AUSTIN, TEXAS — Austin-based Roscoe Properties has added eight new communities, totaling 2,040 rentable units, to its multifamily portfolio. The communities are: Westgate, a 312-unit complex in Houston; Sierra Royal, a 108-unit complex in San Antonio; Mariposa, a 132-unit complex in San Antonio; Elevation on Post Road a 342-unit complex in San Antonio; The Rail a 390-unit complex in College Station; Bristol Square, a 336-unit complex in Austin; The Beverly, a 120-unit complex in Austin, and; The Current, a 300-unit complex in Austin. Founded in 2002 by Jason Berkowitz, Roscoe Properties is an operator of multifamily communities. In addition to its headquarters in Austin, Roscoe Properties operates regional offices in Houston and San Antonio and manages approximately 10,000 units.
BALTIMORE — ZOM will commence construction in the third quarter on Banner Hill Apartments, a 349-unit luxury apartment community located in the Inner Harbor area of Baltimore. The project is a joint venture between ZOM and institutional investors advised by J.P. Morgan Asset Management. The general contractor is CBG Building Co. LLC, a division of Clark Construction Group. The property’s amenity package will include an e-lounge, fitness center, sports simulator, courtyards and a resort-style pool. The interior of the units will include kitchen islands, stainless steel appliances, granite countertops, stand-up showers, vinyl plank flooring, walk-in closets and private balconies. The units will range from 528 to 1,325 square feet. ZRS Management LLC will provide property management services upon completion. Pre-leasing for Banner Hill Apartments will begin in the first quarter of 2017.
NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.
In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …
GIG HARBOR, WASH. — Ziegler, a specialty investment bank, has closed $145 million in bond financing for Heron’s Key, a nonprofit continuing care retirement community (CCRC) currently in development in Gig Harbor. Located on approximately 18 acres, Phase I of Heron’s Key’s development will include 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II construction of an additional 88 independent living units and 32 memory care assisted living units.
BELMONT, CALIF. — An unnamed buyer has purchased three21@belmont, a 65-unit apartment complex in the Silicon Valley submarket of Belmont, for $23.6 million. The community is located at 301-321 Oxford Way. The property was recently renovated. Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures. Interior upgrades include a new management office, remodeled lobbies, an electronic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities, and new common area hallways and interior common stairwells. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and unnamed seller in this transaction.
BUENA PARK, CALIF. — An unnamed buyer has purchased the 88-unit Cypress Village apartments in Buena Park for $20.9 million. The community is located at 6343 Lincoln Ave. It was built in 1962. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities, a barbecue area and storage facilities. The asset is located on an expansive lot, with an option to redevelop the land. Stewart I. Weston, Alexander Garcia, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented the seller, NNC Apartment Ventures LLC.
DUNCANVILLE, TEXAS — Transwestern has arranged the sale of Wimberly Park Apartments, a 440-unit property in Duncanville, to a local buyer. Taylor Snoddy Philip Wiegand and James Roberts of Transwestern represented the unnamed seller. The buyer was self-represented and plans significant renovations on the property. The Class B asset is located on 21 acres and has floor plans of 869 square feet with a washer and dryer connection in every unit. Property amenities include a clubhouse, fitness center, business center, three swimming pools and a playground. Wimberly Park was 93 percent occupied at the time of sale.
BOWLING GREEN, OHIO — Reichle Klein Group has brokered the $4.15 million sale of Green Meadow Apartments, a 190-unit apartment complex in Bowling Green, about 25 miles south of Toledo. Located at 214 Napoleon Road, Green Meadows Apartments consists of one- and two-bedroom units. The apartment complex features a centralized laundry facility, 24-hour maintenance service, locked mailboxes and ample parking. Green Meadow Apartments is within walking distance of local drug, automotive, grocery and furniture stores. Walter (Tony) Plath and Harlan Reichle of Reichle Klein Group’s Investment Property Advisors Apartment Group represented the seller, a private investor from Santa Barbara, Calif., in the transaction. The buyer was Park Avenue Realty of Union, N.J.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 71 Fourth Ave., also known as 71 Park Ave. South, in Manhattan’s Greenwich Village. A joint venture between NAVA Cos., Savitar Realty Advisors, Williams & Sons Group and LePera Equities Inc. acquired the site for $19.9 million, or $780 per buildable square foot. Zoned C6-2A, the site consists of two buildings suitable for approximately 25,573 square feet of as-of-right development. The joint venture plans to develop a 10-story, 22,507-square-foot mixed-use property on the site, with eight floor-through apartments (units which occupy an entire floor), a duplex penthouse and a retail space with 14-foot ceiling heights.