Multifamily

CBRE Brokers $7M Sale of Tropicana Apartments in Huntington Beach, California

by Amy Works December 5, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a multifamily property in Huntington Beach. A Huntington Beach-based private buyer acquired the asset from a local private investor for $7 million, or $337,714 per unit, in an all-cash deal. According to CBRE, the sale was the largest apartment transaction in downtown Huntington Beach in the past 10 years. Dan Blackwell and Mike O’Neill of CBRE represented the seller, which was exchanging into a Delaware Statutory Trust, in the transaction. Located at 201 10th St., Tropicana Apartments features 21 residences spread across four two-story buildings, totaling 10,096 rentable square feet across six lots on two parcels. Built in 1963, the gated community offers a mix of one- and two-bedroom floor plans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. Additionally, the property features 18 carports and three garages for residents.

December 5, 2023

Alabama Development Multifamily Southeast

Dobbins Group to Develop Two Apartment Communities in Birmingham Totaling 785 Units

by John Nelson December 4, 2023

BIRMINGHAM, ALA. — Dobbins Group will develop two apartment communities in Birmingham. The first community, Colina West Homewood, will comprise 310 units in one-, two- and three-bedroom floorplans at 80 West Oxmoor Road. Amenities at the property will include package lockers, grilling stations and outdoor kitchens, hiking trails, a fitness center, swimming pool, coworking space, car wash, lawn game area, central green space, dog spa and park, clubhouse with resident lounge and attached and detached garages. The property will also feature a Grab & Go Market. The second property, Colina Hillside, will total 475 apartments in one-, two- and three-bedroom layouts across four- and five-story buildings. Amenities at the property, which will be located at 1121 Colina St., will include two heated saltwater pools, private pool cabanas and an outdoor kitchen entertainment area, 24-hour fitness center, a pet spa and pet parks, greenspace, firepits, grilling stations, electric car charging stations, valet trash service, a 24-hour resident market and lounge and coworking spaces. Protective Life provided financing. LBYD will serve as civil engineer for both developments, with Lorberbaum McNair providing landscape architecture and Catori Design House overseeing interior design. Forestry Environmental is the sitework contractor, and Capstone Building Corp. will provide …

December 4, 2023

Development Florida Southeast Student Housing

CBRE Investment, GMH to Begin Renovations at 734-Bed Student Housing Community Near University of South Florida

by John Nelson December 4, 2023

TAMPA, FLA. — A joint venture between CBRE Investment Management and GMH Communities has announced plans to begin renovations at Venue at North Campus, a 734-bed student housing community located near the University of South Florida in Tampa. The duo purchased the property in October. Dallas-based Premier will spearhead the renovations, which are expected to begin early next year. Enhancements to the property will include the addition of new appliances, countertops, cabinets, furniture, paint and fixtures; refreshments to the pool area; the addition of a jumbotron; updates to the community’s dog park; and the integration of a dedicated space for food truck dining near the property’s convenience store. The community offers a mix of studio, two-, four- and five-bedroom units. Shared amenities include a resort-style swimming pool, fitness centers, grilling stations under a pergola, individual and group study areas and an internet cafe.

December 4, 2023

Acquisitions Georgia Multifamily Southeast

GREA Brokers $13.9M Sale of Phoenix Place Townhomes in Metro Atlanta

by John Nelson December 4, 2023

EAST POINT, GA. — Global Real Estate Advisors (GREA) has brokered the $13.9 million sale of Phoenix Place Townhomes in East Point, about 3.5 miles from Hartsfield-Jackson Atlanta International Airport. Built in 1971 and located at 2420 Heaton Drive, the community comprises 144 units in one-, two- and three-bedroom floorplans. Green Forest Capital acquired the property from Pacific West Land. Taylor Brown, Mack Leath and Barden Brown of GREA represented the seller in the transaction.

December 4, 2023

Development Multifamily Texas

Wood Partners Opens 330-Unit Alta Cypress Springs Apartments in Metro Houston

by Taylor Williams December 4, 2023

CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has opened Alta Cypress Springs, a 330-unit project located on the northwestern outskirts of Houston. Alta Cypress Springs features one-, two- and three-bedroom apartments that are furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Texas-based Design Balance served as the project architect. Rents start at roughly $1,300 per month for a one-bedroom apartment, according to the property website.

December 4, 2023

Acquisitions Multifamily Texas

RailField, Artemis Acquire 201-Unit Multifamily Property in Houston

by Taylor Williams December 4, 2023

HOUSTON — A partnership between Maryland-based investment firm RailField and Washington, D.C.-based Artemis Real Estate Partners has acquired Dolce Midtown, a 201-unit multifamily property located at 180 W. Gray St. in Houston. The property comprises two five-story buildings that were constructed in 2020. Dolce Midtown offers one- and two-bedroom units that are furnished with stainless steel appliances, built-in desks, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, clubhouse, game room, business center and outdoor grilling and dining stations. The seller and sales price were not disclosed.

December 4, 2023

Acquisitions Multifamily Texas

35 South Capital Buys 84-Unit Village Place Apartments in Houston

by Taylor Williams December 4, 2023

HOUSTON — Locally based investment firm 35 South Capital has purchased Village Place Apartments, an 84-unit multifamily complex in Houston’s Hedwig Village neighborhood. The complex consists of 13 buildings on a 3.5-acre site. According to Apartments.com, units come in one- and two-bedroom floor plans, and amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and onsite laundry facilities. Newmark brokered the sale of the property. The seller and sales price were not disclosed.

December 4, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $3.1M Sale of Multifamily Property in Fairfield, Connecticut

by Taylor Williams December 4, 2023

FAIRFIELD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $3.1 million sale of a five-unit multifamily property in Fairfield, located in southern coastal Connecticut. According to LoopNet Inc., the building at 1903 Post Road was originally constructed in 1924. Brad Balletto, Robert Paterno, Rich Edwards and Jeff Wright of NECPG represented the buyer and seller, both of which requested anonymity, in the transaction.

December 4, 2023

Affordable Housing Indiana Loans Lument Midwest Multifamily Ohio

Lument Provides Four Loans Totaling $11.5M for Refinancing of Affordable Housing Properties Across Three States

by Kristin Harlow December 4, 2023

OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.

December 4, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.4M Sale of Chicago Multifamily Property

by Kristin Harlow December 4, 2023

CHICAGO — Interra Realty has brokered the $3.4 million sale of a nine-unit multifamily property in Chicago’s Lakeview neighborhood. The primary building is located at 2852-56 N. Southport Ave. with an adjacent coach house located at 1411 W. George St. There are eight residential units that are fully occupied and one ground-floor retail space totaling 4,600 square feet that is vacant. Joe Smazal of Interra represented the local private seller.

December 4, 2023

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