GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.
BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.
ATLANTA — Greystar has begun leasing the first available units at Nomia, a 33-story high-rise apartment tower that will be located at 17th and Peachtree streets in Midtown Atlanta. The Charleston-based developer plans to officially open the 281-unit property this fall. Nomia will feature one-, two- and three-bedroom apartments, as well as penthouses with large floor-to-ceiling windows. Amenities will include a rooftop pool and terrace, spa, TULU luxury vending service, a fitness center and structured parking with electric vehicle charging stations, as well as street-level retail space. Nearby attractions include the High Museum, Museum of Design Atlanta (MODA) and Woodruff Arts Center, and global employers including NCR, PwC, Coca-Cola, Google, Norfolk Southern and AT&T have regional campuses in close proximity to Nomia.
RICHMOND, VA. — Capital Square has announced plans to raise $63.3 million in equity from accredited investors through its CSRA Opportunity Zone Fund VII LLC for the development of a 352-unit multifamily development in Richmond. The developer has also closed a construction loan for an undisclosed amount through United Bank. Walker & Dunlop arranged the financing. Capital Square broke ground on the unnamed community in April and expects to deliver the property in summer 2025. Located at 2929 W. Clay St. and 2922 & 2925 W. Marshall St. in Richmond’s Scott’s Addition neighborhood, the community will comprise three adjoining buildings situated atop podium parking and retail space. Planned amenities will include courtyards, a zero-edge pool, gym, clubhouse, dog park and a sky lounge.
LITTLE ROCK, ARK. — Arrow Senior Living has opened The Summit Senior Living at Chenal Valley in Little Rock. Built by O’Reilly Development, the property is situated in the West Little Rock area and sits on 12 acres near outdoor recreation, shopping and fine dining. The 163,000-square-foot property features 96 independent living units, 44 assisted living units and 18 memory care units. The Summit Senior Living at Chenal Valley is the first Arrow-operated community in Arkansas and the operator’s 35th in the nation.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.1 million sale of two multifamily properties totaling 20 units in the Northern New Jersey community of Elizabeth. Both buildings rise three stories, and one of the buildings includes two commercial spaces. Don Baxter and Michael Salomon of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak procured the buyer. Both parties requested anonymity.
GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.
RIVERSIDE, CALIF. — Irving, Texas-based JPI has begun vertical construction on The Exchange at Riverside, a three-story multifamily development in the Inland Empire city of Riverside. The community will feature 482 one-, two- and three-bedroom apartments, as well as several live/work units. Apartments will offer energy-efficient, stainless steel appliances and electric ranges; private tiered balconies; nine-foot ceilings; and a full-sized washers/dryers. Community amenities will include two resort-style pools with cabanas and outdoor fireplaces, an outdoor kitchen, coworking lounges, a fitness center, dog park, bicycle storage and repair room and electric vehicle charging stations. First occupancy for The Exchange at Riverside is slated for late 2024.
EDINA, MINN. — JLL Capital Markets has brokered the $74.7 million sale of Millennium Edina, a 227-unit apartment complex in the Minneapolis suburb of Edina. Completed in 2021, the property features studio, one-, two- and three-bedroom units averaging 905 square feet. Amenities include a green roof, yoga studio, game room, golf simulator, movie theater, fitness center, sunset terrace, outdoor pool and coworking spaces. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, a joint venture between Dakota Pacific Real Estate and Landmark Cos. The team also procured the buyer, a private investor. Brock Yaffe led the JLL capital markets debt advisory team that originated acquisition financing through Fannie Mae.
CHICAGO — Walker & Dunlop has arranged the sale of The Arcade Residences in Chicago for $35 million. Built in 2019, the property features 58 apartment units and 9,643 square feet of retail space. Todd Stofflet and Jason Stevens of Walker & Dunlop represented the seller and developer, Borecki Real Estate. The sale represented one of the highest-priced sales per door in Chicago, according to Walker & Dunlop. The Arcade Residences is located on the border of the city’s Edgewater and Rogers Park neighborhoods, directly adjacent to Loyola University. Amenities at the property include a tenant lounge, fitness center and rooftop deck. Over 90 percent of the retail space is leased by tenants such as Bank of America and Verizon.