Multifamily

Canyon Creek Apartments Near Portland Sells for $49.5M

by Nellie Day May 27, 2015

PORTLAND, ORE. — Aukum Management LLC has purchased the 372-unit Canyon Creek apartment community in the Portland submarket of Wilsonville for $49.5 million. The community is located at 26310 SW Canyon Creek Road, about 16 miles south of Downtown Portland. The property is 95.7 percent leased. Its units average about 858 square feet. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center. The seller, a private investor, was represented by HFF’s Ira Virden and Kerry Hughes.

May 27, 2015

Multifamily North Carolina Southeast

Capstone Apartment Partners Brokers $12.8M Sale of Charlotte Apartment Community

by John Nelson May 27, 2015

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $12.8 million sale of Hunter’s Pointe, a 394-unit apartment community located in Charlotte. The property is located roughly five miles from Uptown Charlotte. ACRE purchased the asset from Hunter’s Apartments LLC for roughly $32,616 per unit. The apartment community has received approximately $3 million in upgrades over the past 10 years and was 85 percent occupied at the time of sale. Brian Ford, Beau McIntosh and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

May 27, 2015

Multifamily New Jersey Northeast

The Daten Group to Develop 46-Unit Residential Property in Downtown Hoboken

by Amy Works May 26, 2015

HOBOKEN, N.J. — The Daten Group is developing a seven-story residential building at 600 Harrison St. in downtown Hoboken. Designed by Nastasi Architects, the 67,000-square-foot building will feature 46 apartment units with spacious layouts and in-unit washer/dryers, a virtual doorman, a private gym, an outdoor recreation space and 32-spot parking garage. The rental units will range from $2,900 per month for a one-bedroom, one-bath unit to $4,950 a month for a three-bedroom, two-bath unit. Groundbreaking is scheduled for Thursday, May 28, and construction is estimated to last 18 months.

May 26, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.6M Loan for Apartment Property in Minnesota

by Amy Works May 26, 2015

MOORHEAD, MINN. — Dougherty Mortgage has arranged a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments in Moorhead, a suburb of Fargo, Minn. The 12-year loan features a 30-year amortization schedule. The borrower was Apartments at Johnson Farms LLC. The 125-unit apartment property features one-, two- and three-bedroom units with open floor plans, 9-foot ceilings on the first and second floors, vaulted ceilings on the third floor, walkout patios or balconies, in-unit washers/dryers and garages.

May 26, 2015

Georgia Seniors Housing Southeast

Juneau Begins Final Phase of Construction on CCRC in Georgia

by John Nelson May 26, 2015

CUMMING, GA. — Atlanta-based contractor Juneau Construction Co. has entered the final phase of construction for The Villas at Canterfield in Cumming, which includes a 146,000-square-foot independent living apartment facility. The structure under construction is a four-story building housing 76 residential units, plus a pool, exercise facilities, multi-purpose activity rooms, a club area, country store, fully equipped communal kitchen, restaurant-style dining area and an outdoor courtyard. Juneau expects to complete construction of The Villas at Canterfield by November. The developer is Medical Development Corp., and the architect and engineer is The Corcoran Ota Group.

May 26, 2015

Multifamily Student Housing Texas

UHC to Develop Apartment Complex Near University of Oklahoma

by Haisten Willis May 22, 2015

NORMAN, OKLA. — University House Communities (UHC), formerly known as Inland American Communities Group, will develop a new University House community on the site of the current Bishop’s Landing apartments near the University of Oklahoma. Construction will begin on the apartment community this fall, with a scheduled opening of August 2017. Leasing will begin by August 2016. The five-story, 388-unit development will feature 917 beds with studio, one-, two-, three- and four-bedroom floor plans, all fully furnished. The community will also include amenities such as three outdoor courtyard areas, a clubroom, lounge, pool, 24-hour fitness center, parking and on-site management. Residents of University House will also have easy access to campus via the Norman CART bus system, with a transit hub directly across the street from the property. The project team consists of Humphrey’s & Partners Architects as the architect and Huitt-Zollars as the civil engineer. University House will be located near Brooks and Classen at 333 E. Brooks St. in Norman.

May 22, 2015

Multifamily Texas

Presidium Group, St. Croix Capital Acquire Hunterwood Apartments in Austin

by Haisten Willis May 22, 2015

AUSTIN, TEXAS — Presidium Group LLC, in partnership with St. Croix Capital Advisory Services Group, has acquired Hunterwood Apartments, a 160-unit apartment complex in Austin. The property was built in 1983. Presidium plans to implement value-add upgrades that will consist of aesthetic and finish improvements. Interior renovations will include the addition of granite countertops, tile backsplashes, faux wood flooring, new door and cabinet hardware, new plumbing and electrical fixtures, new appliances and a new paint scheme. Exterior upgrades will include modernizing the leasing center, the addition of a fitness center, pool area upgrades, landscaping additions and a new exterior paint scheme. Hunterwood is located in south Austin within a mile of South First Street and South Congress Avenue, two of the major access ways into downtown Austin. The property is a 15-minute drive from downtown Austin, Bergstrom Airport, the Sunset Valley shopping area, Barton Creek Square Mall and Circuit of the Americas. Hunterwood’s current amenities include a swimming pool, laundry facilities and a leasing center.

May 22, 2015

Multifamily Texas

IPA Sells 279-Unit Apartment Complex in Austin

by Haisten Willis May 22, 2015

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Kenzie at The Domain, a 279-unit, six-story multifamily complex in Austin. Will Balthrope and Drew Kile of IPA advised the seller, StreetLights Residential, and procured the buyer, an institutional investor. The Kenzie is located at 3201 Esperanza Crossing in The Domain, a master-planned development. The Domain includes 1 million square feet of retail, dining and entertainment options and 2.5 million square feet of office space. The Kenzie’s community amenities include a large fitness center, 17,000-square-foot resident entertainment area and a pool and fireside social area. Apartments include 10- or 13-foot ceilings, granite countertops, stainless steel sinks, Energy Star appliances and urban mud rooms.

May 22, 2015

Colorado Multifamily Western

Plaza on Broadway Apartments in Boulder Sells for $24M

by Nellie Day May 22, 2015

BOULDER, COLO. – The 39-unit Plaza on Broadway apartments in Boulder has sold to an unnamed buyer for $24 million. The community is located at 955 Broadway Street. It was built in 2013. Plaza on Broadway is situated directly across from the University of Colorado-Boulder. The property sits on a 60-year ground lease. The sale was executed by Jacob and Nick Steele of Marcus & Millichap’s Denver office.

May 22, 2015

The-Residences-at-CityPlace-Overland-Park-KS

Kansas Midwest Multifamily

BRES, The Carlyle Group to Develop Multifamily Community in Overland Park

by Amy Works May 22, 2015

OVERLAND PARK, KAN. — Block Real Estate Services (BRES) and The Carlyle Group are developing The Residences at CityPlace, a 344-unit planned multifamily community within Overland Park’s CityPlace development. The Residences at CityPlace will consist of micro, one- and two-bedroom units, ranging from 468 and 2,023 square feet, featuring gourmet island kitchens, quartz countertops, walk-in closets with custom shelving, large outdoor terraces, full-sized washers/dryers and attached garages. Community amenities will include a resort-style pool and hot tub, fire pit, covered grilled and TV area, fitness center, coffee bar, library, game room, social media/theater room, secure covered parking, dog park, bike stations, WiFi, and access to the 17-mile Indian Creek Trail system.

May 22, 2015

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