Multifamily

Cushman & Wakefield Negotiates Sale of 257-Unit SODO Duluth Apartments in Metro Atlanta

by John Nelson October 12, 2023

DULUTH, GA. — Cushman & Wakefield has negotiated the sale of SODO Duluth, a newly built, 257-unit apartment community located in downtown Duluth, a northeast suburb of Atlanta in Gwinnett County. The sellers, The Residential Group (TRG) and PointOne Holdings, delivered SODO Duluth earlier this year. The buyer, Weinstein Properties, purchased the asset for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren and Michael Kay of Cushman & Wakefield represented the sellers in the transaction. According to Apartments.com, SODO Duluth features studio, one- and two-bedroom apartments ranging in size from 616 to 1,470 square feet. Amenities include a sky lounge, saltwater swimming pool, fitness center, coworking spaces, EV charging stations, package lockers and a dog park.

October 12, 2023

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Brokers $5.4M Sale of Clement Arms Apartments in North Charleston

by John Nelson October 12, 2023

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $5.4 million sale of Clement Arms Apartments, a 49-unit multifamily community located at 1815 Clements Ave. in North Charleston. The property was built in 1980 on 1.2 acres. Ryan Lipomi, Will Graves and Nate McDaniel of Marcus & Millichap’s Charleston office represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

October 12, 2023

Acquisitions Colorado Multifamily Western

Alliance Residential Sells 254-Unit Broadstone Kendrick Apartments in Denver for $111M

by Amy Works October 11, 2023

DENVER — Alliance Residential has completed the disposition of Broadstone Kendrick, a multifamily community in Denver’s Uptown neighborhood, Jackson Square Properties sold the asset for $111 million. Constructed in two phases between 2021 and 2022, the 184,574-square-foot Broadstone Kendrick consists of two eight-story buildings with two levels of subterranean parking. The property features 254 studio, one- and two-bedroom apartments with an average unit size of 727 square feet. The two buildings are located at 1780 Marion St. and 1160 E. 18th Ave. across the street from the Uptown Medical District. Units feature gas ranges, wine fridges and soft-close drawers and cabinets. Community amenities include two rooftop terraces; a fitness center and wellness center fully equipped with Technogym and barre equipment; a lounge; and coworking space. Terrance Hunt, Shane Ozment, Chris Cowan, Chris Hart, Brad Schlafer and Jessica Graham of CBRE’s multifamily investment properties team in Denver represented the seller in the transaction.

October 11, 2023

Affordable Housing Development Multifamily Texas

LS Black Breaks Ground on $88M Affordable Housing Project in Metro Austin

by Taylor Williams October 11, 2023

ROUND ROCK, TEXAS — Minneapolis-based LS Black Development has broken ground on Preserve at Mustang Creek, an $88 million affordable housing project in the northern Austin suburb of Round Rock. Designed by Merriman Anderson Architects, Preserve at Mustang Creek will total 252 units that will be reserved for households earning 30 to 60 percent of the area median income (AMI). Units will come in one-, two-, three- and four- bedroom floor plans, and amenities will include a pool, playground, clubroom and outdoor grilling and dining stations. Construction is scheduled for a fall 2025 completion.

October 11, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 376-Unit Stone Brook Apartments in Metro Houston

by Taylor Williams October 11, 2023

BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.

October 11, 2023

California Loans Mixed-Use Multifamily Retail Western

BWE Arranges $32.6M Loan for First Street Village Mixed-Use Development in Burbank, California

by Amy Works October 11, 2023

BURBANK, CALIF. — BWE has secured a $32.6 million loan to provide first mortgage financing for First Street Village, a six-story, mixed-use development in Burbank. Steve Perricone and Tom Mazlo of BWE originated the loan from a correspondent life company on behalf of the borrower, a regional private investment firm. First Street Village features 94 studio, one-, two- and three-bedroom units and 6,100 square feet of fully leased commercial space. Units feature quartz countertops, Energy Star-rated appliances, European cabinetry, nine-foot ceilings and in-unit washers/dryers. Community amenities include an outdoor swimming pool, a fitness center, spa, sundeck, business center and landscaped courtyard. The loan has a 15-year term with a 30-year amortization and is open to prepayment at par after nine years. The borrower used the proceeds to pay off an existing high-interest construction loan.

October 11, 2023

Acquisitions Florida Multifamily Southeast

JBM Brokers $102M Sale of ParkCrest Landings Apartments in Bradenton, Florida

by John Nelson October 11, 2023

BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit apartment community located in Bradenton, a city in metropolitan Sarasota. This sale represents the second time that JBM has brokered the sale of ParkCrest Landings since it was delivered in 2015. Passco Cos. sold the asset to an undisclosed buyer. Situated on a 78.4-acre site, ParkCrest Landings comprises 17 two- and three-story residential buildings, three separate amenity/clubhouse buildings and two swimming pools. The property features one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

October 11, 2023

California Development Multifamily Western

6919 Fulton St. LLC Nears Completion of 47-Unit Citrino Multifamily Community in San Diego

by Amy Works October 11, 2023

SAN DIEGO — Owner 6916 Fulton St. LLC is nearing completion of the development of Citrino, an apartment complex in the Linda Vista neighborhood of San Diego. Located at 6919 Fulton St., the pet-friendly community features 47 studio, one- and two-bedroom apartments ranging from 470 square feet to 941 square feet. Units offer open floorplans with oversized windows, stainless steel appliances, quartz countertops and full-size stackable washers/dryers. The solar-powered property features two electric vehicle charging stations, a community clubhouse, kitchen and courtyard. San Diego-based Sunrise Management is serving as property manager for the asset. Pre-leasing for the community is underway.

October 11, 2023

Development Multifamily Texas

Civitas Capital Tops Out 238-Unit Multifamily Project in Houston

by Taylor Williams October 11, 2023

HOUSTON — Dallas-based Civitas Capital Group has topped out UNITi Montrose, a 238-unit multifamily and coliving project in Houston. The site spans a full acre, and the building rises six stories atop a three-story parking garage. Floor plans consist of 190 studio, one- and two-bedroom units as well as 48 private suites that house a total of 161 private rooms. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for next summer.

October 11, 2023

Acquisitions Illinois Midwest Multifamily

Quantum Brokers $3.8M Sale of Multifamily Building in Chicago’s West Town

by Kristin Harlow October 11, 2023

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $3.8 million sale of an 11-unit multifamily building in Chicago’s West Town neighborhood. The property at 835 N. Wolcott Ave. was renovated in 2020. Quantum represented the out-of-state buyer, which completed a 1031 exchange. The seller was undisclosed.

October 11, 2023

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