Multifamily

29th Street Capital Sells 308-Unit Live Oak Place Apartments in Northeast San Antonio

by Taylor Williams June 8, 2022

SAN ANTONIO — Chicago-based investment firm 29th Street Capital (29SC) has sold Live Oak Place, a 308-unit apartment community in Northeast San Antonio. The property features a mix of studio, one- and two-bedroom units with an average unit size of 668 square feet. Communal amenities include three pools, a clubhouse with a coffee bar and Wi-Fi, onsite laundry facilities and two dog parks. Jim Young, Matt Michelson and Chase Easley of Newmark represented 29SC in the sale. Matt Greer and Andrew Wilson, also with Newmark, arranged acquisition financing on behalf of the undisclosed buyer.

June 8, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $29M Sale of Multifamily Property in Keyport, New Jersey

by Taylor Williams June 8, 2022

KEYPORT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $29 million sale of a 132-unit multifamily property located at 251 Atlantic St. in the Northern New Jersey community of Keyport. The property consists of six buildings that house 22 studios, 78 one-bedroom units, 30 two-bedroom residences and two three-bedroom apartments. Amenities include a fitness center and onsite laundry facilities. Robert Holland and Barry Waisbrod of Kislak represented the seller, an entity doing business as Keyport Village Apartments DE LLC, in the transaction. Joni Sweetwood, also with Kislak, procured the undisclosed buyer.

June 8, 2022

Loans Michigan Midwest Multifamily

Seven Hills Realty Trust Originates $31.5M Acquisition Loan for Michigan Apartment Community

by Kristin Harlow June 8, 2022

FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services arranged the loan on behalf of the borrower, a joint venture between Andover Real Estate Partners and M Group LLC. Seven Hills is a real estate finance company managed by Tremont Realty Capital, an affiliate of The RMR Group.

June 8, 2022

Acquisitions Arizona Multifamily Western

SB Real Estate Partners Buys Azura Apartments in North Phoenix for $91M

by Amy Works June 8, 2022

PHOENIX — SB Real Estate Partners has purchased Azura Apartments, a multifamily property located at 2700 W. Sahuaro Drive in Phoenix, for $91 million. The buyer will rebrand the community as Portola North Phoenix. Built in 1980, Azura Apartments features 387 units in a mix of one- and two-bedroom floor plans ranging from 474 square feet to 924 square feet. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, barbecue areas and playground areas. Cliff David and Steven Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal.

June 8, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Divests of 244-Unit Cabana Power Multifamily Property in Mesa, Arizona

by Amy Works June 8, 2022

MESA, ARIZ. — Greenlight Communities has completed the sale of Cabana Power, an apartment property in Mesa. An undisclosed buyer acquired the asset for $84 million, or $344,262 per unit. Completed in 2022, Cabana Power features 244 apartments with nine-foot ceilings, eight-foot entry doors with keyless entry, smart thermostats and heat-reflecting windows. Select floor plans offer built-in workstation desks and full-size, front-loading washers and dryers. The community features a leasing office and clubhouse, coworking space, two laundry rooms, a resort-style swimming pool, Zen gardens, a multipurpose event lawn and outdoor fitness circuits. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 8, 2022

Acquisitions Montana Multifamily Seniors Housing Western

SLIB Negotiates Sale of 159-Unit Big Sky Senior Living in Butte, Montana

by Amy Works June 8, 2022

BUTTE, MONT. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Big Sky Senior Living in Butte. The community features 159 units of independent living, assisted living and memory care. The 87,000-square-foot asset was built in 1997 and sits on 11.3 acres of land. The seller is a locally based regional owner-operator. The buyer is a regional owner-operator based in the West that is expanding in the Mountain West. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

June 8, 2022

Development Georgia Mixed-Use Multifamily Southeast

ECI, Phoenix Capital Begin Construction on $101M Apartment Community in Roswell, Georgia

by John Nelson June 8, 2022

ROSWELL, GA. — A joint venture between ECI Group and Phoenix Capital has broken ground on Averly East Village, a $101 million luxury apartment and townhome community in the Atlanta suburb of Roswell. The developers expect to deliver the property in late 2024. Truist Financial provided construction financing for the project, which Rule Joy Trammell Rubio Architects designed. The multifamily project is part of a mixed-use redevelopment of East Village Shopping Center, and Ardent Cos. will continue to own the retail component. Amenities will include a pool with a sun shelf, pool deck with cabanas, two outdoor kitchens, clubroom, synthetic turf dog park and dog spa, two-story fitness center, outdoor gym, coffee lounge with individual work spaces and secure bicycle storage. At full buildout Averly East Village will include one-, two- and three-bedroom apartments and townhomes, as well as 75,000 square feet of retail space and a large central green space.

June 8, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $71.4M Sale of Colony Woods Apartments in Birmingham

by John Nelson June 8, 2022

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $71.4 million sale of Colony Woods, a 414-unit apartment community in the Cahaba Heights submarket of Birmingham. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Denver-based Forum Investment Group, in the transaction. The buyer was Arcan Capital, a multifamily investment firm based in Marietta, Ga. Built in 1991 and 1995, Colony Woods was 96 percent occupied at the time of sale. The property features units averaging 1,088 square feet with wood-burning fireplaces, walk-in closets, in-unit washers and dryers and private patios or balconies.

June 8, 2022

Market Reports Multifamily New Mexico Western Western Market Reports

New Mexico’s Multifamily Market Heats Up

by Jeff Shaw June 8, 2022

Companies, Investors Court New Mexico’s Multifamily By Todd Clarke, CEO, NM Apartment Advisors Strong employment and changing post-pandemic lifestyles have led to a surge of demand for New Mexico’s multifamily rental market. Investments made more than a decade ago are paying off from SpacePort NM and the NM Rail Runner, as well as the film and television industries, which have made New Mexico the third best place to film in the country behind Los Angeles and New York. Although Santa Fe — the fifth best international destination and oldest state capital — remains undeserved by more than 6,484 units, the market is on track to deliver 1,500-plus units. This is well ahead of Albuquerque’s less than 1,000 new units. More development will hopefully continue, thanks to a new Integrated Dynamic Ordinance (IDO, or zoning), recent investments in mass transit expansion lines and a vibrant tech eco-system at the Innovation District in downtown Albuquerque. Several major employers have announced expansions in the market, including Intel (750 jobs), Netflix (3,000 jobs), Facebook/Meta (35 IT jobs, 1,500 construction jobs) and Amazon (four distribution facilities totaling more than 3,500 new jobs). Based on historic benchmarks, this creates an acute housing shortage in Albuquerque. Recent …

June 8, 2022

Acquisitions Florida Multifamily Southeast

Trion Properties Acquires Art 88 Apartments in Miami for $87.3M

by John Nelson June 7, 2022

MIAMI — Trion Properties, a private equity investment firm with offices in West Hollywood and Miami, has purchased Art 88 Apartments in Miami for $87.3 million. The seller was not disclosed, but South Florida Business Journal reports that Grand Peak Properties was the previous owner. Built in 1971 within one mile of Miami International Airport, Art 88 comprises 294 one- and two-bedroom apartments averaging 787 square feet. The community is configured in eight two- to five-story elevator buildings and features two pools, a fitness center, laundry facilities and a dog park. Maurice Habif, Simon Banke and Ted Turner of JLL brokered the transaction, and Jesse Wright with JLL arranged acquisition financing. Art 88 was 97 percent occupied at the time of sale, and the new ownership plans to make capital improvements to the property in the near future.

June 7, 2022

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