Multifamily

American Landmark Purchases 322-Unit Wimberly at Deerwood Apartments in Jacksonville

by Hayden Spiess August 25, 2023

JACKSONVILLE, FLA. — American Landmark Apartments has acquired The Wimberly at Deerwood, a 322-unit multifamily community located at 9727 Touchton Road in Jacksonville. Built in 2000 and now dubbed The Drake at Deerwood, the property features residences in one-, two- and three-bedroom layouts ranging from 659 to 1,300 square feet. Amenities at the community include a pool and sundeck, outdoor kitchen and barbecue grills, a volleyball court, two dog parks, garages and boat parking available for rent and a clubhouse with a resident lounge, media room, billiards lounge, game room and fitness studio. American Landmark plans to upgrade the clubhouse, fitness center, pool, outdoor kitchen, roofs, landscaping and exterior paint, as well as add electric vehicle charging stations, package lockers and a new camera system. The seller and sales price were not disclosed.

August 25, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 42-Unit Multifamily Property in Fort Worth

by Taylor Williams August 25, 2023

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Villa Capri, a 42-unit multifamily property in Fort Worth. According to Apartments.com, the property was built in 1959 and offers studio, one- and two-bedroom units. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured an undisclosed, out-of-state partnership as the buyer.

August 25, 2023

Acquisitions California Multifamily Western

JRK Property Holdings Acquires Duo Apartments in San Jose for $93.5M

by Amy Works August 25, 2023

SAN JOSE, CALIF. — JRK Property Holdings has purchased Duo Apartments, a multifamily community in San Jose, for $93.5 million. Located at 6670 Emergent Way, Duo features 301 apartments and was 97 percent leased at the time of closing. Built in 2021 by the undisclosed seller, Duo features studio, one-, two- and three-bedroom apartments spread across two four-story residential buildings. Community amenities include controlled-access parking, a 24-hour fitness center, arcade room with high-definition golf stimulator, a resort-style pool with cabanas, coworking spaces with private conference rooms, and outdoor grilling areas. The acquisition of Duo was financed with a 10-year, fixed-rate loan from Freddie Mac. Institutional Property Advisors placed the loan and also marketed the property for sale on behalf of the seller. The acquisition is the third from the JRK Platform V, a Los Angeles-based real estate investment fund that targets higher quality, well-located multifamily investments built after 1990.

August 25, 2023

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $320M for Renovation of Bronx Affordable Housing Complex

by Taylor Williams August 25, 2023

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx that was originally developed in the 1950s and is home to more than 5,000 residents. The property is the second-largest New York City Housing Authority property in the state and the largest in The Bronx. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property.

August 25, 2023

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts $55M Assisted Living Expansion at Emerald Heights in Redmond, Washington

by Amy Works August 25, 2023

REDMOND, WASH. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle. The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier expansion projects, which were completed in 2014. GLY Construction has been named as the builder. The project is scheduled for completion in late 2024. Emerald Heights is situated on 38 acres in the Education Hill area of Redmond.

August 25, 2023

Loans Multifamily New Jersey Northeast

Walker & Dunlop Arranges $36M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams August 25, 2023

BAYONNE, N.J. — Walker & Dunlop has arranged a $36 million loan for the refinancing of City Line Bayonne, a 162-unit apartment complex in Northern New Jersey. The property features 16 studios, 124 one-bedroom units and 22 two-bedroom residences, as well as amenities such as a rooftop deck, fitness center and a pet spa. John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop originated the 10-year loan on behalf of the borrower, locally based developer The PRC Group. The direct lender was not disclosed.

August 25, 2023

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers $51M Sale of Apartment Complex in Jeffersonville, Indiana

by Kristin Harlow August 25, 2023

JEFFERSONVILLE, IND. — Marcus & Millichap has brokered the $51 million sale of Villas of Jeffersonville, a 264-unit apartment complex in Jeffersonville, a city just north of Louisville, Ky. Built in 2020, the property is located at 3001 Peach Blossom Drive near I-65. David Badgett Jr. of Marcus & Millichap represented the seller and developer, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction.

August 25, 2023

Affordable Housing Development Midwest Missouri Multifamily

TWG Underway on Development of $42.9M Affordable Housing Community in St. Peters, Missouri

by Kristin Harlow August 25, 2023

ST. PETERS, MO. — TWG is developing Reserve at Spencer, a $42.9 million affordable housing community in the St. Louis suburb of St. Peters. The community marks TWG’s third Low-Income Housing Tax Credit project in the state of Missouri. Located at 4000 Ryleigh Reserve Lane, Reserve at Spencer will feature 192 units in a four-story property with one-, two- and three-bedroom layouts. All units will be reserved for residents who earn up to 60 percent of the area median income. Amenities will include a lounge, community kitchenette, playground, dog park, coworking rooms, a fitness center and mail room. Project funding comes from CREA LLC, Merchants Bank, UMB Bank and the Missouri Housing Development Commission. The Industrial Revenue Authority of St. Charles County provided bond financing. Construction is underway, with completion slated for late 2024.

August 25, 2023

Development Mixed-Use Restaurant South Carolina Southeast Student Housing

University of South Carolina, Greystar Open $240M Campus Village Student Housing Project in Columbia

by John Nelson August 24, 2023

COLUMBIA, S.C. — A public-private partnership between the University of South Carolina and Greystar has opened Campus Village, a $240 million residence hall development. Construction on the project, which includes four buildings offering 1,800 beds, began in May 2019. Each six-story building is connected by pedestrian promenades that run alongside green space, courtyards and a clock tower. Beds are offered in pod-style units alongside shared amenities including study and classroom spaces and community kitchens. Campus Village also features a 14,000-square-foot dining hall that seats 650 students; a sundry shop dubbed The Gamecock General Store; retail space leased to Jimmy John’s and Starbucks Coffee; and shuttle service to and from central campus. The development is home to several living-learning communities, including those for information, design and computing; engineering and computing; and entrepreneurship and innovation. The development team for Campus Village included Contract Construction, Juneau Construction and WDG.

August 24, 2023

Acquisitions Multifamily Southeast Virginia

Stockbridge Sells Arbors at Fair Lakes Apartments in Fairfax, Virginia for $85.6M

by John Nelson August 24, 2023

FAIRFAX, VA. — San Francisco-based Stockbridge has sold Arbors at Fair Lakes, a 282-unit apartment community located at 4408 Oak Creek Court in Fairfax. GID purchased the value-add community for $85.6 million. Bret Thompson and Robert Jenkins of JLL represented the seller in the transaction. Built in 1987, Arbors at Fair Lakes comprises one-, two- and three-bedroom apartments with an average unit size of 920 square feet. Amenities include a 24-hour fitness center, resort-style swimming pool, business center, tennis court with perimeter running track, outdoor grill/lounge area, and a half-mile nature trail throughout the property.

August 24, 2023

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