GALVESTON, TEXAS — Colliers has arranged the sale of Lakeside at Campeche, a 320-unit apartment community located in the southeastern Texas city of Galveston. The property offers one- and two-bedroom units and amenities such as a pool, outdoor gym and grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, a California-based joint venture that owned the property for 20 years, in the transaction. Metro Dallas-based investment firm Clearworth Capital purchased the asset for an undisclosed price.
LEE’S SUMMIT, MO. — Avanti Residential has acquired the 308-unit Summit Square apartment community in the Kansas City suburb of Lee’s Summit for $80 million. Avanti now owns eight apartment properties in the greater Kansas City market. Built in 2018, Summit Square is located at 789 NW Donovan Road. Mac Crowther and Whittaker Potts of Newmark represented the seller, NorthPoint Development. Avanti owns and operates more than 8,000 apartment units in Colorado, Arizona, Utah, Florida and metro Kansas City.
HIGHWOOD, ILL. — Interra Realty has brokered the $16.9 million sale of Station440 in Highwood, a North Shore suburb of Chicago. The 48-unit luxury apartment complex is located at 440 Green Bay Road. Constructed in 2022, the community features amenities such as covered parking, a fitness center, community room, lounge and roof deck. Craig Martin of Interra represented the seller, Benchmark Developers, and the buyer, Chicago-based HP Ventures Group.
— By Priscilla Nee, Executive Vice President, CBRE — The Los Angeles apartment market started showing signs of cooling as supply has risen to meet demand. Rents decreased marginally year over year as last year’s apartment demand decreased following pent-up pandemic demand. In response to decreased prices, renter demand for space has seen an increase in the first few months of 2023. Across the market, vacancy is sitting just below 4.5 percent as of first-quarter 2023, which is up from all-time lows of around 3.7 percent one year prior. Concessions for new renters are present. They have been steady and increasing since the third quarter of 2022 as landlords work to attract great renters to new and existing projects. Additional new supply is outpacing present demand, despite early upticks in demand for the year. That, paired with a strong development pipeline and an additional 27,000 units under construction, may continue to drive vacancy rates up should demand not increase in kind. This could lead to potential reductions in lease rates if a property sits vacant on the market long enough. Most current development and construction is centered in Downtown LA, Koreatown and South LA. Markets like Inglewood are setting themselves …
HOUSTON — The NHP Foundation, a nonprofit owner-operator based in New York City, has opened The Citadel at Elgin, a 74-unit affordable housing complex in Houston’s historic Third Ward. Residences come in studio and one-bedroom floor plans and are reserved for renters age 55 and above who earn between 30 and 80 percent of the area median income. Units are furnished with stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a multi-purpose room, courtyard and outdoor grilling and dining stations. Houston-based nonprofit Change Happens CDC manages the property.
JERSEY CITY, N.J. — A partnership between locally based developer KRE Group and National Real Estate Advisors has topped out the third and final tower at Journal Squared, a multifamily development in Jersey City. Designed by Hollwich Kushner and Handel Architects and built by AJD Construction, the newest tower rises 639 feet and will house 598 units and 18,000 square feet of amenity space. The other two towers rise 53 and 70 stories, and the entire development will eventually consist of 1,840 apartments and 36,000 square feet of commercial space. Completion of the third tower is slated for the first quarter of 2024.
BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.
PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …
By Taylor Williams Aging is something that happens to all of us physically, but according to some residents at active adult communities in the Dallas-Fort Worth (DFW) area, the psychological and emotional difficulties of growing older are easier to bear in the company of others. Operators of this asset class are making this possible by delivering products and services that reflect the name “active adult.” Shared fitness classes, walking groups, book clubs, card games, communal gardening and organized shopping trips are but a few of the ways in which active adult owner-operators keep their residents’ bodies and minds fit and sharp. Happy hours, dance parties and holiday shindigs — all taking place in an environment devoid of children — ensure that residents have very grown-up ways of relaxing and having fun. The average age of a resident in an active adult community is 72 to 74, according to research conducted by the National Investment Center for Seniors Housing & Care. The growth of active adult properties, which tend to be age-restricted hybrids of traditional multifamily and independent living product, is often linked to convenience for older households whose children have left the home. The prospect of having a smaller space …
KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee (UT) and RISE: A Real Estate Co. has announced plans to develop three residence halls on the university’s campus in Knoxville. The three seven-story communities are expected to add 2,500 beds to the university’s housing inventory. Development plans include two communities on Andy Holt Avenue and Caledonia Avenue that will target first- and second-year students. The projects will offer 750 and 1,100 beds, respectively, in fully furnished, one- and two-bedroom units with en-suite bathrooms. Both buildings will include office space for staff and lounge space for students. The development cost for the two communities, which are expected to open in fall 2025, totals approximately $180 million. The third residential community will be located adjacent to the university’s Lindsey Nelson Stadium and will offers 750 beds in two- and four-bedroom apartment-style units. The project, which will cost roughly $129 million to develop, is scheduled for completion in fall 2026. The site will also feature an indoor practice facility that will complement other renovations and enhancements currently underway at the stadium. Pending state approvals, the projects will be delivered through a ground-lease structure in which UT will retain ownership of the …