Multifamily

Toll Brothers, Pondmoon Break Ground on 285-Unit Multifamily Project in Frisco

by Taylor Williams March 28, 2023

FRISCO, TEXAS — A joint venture between Pennsylvania-based developer Toll Brothers Inc. (NYSE: TOL) and Pondmoon Capital USA has broken ground on Mirra, a 285-unit multifamily project in Frisco. The building will rise five stories and total 330,000 square feet. Mirra will offer studio, one- and two-bedroom units that will be furnished with granite countertops, stainless steel appliances, custom cabinetry and tile backsplashes. Private terraces and balconies will also be available in select units. Amenities will include a pool, fitness center, leasing office, outdoor lounge with grilling stations, billiards room and a resident clubroom. Santander Bank provided a $49.5 million construction loan for the project, completion of which is slated for 2024.

March 28, 2023

Acquisitions Multifamily Texas

KeyCity Capital Acquires 142-Unit Villa Gardens Apartments in Metro Dallas

by Taylor Williams March 28, 2023

FARMERS BRANCH, TEXAS — Locally based private equity firm KeyCity Capital has acquired Villa Gardens, a 142-unit apartment complex located in the northern Dallas suburb of Farmers Branch. According to Apartments.com, the property was built in 1969 and offers studio, one-, two- and three-bedroom units, as well as amenities such as a pool, playground, business center and onsite laundry facilities. Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren of Greysteel represented KeyCity and the undisclosed seller in the transaction.

March 28, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark to Undertake $13M Renovation at Metro Boston Seniors Housing Property

by Taylor Williams March 28, 2023

NEWTON, MASS. — Benchmark Senior Living will undertake a $13 million renovation project at Evans Park at Newton Corner, a seniors housing property located on the western outskirts of Boston. The assisted living and memory care community was originally built in the early 1990s. Bechtel Frank Erickson designed the project, and South Coast Improvement will serve as general contractor. All spaces will feature interior design by Boston-based Stefura Associates. Completion is slated for early 2024.

March 28, 2023

Development Seniors Housing Southeast

Watermark, ZOM Open 154-Unit Seniors Housing Community in West Palm Beach

by John Nelson March 28, 2023

WEST PALM BEACH, FLA. — Watermark Retirement Communities and ZOM Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. Spanning over 245,000 square feet, The Watermark at West Palm Beach encompasses studios, one-bedroom and two-bedroom apartments offering independent living, assisted living and memory care services. The community is directly across the street from the new Brightline train station that allows easy access to Fort Lauderdale and Miami.

March 28, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $8.8M Sale of Manhattan Apartment Building

by Taylor Williams March 28, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.

March 28, 2023

Multifamily North Carolina Southeast

Olympus Property Purchases 252-Unit Apartment Community in Fayetteville, North Carolina

by John Nelson March 28, 2023

FAYETTEVILLE, N.C. — Olympus Property has purchased King’s Quarter at Jack Britt, a 252-unit, garden-style apartment community located in Fayetteville. Built in 2014, the property features two- and three-bedroom units with upgraded interiors ranging from 1,150 square feet to 1,398 square feet. Units feature granite countertops, stainless steel appliances, walk-in closets and private balcony/patio areas with additional storage. Community amenities include a playground, pool area with cabanas, grilling stations, pet park, fitness center and garages. The seller and sales price were not disclosed.

March 28, 2023

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Brokers Sale of 52-Bed Sunset Villa Care Center in Roswell, New Mexico

by Jeff Shaw March 28, 2023

ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of about $6 million. The buyer was a private owner-operator based in Los Angeles. The seller and price were not disclosed.

March 28, 2023

Acquisitions Multifamily Oregon Western

Marcus & Millichap Arranges $4.2M Sale of Sheridan Plaza Apartments in Albany, Oregon

by Jeff Shaw March 28, 2023

ALBANY, ORE. — Marcus & Millichap has arranged the sale of the 33-unit Sheridan Plaza apartments in Albany. A Portland-based private client group acquired the asset for $4.2 million. The community is located at 208 SE 5th Ave. and 205 SE 6th Ave. Albany is approximately halfway between Eugene and Salem. The undisclosed seller purchased the asset in 2021, at which time it made capital improvements to the property. This included new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot, and new windows and sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer plans to continue the renovation process and increase rents, according to Marcus & Millichap. The firm’s Georgie Christensen-Riley and Joshua C. Reynolds, along with the Christensen Group, represented the seller in the transaction.

March 28, 2023

Acquisitions Illinois Midwest Multifamily

Matthews Real Estate Brokers $6.3M Sale of Multifamily Property in Chicago

by Kristin Harlow March 28, 2023

CHICAGO — Matthews Real Estate Investment Services has brokered the sale of a 65-unit multifamily property in Chicago for $6.3 million. The building is located at 7733 S. Shore Drive. Finley Askin of Matthews represented both the buyer and seller. The buyer was an out-of-state investor looking to plant capital in metro Chicago. The seller, which acquired the property in 2021, completed renovations such as a new rubber seal coating on the roof and new windows.

March 28, 2023

Development Georgia Multifamily Southeast

Oxford Properties, RAM Partners Open 352-Unit Celadon on Club Apartments in Metro Atlanta

by John Nelson March 27, 2023

LAWRENCEVILLE, GA. — Atlanta-based Oxford Properties and RAM Partners have begun preleasing Celadon on Club, a 352-unit luxury apartment community in Lawrenceville, roughly 40 miles northeast of Atlanta. Located at 3355 Club Drive, the development is situated on 33 acres that formerly housed Gwinnett County’s oldest country club. Amenities at the property, which comprises units in one-, two- and three-bedroom layouts, include a pool, clubhouse, TrackMan golf simulator, workout facilities and private office space available for lease. A trail also connects the property to Club Drive Park, which features outdoor basketball courts, a fishing lake, playground, paved path and grilling pavilion. RAM will manage the community on behalf of Oxford, which developed the project.

March 27, 2023

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