Multifamily

Tides Equities Acquires Three Dallas-Area Apartment Communities Totaling 966 Units

by Taylor Williams November 3, 2022

DALLAS AND RICHARDSON, TEXAS — Los Angeles-based investment firm Tides Equities has acquired three apartment communities totaling 966 units in the Dallas area. Belterra and Estancia are both located in the northeastern suburb of Richardson, were respectively built in 1984 and 1981 and respectively total 314 and 220 units. Solaris is located in the Lake Highlands neighborhood of Dallas, was constructed in 1983 and comprises 432 apartments. Units at Belterra, Estancia and Solaris respectively feature an average size of 584, 934 and 762 square feet, and all three properties offer assorted outdoor amenities. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The ValCap Group, in the transaction. The team also procured Tides Equities as the buyer.

November 3, 2022

Acquisitions Development Multifamily Texas

Bill Foose Co. Negotiates Sale of 7.4-Acre Multifamily Development Site in Garland, Texas

by Taylor Williams November 3, 2022

GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.

November 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Vesper Holdings Buys Sol y Luna Student Housing Community Near the University of Arizona for $203M

by Amy Works November 3, 2022

TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.

November 3, 2022

Development Multifamily Student Housing Texas

Partnership Completes 59-Unit Student Housing Project in Fort Worth

by Taylor Williams November 3, 2022

FORT WORTH, TEXAS — A partnership between two Dallas-area firms, Miyama USA Texas and Dodson Commercial Real Estate, has completed The Rosedale, a 59-unit student housing project that will serve students at Texas Wesleyan University in Fort Worth. The three-story building will house one- and two-bedroom units with a total 100 beds and amenities such as a lounge, fitness center, conference room, rooftop patio and a study lab.

November 3, 2022

Acquisitions Multifamily Northeast Pennsylvania

Starkman Realty Negotiates $29M Sale of Carlton Park Apartments in Philadelphia

by Taylor Williams November 3, 2022

PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 212-Unit Apartment Complex in San Antonio

by Taylor Williams November 2, 2022

SAN ANTONIO — Dallas-based investment and development firm Westmount Realty Capital has sold a 212-unit apartment complex located on the north side of San Antonio. Westmount at Cape Cod was originally built in 1984 and features one- and two-bedroom units with an average size of 687 square feet. Amenities include a pool, fitness center, outdoor kitchen and walking trails. Westmount acquired the property in 2016 and implemented a value-add program. The buyer and sales price were not disclosed.

November 2, 2022

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Taylor Williams November 2, 2022

GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.

November 2, 2022

Development Georgia Multifamily Southeast

McShane Completes Construction of Enzo at Ariston Apartments in Buford, Georgia

by John Nelson November 2, 2022

BUFORD, GA. — McShane Construction has completed Enzo at Ariston, a 265-unit apartment community that TPA Residential is developing in Buford, a northeast suburb of Atlanta. The property is one of the multifamily components within Ariston, a mixed-use development taking shape near the Mall of Georgia. Situated on eight acres, Enzo at Ariston features two four- and five-story wood-frame apartment buildings with a brick façade, as well as a precast concrete parking garage. Amenities include a heated saltwater swimming pool, outdoor grilling area and lounge, 24-hour fitness studio and power gym, enclosed dog park and a community lounge with a demonstration kitchen. Niles Bolton Associates designed Enzo at Ariston, which features one-, two- and three-bedroom floor plans with rental rates ranging from $1,593 to $3,313 per unit, according to the property website.

November 2, 2022

Acquisitions Kentucky Multifamily Southeast

29th Street Capital Purchases 274-Unit Ashton Brook Apartments in Louisville

by John Nelson November 2, 2022

LOUISVILLE, KY. — 29th Street Capital (29SC) has purchased Ashton Brook Apartments, a 274-unit multifamily community located in Louisville. The seller and sales price were not disclosed. Built in 1979, the Class B property features a swimming pool, fitness center, dog park, outdoor grilling and picnic area, playground and a laundry facility. Ashton Brook is situated near the headquarters of Haven Residential, 29SC’s in-house property management company that is taking over operations of the pet-friendly community.

November 2, 2022

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