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Multifamily

AcquisitionsAlabamaSoutheastStudent Housing

Muinzer, T2 Capital Management Acquire 486-Bed Student Housing Community Near Auburn University

by John Nelson

AUBURN, ALA. — Muinzer, alongside capital partner T2 Capital Management, has acquired Evergreen Auburn, a 486-bed student housing community located near Auburn University in Alabama. The property was recently renovated and offers units in one-, two- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, swimming pool, computer lounge, clubhouse, dog park, hot tub, fire pit and a coffee bar. The student housing community is 88 percent preleased for the 2024-2025 academic year. Terms of the transaction and the seller were not disclosed.

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The-District-at-SoCo-Austin
LoansMultifamilyNorthmarqTexas

Northmarq Provides $23.6M Agency Acquisition Loan for Austin Apartment Complex

by Taylor Williams

AUSTIN, TEXAS — Northmarq has provided a $23.6 million Fannie Mae acquisition loan for The District at SoCo, a 215-unit apartment complex in Austin. The site at 501 E. Oltorf St. is located near the downtown area. The District at SoCo was built in 2012 and offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor kitchen and a dog park. Jesse Lemos of Northmarq originated the five-year, interest-only loan on behalf of the undisclosed borrower.

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DevelopmentMultifamilyTexas

Birge & Held, Pedcor Unveil $7M Renovation of Affordable Housing Complex in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — Indianapolis-based development and investment firm Birge & Held Asset Management and Pedcor Management Corp. have unveiled the $7 million renovation of Cantibury Pointe Apartments, a 144-unit affordable housing complex in the West Texas city of Lubbock. The property offers 74 three-bedroom and 70 four-bedroom townhomes. The project team upgraded the amenity spaces, which include a pool, fitness center, business center and a clubhouse. Specific information on income restrictions was not disclosed.

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AcquisitionsMassachusettsMultifamilyNortheast

Adirondack Capital Partners Arranges $102.5M Sale of Multifamily Property in Westford, Massachusetts

by Taylor Williams

WESTFORD, MASS. — Regional brokerage firm Adirondack Capital Partners has arranged the $102.5 million sale of Abbot Mill, a 234-unit multifamily property in Westford, a northwestern suburb of Boston. The property, which represents Phase I of a larger project, is a redevelopment of a historic mill that was originally constructed in 1875, according to Apartments.com. The website also reports that Abbot Mill offers one- and two-bedroom units and amenities such as a fitness center, business center, clubhouse and a lounge. New York-based investment firm Aker acquired the property from an undisclosed local developer. Michael Hunter Coghill and David Johnson of Adirondack brokered the deal.

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DevelopmentMassachusettsMultifamilyNortheast

CC&F, Equity Residential to Develop 440-Unit Multifamily Project in Metro Boston

by Taylor Williams

WAKEFIELD, MASS. — A joint venture between locally based developer Cabot Cabot & Forbes (CC&F) and Equity Residential (NYSE: EQR) will develop 200 Quannapowitt, a 440-unit multifamily project in the northern Boston suburb of Wakefield. The property will offer one-, two- and three-bedroom units, 18 percent of which will be reserved as affordable housing. Amenities will include a pool, fitness center, clubhouse, outdoor grilling and dining stations, coworking space and nature trails. Brett Paulsrud, Andrew Gray and Mike Shepard of JLL structured the joint venture between the two firms.

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North-Chandler-Place-Chandler-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

SLIB Negotiates Sale of 198-Unit Seniors Housing Property in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of North Chandler Place, a 198-unit seniors housing property located in the Phoenix suburb of Chandler. Built in 1966 on 15.2 acres and expanded in 2002 and 2007, the property consists of 119 independent living units, 16 assisted living units, 28 memory care residences and 35 skilled nursing residences. The seller was a group of investors that will reinvest the proceeds in other core assets in the portfolios. The buyer is a national, publicly traded company that plans to implement capital improvements. Both parties requested anonymity. Jason Punzel, Nick Cacciabando, Ryan Saul and Brad Goodsell of SLIB handled the transaction.

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LoansMichiganMidwestMultifamily

Bernard Financial Group Arranges $3.8M Loan for Refinancing of Multifamily Property in Detroit

by Kristin Harlow

DETROIT — Bernard Financial Group (BFG) has arranged a $3.8 million loan for the refinancing of a 142-unit multifamily property in Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Cityside Owner LLC. Genworth Life and Annuity Insurance Co. provided the loan.

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Canoga-Park-Apts-Los-Angeles-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Community Preservation Partners Acquires Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — Community Preservation Partners (CPP) has acquired Canoga Park Apartments, a 14-unit affordable housing complex in Los Angeles, for $6 million. Built in 1983, the three-story building features 12 two-bedroom units and two three-bedroom apartments that are reserved for households earning 60 percent or less of the area median income. CPP’s total development investment is approximately $11.3 million, which includes the purchase price and an estimated per-unit renovation cost of $142,000. Renovations will includes replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring and seismic upgrades, along with ADA-compliance upgrades throughout the property. Renovations are slated for completion by December. Partners on the project include the California Tax Credit Allocation Committee, which issued 9 percent Federal Low-Income Housing Tax Credits and CA State Low-Income Housing Tax Credits. WNC & Associates will be providing the tax credits.

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AcquisitionsFloridaMultifamilySoutheast

Index Investment Group Sells 444-Unit Multifamily Community in Tampa

by John Nelson

TAMPA, FLA. — Index Investment Group has sold The Pointe on Westshore, a 444-unit multifamily community in Tampa. An entity controlled by Tampa-based American Landmark Apartments acquired the property for an undisclosed price. Situated on 23 acres, the community comprises apartments in one-, two- and three-bedroom floorplans. Amenities at the property, which was completed in 2022, include a swimming pool, private cabana chairs, grilling stations, a pet spa, two rooftop decks, a fitness center, clubhouse with a business center, conference rooms and lounge areas. The Pointe on Westshore was 92 percent occupied at the time of sale. Casey Babb, Shawn Rupp, Luiz Baez, Bastian Schauer and Will Mathews of Colliers represented the seller in the transaction. American Landmark was self-represented.

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AcquisitionsMultifamilyStudent HousingTexas

Landmark Properties Acquires 321-Bed Student Housing Property Near University of Texas at Austin

by Taylor Williams

AUSTIN, TEXAS — Landmark Properties has acquired Pointe on Rio, a 321-bed student housing property located at 1901 Rio Grande St. near the University of Texas in Austin. The midrise building, which will be rebranded as Tradition on Rio, was constructed in 2014. The community offers units in studio through five-bedroom configurations with hardwood floors, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, resident lounge, gaming area, fitness center and conference and study spaces. At the time of sale, the community was 94 percent preleased for the 2024-2025 academic year.

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