Multifamily

John Danner fiber future proofing quote

Technology, like commercial real estate, becomes increasingly vulnerable to the need for replacement and updates over time. Just as multifamily landlords can update properties by periodically replacing outmoded flooring and fixtures to suit the latest occupier preferences, technology must also keep up with the latest trends. For the best renter experience, multifamily properties need Internet connectivity that will serve residents as their technological needs grow and their tolerance for frequent outages diminishes. Disruptions associated with repairs or network upgrades can threaten customer satisfaction and renewal rates. Unfortunately for many landlords who rely on traditional telecommunications lines for their properties’ Internet, modern usage is straining older infrastructure. Booming wireless technology use is gobbling up bandwidth to connect everything from consumers’ phones and laptops to fitness monitors, smart TVs and other household appliances. As a vice president of product catalog who has worked for over a decade at broadband service provider Pavlov Media, John Danner understands the problem of limited Internet bandwidth all too well. He is eager to see technological improvements that will replace these old systems. “The old copper infrastructure can’t meet the requirements of the next generation of wireless connectivity,” explains Danner. “With fiber-optic connections, the sky is the …

FacebookTwitterLinkedinEmail

TALLAHASSEE, FLA. — Newmark has arranged the sale of Seminole Grand, a 1,557-bed student housing community located near the Florida State University campus in Tallahassee. Ryan Lang, Jack Brett, Ben Harkrider and Avery Klann of Newmark represented the seller, The Collier Cos., in the disposition of the property to FPA Multifamily. The sales price was not disclosed. Located at 1505 W. Tharpe St., the garden-style community offers a mix of two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, fitness center, yoga studio, sound-proof study rooms and a multimedia gaming center. The property also features a bus stop for the Florida State University line.

FacebookTwitterLinkedinEmail

WEST PALM BEACH, FLA. — Harbor Group International (HGI) has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach. Developed by Resia earlier this year, the property features apartments in one- and two-bedroom layouts. Community amenities include a fitness center, basketball court, clubhouse, swimming pool and children’s play area. HGI will assume the in-place, floating-rate construction debt on the property, with plans to refinance with permanent fixed-rate debt once leasing is completed. Hampton Beebe and Avery Klann of Newmark brokered the transaction. The sales price was not disclosed.

FacebookTwitterLinkedinEmail

FAYETTEVILLE, ARK. — Mia Rose Holdings LLC has secured the land and construction financing for The Junction at Shiloh, a planned 135-unit multifamily community in Fayetteville. Southern Bank provided financing. Upon completion, the property will feature 12 studio, 118 one-bedroom, 35 two-bedroom and 12 three-bedroom apartments ranging from 629 to 1,291 square feet in size. Amenities at the community will include a swimming pool, fitness center, business center and multiple green spaces. Rosemann & Associates is the architect on the project, construction for which is scheduled to begin in the third quarter of this year. The Engenuity is providing mechanical, electric and plumbing (MEP) engineering. Kimbel Mechanical is the MEP contractor, and Oelke Construction is the sitework contractor. Asset Living will manage The Junction at Shiloh, with the first units expected to open mid-year 2024.

FacebookTwitterLinkedinEmail

ASHEVILLE, N.C. — Capstone Cos. has arranged the sale of Creekside Luxury Apartments, a multifamily development project located at 2177 Brevard Road in Asheville. Upon completion, which is scheduled for the end of 2025, the property will comprise 319 units. Austin Heithcock, Adam Klenk, Jordan Arand and Josh White of Capstone represented the seller, Advantis, in the transaction. URS Capital, in partnership with PREG-Advantis and its construction arm, BCC Construction Inc., acquired the property for an undisclosed price.

FacebookTwitterLinkedinEmail
Ivy-Urban-Living-Dallas

DALLAS — Texas-based investment firm SPI Advisory has acquired Ivy Urban Living, a 228-unit apartment community located just north of downtown Dallas. Built in 1988, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and private balconies/patios. Amenities include a pool, fitness center, business center, pet park and access to package lockers. The seller and sales price were not disclosed.

FacebookTwitterLinkedinEmail

CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style apartment communities in Silicon Valley for approximately $70 million.  The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara; and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three unique buyers. Further details were not disclosed.

FacebookTwitterLinkedinEmail

SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit apartment community in the Phoenix suburb of San Tan Valley.  Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts and two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an Alexa-compatible smart hub.  Stella is scheduled to open for residency in late 2024. It will be Thompson Thrift’s sixth community in Arizona.

FacebookTwitterLinkedinEmail

COSTA MESA AND ANAHEIM, CALIF. — CBRE has arranged the sale of two multifamily communities totaling 38 units in Orange County for $12.1 million.  The communities traded hands in a 1031 exchange. All parties involved in both transactions were private investors based in Southern California.  Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The property was built in 1962 and comprises a pair of two-story buildings. The buildings recently underwent renovations including new flooring, appliances, bathrooms, kitchens, windows, stairs, railings and fascia.  Blackwell and O’Neill also represented the seller of the 20 units at 1887 Monrovia Ave. in Costa Mesa. The asset traded hands for $7.3 million.  Built in 1959, 1887 Monrovia Ave. comprises one two-story building with a pool, barbeque area and a community laundry room. Recent updates to select units include granite countertops, wood-style flooring and stainless-steel appliances.

FacebookTwitterLinkedinEmail

MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price.  Park Station is a 96-unit apartment community in Midvale, 12 miles south of downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities and covered parking.  Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer.

FacebookTwitterLinkedinEmail