Multifamily

LYND Group Buys Mixed-Income Apartment Community in San Antonio for $76.2M

by Taylor Williams January 4, 2024

SAN ANTONIO — An affiliate of locally based investment firm LYND Group has purchased Culebra Commons, a 327-unit mixed-income apartment community in San Antonio’s Far West submarket, for $76.2 million. The garden-style property was originally developed in 2021 by a different affiliate of LYND Group and offers one-, two- and three-bedroom units with an average size of 835 square feet. About half the units have been reserved as affordable housing. Amenities include a pool, fitness center, clubroom, resident lounge, catering kitchen, playground and a dog park. Origin Strategic Credit Fund is a preferred equity investor in the deal.

January 4, 2024

Development Florida Multifamily Southeast

Black Salmon, LD&D to Develop $115M Multifamily Tower in Tampa Bay Area

by John Nelson January 4, 2024

ST. PETERSBURG, FLA. — Black Salmon and LD&D plan to co-develop Gallery Haus, a 23-story multifamily tower in the Tampa Bay city of St. Petersburg. The $115 million project will be located at 155 17th St. S, which is adjacent to the upcoming $6.5 billion overhaul of Tropicana Field, the home ballpark of the Tampa Bay Rays. Black Salmon and LD&D purchased the 0.8-acre site last month for a little more than $9 million. The duo plan to break ground on Gallery Haus in the fourth quarter. The project will include 10,000 square feet of amenities and coworking space, as well as 5,000 square feet of ground-level retail space.

January 4, 2024

Acquisitions Florida Southeast Student Housing

Harrison Street, Michaels Sell 551-Bed Student Housing Community Near University of West Florida

by John Nelson January 4, 2024

PENSACOLA, FLA. — A joint venture between Harrison Street and The Michaels Organization has sold The Next, a 551-bed student housing community located near the University of West Florida campus in Pensacola. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the seller, in partnership with CBRE Jacksonville Multifamily’s Ryan Hixon. WFI acquired the property for an undisclosed price. The Next offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, game room, computer center, tanning station, resort-style swimming pool, fitness center and study rooms on each floor.

January 4, 2024

Colorado Development Multifamily Student Housing Western

Landmark Properties Plans 936-Bed Student Housing Project Near the University of Colorado Boulder

by Amy Works January 4, 2024

BOULDER, COLO. — Landmark Properties has acquired a 15-acre site at 1345 28th St. near the University of Colorado Boulder in Boulder. The firm plans to construct The Standard at Boulder, a 936-bed student housing community, on the site. The project caps off approximately $700 million in year-end transactions for Landmark in 2023. The 447,000-square-foot building will include 303 student apartments. Landmark expects to begin abatement and demolition of the vacant building on the site, former home to the Harvest House Hotel, early this year. Landmark Construction, the construction arm of Landmark Properties, will be the general contractor. Completion is slated for fall 2027. The four-story Standard at Boulder will offer a mix of floor plans, ranging from studios to four-bedroom units, some with private balconies. The community will include 29,000 square feet of amenities including multiple rooftop decks with views of the surrounding campus and the Flatirons; an outdoor pool and pool deck; a clubroom; several study lounges’ as well as; and parking for 348 vehicles with several electric vehicle charging stations. As part of the planned development, Landmark Properties will incorporate nearly six acres of active and passive green spaces fronting Boulder Creek and make improvements to the portion …

January 4, 2024

Acquisitions Colorado Multifamily Western

Griffis Residential Buys Platform at Union Station Apartments in Denver for $125.5M

by Amy Works January 4, 2024

DENVER — Griffis Residential has acquired Platform at Union Station, a multifamily community in downtown Denver, for $125.5 million in an all-cash transaction. The asset is located at 1650 Wewatta St. Built in 2015, the 21-story Platform at Union Station features 287 apartments in a mix of studio, one- and two-bedroom floor plans with an average size of 814 square feet. Community amenities include a resort-style rooftop terrace and pool; a 24-hour fitness center and yoga studio; an indoor dog run and pet wash station; and business and coworking centers. Tupelo Honey Southern Kitchen & Bar occupies the building’s ground-floor retail space. Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the undisclosed seller in the deal.

January 4, 2024

Acquisitions Development Multifamily Office Washington Western

Stream Real Estate Acquires Queen Anne Plaza Office Property in Seattle for Residential Conversion

by Amy Works January 4, 2024

SEATTLE — Stream Real Estate, a developer/investor, has purchased Queen Anne Plaza, a four-story office building and two levels of parking in Seattle’s Lower Queen Anne neighborhood, from East West Investment Co. for $7 million. The buyer plans to convert the asset into a residential property. Located at 201 Queen Anne Ave. N, the property is situated across from Climate Pledge Arena, home to the National Hockey League’s Seattle Kraken and Women’s National Basketball Association’s Seattle Storm. Official details for Stream Real Estate’s new apartment redevelopment have not yet been released. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the buyer, while Andrew Shultz and Brandon Burmeister of Cushman & Wakefield represented the seller in the transaction.

January 4, 2024

Loans Multifamily New Jersey Northeast

JLL Arranges $26.8M Loan for Refinancing of Apartment Complex in Toms River, New Jersey

by Taylor Williams January 4, 2024

TOMS RIVER, N.J. — JLL has arranged $26.8 million in financing for Camelot at Toms River, a 128-unit apartment complex in coastal New Jersey. Built in 2023, the property features one- and two-bedroom units with an average size of 1,109 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and full-size washers and dryers. About 20 percent (26) of the units are reserved as affordable housing. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining areas and a dog park. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.

January 4, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Acquires 52-Unit Apartment Building in Chicago’s West Loop

by Kristin Harlow January 4, 2024

CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit apartment building in Chicago’s West Loop neighborhood. The purchase price was undisclosed. Built in 2020, the property is located at 128 S. Laflin St. There are seven one-bedroom units and 45 two-bedroom units. Dwelle Properties, a full-service property management firm founded in 2019 by Drew Breneman and Sam Meyer, will manage the property. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Breneman Capital now owns 171 units in the West Loop neighborhood.

January 4, 2024

Acquisitions Multifamily Oregon Western

CBRE Negotiates $99M Sale of 304-Unit Multifamily Community in Hillsboro, Oregon

by Amy Works January 3, 2024

HILLSBORO, ORE. — CBRE has directed the sale of Tessera at Orenco Station, an apartment property located at 6523 NE Cherry Drive in Hillsboro, a suburb west of Portland. Seattle-based Security Properties sold the asset to an undisclosed buyer for $99 million. Built in 2014, Tessera at Orenco Station features three residential buildings offering a total of 304 one-, two- and three-bedroom floorplans, averaging 807 square feet. Unit amenities include stainless steel appliances, granite countertops, European-style cabinetry, walk-in closets and in-unit washers and dryers. Community amenities include an outdoor pool and spa, a fully equipped fitness center, game lounge, business center with work-from-home studios, a fire pit, barbecues and a bark park with a dog run. Additionally, the property features 369 resident, visitor and retail parking spaces. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the transaction.

January 3, 2024

Acquisitions Multifamily Washington Western

Sequoia Equities Sells 400-Unit The Carriages at Fairwood Downs in Renton, Washington

by Amy Works January 3, 2024

RENTON, WASH. — Sequoia Equities Inc. has completed the disposition of The Carriages at Fairwood Downs, a multifamily community in Renton, approximately 12 miles southeast of downtown Seattle. The price and buyer were not disclosed. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the sellers in the transaction. Built in 1988, The Carriages at Fairwood Downs features 37 residential buildings with 400 one-, two- and three-bedroom floor plans, averaging 1,093 square feet. Additionally, the property offers 196 townhomes. Onsite amenities include a swimming pool and spa; movie theater; cabana with barbecues and fire pits; dog park; sauna; fitness center; and resident clubhouse. The property is situated on 28.5 acres at 15030 SE 179th St.

January 3, 2024

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