Multifamily

Next Wave Buys 180-Unit, Value-Add Multifamily Community in Gresham, Oregon for $34M

by Amy Works September 20, 2022

GRESHAM, ORE. — Next Wave Investors has acquired The Nash, a 180-unit apartment property located at 224 SE 188th Ave. in Gresham. An undisclosed seller sold the asset for $34 million. Built in 1975, The Nash features 68 one-bedroom units, 104 two-bedroom and eight three-bedroom units, as well as a pool, children’s pool, spa, on-site laundry facilities, playground, clubhouse and fitness center. Next Wave plans to implement a series of in-unit capital improvements, including new appliances, cabinets, doorframes, drawers, countertops, vinyl flooring, contemporary plumbing and lighting fixtures, air conditioning wall units and window coverings. Additionally, the company plans to upgrade the property exterior with refreshed landscaping; refurbished roofing; parking lot resurfacing; renovation of the fitness center, pool, spa and leasing office; and improved on-site security.

September 20, 2022

Development Loans Massachusetts Multifamily Northeast

Ullico Provides $150M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams September 20, 2022

REVERE, MASS. — Ullico, a Washington, D.C.-based insurance company, has provided a $150 million construction loan for Amaya, a 475-unit multifamily project that will be located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the 16.2 million-square-foot redevelopment of the former Suffolk Downs racetrack and will house 24,000 square feet of ground-floor retail space. Amenities will include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Completion is slated for the second quarter of 2024. The borrower was a partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group.

September 20, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.5M Sale of Two Multifamily Buildings in Chicago

by Kristin Harlow September 20, 2022

CHICAGO — Interra Realty has brokered the sale of a pair of multifamily buildings located at 906-908 N. Damen Ave. in Chicago’s Ukrainian Village neighborhood for $2.5 million. Originally built in 1905, the buildings comprise two one-bedroom units, eight two-bedroom units and two three-bedroom floor plans. The apartments were fully occupied at the time of sale. Brad Feldman of Interra represented the seller, a local real estate partnership. Feldman also represented the group when it bought the properties in 2017 for $1.7 million. Jeremy Morton of Interra represented the local buyer, which plans to increase electric capacity and make minor upgrades to units, hallways and facades.

September 20, 2022

Acquisitions Loans Multifamily Texas

Palladius Capital Management Buys 342-Unit Multifamily Property in Metro Austin

by Taylor Williams September 19, 2022

KYLE, TEXAS — Locally based investment firm Palladius Capital Management has purchased Citizen House Kyle, a 342-unit multifamily property that is located along the I-35 corridor on the southern outskirts of Austin. Built in 2022, the community is situated within Dry River, a 65-acre mixed-use development by Endeavor Real Estate Group. Residences come in one- and two-bedroom formats, and amenities include a pool, fitness center, outdoor lounge, coworking space and a resident clubhouse. Austin-based Endeavor developed and sold the property. The price was not disclosed. Tony Stein and B.K. Newsom of CBRE arranged a $60 million acquisition loan through CBRE Investment Management on behalf of Palladius.

September 19, 2022

Acquisitions Multifamily Texas

CBRE Brokers Sale of 160-Unit Zander Park Apartments in Irving

by Taylor Williams September 19, 2022

IRVING, TEXAS — CBRE has brokered the sale of Zander Park, a 160-unit apartment complex in Irving that was originally built in 1971. Jordan Multifamily, an owner-operator specializing in Class B and C properties, purchased the asset from an entity doing business as BW Zander Park LLC for an undisclosed price. Chris Deuillet, William Hubbard and Jaxx Davis of CBRE brokered the sale. Josh Berde, Andrew Woertendyke and Bond Foster, also with CBRE, arranged acquisition financing on behalf of the buyer, which plans to use a portion of the proceeds to fund capital improvements.

September 19, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $6M Sale of Harlem Apartment Building

by Taylor Williams September 19, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $6 million sale of an 18-unit apartment building in Harlem. The four-story building at 61-63 E. 125th St. was originally constructed in 1930. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer, Sapphire Investments, and the seller, Madison Realty Capital, in the transaction. The deal traded at a cap rate of 5.5 percent.

September 19, 2022

Acquisitions Florida Loans Multifamily Southeast

PCCP Provides $72.7M Acquisition Loan for Jacksonville Apartment Community

by John Nelson September 19, 2022

JACKSONVILLE, FLA. — PCCP LLC has provided a $72.7 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Blvd. on the south side of Jacksonville. The borrower, Rose Valley Capital, an affiliate of Hampshire Properties, will use a portion of the proceeds to renovate interiors and amenities at the property, which was built in 2009. Situated near the Bartram Park mixed-use development, Carlyle at Bartram Park was 93 percent occupied at the time of financing. The property includes one-, two- and three-bedroom floor plans with an average size of 991 square feet, as well as a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck and a walking trail around a lake.

September 19, 2022

Acquisitions South Carolina Southeast Student Housing

Pierce Education Properties Acquires 382-Bed Student Housing Portfolio Near Clemson University

by John Nelson September 19, 2022

CLEMSON, S.C. — Pierce Education Properties has acquired a two-property portfolio of student housing communities offering 382 beds near Clemson University in South Carolina. Acquisitions include The Enclave in Town and The Enclave on Old Central, both of which were constructed in 1998 and offer two- and three-bedroom units. The communities are situated at 423 Lindsay Road and 1146 Old Central Road and feature shared amenities, including a swimming pool, 24-hour fitness center and dog park. Teddy Leatherman, Scott Clifton and Stewart Hayes of JLL represented the seller, a joint venture between Centerlane Capital and Burkely Communities, in the transaction. The sales price was not disclosed.

September 19, 2022

California Development Multifamily Western

Ryan Cos. Opens 480-Unit Avalyn Apartments in Chula Vista, California

by Amy Works September 19, 2022

CHULA VISTA, CALIF. — Ryan Cos. has opened The Avalyn, an eight-building multifamily community within the master-planned Millenia in Chula Vista. The Avalyn features 480 apartments spread across eight three- and four-story buildings, as well as 14,000 square feet of commercial space. The units are available in one-, two- and three-bedroom flats, two-story lofts, live-work units and three-story townhomes. On-site amenities include a swimming pool, spa, clubhouse kitchen with lounge, Prohibition-style speakeasy, fitness center, community working spaces, two rooftop decks, pickleball court, bike maintenance and storage, community garden, two dog run and wash areas, and a live music studio. The Avalyn is the result of a development partnership between MetLife Investment Management and Allstate Investments as equity partners, and City National Bank and Vectra Bank Colorado, a division of Zions Bancorporation, as lenders.

September 19, 2022

Development Multifamily Oregon Western

Wood Partners Breaks Ground on 326-Unit Alta Amberglen Multifamily Community Near Portland

by Amy Works September 19, 2022

HILLSBORO, ORE. — Wood Partners has broken ground on Alta Amberglen, an apartment property on 18 acres at the intersection of NE Eckert Drive and Walker Road in Hillsboro. Slated for completion in 2024, Alta Amberglen will feature 326 one-, two- and three-bedroom apartments, as well as townhome options. Each residence will offer kitchens in two color palettes, stainless steel appliances, quartz countertops, tile backsplash, in-unit washers/dryers and wide-plank flooring throughout. Community amenities will include an on-site pocket park, a 10-acre wooded area and natural stream within the property’s 18-acre site, a fitness center with yoga studio, multiple coworking spaces, a game room with golf simulator, a podcast studio and ample room for socializing with fellow residents. Preleasing for Alta Amberglen is scheduled to begin in late 2023. Wood Residential will manage the property.

September 19, 2022

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