MINNEAPOLIS — Marcus & Millichap has arranged the $2.4 million sale of 1709 and 1715 Lagoon Ave., a pair of contiguous parcels with 17 multifamily units in Minneapolis. Constructed in 1916, the two- and three-story buildings are situated in the city’s Uptown neighborhood. Abe Roberts and Michael Jacobs of Marcus & Millichap brokered the sale. Buyer and seller information was not released.
— By Aiman Noursoultanova, Senior Vice President, CBRE — Reno has become an increasingly attractive market over the past decade for multifamily investors due to its continued strong performance, fueled by a desirable business and regulatory climate. Rents have doubled since 2013, while vacancy has continued to remain healthy despite robust construction activity. Multifamily investors took notice once noteworthy companies like Apple, Google, Microsoft and Tesla began to increase their investments in the region. Strong Population, Job Growth Fuel Investment Reno’s population grew by 15.3 percent in the past decade. The area is projected to see 51.6 percent population growth by 2060, the 40th highest of all 384 U.S. metro areas, according to Washington D.C.-based economic and demographic data firm Woods & Poole Economics. As a testament to the area’s growth, the Reno-Tahoe International Airport recently announced a $500 million development and expansion project to accommodate airport traffic. The area’s rise in population is attributed primarily to job growth and a desirable quality of life. This started with Tesla’s initial Gigafactory investment in the region, then continued with Apple’s 1.1-million-square-foot data center campus. Google also purchased 1,210 acres and plans for a future data center development. Meanwhile, Tesla announced a $3.6 …
PHOENIX — A joint venture between Toll Brothers Apartment Living and The Davis Cos. has opened Callia, a 403-unit community in Phoenix’s midtown neighborhood. The developers broke ground on the project in 2021, with resident occupancy beginning in October 2022. Pinnacle Financial Partners and Trustmark provided a construction loan facility for the development. Callia is situated on an 8.2-acre site. Phoenix-based architect Biltform and interior designer Streetsense designed the property. Callia offers studio, one-, two- and three-bedroom apartments, as well as nine live-work units. Community features include surface parking, tuck-under garages, EV charging stations, multiple lounges, a package room with cold storage, a fitness center, coworking spaces, property-wide Wi-Fi, a dog park with a pet wash station, bike storage and a bike service station. The property also offers 1,100 square feet of ground-floor retail space.
MORENO VALLEY, CALIF. — Dwight Mortgage Trust has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property, which is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, pool, spa, business center, fitness center and a picnic and grilling area. The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized. Ari Mandelbaum originated the transaction for Dwight.
ARLINGTON, TEXAS — A joint venture between Southern California-based investment firm Magma Equities and a fund backed by Macquarie Asset Management has acquired Bardin Greene, a 285-unit apartment community in Arlington. Built in 2001, the property comprises 18 two-story buildings that house one-, two- and three-bedroom units on a 16-acre site. The amenity package consists of a pool, fitness center, business center, volleyball court, courtyard with a children’s play area, resident clubhouse and onsite laundry facilities. Brian Eisendrath of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged acquisition financing for the deal through Los Angeles-based PCCP LLC. Moody National Cos. sold the asset off-market for an undisclosed price. The new ownership plans to implement a value-add program.
INDIAN LAND, S.C. — Berkadia has negotiated the $78 million sale of Indigo at Cross Creek, a 303-unit apartment community located at 2001 Cramer Circle in Indian Land, a South Carolina suburb of Charlotte. Tampa-based Argyle Real Estate Partners purchased the property from the seller, a partnership between Taft Development Group and UHF Development. Caleb Troop, Thomas Colaiezzi, Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. As part of the deal, Argyle assumed an existing Fannie Mae mortgage. Built in 2017, Indigo at Cross Creek features one-, two- and three-bedroom floor plans averaging 1,134 square feet. Community amenities include a saltwater pool, one-mile walking trail, cabanas with outdoor fire pits, sundeck, grilling stations, business lounge with flat-screen TVs, fitness center, yoga studio, clubhouse, bocce ball court and a dog park.
CARTERSVILLE, GA. — Advenir Oakley Capital has purchased 28 acres in Cartersville for the development of LEO at Cartersville, a 246-unit build-to-rent residential property. The $65 million project will be situated at the interchange of I-75 and Ga. Highway 20, about 38 miles northwest of Atlanta in Bartow County. Alex Phillips of Cushman & Wakefield represented both the buyer and undisclosed seller in the land transaction. Designed by Birmingham, Ala.-based Nequette Architecture & Design, LEO at Cartersville will feature a mix of one-, two- and three-bedroom cottages ranging in size from 728 to 1,510 square feet. Community amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center and a dog park. Birmingham-based Capstone Building Corp. is the general contractor for the project, which is set to break ground next month. Advenir Oakley expects LEO at Cartersville to be fully completed by August 2025, with first deliveries scheduled for December 2024.
KNOXVILLE, TENN. — CBRE has brokered the sale of TENN, a 603-bed student housing community located adjacent to the University of Tennessee campus in Knoxville. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Brett Carr of CBRE represented the seller, Campus Apartments, in the disposition of the property to Schenk Realty. The sales price was not disclosed. The community was developed in 2018 and is located within Knoxville’s Fort Sanders neighborhood at 1830 Cumberland Ave. TENN offers 140 fully furnished units in three-, four- and five-bedroom configurations. Shared amenities include a two-story clubhouse, swimming pool, courtyard grill stations and a fire pit, 24-hour fitness center, computer lab, TV lounge, Zen room, gaming lounge, group study rooms, a coffee station, free tanning, an indoor golf putting green, Amazon hub and ground-floor retail space.
With office vacancy rates in the District of Columbia at 20 percent and climbing, officials believe that converting office buildings to residential space is an important component of revitalizing downtown Washington. These complex projects pose both practical and administerial challenges, however. For developers, one important consideration of such a redevelopment is its real estate tax implications. High hopes District leaders announced earlier this year that they hope to add 15,000 residents to the central business district over the next five years – an ambitious goal. The hope is that bringing residents to live downtown will create a more vibrant neighborhood where people live, work, and dine. The stark reality is that the District of Columbia has one of the lowest return-to-office rates in the country. Actual occupancy in the D.C. metro was only 43 percent in mid-April and drops below 25 percent on Fridays, according to Kastle Systems, which tracks office occupancy. Workers simply aren’t returning to Downtown D.C. While residential conversions may be one piece of the puzzle in addressing D.C.’s downtown woes, converting an office building into a residential property is no small feat. Here are a few important factors relating to real estate taxes to keep in …
ALBUQUERQUE, N.M. — Insight Senior Living has broken ground on Ativo of Albuquerque, a three-story independent living, assisted living and memory care community in Albuquerque. Situated on 6.5 acres, Insight Senior Living will be the operator and Link Senior Development arranged financing. Ativo of Albuquerque will offer 144 apartments. The community is scheduled to open in winter 2024.
