Multifamily

Presidio Bay Ventures Opens 6.4-Acre Springline Mixed-Use Development in Menlo Park, California

by John Nelson September 18, 2023

MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley. Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space. “We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.” The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services. The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, …

September 18, 2023

Acquisitions Georgia Multifamily Southeast

Tishman Speyer Acquires 502-Unit Apartment Community in North Atlanta Suburb

by John Nelson September 15, 2023

SANDY SPRINGS, GA. — An affiliate of Tishman Speyer has acquired Avia at North Springs, an apartment community located in the northern Atlanta suburb of Sandy Springs. The property, which will be renamed Randolph Perimeter, totals 502 units across 22 buildings. The seller and sales price were not disclosed, but Atlanta Business Chronicle reports that Harbor Group International LLC sold the asset for $107.5 million. CBRE represented the seller in the transaction, and Jay Wagley of CBRE’s Dallas office arranged acquisition financing on behalf of the borrower. Constructed in two phases between 1989 and 1996, the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, two swimming pools, tennis courts, a playground and walking trails throughout the 18.6-acre property. Tishman Speyer purchased the community through its TS Communities platform and plans to implement renovations to the units and amenities, including the addition of a fitness center, pickleball court, poolside lounges and an outdoor TV lounge with entertainment and gaming space.

September 15, 2023

Development Multifamily Texas

Joint Venture Breaks Ground on 444-Unit Apartment Community in Metro Austin

by Taylor Williams September 15, 2023

PFLUGERVILLE, TEXAS — A joint venture between High Street Residential and a fund managed by CBRE Investment Management has begun construction on The Merle at Howard, a 444-unit apartment community that will be located in the northern Austin suburb of Pflugerville. The garden-style property, which represents Phase I of a larger development, will consist of 15 apartment buildings and five townhome buildings on a 17-acre site. Amenities will include a pool, fitness center, pet park, coworking space and a golf simulator lounge. Delivery is scheduled for fall 2025. Project partners include Meeks + Partners (architect), HR Green (civil engineer) and Provident General Contractors. The larger development will ultimately comprise about 1,400 units across 60 acres that will be constructed over three phases. As part of the project, the joint venture will also construct a six-acre public park with pickleball courts, basketball courts, playgrounds and walking trails.

September 15, 2023

Development Multifamily Texas

Rosewood Property Begins Leasing 326-Unit Ludlow Apartments in Plano

by Taylor Williams September 15, 2023

PLANO, TEXAS — Dallas-based Rosewood Property Co. has begun leasing The Ludlow, a 326-unit apartment community that is located within the Heritage Creekside master-planned development in Plano. Designed by Hensley, Lamkin, Rachel Inc., The Ludlow offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and designer backsplashes, as well as private balconies and workspaces. The amenity package comprises a pool, fitness center, coworking spaces, a clubroom and a golf simulator. Full completion is slated for the end of the year. Rents start at $2,150 per month for a one-bedroom apartment.

September 15, 2023

Acquisitions Illinois Midwest Multifamily

CP Capital Sells 236-Unit Apartment Complex in Des Plaines, Illinois

by Kristin Harlow September 15, 2023

DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit apartment complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020 and sold it fully leased. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The community is situated adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.

September 15, 2023

Affordable Housing Development Michigan Midwest Multifamily

Greatwater Opportunity Capital to Develop $14M Affordable Housing Community in Detroit

by Kristin Harlow September 15, 2023

DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.

September 15, 2023

Loans Midwest Multifamily Ohio

Colliers Mortgage Provides $10.8M Acquisition Loan for Apartment Complex in Columbus, Ohio

by Kristin Harlow September 15, 2023

COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.

September 15, 2023

Acquisitions Arizona Multifamily Western

Wolff Sells Aiya Multifamily Community in Gilbert, Arizona to Olympus Property for $112M

by Amy Works September 15, 2023

GILBERT, ARIZ. — The Wolff Co. has completed the disposition of Aiya, an apartment property in Gilbert. Olympus Property acquired the asset for $112 million, or $311,11 per unit. Built in 2022 on 16 acres, Aiya features 360 studio, one-, two- and three-bedroom apartments with high ceilings, oversized windows and washers/dryers. Community amenities include electric vehicle charging stations, a swimming pool and spa, a conference room, private offices and a community kitchen with an espresso bar. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brain Eisendeath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer.

September 15, 2023

Acquisitions California Loans Multifamily Western

IPA Capital Markets Arranges $62.1M Acquisition Financing for DUO Apartments in San Jose

by Amy Works September 15, 2023

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) Capital Markets, a division of Marcus & Millichap, has arranged $62.1 million in acquisition financing for DUO Apartments, a multifamily property in San Jose. Built in 2020 on 4.6 acres, DUO Apartments features 301 residences and is 11 miles from downtown San Jose. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets originated the financing on behalf of the undisclosed borrower. IPA’s Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest. The 10-year, interest-only, government-sponsored loan is fixed at a 5.37 percent rate and features a 65 percent loan-to-value ratio.

September 15, 2023

Development Maryland Southeast Student Housing

Core Spaces Opens New 475-Bed Student Housing Community Near University of Maryland

by John Nelson September 14, 2023

COLLEGE PARK, MD. — Core Spaces has opened Hub College Park, a 475-bed student housing community located near the University of Maryland campus in College Park. The 239,542-square-foot property offers 161 fully furnished units in studio through five-bedroom configurations. Shared amenities include a fitness center, spa and sauna, coworking spaces, private study lounges, rooftop swimming pool and a coffee shop. Studio K Creative designed the interior of the property alongside Core’s in-house design team. Antunovich Associates served as the architect and Treehouse Builders was the general contractor for the development. Core’s in-house management team is managing the community, which opened ahead of the 2023-2024 academic year.

September 14, 2023

Newer Posts

Older Posts