Multifamily

JQ Group Completes Development of 263-Unit Madison Point Apartments in Metro Miami

by John Nelson July 7, 2023

NARANJA, FLA. — JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a swimming pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.

July 7, 2023

Development Florida Multifamily Southeast

ZOM Living Delivers 214-Unit Multifamily Development in Tampa

by John Nelson July 7, 2023

TAMPA, FLA. — Orlando-based ZOM Living has completed the construction of Azola South Tampa, a 214-unit multifamily community located at 7701 Interbay Blvd. in Tampa. Units range in size from 747 to 2,115 square feet and include apartments in one- and two-bedroom layouts, as well as six townhomes with three bedrooms and two-and-a-half bathrooms. Amenities at the property include a 6,000-square-foot clubhouse, swimming pool, fire pit and a pool courtyard featuring an outdoor billiards table, TVs, seating, a summer kitchen and two grilling areas. Architectural firm LRK designed the community, which is currently 70 percent occupied. Monthly rental rates at the community begin at $1,987.

July 7, 2023

Acquisitions Multifamily Northmarq Texas

Brazos Residential Acquires 606-Unit Thread Apartments in Dallas

by Taylor Williams July 7, 2023

DALLAS — Brazos Residential has acquired The Thread Apartments, a 606-unit garden-style community in Dallas. The Thread was built in three phases between 1969 and 1978 and offers studio, one- and two-bedroom floor plans. Northmarq’s Taylor Snoddy brokered the deal, and Kevin Leamy of Northmarq arranged the acquisition financing. The deal marks Brazos Residential’s 16th acquisition since the firm’s inception in 2022. The seller and sales price were not disclosed.

July 7, 2023

Development Loans Multifamily Texas

Joint Venture Receives $32.1M Construction Loan for Multifamily Project Near San Antonio

by Taylor Williams July 7, 2023

SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has received a $32.1 million construction loan for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. The Virginia will rise three stories and offer one-, two- and three-bedroom units. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL arranged the 15-year, floating-rate loan through an undisclosed regional bank on behalf of the development team. The first phase of the project is slated for a 2024 completion. A second phase is set to deliver in 2025, bringing the total units at the community to 424.

July 7, 2023

Development Multifamily Seniors Housing Texas

Granite Harbor Provides Equity Financing for Metro Houston Seniors Housing Project

by Taylor Williams July 7, 2023

CYPRESS, TEXAS — Locally based investment advisory firm Granite Harbor Advisors has arranged an undisclosed amount of equity funding to finance the expansion of Spring Cypress Senior Living, a facility located in the northwestern Houston suburb of Cypress. The property offers independent living, assisted living and memory care living services. The expansion project will add 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments and 14 new memory care units. The project’s first phase is complete and is roughly 95 percent occupied.

July 7, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $3.7M Sale of Two Apartment Buildings in Paterson, New Jersey

by Taylor Williams July 7, 2023

PATERSON, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $3.7 million sale of two apartment buildings totaling 18 units in the Northern New Jersey community of Paterson. The buildings are located in the Wrigley Park area and include commercial uses. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 7, 2023

Arizona Development Multifamily Western

Montezuma Heights Plans $41M Multifamily Project in Prescott, Arizona

by Jeff Shaw July 7, 2023

PRESCOTT, ARIZ. — Montezuma Heights Investors has unveiled plans for Montezuma Heights, a $41 million luxury multifamily development in Prescott. The groundbreaking ceremony will be held July 13. The development, located at 609 Bagby Drive, will feature 144 apartment units with one- to three-bedroom floor plans. Amenities will include a state-of-the-art gym, lounge, outdoor grotto with grilling area, dog parks, multiple fire pits and electric car charging stations. The community will also have a trail connection to Granite Creek Park and the Depot shopping center. The developer expects the construction process to take 20 months. MEB Management will serve as the community’s manager and leasing agent.

July 7, 2023

Development Midwest Minnesota Multifamily Seniors Housing

Kraus-Anderson Completes Phase II of Lexington Landing Seniors Housing Development in St. Paul

by Kristin Harlow July 7, 2023

ST. PAUL, MINN. — Kraus-Anderson has completed Phase II construction of Lexington Landing, a $24 million seniors housing development in St. Paul’s Highland Park neighborhood. Designed by Pope Design Group, the four-story building features 92 independent living units. Amenities include a pickleball court, golf simulator, club lounge, community room, library, community garden, dog park, rooftop patio, fitness room and guest suite. Lexington Landing also offers event and activity programming, spiritual care and scheduled transportation. J.A. Wedum Foundation is the owner and PHS Management LLC is the property manager.

July 7, 2023

Acquisitions Arizona Multifamily Western

Topp Corp. Buys Marlowe Apartments in Phoenix for $8.4M

by Jeff Shaw July 7, 2023

PHOENIX — Topp Corp. has purchased The Marlowe, a 53-unit apartment complex in Phoenix, for $8.4 million. Built in 1968, the majority of the apartment interiors have been renovated with new cabinets, countertops, appliances, flooring and lighting. The average unit size is 552 square feet. The Marlowe offers new ownership an opportunity to implement a comprehensive value-add strategy by renovating the remaining 20 percent of apartment interiors and adding custom touches to enhance the community. The community enjoys a central location near Tempe, Scottsdale and Phoenix Sky Harbor International Airport. It features a central garden courtyard, swimming pool, laundry facility and assigned parking. Paul Bay and Darrell Moffitt of Marcus & Millichap, in conjunction with Cliff David and Steve Gebing of IPA, represented the seller, Living Well Homes, and procured the buyer.

July 7, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Focus Healthcare Partners Acquires Senior Living Community in Elmhurst, Illinois

by Kristin Harlow July 7, 2023

ELMHURST, ILL. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired a senior living community in Elmhurst for an undisclosed price. The buyer will rebrand the property as The Roosevelt at Salt Creek and convert it from an entrance-fee model to a rental community offering both independent living and assisted living. Life Care Services will manage the community and help facilitate its multi-year renovation. The transformation will include building out common areas with a new design and broadening programming options for residents. Amenities will include an indoor pool, cinema, art studio, game room and sports lounge. The property was formerly named Lexington Square Senior Living.

July 7, 2023

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