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Multifamily

AcquisitionsMississippiMultifamilySoutheast

Marcus & Millichap Arranges Sale of 130-Unit Apartment Community in Tupelo, Mississippi

by John Nelson

TUPELO, MISS. — Marcus & Millichap has arranged the sale of Feemster Lake Roads Apartments, a 130-unit apartment community located at 1537 Feemster Lake Road in Tupelo. Locally based Prosper Management Group purchased the property for an undisclosed price. Built in 1992 adjacent to Itawamba Community College, Feemster Lake Roads Apartments features one- and two-bedroom apartments ranging in size from 500 to 1,000 square feet. Preston Cooper, Wallace Schmuck and Matt Smith of Marcus & Millichap’s Birmingham office represented the undisclosed seller in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record in Mississippi for the deal.

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Rone-Residences-Houston
DevelopmentMultifamilyTexas

High Street, Daiwa House Top Out 12-Story Apartment Building in Houston

by Taylor Williams

HOUSTON — A partnership between High Street Residential and Japanese homebuilder Daiwa House has topped out Rone Residences, a 12-story apartment building in Houston’s River Oaks/Upper Kirby area. Designed by Zeigler Cooper Architects and built by Hoar Construction, Rone Residences offers 209 units in one-, two- and three-bedroom floor plans with an average size of roughly 1,400 square feet. Amenities include multiple pools, a fitness center, game lounge, coworking and private conference spaces, a pet park and tenant storage spaces. Rone Residences will also house 2,900 square feet of retail space. The first units are expected to be available for occupancy in early 2025.

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AcquisitionsMultifamilyTexas

SPI Advisory Sells 192-Unit Parker Apartments in Tyler, Texas

by Taylor Williams

TYLER, TEXAS — Texas-based private equity firm SPI Advisory has sold Parker Apartments, a 192-unit multifamily complex located about 100 miles east of Dallas in Tyler. According to Apartments.com, the property was built in 1974 and offers studio, one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse, business center and tennis courts. SPI Advisory acquired the property in 2018 in partnership with CR Capital and implemented a value-add program during its ownership period. The buyer was not disclosed.

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Solis-at-Petrosa-Bend-OR
LoansMultifamilyOregonWestern

Dwight Mortgage Trust Provides $58.8M Loan for Solis at Petrosa Apartments in Bend, Oregon

by Amy Works

BEND, ORE. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $58.8 million in bridge financing for Solis at Petrosa, an apartment complex in Bend. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial. Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Situated on 10 acres, the community features 260 apartments spread across eight three-story buildings. Community amenities include a pool, community lounge with a full kitchen, fitness room, golf simulator room and pet wash station.

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Emblem-120-Woburn
LoansMassachusettsMultifamilyNortheast

Mesa West Capital Provides $81M Loan for Refinancing of Metro Boston Apartment Complex

by Taylor Williams

WOBURN, MASS. —Mesa West Capital has provided an $81 million loan for the refinancing of Emblem 120, a 289-unit apartment complex in the northern Boston suburb of Woburn. Developed by a joint venture between Toll Brothers and Carlyle Group in 2022, Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central courtyard, work-from-home space, rooftop terrace and lounge, pool with cabanas and a fitness center. The property also includes 9,390 square feet of street-level retail space. David Douvadjian, Timothy O’Donnell and David Douvadjian Jr. of Newmark arranged the debt through an undisclosed direct lender on behalf of the joint venture. 

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $13.2M Sale of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $13.2 million sale of a 76-unit apartment building in the Astoria neighborhood of Queens. The six-story building at 34-50 28th St. was originally constructed in 1930, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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6645-Farmdale-Ave-North-Hollywood-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Arranges $1.7M Sale of Multifamily Building in North Hollywood

by Amy Works

LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit apartment building, located at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded for $1.7 million, or $283,333 per unit. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.

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DevelopmentMichiganMidwestMultifamily

Joint Venture to Open 200-Unit Forum Flats Luxury Apartment Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — A joint venture between Cypress Partners and Douglas Capital Partners is slated to open Forum Flats in Troy this month. The luxury apartment complex is comprised of three buildings with 200 units. Amenities include a tenant lounge, pool, dog park and fitness center. The first of the three buildings involved the adaptive reuse of the 100,000-square-foot office space previously utilized by Kelly Services. The two additional ground-up buildings are set to open this summer. The project team included Krieger Klatt Architects and Tower Construction. Monthly rents start at $1,625. Individuals who apply or rent by April 15th will receive a $1,000 discount, which can be applied to their first initial payment. In addition, Forum Flats offers discounts for healthcare workers as part of their preferred employer program, which waives application fees, waives lease administration fees and offers a lower security deposit of $150 with approved credit. 

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Berkadia Arranges Sale of 85-Unit Seniors Housing Complex in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Berkadia has arranged the sale of an 85-unit seniors housing complex in Stamford, approximately 30 miles northeast of Manhattan. The unnamed facility offers assisted living and memory care services. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. The undisclosed buyer is based in New England.  

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DevelopmentFloridaMultifamilySoutheastTop Stories

The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach

by Kristin Harlow

NORTH MIAMI BEACH, FLA. — The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor, resort-style pool with a sundeck and cabanas as well as a waterfront promenade and putting green. Additional amenities include a 24-hour health club with a motion studio offering on-demand fitness classes, as well as the Zen Suite, which features a sauna, steam room, rain shower and massage therapy room. A tech lounge is equipped with coworking stations and conference spaces. Residents also have access to a social club, gaming lounge, sky lounge with grills, pet spa, toddler playroom, cinema room and podcast studio. Units come in one-, two- and three-bedroom layouts and range in size from approximately 700 to 1,230 square feet. There are also loft-style townhomes. Monthly rents start at $2,710. The 1.8-acre waterfront property is near beaches, the 1,043-acre Oleta River State Park, Aventura Mall and Bal Harbour Shops. EIG is also developing Soleste NoMi …

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