Multifamily

Presidium Begins Leasing 340-Unit Multifamily Project in Fort Worth

by Taylor Williams July 13, 2022

FORT WORTH, TEXAS — Texas-based developer Presidium has begun leasing Presidium Berkshire, a 340-unit multifamily development located on the north side of Fort Worth. The 352,000-square-foot community is expected to be fully complete early next year. Units will feature stainless steel appliances, quartz-style countertops, private balconies/terraces, individual washers and dryers and built-in desks. Amenities will include a pool with splash pads, outdoor dining and grilling areas, a two-story fitness center with a yoga studio, a speakeasy-style bar, demonstration kitchen, coworking lounge and a dog park. Dallas-based O’Brien Architects designed Presidium Berkshire. Rents start at $1,480 per month for a studio apartment.

July 13, 2022

Affordable Housing Development Midwest Multifamily Wisconsin

McShane Completes Construction of 126-Unit Apartment Complex in Middleton, Wisconsin

by Kristin Harlow July 13, 2022

MIDDLETON, WIS. — McShane Construction Co. has completed The Trotta Apartments in Middleton, a northwest suburb of Madison. The 126-unit apartment complex is situated on a site that previously housed a motel owned by the Trotta family. The four-story development offers a mix of market-rate units and workforce housing units. Income restrictions were not disclosed. Amenities include a clubroom, fitness room, dog wash, common room and three rooftop decks. Ramaker provided architectural services. The developer was Impact Seven, a Wisconsin-based affordable housing developer.

July 13, 2022

Acquisitions Development Hospitality Midwest Multifamily Wisconsin

Repvblik Purchases Madison Plaza Hotel in Wisconsin, Plans Conversion to Workforce Housing

by Kristin Harlow July 13, 2022

MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.

July 13, 2022

Acquisitions Multifamily Texas

Disrupt Equity Acquires Austin Multifamily Property for $30.1M

by Taylor Williams July 13, 2022

AUSTIN, TEXAS — Houston-based investment firm Disrupt Equity has acquired Cascade, a 198-unit multifamily property located just south of downtown Austin, for $30.1 million. Built in 1971 and renovated in 2016, Cascade offers one-, two- and four-bedroom units as well as a fitness center, multiple pools, recreation areas and onsite laundry facilities. Disrupt Equity plans to continue with capital improvements to interiors of select units and amenity spaces. The seller was not disclosed.

July 13, 2022

Arizona Development Loans Mixed-Use Multifamily Office Retail Student Housing Western

CIM Group Provides $204M Construction Loan for 1.1 MSF Central Station Mixed-Use Development in Phoenix

by Amy Works July 13, 2022

PHOENIX — A CIM Group-managed fund has closed a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a mixed-use transportation hub in downtown Phoenix. Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 23-story towers and a podium. The development is adjacent to an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. The development team broke ground on the project in April.

July 13, 2022

Acquisitions Colorado Multifamily Western

Seagate Sells Links at Legacy Ridge Apartments in Westminster, Colorado for $94M

by Amy Works July 13, 2022

WESTMINSTER, COLO. — Seagate Legacy Associates has completed the disposition of Links at Legacy Ridge Apartments, a multifamily property located at 2710 Bruchez Parkway in Westminster. MIG Real Estate acquired the asset for $94 million. Completed in 1999, Links at Legacy Ridge features 232 apartments in a mix of studio, one-, two- and three-bedroom floor plans with nine-foot ceilings, walk-in closets, patios/balconies and full-size washers/dryers. Community amenities include a resort-style pool, clubhouse and fitness center. Dave Martin and Brian Mooney of Northmarq’s Denver Investment Sales team represented the seller in the deal.

July 13, 2022

Development Multifamily Student Housing Washington Western

Champion Real Estate Plans 516-Bed Student Housing Development Near University of Washington

by Amy Works July 13, 2022

SEATTLE — Champion Real Estate Co. has acquired 0.33 acres of land at 700 NE 45th St. near the University of Washington campus in Seattle for the development of a 516-bed student housing community. Named Victory at the U, the community will offer fully furnished units alongside shared amenities including study and fitness centers, recreation space and a rooftop deck offering views of Lake Union. Dylan Simon of Kidder Matthews represented Champion and the undisclosed seller of the development site, which Champion acquired for $7.3 million.

July 13, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $8.4M Sale of Three Multifamily Properties in North Arlington, New Jersey

by Taylor Williams July 13, 2022

NORTH ARLINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $8.4 million sale of three multifamily properties totaling 43 units in North Arlington, located in Bergen County. All structures were originally built more than 100 years ago and include four office spaces and three retail units. Scott Davidovic, Michael Kossak and Andrew Scheinerman of Kislak brokered the deals. The sellers were family partnerships that sold the assets to a single buyer, with all parties involved requesting anonymity.

July 13, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $5.2M Sale of Two Brooklyn Multifamily Buildings

by Taylor Williams July 13, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of two multifamily buildings totaling 37 units in Brooklyn’s Sunset Park neighborhood. The rent-stabilized buildings offer a mix of one-, two- and three-bedroom units. Victor Sozio, Stephen Vorvolakos, Sean Kelly and Benjamin Vago of Ariel Property Advisors brokered the sale. The buyer and seller were not disclosed.

July 13, 2022

Acquisitions Multifamily North Carolina Southeast

Blaze Capital Purchases 240-Unit Fieldstone Apartments in Mebane, North Carolina

by John Nelson July 13, 2022

MEBANE, N.C. — Blaze Capital Partners, a multifamily investment firm based in Charleston, has purchased Fieldstone Apartments, a 240-unit, garden-style community in Mebane. This deal marks the first in the Triangle market for the investment firm. The seller and sales price were not disclosed. Blaze Capital plans to invest $2.5 million in property improvements at Fieldstone, including select unit interior enhancements and upgrades to landscaping and community amenities. Fieldstone offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances and outdoor patios and balconies. Community amenities include a 24-hour fitness center, resort-style pool and sundeck, coffee bar, dog park and a playground.

July 13, 2022

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