COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of The Gemma in the Olde Towne East neighborhood of Columbus for an undisclosed price. The newly constructed apartment building features 24 units. The transaction also included the neighboring Carriage House, a newly constructed, two-townhome building. Matt Snyder and Lisa Sickinger of Marcus & Millichap represented the seller, a limited liability company. The buyer was a partnership between Maitland Property Management and ARZ Realty Capital, both headquartered in Dallas. Maitland Property Management will serve as property manager for both assets. Ari Raskas of ARZ Realty Capital arranged acquisition financing.
MIAMI — Urban Network Capital Group (UNCG) has announced plans for Visions at Brickell Station, a 111-unit condominium/hotel project in Miami. Upon completion, the community will feature residences in studio and one-bedroom layouts, with no rental restrictions. Owners of the units will be able to rent them out through a booking platform or participate in a professionally managed program. UNCG purchased three parcels for the project — located at 1120, 1130 and 1136 S.W. 3rd Ave. — for a total price of $8.5 million. Robert Thorne of UNCG led the acquisition. UNCG’s investment partners in the project include V&V Investments and other private investors.
SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Lexington Park, a 156-unit multifamily community located in Smyrna, roughly 16 miles northwest of Atlanta. Travis Presnell, Nathan Swenson and James Wilber of Cushman & Wakefield represented the seller, Castlegate Property Group, in the $24 million transaction. Knickerbocker Asset Management acquired the property. Built in 1963, Lexington Park features amenities including a grill area, swimming pool, dog park and play area, laundry facility and a business center. Castlegate previously completed $500,000 in exterior renovations at the property.
SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Los Arcos, a 324-unit affordable housing community that will be located within the 600-acre VIDA mixed-use development on San Antonio’s south side. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, community garden, fitness center, playgrounds, business center, children’s activity room and a clubhouse lounge. The Texas Department of Housing & Community Affairs provided $36 million in Low-Income Housing Tax Credits (LIHTC) for the financing of the project, which is scheduled for a late 2024 completion.
RICHARDSON, TEXAS — A joint venture between Midloch Investment Partners, a private equity firm with offices in the Midwest, and Dallas-based WindMass Capital has purchased a 176-unit apartment complex in the northeastern Dallas suburb of Richardson. Riverwalk Apartments was originally built in 1981 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor kitchen, package handling service and landscaped outdoor spaces. The seller and sales price were not disclosed.
IRVINE, CALIF. — Harbert South Bay Partners has released plans for The James, a 350-unit, eight-story seniors housing community in the Orange County city of Irvine. The site is walkable to Irvine-Tustin’s vibrant shopping area, The District at Tustin Legacy. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. The James will feature 210 independent living, 110 assisted living and 30 memory care units. Momentum Senior Living, which is based in Orange County, will be the operator.
PHOENIX — Hamilton Zanze has purchased the 296-unit Springs at Deer Valley apartment community in Phoenix for an undisclosed sum. This purchase marks the firm’s seventh Arizona property within its current portfolio. The community will be rebranded as Ironwood at Happy Valley apartments. Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave., about 20 minutes from downtown Phoenix. The property is also close to the $12 billion Taiwan Semiconductor Manufacturing Co. manufacturing campus. Hamilton Zanze will execute a capital improvements campaign that includes building, amenity and green improvements. Management of the property has been transitioned to HZ affiliate Mission Rock Residential. Dan Woodward, David Potarf, Matt Barnett and Jake Young led the Walker & Dunlop investment sales team that marketed the property.
Greystone Provides $20.3M in Fannie Mae Financing for Patriot Pointe Apartments in North Ogden, Utah
NORTH OGDEN, UTAH — Greystone has provided $20.3 million Fannie Mae Delegated Underwriting & Servicing (DUS) Green Rewards loan to refinance Patriot Pointe Apartments, an 87-unit multifamily property in North Ogden. Patriot Pointe Apartments was built in 2020 and features one- to three-bedroom units. The nonrecourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy upgrades. Loan proceeds enabled the borrower to monetize a portion of the equity in the property.
NEW YORK CITY — Walker & Dunlop has arranged a $131 million construction loan for a 240-unit multifamily project that will be located in the Long Island City area of Queens. The site at 23-10 42nd Road lies at the convergence of the borough’s Court Square and Queens Plaza districts. Preliminary sitework was completed last fall, and the development team expects to fully deliver the building in summer 2025. Apartments will be available in studio, one- and two-bedroom formats and will feature Class A finishes. Residents will have access to more than 15,000 square feet of indoor and outdoor amenities, including a fitness center, coworking spaces, sky lounge and multiple amenity terraces, all with views of the Manhattan skyline. A syndicate led by Corebridge Financial (formerly AIG) and Los Angeles-based PCCP LLC provided the floating-rate loan, specific terms of which were not disclosed. The borrower is locally based developer Werwaiss Properties, which has partnered with Albanese Development Corp. on the project. “This thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods will help create additional market-rate and attainable housing options in New York City,” says Brian Haber, managing director at PCCP. Jonathan Schwartz, Aaron Appel, …
As someone who has lived here for the past decade, I regularly hear phrases like, “It’s an exciting time to live, work and play in Nashville.” I love hearing those comments and am honored that our team plays a role in the city’s growth. However, is that optimism cooling, or is Nashville uniquely primed for continued success in the multifamily space? Following a white-hot streak of rent growth and transaction velocity during the economy’s resounding pandemic recovery, Nashville joins the rest of the nation in a transitionary period influenced by interest rate hikes and inflation. But for many reasons, our city is better prepared than most. Approximately 130,000 residents have moved to Nashville in the past five years, resulting in some of the highest apartment construction rates in the country. In fact, according to Marcus & Millichap’s Research Services division, Nashville is expected to take over the top spot for inventory growth nationwide in 2023, with roughly three-fourths of the metro’s new construction located in Nashville proper. While those numbers are certainly impressive, Marcus & Millichap’s National Multifamily Index, which ranks major markets based on forward-looking economic indicators, places Nashville in only the No. 28 position for 2023. This is …