Multifamily

Virtus Real Estate Capital, Blaze Capital Acquire 163-Unit Active Adult Property in Metro Orlando

by John Nelson March 22, 2023

DAVENPORT, FLA. — Austin, Texas-based Virtus Real Estate Capital and Charleston, S.C.-based Blaze Capital Partners have acquired The Pointe at Siena Ridge, a 163-unit active adult residential community in the Orlando suburb of Davenport. The seller and sales price were not disclosed. The property was constructed in 2021 and features a mix of one- and two-bedroom apartments ranging in size from 753 to 1,046 square feet that are reserved for residents 55 and older. Each unit features 9-foot ceilings, in-unit washers and dryers, stainless steel appliances and private, screened-in balconies and patios. Community amenities include a resort-style swimming pool, elevator access, fitness center, movie theater, hair salon, bocce ball court, clubhouse and coffee bar and wine lounge. The property also provides tenants with 23 detached garages and electric vehicle charging stations. The Pointe at Siena Ridge is Blaze Capital’s fourth active adult acquisition in Florida.

March 22, 2023

Acquisitions Multifamily Washington Western

Waterton Purchases 128 on State Apartments in Kirkland, Washington

by Jeff Shaw March 22, 2023

KIRKLAND, WASH. — Waterton has re-entered the Seattle market with its purchase of the 123-unit 128 on State apartment community in Kirkland. The property is situated at the crossroads of NE 85th Street and Interstate 405. The buyer plans to execute a value-add renovation at the 1.5-acre community. The property provides an opportunity for an impactful value-add renovation scope, according to Waterton. This would include upgrading residences (all of which are in original condition) to a modern finish level with quartz countertops, tile backsplashes and refinished cabinetry in kitchens; new tile and tub surrounds in bathrooms; new carpeting in bedrooms; and updated lighting and plumbing fixtures throughout. Common areas will also be updated with modern furniture and finishes, including a new yoga studio in the fitness center.

March 22, 2023

Acquisitions Georgia Multifamily Southeast

RADCO Sells Two Metro Atlanta Apartment Communities to Viking Capital for $96.5M

by John Nelson March 21, 2023

MCDONOUGH AND STOCKBRIDGE, GA. — The RADCO Cos. has sold two apartment communities in metro Atlanta to Viking Capital in two transactions totaling $96.5 million. The properties include Crossings at McDonough in McDonough and Crossings at Eagle’s Landing in Stockbridge and total 419 one-, two- and three-bedroom apartments. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented RADCO in both transactions. The Atlanta-based owner and operator has completed over 100 deals in the last decade totaling more than $3.3 billion, according to RADCO CEO Norman Radow.

March 21, 2023

Georgia Loans Multifamily Southeast

Dwight Capital Provides $66.3M HUD-Insured Loan for Woodstock West Apartments in Metro Atlanta

by John Nelson March 21, 2023

WOODSTOCK, GA. — Dwight Capital has provided a $66.3 million loan for the refinancing of Woodstock West, a 407-unit apartment community in the Atlanta suburb of Woodstock. Brandon Baksh and Karnveer Bal of Dwight Capital originated the HUD 223(f) loan for the borrower, Walton Communities. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because the property is in the process of achieving an NGBS Bronze certification. Woodstock West, which was developed in two phases in 2013 and 2017, comprises nine apartment buildings, two townhome buildings and one amenity building with a pool, cabana, grills and a fireplace. The property also features a 1,148-square-foot commercial space occupied by photography studio White Wall Studio.

March 21, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 276-Unit Redland Apartments in San Antonio

by Taylor Williams March 21, 2023

SAN ANTONIO — Newmark has arranged the sale of The Redland, a 276-unit apartment community in San Antonio’s Stone Oak neighborhood. Built on 17.1 acres in 2007, The Redland features one-, two- and three-bedroom units with an average size of 1,044 square feet. Amenities include a pool, fitness center, resident clubhouse and two dog parks. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, California-based investment firm Bascom Group, in the transaction. Houston-based Ilan Investments purchased the property for an undisclosed price. The Redland was 93 percent occupied at the time of sale.

March 21, 2023

Development Multifamily Student Housing Texas

McGrath Real Estate to Develop 234-Unit Student Housing Project in Lubbock, Texas

by Taylor Williams March 21, 2023

LUBBOCK, TEXAS — McGrath Real Estate Partners will develop The Saltus, a 234-unit, 736-bed student housing development located near the Texas Tech University campus in Lubbock. The project is named after the city’s namesake, Thomas Saltus Lubbock, and will serve students at Texas Tech University. The project will offer nine different floor plans ranging in size from 559 to 2,025 square feet. Shared amenities will include a pool with cabanas, pickleball courts, grilling stations, dog park and an outdoor amphitheater. Completion is slated for fall 2025.

March 21, 2023

Development Multifamily New Jersey Northeast

Accurate Breaks Ground on 325-Unit Apartment Community in Parsippany, New Jersey

by Taylor Williams March 21, 2023

PARSIPPANY, N.J. — New Jersey-based developer Accurate has broken ground on a 325-unit apartment community in Parsippany, located in the northern part of the Garden State. The site at 100 Cherry Hill Road spans 26 acres, and the development will feature two four-story buildings with 162 and 163 units. Residences will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, courtyard, fitness center, resident clubhouse and a tech lounge. Twenty percent (65 units) will be subject to income restrictions. Minno & Wasko Architects & Planners is designing the project. Full completion of both buildings is slated for the first quarter of 2024.

March 21, 2023

California Development Multifamily Seniors Housing Western

Confluent, Concord, MorningStar Open 166,000 SF Seniors Housing Community in Mission Viejo, California

by Jeff Shaw March 21, 2023

MISSION VIEJO, CALIF. — Project partners MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed MorningStar of Mission Viejo. The 166,000-square-foot, 132-unit senior living community is located in the Orange County city of Mission Viejo. The developers broke ground in March 2021. The community offers studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property features 13,809 square feet of outdoor space including a pool, dog run, resident garden and al fresco dining. The project introduces Whole Health Standards, a new criteria under which all future Confluent and MorningStar communities will be developed. Confluent and MorningStar have a strong history of partnering on senior living communities, with MorningStar of Mission Viejo representing the partnership’s 14th joint venture across six states. Other project partners include KTGY Architecture + Planning as architect, Snyder Langston as general contractor, David Evans and Associates as civil engineer and Thoma-Holec Design as interior designer.

March 21, 2023

Acquisitions California Multifamily Western

Olympus Property Buys 179-Unit Angelene Apartments in West Hollywood

by Jeff Shaw March 21, 2023

WEST HOLLYWOOD, CALIF. – Olympus Property has purchased the 179-unit Angelene Apartments in West Hollywood for an undisclosed sum. The mixed-use luxury community is located at 915 N. La Brea Ave. It features hotel-style amenities, including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas and a fully equipped fitness center. Apartments feature open living spaces and large windows in a mix of studio to three-bedroom configurations. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Tucker Knight of Berkadia’s Houston office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.

March 21, 2023

Affordable Housing Colorado Development Multifamily Western

Pennrose Breaks Ground on 56-Unit Center for Unhoused Youth in Denver

by Jeff Shaw March 21, 2023

DENVER – Pennrose, Rivet Development Partners and TGTHR have broken ground on 2700 Wewatta, a 56-unit affordable, supportive housing development in Denver’s Five Points neighborhood. The community will serve youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system. The new community is scheduled to open in April 2024. The one- and two-bedroom apartments will be income restricted for a minimum of 60 years to households earning up to 50 percent of the area median income, or up to $41,000 for a single-occupant household in Denver. The community is part of a larger mixed-use master plan that Golub & Co. and Denver-based Formativ are developing. Rivet was selected to develop the affordable housing component in 2021.

March 21, 2023

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