SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.
WINTHROP, MASS. — Locally based developer The Procopio Cos. has completed The Somerset, a 29-unit multifamily project in Winthrop, located on the eastern outskirts of Boston. The complex offers one- and two-bedroom units ranging in size from 500 to 1,300 square feet and includes 1,119 square feet of retail space. Residences are furnished with quartz countertops, private decks and in-unit washers and dryers, and communal amenities include a fitness center, onsite parking and bike storage space. The Somerset opened with 35 percent of the units leased. Rents start at $2,650 per month for a one-bedroom unit.
WYOMING, MICH. — Thompson Thrift has acquired 29 acres in the Grand Rapids suburb of Wyoming with plans to build a 344-unit luxury apartment complex. Completion is slated for late 2023. Located near the intersection of Wilson Avenue and 64th Street, the property will be named The BLVD at Wilson Crossings. Amenities will include a clubhouse, pool, fitness center, dog park, pickleball courts, green space and grilling stations. The project marks Thompson Thrift’s second Grand Rapids-area community following The Grove, which opened in fall 2021.
CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.
EDMONDS, WASH. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. The project is scheduled to open in late 2023. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already reached age 65 and older, a number that will continue to climb as baby boomers age.
With transaction volume for market-rate housing beginning to ebb, affordable housing investment is poised to play a more central role in the months ahead. Several factors have broadened the allure of affordable housing as an investment vehicle in recent years. When the pandemic began taking a toll on market-rate housing performance, investors saw federal, state and even local governments enact measures to help residents at affordable communities maintain their rent payments and help ensure housing remained available for people struggling financially. We saw the interest level in Section 8 properties, for example, increase significantly during the pandemic, due chiefly to federal guarantees backing those rent streams. From a financing perspective, the strong commitment shown by Fannie Mae, Freddie Mac and the Federal Housing Administration to preserve liquidity for affordable housing has bolstered development and investment in the space. Due to the required hold periods, affordable housing investments are less affected by market cycles, so liquidity should remain strong. Now, changing economic forces promise to drive new equity to the affordable sphere and fuel further investment. The Federal Open Market Committee’s resolve to combat record inflation is exerting upward pressure on mortgage rates and, eventually, cap rates, which could discourage sellers …
CHICAGO AND LAFAYETTE, IND. — A joint venture between Chicago-based investment firm Harrison Street and Lafayette-based Trinitas has announced plans to develop four student housing projects in markets across the country that are aggregately valued at $450 million. The four projects will total 3,390 beds and will all be located within walking distance of campus for students at Indiana University, University of Central Florida, University of Wisconsin and University of Georgia. Construction timelines were not disclosed. Trinitas will assume property management responsibilities upon completion of each project. Current at Latimer Square will be a 906-bed, off-campus project in Bloomington, Indiana, that will serve students at Indiana University. The five-building development will feature units with bed-to-bath parity and a variety of floor plans, from studio to five-bedroom layouts. Amenities will include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness center and 442 parking spaces. Current Orlando, which will house students attending the University of Central Florida, will total 750 beds in studio, one-, two-, three- and four-bedroom units. Residences will be spread across three buildings, and the amenity package will comprise a pool, spa, basketball court, fitness center, study lounges and 690 parking spots. Atmosphere Madison will …
DALLAS — Locally based investment firm 180 Multifamily Properties has acquired The Powers Properties Portfolio, a collection of 20 assets totaling 544 units that are located in historic neighborhoods in East Dallas. The properties, which were built between 1914 and 1962 and renovated in the late 1990s/early 2000s, were under the same ownership for 25 years, but the portfolio was put into a court-appointed receivership two years ago. Todd Franks, Ryan Quaid, Buck Poderski and Byron Griffith of GREA brokered the deal on behalf of the court-appointed receiver. The new ownership plans to implement a value-add program.
ARLINGTON, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has purchased Debbie Lane Flats, a 331-unit apartment community in Arlington. The property features one-, two- and three-bedroom units with an average size of 895 square feet. Residences are furnished with stainless steel appliances, quartz countertops, full-size washers and dryers, walk-in closets, smart thermostats and private balconies/patios. Amenities include a pool, fitness center, cybercafé, outdoor grilling areas, a business center, community kitchen, dog park, package lockers and valet dry cleaning service. Jorg Mast, Chris Paul and Danny Miller at Colliers represented the seller, Provident Realty Advisors, in the transaction.
SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.
