Multifamily

TSB Realty Arranges Sale of 909-Bed Student Housing Property Near Old Dominion in Norfolk

by John Nelson June 7, 2022

NORFOLK, VA. — TSB Realty has arranged the sale of The Next at ODU, a 909-bed student housing property located near Old Dominion University in Norfolk. The Michaels Organization sold the community to Saxum Real Estate for an undisclosed price. Delivered in 2010, the property offers shared amenities including a resort-style swimming pool and spa, 24-hour fitness center, tanning, a clubroom, business center and shuttle service to campus. Units offer bed-to-bath parity alongside features including modern appliances and washers and dryers.

June 7, 2022

Acquisitions Multifamily Texas

GREA Arranges Sale of Four Multifamily Assets Totaling 851 Units in Dallas-Fort Worth

by Taylor Williams June 7, 2022

DALLAS — Global Real Estate Advisors (GREA) has arranged the sale of four multifamily assets totaling 851 units that are located throughout the Dallas-Fort Worth metroplex. The properties include Villa Placita in Garland (122 units); Antigua Village in Fort Worth (152 units); WaterWalk Las Colinas in Irving (153 units); and The Club at Fossil Creek in Fort Worth (424 units). Mark Allen and Zac Thomas of GREA brokered the deals. The sellers were not disclosed.

June 7, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 136-Unit Multifamily Property in Northwest Houston

by Taylor Williams June 7, 2022

HOUSTON — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Pebble Creek Apartments, a 136-unit property in northwest Houston. Built on 6.5 acres in 1980, the property offers one- and two-bedroom units with an average size of 865 square feet. According to Apartments.com, amenities include a pool, playground and onsite laundry facilities. Chris Siemasko of TMG represented the seller, and Nasir Pooran of TMG procured the private California-based buyer. Both parties requested anonymity. Pebble Creek was 97 percent occupied at the time of sale.

June 7, 2022

19-00-Pollitt-Drive-Fair-Lawn-New-Jersey

Development Multifamily New Jersey Northeast

Kushner Begins Work on 307-Unit Multifamily Community in Fair Lawn, New Jersey

by Taylor Williams June 7, 2022

FAIR LAWN, N.J. — Locally based developer Kushner has begun construction on a 307-unit apartment community that will be reserved for renters age 55 and over in the Northern New Jersey community of Fair Lawn. The community will offer one- and two-bedroom units, with 46 residences reserved as affordable housing. Amenities will include a pool, fitness center, spa, salon, massage room, clubhouse, game room, movie theater, putting green, library and a pet spa. The site currently houses a vacant office building. Completion is slated for the second quarter of 2025.

June 7, 2022

Acquisitions Loans Multifamily Washington Western

Berkadia Arranges Sale of 156-Unit Dakota Apartments in Lacey, Washington

by Amy Works June 7, 2022

LACEY, WASH. — Berkadia has brokered the sale and financing of Dakota Apartments, a garden-style multifamily community in Lacey. Bellevue-based American Capital Group sold the property to Los Angeles-based TruAmerica Multifamily for an undisclosed price. Ben Johnson, David Sorensen, George Pallis and Kenny Dudunakis of Berkadia Seattle represented the seller in the deal. Mitch Sinberg and Matthew Robbins of Berkadia Boca Raton, along with Brad Williamson of Berkadia Miami, secured acquisition financing on behalf of the buyer. A bank lender provided a fixed-rate loan with a five-year term. Located at 6205 Pacific Ave. and built in 2006, Dakota Apartments features 156 one- and two-bedroom units averaging 756 square feet to 1,089 square feet. The prior owner renovated 71 of the original units, allowing the new owners the opportunity to complete the full renovation and repositioning of the property. Units feature vinyl flooring, ceiling fans, stainless steel appliances, pantries, built-in bookshelves, linen closets, washers/dryers and patios or balconies. The gated community amenities include an outdoor swimming pool; hot tub; sundeck and cabana; playground; resident lounge with kitchen, billiards table and game room; fitness center; theater room; and assigned and covered parking.

June 7, 2022

Acquisitions Multifamily Utah Western

MAG Capital Partners Acquires 27 Vacation Rental Units at Sage Creek at Moab in Utah

by Amy Works June 7, 2022

MOAB, UTAH — MAG Capital Partners has purchased 27 resort condominiums at 2331 Mesa Road in Moab, with plans to develop 60 additional units at the site. The assets are part of the seven-acre Sage Creek at Moab resort. The bank-owned property was acquired for an undisclosed amount, with many of the existing 48 units pre-sold prior to construction and now operating as vacation rentals. Sage Creek at Moab’s amenities include a tiered pool with waterfalls, grotto-style hot tub and pool house facilities that operate year-round. A community deck and patio includes an outdoor fireplace barbecue grills, outdoor showers and bocce ball court. The community also features custom exterior bike storage and gated parking for RVs and boats. The condos each feature three full-sized bedrooms, two-and-a-half bathrooms, a full-sized laundry room and private balconies, some with private hot tubs. Led by principals Dax Mitchell and Andrew Gi, MAG Capital Partners plans to add food and beverage services at the site this summer, among other facility amenities, to serve the local community and annual visitors.

June 7, 2022

Acquisitions Illinois Midwest Multifamily Retail

Greenstone Partners Negotiates Sales of Three Properties in Chicago’s Wicker Park for $7.8M

by Kristin Harlow June 7, 2022

CHICAGO — Greenstone Partners has negotiated the sales of three properties in Chicago’s Wicker Park neighborhood for roughly $7.8 million. Brewster Hague of Greenstone represented the sellers in each transaction and procured the buyers. In the first transaction, a 5,000-square-foot retail condo at 1725 W. Division St. sold for $2.3 million. A New York-based family office sold the asset to a Florida-based family office. Danny Spitz of Greenstone assisted in representing the seller. In the second sale, a seven-unit apartment and retail building at 1670 W. Division St. sold for $3.2 million. Bangers & Lace is the ground-floor retail tenant. In the last transaction, a six-unit apartment and retail property at 1920 W. Division St. sold for nearly $2.3 million. Milk & Honey Café occupies the ground-floor space. A California-based private individual from a Chicago-based family office purchased both 1670 W. Division St. and 1920 W. Division St.

June 7, 2022

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 38-Unit Seniors Housing Property in Portland, Oregon

by Amy Works June 7, 2022

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cornerstone Care Option, a 38-unit, 56-bed skilled nursing facility in Portland. The community was originally built in 1955 on 7.3 acres, with renovations in 2006. The 98,700-square-foot asset was 98 percent occupied. The seller was a local owner-operator looking to retire from seniors housing. A regional group based in the West acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

June 7, 2022

Development Florida Mixed-Use Multifamily Office Retail Southeast

PMG, Greybrook Realty Partners Break Ground on 31-Story Mixed-Use Development in Midtown Atlanta

by Amy Works June 6, 2022

ATLANTA — PMG and Toronto-based Greybrook Realty Partners have broken ground on Society Atlanta, a 31-story mixed-use development at 811 Peachtree St. in Midtown Atlanta. Designed by Cooper Carry, the mixed-use property will feature 460 residential units, 81,000 square feet of office space and 16,500 square feet of retail space. Juneau Construction Co. is serving as general contractor for project, which is slated to open in late 2024. Society Atlanta will offer traditional layouts alongside “rent-by-bedroom” (also known as co-living) options. Community amenities will include a rooftop pool and restaurant, a coworking lab with private conference rooms, a gym and a fitness studio. The property is the first of PMG’s Society Living multifamily platform to enter the Atlanta market.

June 6, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 309-Unit Alamo Park Apartments in San Antonio

by Taylor Williams June 6, 2022

SAN ANTONIO — Newmark has brokered the sale of Alamo Park, a 309-unit apartment community in northeast San Antonio. The property features one- and two-bedroom units with an average size of 658 square feet. Amenities include a pool, fitness center, volleyball court and outdoor grilling and dining areas. Jim Young, Matt Michelson and Chase Easley of Newmark represented the seller, Austin-based Achieve Investment Group, in the transaction. New York-based River Rock Capital purchased the asset for an undisclosed price and plans to implement a value-add program. Alamo Park was 94 percent occupied at the time of sale.

June 6, 2022

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