Multifamily

Sueba USA Opens 318-Unit San Estrella Apartments in Houston’s Energy Corridor

by Taylor Williams January 30, 2023

HOUSTON — Locally based developer Sueba USA has opened San Estrella, a 318-unit apartment community in Houston’s Energy Corridor neighborhood. Units come in one-, two- and three-bedroom floor plans that range in size from 480 to 2,087 square feet. Residences are furnished with stainless steel appliances, granite countertops, tile backsplashes and walk-in closets. Amenities include a pool, fitness center, internet café, business center, catering kitchen and outdoor grilling and dining areas. Rents start at roughly $1,200 per month for a one-bedroom unit.

January 30, 2023

Affordable Housing Development Multifamily Oklahoma Texas

TWG to Develop $47M Affordable Housing Project in Oklahoma City

by Taylor Williams January 30, 2023

OKLAHOMA CITY — Indianapolis-based multifamily developer TWG will build Fairground Flats, a $47 million affordable housing project in Oklahoma City. The six-building, 216-unit complex will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a pool, fitness center, playground and a clubhouse with a computer lab. The Oklahoma Housing Finance Agency provided a $33.6 million tax-exempt bond for the project. Construction is slated for an early 2024 completion.

January 30, 2023

Acquisitions Multifamily Texas

Northmarq Arranges Sale of 74-Unit Multifamily Property in Corpus Christi

by Taylor Williams January 30, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Carmel Apartments, a 74-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

January 30, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $6.8M Sale of Apartment Building in East Orange, New Jersey

by Taylor Williams January 30, 2023

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $6.8 million sale of a 52-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 60 N. Arlington Ave. offers 30 one-bedroom units, 17 two-bedroom residences and four three-bedroom apartments. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.

January 30, 2023

Affordable Housing Development Midwest Minnesota Multifamily

American Legion Post 435 Proposes $67.5M Redevelopment of Headquarters in Richfield, Minnesota

by Kristin Harlow January 30, 2023

RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.

January 30, 2023

Development Florida Multifamily Southeast

Related Group, Merrimac Ventures Break Ground on 33-Story Crosby Residences Tower in Miami

by John Nelson January 27, 2023

MIAMI — Related Group and Merrimac Ventures have broken ground on Crosby Residences, a 33-story residential tower in downtown Miami. Upon completion, the property, which is fully preleased, will feature 450 fully furnished rental units in studio, one-, two- and three-bedroom layouts and 22,000 square feet of amenity space. The development is located with the 27-acre Miami Worldcenter, a master-planned community featuring 300,000 square feet of retail, restaurant and entertainment space. All of Crosby’s ready-to-rent homes will be licensed to allow for listing on all leading homeshare platforms (subject to applicable laws and restrictions). Cohen Freedman Encinosa acted as architect on the project, with interiors by AVRO|KO. Amenities will include saunas, Jacuzzis, cold plunge pools, dedicated yoga space, a gaming lounge, rooftop restaurant and bar and a coworking center with a juice and coffee bar. Completion is scheduled for the first quarter of 2025.

January 27, 2023

Acquisitions Multifamily North Carolina Southeast

MEAG Acquires 247-Unit Liberty Warehouse Apartments in Downtown Durham

by John Nelson January 27, 2023

DURHAM, N.C. — MEAG, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse, a 247-unit residential community in downtown Durham, on behalf of Munich Re Group. Located at 530 Foster St., the property features 20,700 square feet of ground-floor retail space that was fully leased at the time of sale. Amenities at the community include a 24-hour fitness center, saltwater pool, tenant lounge and club room, pet run and pet spa, electric vehicle charging stations and 376 parking spaces. Charleston-based Greystar manages the property. The investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market. The seller and sales price were not disclosed.

January 27, 2023

Acquisitions Multifamily Texas

37th Parallel Properties Acquires 291-Unit Apartment Community in Metro Houston

by Taylor Williams January 27, 2023

KATY, TEXAS — Virginia-based investment firm 37th Parallel Properties has acquired Grand Reserve, a 291-unit apartment community located in the western Houston suburb of Katy. The property offers one-, two- and three-bedroom units with an average size of 933 square feet. Amenities include a pool, fitness center, business center, clubhouse, coffee bar, package lockers and a dog park. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

January 27, 2023

Acquisitions Multifamily Texas

NexPoint Residential Sells 290-Unit Hollister Place Apartments in Northwest Houston

by Taylor Williams January 27, 2023

HOUSTON — Dallas-based REIT NexPoint Residential Trust Inc. (NYSE: NXRT) has sold Hollister Place, a 260-unit apartment community in northwest Houston that was built in 1997. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, lounge and onsite laundry facilities. NexPoint acquired Hollister Place, which was 93 percent occupied at the time of sale, in 2017 and implemented a value-add program. The buyer was not disclosed.

January 27, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 240-Unit Multifamily Property in Corpus Christi

by Taylor Williams January 27, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Avertine Apartments, a 240-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

January 27, 2023

Newer Posts

Older Posts