Multifamily

Pinnacle Brokers $6.5M Sale of 31-Unit Apartment Community in Denver

by Jeff Shaw March 15, 2023

DENVER — A California-based legacy real estate family has acquired the 31-unit multifamily property at 2444 S. York St. in Denver for $6.5 million. Mike Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors represented the buyer, and were able to secure an 18.35 percent discount, equating to a nearly $1.5 million price reduction, over the asset’s original listing price when it had gone under contract with another buyer. The buyer also assumed the seller’s low-leverage loan. The listing broker was Kyle Malnati of Calibrate Real Estate. The seller was not disclosed.

March 15, 2023

California Company News Multifamily Western

Sunrise Management to Operate The Warwick Apartments in San Diego

by Jeff Shaw March 15, 2023

SAN DIEGO — Sunrise Management has taken over operations of The Warwick, a newly renovated, Class A apartment community in San Diego’s Hillcrest neighborhood. Spectrum Partners recently acquired the luxury multifamily community for $37.4 million. The Warwick was converted from a hotel into apartments in 2017. The 80-unit community now includes a resort-style pool, sun deck with cabanas, fitness center, technology-enabled package lockers, enclosed dog run, LATCH keyless entry and outdoor social lounge.

March 15, 2023

Development Florida Multifamily Southeast

Mast Capital, Rockpoint Underway on Nine-Story Multifamily Project in Miami Beach

by John Nelson March 15, 2023

MIAMI BEACH, FLA. — Mast Capital, in partnership with Rockpoint, is underway on a nine-story, 178-unit multifamily development located at 3900 Alton Road in Miami Beach. Designed by Arquitectonica, the unnamed apartment community will consist of units ranging from studios to three-bedroom apartments sized from 560 square feet to 1,410 square feet. Amenities will include an elevated pool deck, barbecue area, outdoor gaming area, fitness and yoga studio, resident lounge, coworking spaces and a pet washing station. After securing a $64 million construction loan from PNC Bank in Nov. 2022, Mast Capital and Rockpoint broke ground on the development in February 2023 and plan to open the community by fall 2024.

March 15, 2023

Development Florida Multifamily Southeast

Madison Communities Breaks Ground on 292-Unit Apartment Development on Florida’s Space Coast

by John Nelson March 15, 2023

ROCKLEDGE, FLA. — Madison Communities, a subsidiary of Madison Capital Group, has broken ground on Madison Grove, a 292-unit apartment community in Rockledge. Madison Grove will comprise six four-story apartment buildings and several carriage homes. Amenities will include a clubhouse, fitness center, outdoor lounge with a summer kitchen, resort-style pool and pool deck with grilling stations, recreation areas and cabanas. Madison Grove, located on Rockledge Boulevard, will serve Florida’s Space Coast, a growing region known for its collection of aerospace, engineering and defense industries. Winter Park, Fla-based general contractor Walker & Co. will deliver the property. Madison Communities funded the project through a partnership with Marble Capital and via a construction loan from SouthState Bank. Madison Communities recently acquired sites throughout Florida for future developments, including Bonita Springs, Ruskin, Bradenton, Orlando, St. Augustine, Palm Coast and Jacksonville. Additionally, the developer has new communities under construction in Charlotte, Asheville Charleston and Savannah.

March 15, 2023

Acquisitions Florida Multifamily Southeast

Northmarq Brokers Sale of 150-Unit Apartment Community in St. Petersburg, Florida

by John Nelson March 15, 2023

ST. PETERSBURG, FLA. — Northmarq has brokered the sale of Aura @ 4th, a 150-unit garden-style apartment community in St. Petersburg. McCann Investments, a Tampa-based investment firm, sold the community to TRIG Investment Group, a California-based private multifamily investment company, for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Aura @ 4th was constructed in 2016 and features a unit mix that consists of 40 percent one-bedroom and 60-percent two-bedroom units at an average unit size of 1,087 square feet. The property’s amenity package includes a resort-style pool, clubhouse, 24-hour fitness center, outdoor covered lounge area, stainless steel Weber grills, picnic areas, bark park and a cyber café.

March 15, 2023

Colorado Development Multifamily Western

Legacy Partners, Griffin Capital Break Ground on 380-Unit Multifamily Development in Aurora, Colorado

by Jeff Shaw March 14, 2023

AURORA, COLO. — A joint venture between Legacy Partners and Griffin Capital has broken ground on Legacy Metro 525, a 380-unit apartment community in Aurora. The transit-oriented development will be adjacent to the Sable light rail station and near I-225 and Highway 83. Legacy Metro 525 will offer a mix of 380 studio to three-bedroom apartments, with an average unit size of 846 square feet. It is scheduled for completion near the end of 2025. Legacy and Griffin Capital closed on the construction financing with a loan from Poppy Bank of Santa Rosa, Calif. The developers purchased the site, located at 525 S. Dawson St. in southern Aurora, in September 2022. Cushman & Wakefield’s team of Wade Fletcher, Jim Capecelatro, and Mike Kboudi brokered the sale transaction.

March 14, 2023

Acquisitions California Multifamily Western

Keller Williams Brokers $11.5M Sale of Glendon Apartments in West Los Angeles

by Jeff Shaw March 14, 2023

LOS ANGELES — Keller Williams Commercial has negotiated the sale of The Glendon, a 27-unit apartment building in the Palms submarket of West Los Angeles. Glendon LP acquired the asset for $11.5 million. Built in 1986, the community is located at 3724 Glendon Ave. Matthew Kanner of Keller Williams Commercial and president of the Kanner Group, represented both the buyer and the seller, JEB Properties, in this transaction. The closing cap rate was 3.84 percent, with price per unit of $427,778.

March 14, 2023

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

HTG, Mount Hermon AME Church Break Ground on Affordable Seniors Housing Community in Fort Lauderdale

by John Nelson March 14, 2023

FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church Inc. has broken ground on Mount Herman Apartments, an affordable seniors housing project in Fort Lauderdale. The seven-story property will be located at 750 NW 4th St. and offer one- and two-bedroom units ranging from 650 to 950 square feet. Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25 and 60 percent of the area median income (AMI), with rents ranging from $425 to $1,225 per month. Amenities will include a rooftop pool and pool deck with lounge seating, fitness center, multipurpose clubroom with kitchenette and an outdoor community gathering space. Services provided at the community will include 24-hour resident assistance and a resident assurance check-in program, adult literacy training and assistance with light housekeeping, grocery shopping and laundry. Funding sources for Mount Hermon Apartments include $32.6 million in 9 percent LIHTC equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.5 million Freddie Mac loan through Berkadia and a $640,000 loan from the City of Fort Lauderdale. HTG and Mount Hermon AME Church plan to open the property in late 2024.

March 14, 2023

Acquisitions Multifamily North Carolina Southeast

Clarion Partners Acquires 176-Unit Retreat at Weaverville Apartments in Asheville, North Carolina

by John Nelson March 14, 2023

ASHEVILLE, N.C. — Clarion Partners Real Estate Income Fund Inc., an investment vehicle sponsored by New York-based Clarion Partners, has acquired Retreat at Weaverville, a 176-unit apartment community in Asheville. The seller and sales price were not disclosed. Completed in 2021, the property sits on a 16.9-acre site within one mile of I-26. Community amenities include a clubhouse, coffee bar, dog park and dog wash station, fitness center, yoga and spin room, office workspaces and a swimming pool. The new, undisclosed property manager will complete numerous amenity upgrades over the next year at Retreat at Weaverville, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.

March 14, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 782-Unit Multifamily Portfolio in Dallas Area

by Taylor Williams March 14, 2023

DALLAS — Marcus & Millichap has brokered the sale of a portfolio of three multifamily properties totaling 782 units in the Dallas area. Mercer Park is a 248-unit property in Arlington that was built in 1984. Timber Oaks in Grand Prairie, which was constructed in 2003, totals 264 affordable housing units, and Plum Meadow, located in the Redbird area of Dallas, consists of 270 market-rate units that were completed in 1984. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, NeuRock Capital, in the transaction. Additional terms of sale were not disclosed.

March 14, 2023

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