Multifamily

Wolff Co. Sells 207 East Apartment Community in South Puget Sound

by Amy Works December 20, 2021

EDGEWOOD, WASH. — The Wolff Co. has completed the disposition of 207 East, a multifamily property located at 207 Meridian Ave. in Edgewood, to Security Properties for an undisclosed price. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Pacific Northwest Multifamily represented the seller in the deal. Built in 2020, 207 East features 288 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 892 square feet. The 14-building property spans 16 acres and features a resort-style pool, spa and sundeck, multiple clubhouse lounges, a community kitchen with espresso bar, a 24-hour fitness center, a yoga studio and co-working pods.

December 20, 2021

Acquisitions Multifamily Utah Western

Next Wave Buys 114-Unit, Four-Property Multifamily Portfolio in Utah

by Amy Works December 20, 2021

OGDEN AND ROY, UTAH — Next Wave Investors has purchased a portfolio of four apartment communities, totaling 114 units, in the Ogden-Clearfield metropolitan statistical area of Utah. Terms of the transaction were not disclosed. The portfolio includes: LaDawn Apartments, a 64-unit community located at 1777 W 4800 S in Roy Iron J Apartments, a 24-unit property at 2245 Jefferson Ave. in Ogden Jefferson Townhomes, a six-unit community at 110 Jefferson Ave. in Ogden Monticello Apartments, a 20-unit property at 560 27th St. in Ogden Next Wave plans to renovate the properties. Planned renovations include upgraded appliances, fixtures and countertops, new carpet and flooring in unit and common areas and fresh paint. Additionally, Next Wave may add carports, complete roof repairs, renovate the leasing offices, and upgrade community signage and landscaping at some of the properties.

December 20, 2021

Acquisitions Florida Multifamily Southeast

Jamestown Completes Sale of 308-Unit Apartment Community in Metro Miami

by Julia Sanders December 20, 2021

SUNNY ISLES BEACH, FLA. — Atlanta-based Jamestown has completed the sale of Beach Place, a 308-unit apartment community in Sunny Isles Beach, about 19 miles north from Miami. A private buyer purchased the property for an undisclosed amount. Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales of Berkadia Institutional Solutions represented Jamestown in the sale. Beach Place features four, six-story buildings offering 213 one-bedroom units and 95 two-bedroom units averaging 900 square feet. Units feature stainless steel appliances, granite countertops, tile and hardwood flooring, walk-in closets and patios or balconies. Community amenities include a fitness center, pool, hot tub, bark park, dog wash, business center and bike parking. The property was 96 percent leased at the time of sale. Located at 17101 N. Bay Road on seven acres, the 277,200-square-foot property is located near Aventura Mall, Bal Harbour Shops, Oleta River State Park and Florida International University.

December 20, 2021

Acquisitions Multifamily South Carolina Southeast

Blaze Capital Partners Sells 256-Unit Apartment Community in North Charleston

by Julia Sanders December 20, 2021

NORTH CHARLESTON, S.C. — Charleston-based Blaze Capital Partners has sold Dwell at Greenridge, a 256-unit apartment community located in North Charleston. The buyer and sales price were not disclosed. Built in 1980, The Dwell at Greenridge is a two-story multifamily community that offers one- and two-bedroom units ranging in size from 650 to 960 square feet. Community amenities include a pool with sun deck, grill and picnic areas, clubhouse and two laundry centers. Located at 7910 Crossroads Drive, Dwell at Greenridge is situated close to Interstate 26 and two of South Carolina’s largest manufacturers: Boeing and Volvo. The property is also located about 16 miles from the College of Charleston and approximately nine miles from Charleston International Airport. Blaze Capital Partners made investments to modernize the property over its ownership period, including adding new signage and marketing, building a new clubhouse and fitness center and redesigning exterior amenities and landscaping.

December 20, 2021

Development Multifamily New Jersey Northeast

Accurate Builders & Developers Opens 234-Unit Apartment Community in Linden, New Jersey

by Taylor Williams December 20, 2021

LINDEN, N.J. — New Jersey-based Accurate Builders & Developers has opened Citizen Linden, a 234-unit apartment community that is located about 20 miles south of New York City in Union County. Designed by Thomas J. Brennan Architects, Citizen Linden includes 4,500 square feet of retail space and a 292-space parking garage. Units feature studio, one- and two-bedroom floor plans, and amenities include a fitness center, multiple coworking and conference rooms, a dog park, outdoor grilling and dining areas and a resident lounge with a demonstration kitchen. Rents start at $1,800 per month for a studio apartment.

December 20, 2021

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $17.1M Sale of Multifamily Property in Chicago

by Kristin Harlow December 20, 2021

CHICAGO — Marcus & Millichap has arranged the sale of The Erikson in Chicago’s Lakeview neighborhood for $17.1 million. The 36-unit multifamily property is located at 3728 N. Lake Shore Drive. Residents have access to 36 parking spaces and a rooftop deck. Kyle Stengle of Marcus & Millichap arranged the sale. Buyer and seller information was not provided.

December 20, 2021

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $18.1M Sale of Manufactured Housing Community in Palmyra, Pennsylvania

by Taylor Williams December 20, 2021

PALMYRA, PA. — Marcus & Millichap has brokered the $18.1 million sale of Shadow Stone Village, a 188-unit manufactured housing community in Palmyra, an eastern suburb of Harrisburg. Glenn Esterson, Dylan Hellberg, Parker Kelly and Ryan Brands of Marcus & Millichap represented the seller, a partnership, in the transaction and procured a limited liability company as the buyer. Both parties requested anonymity. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Shadow Stone Village was fully occupied at the time of sale and offers a gym, library and community center.

December 20, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.5M Sale of Chicago Apartment Building Featuring Taco Bell Cantina

by Kristin Harlow December 20, 2021

CHICAGO — Interra Realty has brokered the sale of 1439 N. Milwaukee Ave. in Chicago’s Wicker Park neighborhood for $2.5 million. The building is home to five apartment units and 2,000 square feet of street-level retail space that is leased to Taco Bell Cantina, which selected the property for its first cantina location in the U.S. The building was originally constructed in 1878. All the apartments were fully leased at the time of sale. Joe Smazal of Interra represented the private seller. Danny Spitz of Greenstone Partners represented the undisclosed buyer.

December 20, 2021

Acquisitions Maryland Multifamily Southeast

Carter Funds Purchases Apartment Community in Germantown, Maryland for $103M

by Julia Sanders December 17, 2021

GERMANTOWN, MD.— An affiliate of The Carter Funds has purchased The Park at Kingsview Village Apartments, a 326-unit, Class A multifamily community in Germantown. Washington, D.C.-based PRP LLC sold the property for $103 million. Built in 2001, the Park at Kingsview features 12 three- and four-story buildings totaling 343,980 square feet with an average unit size of 1,055 square feet. Community amenities include a swimming pool, clubhouse, fitness center, conference room, business center and a children’s playroom. In addition, the property offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. The property is situated close to the Kingsview Village Shopping Center, a Giant Food-anchored neighborhood shopping center. The property is also located within a mile of the Germantown Soccerplex and the Germantown Indoor Swim Center. Major employers in the vicinity include the National Institutes of Health, the US Food and Drug Administration, Marriott International and Lockheed Martin. PRP implemented $3.5 million in renovations at the property that included a completely revamped clubhouse and pool area, as well as in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, new lighting, new bathrooms and wide plank flooring.

December 17, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 352-Unit Nexus East Apartments in East Austin

by Taylor Williams December 17, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Nexus East, a 352-unit apartment community in East Austin. Built in 2021, the property offers a mix of one-, two- and three-bedroom units. The amenity package consists of a pool, fitness center, clubhouse, entertainment kitchen, coworking lounge, putting green and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, a partnership between Austin-based Ardent Residential and Monterrey, Mexico-based Delta Development, in the transaction. Timothy Weldon of Newmark arranged acquisition financing on behalf of the buyer, an affiliate of Treeline Multifamily Partners Ltd., a privately held investment firm based in Denver. Nexus East was 90 percent occupied at the time of sale.

December 17, 2021

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