LUBBOCK, TEXAS — Coldwell Banker has brokered the sale of Dimora Village, a 418-unit multifamily property in the West Texas city of Lubbock. The site is located roughly one mile from the Texas Tech University campus and adjacent to the North Park mixed-use development. Dimora Village consists of 209 separately deeded duplexes. According to Apartments.com, units come in two-, three- and four-bedroom floor plans, and amenities include a pool, basketball court, courtyard and pet play area. Chase Tucker and Taylor Tucker of Coldwell Banker represented the undisclosed seller in the transaction and procured the buyer, Crain Co.
AUSTIN, TEXAS — A partnership between The Preiss Co. and Investcorp has purchased 21 Pearl, a 267-bed, 135-unit student housing property that is located on the University of Texas at Austin campus. Built in 2013 and recently renovated, 21 Pearl was 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new ownership.
MassDevelopment Provides $17M Bond Financing for Affordable Housing Project in Lowell, Massachusetts
LOWELL, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for a 52-unit affordable housing project that will be located north of Boston in Lowell. The site formerly housed a Merrimack Valley Food Bank warehouse that will be demolished, although select areas of the historic façade will be retained and restored. The majority (41) of the units will be reserved for households earning 60 percent or less of the area median income (AMI), with the other 11 to be set aside for renters earning 30 percent or less of AMI. The borrower is an affiliate of Tremont Development Partners. Eastern Bank purchased the bond.
BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in Brownsburg, a western suburb of Indianapolis. The first phase of the property was built in 2018 and provides 310 units ranging in size from studios to two-bedroom townhomes. The property is located at 7240 Arbuckle Commons. According to Flaherty & Collins, Brownsburg’s population has increased by nearly 20 percent in the last five years.
DENVER — California-based Epp & Sons Inc. has purchased One19 Cherry Creek, a three-story multifamily community in Denver’s Cherry Creek submarket. Ready Capital sold the asset for $23 million. Located at 119 S. Harrison St., One19 Cherry Creek features 36 apartments, averaging 1,366 square feet. Built in 2021, the units feature walk-in closets, induction ranges, condo-grade finishes, cabinet-covered refrigerators and dishwashers, balconies, spa-inspired primary bathrooms and wide-plank hardwood flooring. Select units have oversized private terraces. Community amenities include a 24-hour gym, grilling stations, two-story underground parking garage, pet spa, Luxor package system and cold storage, 12 electric vehicle charging stations and an outdoor community terrace. Andy Hellman, Justin Hunt, Eril Toll and Brad Schlafer of CBRE represented the seller in the transaction.
PHOENIX — Marcus & Millichap has arranged the sale of Brio 14, an apartment community in Phoenix. The asset traded for $3.8 million. Located at 2950 N. 29th Place in Phoenix, Brio 14 offers six one-bedroom/one-bath units and eight two-bedroom/two-bath units, averaging 667 square feet. The community was built in 2022. Paul Bay, Adam Saylor and Darrell Moffitt of Marcus & Millichap represented the undisclosed buyer and seller in the deal.
EVERETT, WASH. — A private investor has acquired Park Place Townhomes in Everett, a suburb north of Seattle, for $5.7 million. Located at 1225 W. Casino Road, Park Place Townhomes features 28 two- and three-bedroom townhome-style apartments, with an average size of 1,027 square feet. At the time of sale, the property was fully occupied. Zachary Mazzuca, Ryan Dinius and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the seller, a private investor. Tanner Fogle, Dinius and Warsinske of Marcus & Millichap secured and represented the buyer in the deal.
FORT WORTH, TEXAS — The Fort Worth City Council has approved a $630 million proposal to expand the historic Stockyards District, according to reports from multiple local news sources such as The Dallas Morning News, Fox4 KDFW and The Texan. According to the local Fox News affiliate, the proposal represents part of a larger, $1 billion expansion and would include both multifamily and hospitality components, as well as onsite parking. Axios Dallas reports that on a more specific level, the next phase of expansion will feature 500 hotel rooms, 300,000 square feet of commercial space and a 295-unit multifamily property. The Texan reports that the expansion would be led by Fort Worth Heritage LLC, which is a joint venture between California-based Majestic Realty Co. and Hickman Cos, with North Texas-based M2G Ventures also serving as a development partner. Multiple news outlets reported that the City of Fort Worth expects the expansion of the Stockyards District, which will include some public funding and is expected to be fully complete by 2032, to ultimately generate more than $400 million in fresh tax revenue.
HOUSTON — Hamilton Point Investments, a real estate private equity firm based in Connecticut, has acquired a portfolio of four apartment communities in the Houston area for $195 million. The portfolio totals 1,174 units and consists of Prose Champions in Houston (360 units); Prose Copperfield in Houston (361 units); Prose Cypress Creek in Cypress (240 units); and Prose Franz in Katy (213 units). The properties were all constructed within the last three years. The seller was not disclosed, but Prose is the workforce housing brand of Alliance Residential. No third-party brokers were involved in the transaction.
DALLAS — Metro Philadelphia-based developer Toll Brothers (NYSE: TOL) has completed Lyle, a 334-unit apartment community in North Dallas. Toll Brothers developed the property in partnership with Chicago-based Equity Residential as part of a trio of multifamily developments in the Dallas-Fort Worth metroplex. Units come in studio, one-, two- and three-bedroom floor plans and are furnished with quartz countertops, tile backsplashes and keyless entry mechanisms. Select residences also offer private balconies/patios. Amenities include a pool, game lawn, fitness center, coworking lounge and a coffee bar. Santander Bank financed construction of the project. Rents start at $1,675 per month for a studio apartment.