FORT WORTH, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Southgate Manor, a 158-unit multifamily property in Fort Worth. According to Apartments.com, the property was built in 1963 and features studio, one-, two- and three-bedroom units that range in from 425 to 1,065 square feet. Mark Allen of GREA represented the undisclosed, Texas-based seller in the transaction. The buyer and sales price were also not disclosed.
NEW YORK CITY — Locally based developer LCOR has topped out 1515 Surf Avenue, a 463-unit multifamily project in Brooklyn’s Coney Island area. Designed by STUDIO V Architecture, the building will offer one- and two-bedroom units and amenities such as an outdoor pool, landscaped courtyard, fitness center, an indoor basketball court, multiple tenant lounges and coworking spaces. Approximately 30 percent (139) of the residences will be reserved as affordable housing. The building will also house 11,000 square feet of retail space. LRC Construction is the general contractor for the project, completion of which is slated for early 2024.
HOUSTON — Austin-based developer OHT Partners has broken ground on Lenox Heights, a five-story, 359-unit multifamily project in Houston’s Heights neighborhood. Units will come in one- and two-bedroom floor plans and will range in size from 629 to 1,247 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart technology. Amenities will include two pools, a fitness center, coworking lounge, clubhouse and a pet spa. Steinberg Dickey Collaborative is the project architect. Completion is slated for early 2025.
GALVESTON, TEXAS — Colliers has arranged the sale of Lakeside at Campeche, a 320-unit apartment community located in the southeastern Texas city of Galveston. The property offers one- and two-bedroom units and amenities such as a pool, outdoor gym and grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the seller, a California-based joint venture that owned the property for 20 years, in the transaction. Metro Dallas-based investment firm Clearworth Capital purchased the asset for an undisclosed price.
LEE’S SUMMIT, MO. — Avanti Residential has acquired the 308-unit Summit Square apartment community in the Kansas City suburb of Lee’s Summit for $80 million. Avanti now owns eight apartment properties in the greater Kansas City market. Built in 2018, Summit Square is located at 789 NW Donovan Road. Mac Crowther and Whittaker Potts of Newmark represented the seller, NorthPoint Development. Avanti owns and operates more than 8,000 apartment units in Colorado, Arizona, Utah, Florida and metro Kansas City.
HIGHWOOD, ILL. — Interra Realty has brokered the $16.9 million sale of Station440 in Highwood, a North Shore suburb of Chicago. The 48-unit luxury apartment complex is located at 440 Green Bay Road. Constructed in 2022, the community features amenities such as covered parking, a fitness center, community room, lounge and roof deck. Craig Martin of Interra represented the seller, Benchmark Developers, and the buyer, Chicago-based HP Ventures Group.
— By Priscilla Nee, Executive Vice President, CBRE — The Los Angeles apartment market started showing signs of cooling as supply has risen to meet demand. Rents decreased marginally year over year as last year’s apartment demand decreased following pent-up pandemic demand. In response to decreased prices, renter demand for space has seen an increase in the first few months of 2023. Across the market, vacancy is sitting just below 4.5 percent as of first-quarter 2023, which is up from all-time lows of around 3.7 percent one year prior. Concessions for new renters are present. They have been steady and increasing since the third quarter of 2022 as landlords work to attract great renters to new and existing projects. Additional new supply is outpacing present demand, despite early upticks in demand for the year. That, paired with a strong development pipeline and an additional 27,000 units under construction, may continue to drive vacancy rates up should demand not increase in kind. This could lead to potential reductions in lease rates if a property sits vacant on the market long enough. Most current development and construction is centered in Downtown LA, Koreatown and South LA. Markets like Inglewood are setting themselves …
HOUSTON — The NHP Foundation, a nonprofit owner-operator based in New York City, has opened The Citadel at Elgin, a 74-unit affordable housing complex in Houston’s historic Third Ward. Residences come in studio and one-bedroom floor plans and are reserved for renters age 55 and above who earn between 30 and 80 percent of the area median income. Units are furnished with stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a multi-purpose room, courtyard and outdoor grilling and dining stations. Houston-based nonprofit Change Happens CDC manages the property.
JERSEY CITY, N.J. — A partnership between locally based developer KRE Group and National Real Estate Advisors has topped out the third and final tower at Journal Squared, a multifamily development in Jersey City. Designed by Hollwich Kushner and Handel Architects and built by AJD Construction, the newest tower rises 639 feet and will house 598 units and 18,000 square feet of amenity space. The other two towers rise 53 and 70 stories, and the entire development will eventually consist of 1,840 apartments and 36,000 square feet of commercial space. Completion of the third tower is slated for the first quarter of 2024.
BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.