Multifamily

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by John Nelson December 18, 2023

HALLANDALE BEACH AND MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking trails. A timeline for the project was not disclosed.

December 18, 2023

Alabama Build-to-Rent Development Multifamily Single-Family Rental Southeast

JCCG Breaks Ground on 201-Unit Build-to-Rent Townhome Development in Huntsville

by John Nelson December 18, 2023

HUNTSVILLE, ALA. — General contractor Jim Chapman Construction Group (JCCG) has broken ground on Nestledown Farm, a build-to-rent (BTR) residential community in Huntsville. Upon completion, the development will feature 201 attached townhomes in two- and three-bedroom layouts ranging from 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and 24-hour emergency maintenance services. Move-ins are scheduled to begin in fall 2024.

December 18, 2023

Acquisitions Development Multifamily Office Texas

Sava Holdings Buys 285,312 SF Office Complex in West Dallas, Plans Multifamily Conversion

by Taylor Williams December 18, 2023

DALLAS — Locally based hospitality development firm Sava Holdings has purchased Stemmons Towers, a 285,312-square-foot office complex in West Dallas, with plans to convert the property to multifamily use. Stemmons Towers consists of two 12-story buildings that were originally developed in the 1960s by Trammell Crow and John Stemmons, and Sava plans to add a 13th floor to each building as part of the project. The 13-acre site also includes open space for a residential pocket park and greenbelt area. Sava will rebrand the property as Lumiere. Construction is scheduled to begin in mid- to late 2024. John St. Clair and Trae Anderson of Dallas-based brokerage firm Younger Partners represented the seller in the disposition of the property.

December 18, 2023

Talia-Apartments-Marlborough-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $74M Sale of Talia Apartments in Marlborough, Massachusetts

by Taylor Williams December 18, 2023

MARLBOROUGH, MASS. — CBRE has brokered the $74 million sale of Talia, a 225-unit apartment complex located in the western Massachusetts suburb of Marlborough. Talia offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, outdoor grilling and dining stations, a pet spa, game room, coffee bar, courtyard and walking/jogging trails. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership between Fairfield Properties and an unnamed institutional investor, in the transaction. The buyer was a fund advised by regional investment firm The DSF Group.

December 18, 2023

California Development Multifamily Western

Cityview Plans 378-Unit Portico Apartment Community in Oakland, California

by Amy Works December 18, 2023

OAKLAND, CALIF. — Cityview is developing Portico, a 378-unit multifamily community located in an Opportunity Zone in Oakland’s Brooklyn Basin neighborhood. Slated for completion December 2023, the eight-story project will feature studio, one-, two- and three-bedroom apartments, as well as townhomes, with more than 80 percent of the units overlooking the waterways separating Oakland from Alameda. All units will feature stainless steel appliances, smart thermostats, large closets, air conditioning, full-sized washers/dryers, keyless entry, luxury vinyl plank flooring, and kitchens with fully tiled backsplashes and quartz countertops. Community amenities will include 331 parking spaces for residents and guests, a rooftop sky lounge, pool and spa deck, courtyard, an outdoor pet spa, indoor and outdoor fitness areas, a movement studio, clubroom, wine cellar, game room and leasing lobby lounge. Managed Wi-Fi will be available throughout the community and a coworking space will provide private and community workspaces for residents. Designed to meet LEED Silver standards, Portico will feature low-flow fixtures, Energy Star-certified appliances, a solar thermal system that helps provide hot water for units and energy efficient windows. The project team includes James E. Roberts Obayashi and Webcor as general contractors, AC Martin as architect and Nadia Gellar Designs as interior designer. Portico …

December 18, 2023

Colorado Loans Multifamily Western

KeyBank Arranges $16.7M Refinancing for Edge DTC Multifamily Property in Denver

by Amy Works December 18, 2023

DENVER — KeyBank Real Estate Capital has arranged a $16.7 million Fannie Mae fixed-rate loan to refinance existing debt secured by Edge DTC, an apartment community in Denver. Brian Caudel and Allison Loftsgordon of KeyBank Real Estate Capital structured the five-year loan featuring full-term interest-only payments through Fannie Mae for the borrower, Grand Peaks Properties. Built in 1986, Edge DTC features 204 apartments spread across eight two-story residential buildings. Community amenities include a swimming pool, fitness center, business center, dog park and picnic area.

December 18, 2023

Acquisitions Midwest Missouri Multifamily

Mia Rose Holdings Sells 156-Unit Apartment Complex in Lake Saint Louis, Missouri

by Kristin Harlow December 18, 2023

LAKE SAINT LOUIS, MO. — Mia Rose Holdings has sold The Solstice, a 156-unit Class A apartment complex in Lake Saint Louis, a northwest suburb of St. Louis. The sales price was undisclosed. Minneapolis-based Timberland Partners was the buyer. The Solstice features 48 two-bedroom units and 108 one-bedroom units spread across five buildings. Mia Rose completed development of the property this spring. The St. Louis-based multifamily developer has more than 3,000 units in development across the St. Louis, Northwest Arkansas, Indianapolis and North Texas markets.

December 18, 2023

Development Multifamily Texas

Presidium Breaks Ground on 374-Unit Multifamily Project in North Austin

by Taylor Williams December 15, 2023

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Presidium 183, a 374-unit multifamily project in North Austin. Designed by O’Brien Architects, Presidium 183 will offer several different floor plans, and units will be furnished with stainless steel appliances, quartz-style countertops and individual washers and dryers. Amenities will include a coworking lounge with private offices, fitness center with yoga and spin studios, a speakeasy-style bar, entertainment room with a theater and golf simulator, outdoor game lawn, pool and a dog run. Completion is slated for mid-2025.

December 15, 2023

Acquisitions Multifamily Texas

Colliers Brokers Sale of 244-Unit Clear Lake Apartments in Metro Houston

by Taylor Williams December 15, 2023

CLEAR LAKE, TEXAS — Colliers has brokered the sale of Clear Lake Apartments, a 244-unit multifamily complex located on the southeastern outskirts of Houston. Built in 1979, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

December 15, 2023

Development Mixed-Use Multifamily Nevada Restaurant Retail Western

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works December 15, 2023

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

December 15, 2023

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