamily Texas

SACA Brokers Sale of Veranda at Landa Apartments in New Braunfels

by Haisten Willis October 26, 2016

NEW BRANFELS, TEXAS — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Veranda at Landa, a 61-unit apartment community located near Landa Park in New Braunfels. The property was built in 1964 and renovated in 2013 and 2015. Veranda at Landa sits on 2.8 acres with eight, two-story buildings. Amenities include a swimming pool and dog park. SACA’s Brandon Lo Porto and Scott Weems arranged the transaction on behalf of the seller.

October 26, 2016

Multifamily Southeast Tennessee

PointOne Holdings Acquires Apartment Complex in Chattanooga for $31M

by John Nelson October 26, 2016

CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.

October 26, 2016

California Multifamily Western

Bridge Partners Buys Sonoma Ridge Apartments in Santa Rosa for $44.6M

by Nellie Day October 26, 2016

SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.

October 26, 2016

California Multifamily Western

ROEM Development Opens $64M Evelyn Family Apartments in Mountain View

by Nellie Day October 26, 2016

MOUNTAIN VIEW, CALIF. — ROEM Development Corp. has opened the 116-unit Evelyn Family Apartments in Mountain View. The $64 million affordable housing community is located at the southwest intersection of East Evelyn and South Bernardo avenues. The property was built using 4 percent low-income housing tax credits. Citi Community Capital provided $32 million in tax-exempt construction financing. AEGON provided investment support, with the City of Mountain View providing an additional $22.3 million. The architect is Withee Malcolm Architects. The nonprofit partner is Pacific Housing. The general contractor is ROEM Builders.

October 26, 2016

Multifamily Nevada Western

Starlight Investments Purchases South Blvd Apartments in Las Vegas for $53.6M

by Nellie Day October 25, 2016

LAS VEGAS — Starlight Investments Ltd. has purchased the 320-unit South Blvd apartment community in Las Vegas for $53.6 million. The community is located at 10200 Giles St. South Blvd is situated 15 minutes from the Las Vegas Strip. Its units feature granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries. Community amenities include two resort-style pools, a sun bathing pool, spa, e-lounge, executive business center, movie theater with stadium seating, 24-hour fitness center, designated pet area and complimentary coffee café. JLL’s John Cunningham and Charles Steele represented the seller, the Praedium Group, in this transaction.

October 25, 2016

Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

Tucker Development Opens 1M SF Hudson Lights in Fort Lee, New Jersey

by Amy Works October 25, 2016

FORT LEE, N.J. — Tucker Development, in partnership with Kushner Real Estate Group and a fund managed by Ares Management, has opened the first phase of residential apartments and a portion of the retail component at the 1 million-square-foot Hudson Lights project in downtown Fort Lee. Situated at the base of the George Washington Bridge, the 276-unit residential property features a pool, lounge, fitness center, yoga room, kids play area and rooftop terrace and gardens. The developer has also opened an eight-screen, 533-seat iPic movie theater at the project. The theater includes City Perch Kitchen & Bar, an in-theater restaurant that allows guests to order food and drinks from a personal server. Additional signed tenants include Paris Baguette, Gaonnuri Restaurant, Anthony Franco’s Pizza, 16 Handles, CVS/pharmacy, Capital One Bank, CycleBar, SeeSaw, Linwood Wines, European Wax Center, Tutti Nails & Spa and Coldwell Banker.

October 25, 2016

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