Multifamily

DARDENNE PRAIRIE, MO. — St. Louis-based developer Mia Rose Holdings has broken ground on The Prairie Encore, a $90 million apartment and retail development in the northwest St. Louis suburb of Dardenne Prairie. The property will include 190 luxury apartment units along with a 3,000-square-foot, standalone Sugarfire Smokehouse with sand volleyball and pickleball courts. There will also be a Small Sliders restaurant, an 11,000-square-foot building for Mac-A-Doodles Fine Wine, Beer & Spirits, a Starbucks with a drive-thru, a Circle K convenient store and a 7,500-square-foot animal hospital. Sugarfire and Mac-A-Doodles are scheduled to open late this fall. Starbucks is slated to open in mid-2025, with the multifamily and animal hospital following in fall 2025. The four-story apartment building will feature two interior courtyards, a 3,000-square-foot lobby with a leasing office, coffee bar, kitchen, bar and fitness center and various coworking spaces. Outside, there will be surface parking, a large dog park, resort-style pool and community gathering spaces. Rosemann & Associates was the consulting architect, and Hurford Architects was the project architect. The property manager will be 2B Residential.

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ORANGE, CALIF. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. Located at 1800 E. La Veta Ave., The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. Community amenities will include a clubroom, dog park, fitness center, computer workstations, a community garden with some elevated planters, a courtyard and shaded patio, and secured parking. Residents will also have access to LifeSTEPS, a social-services provider. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community. The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $64 million project. The California Tax Credit Allocation Committee awarded bond funding for the development. Bank of America offered construction and tax credit equity financing, while Citibank served as the permanent lender.

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LOS ANGELES — The Mogharebi Group (TMG) has brokered the sale of Pinetree Terrace Apartments, a multifamily property located at 7940 Reseda Blvd. in Reseda, a neighborhood in the San Fernando Valley area of Los Angeles. GLS Building Corp. sold the asset to Foundation for Affordable Housing for $17.6 million. The buyer plans to transform the 58-unit property into long-term affordable housing. Built in 1978, Pinetree Terrace features a mix of one-, two- and three-bedroom floor plans, ranging from 900 square feet to 1,263 square feet, spread across five two-story residential buildings. Community amenities include a pool and spa, fitness center, laundry room, leasing office and subterranean parking. At the time of sale, the property was 100 percent occupied. Otto Ozen and Brian Nakamura of TMG represented the seller in the deal.

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PHOENIX — JLL has arranged the $12.6 million sale of Corona Del Sol, a garden-style apartment property located at 27 E. Corona Ave. in Phoenix. A private high-net-worth seller sold the asset to KDF Communities for $12.6 million. Built in 1985, Corona Del Sol features 64 apartments, with an average size of 880 square feet. All units offer classic finishes and offer the potential for future value-add enhancements. At the time of sale, the property was 97 percent leased. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of JLL Capital Markets represented the seller and procured the buyer in the deal.

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TAMPA, FLA. — Multifamily developer ZOM Living has sold Azola South Tampa, a community located at 7701 Interbay Blvd. in Tampa. Miami-based multifamily investment firm Momentum Real Estate Partners acquired the property for $64.3 million. Situated on nine acres, the community comprises 214 apartments and townhomes. Amenities at the property include a 6,000-square-foot clubhouse with a lounge, coworking areas, kitchenette, game room and fitness center, as well as a swimming pool and a pavilion with seating and a summer kitchen and grilling area.

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WINSTON-SALEM, N.C. — Goodegg Investments has acquired Crowne Club Apartments, a 250-unit multifamily community located in Winston-Salem. Built in 1995, the property is situated near the Atrium Health Wake Forest Baptist Medical Center. The buyer purchased the property through its Goodegg Wealth Fund II and Goodegg Growth Fund III. “Our investors love strong value-add assets like this one,” says Julie Lam, CEO of Goodegg. The seller and sales price were not disclosed. According to Apartments.com, Crowne Club features one-, two- and three-bedroom apartments ranging in size from 850 to 1,400 square feet. Amenities include a swimming pool, fitness center, playground and a clubhouse.

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ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Serena Vista, a 120-unit apartment complex in Arlington. Built in 1980, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse and a dog park. Nick Fluellen, Bard Hoover and Chris Pearson of Marcus & Millichap represented the seller, an undisclosed private investment group, in the transaction and procured the buyer, Green Mountain Properties LLC.

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KANSAS CITY, MO. — Hamilton Zanze has acquired Crossroads Westside, a 222-unit apartment complex in downtown Kansas City. The purchase price was undisclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. Crossroads Westside was built in 2018 and features one- and two-bedroom units ranging in size from 614 to 1,252 square feet. Amenities include a saltwater pool, dog spa, fitness center, sundeck, private art garden, business center, coworking spaces, fire pit and entertainment lounge. The property is situated within the historic Crossroads Art District. The transaction marks Hamilton Zanze’s fourth acquisition in 2024.

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CHICAGO — Essex Realty Group has negotiated the sale of a four-building, 38-unit multifamily portfolio in Chicago’s Austin neighborhood for $2.3 million. Robert Berman, Michael Anguiano, Daniel Shabsin, Jeremy DeMarco and Joe Kahlhammer of Essex represented the long-term, local seller. A local investor purchased the properties with plans to update units. The assets are located at 44 N. Mason Ave., 60 N. Mason Ave., 112 N. Mason Ave. and 150 N. Mayfield Ave.

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SOMERVILLE, N.J. — New Jersey-based investment firm TFE Properties has completed Kirby Village, a 174-unit multifamily project in Somerville, about 50 miles southwest of Manhattan. Kirby Village offers one- and two-bedroom units that range in size from 800 to 1,452 square feet. The townhome-style residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a children’s play area. Rents start at roughly $2,400 per month for a one-bedroom apartment.

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