Multifamily

Sterling Bay, Ascentris to Develop 29-Story Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow January 10, 2022

CHICAGO — Chicago-based developer Sterling Bay has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, for the development of 160 N Morgan, a 29-story apartment tower in Chicago’s Fulton Market. The project received approval from city council in October. The development will house 254 market-rate units, 28 affordable units, 89 parking spaces and 2,600 square feet of ground-floor retail space. Amenities will include an outdoor deck, fitness center and rooftop pool. The architecture firm is bKL Architecture. Construction is expected to begin this quarter, with completion slated for the fourth quarter of 2023. The project is Sterling Bay’s first-ever residential development in Fulton Market.

January 10, 2022

Loans Midwest Minnesota Multifamily

Colliers Arranges $53M HUD-Insured Loan for Refinancing of Mixed-Income Community in Minnesota

by Kristin Harlow January 10, 2022

RICHFIELD, MINN. — Colliers Mortgage has arranged a $53 million HUD 223(f) loan for the refinancing of Chamberlain Apartments in Richfield, a southern suburb of Minneapolis. Of the apartment community’s 316 units, 20 percent are designated as affordable and are rented to residents who earn up to 50 percent of the area median income. The remaining units are rented at market rates. Amenities include a clubhouse, game room, fitness center, outdoor pool, playground and dog run. The 35-year loan is fully amortized. Chamberlain Apartments LLC was the borrower.

January 10, 2022

Acquisitions Multifamily North Carolina Southeast

AMAC Purchases Multifamily Property in Charlotte for $113M

by Julia Sanders January 10, 2022

CHARLOTTE, N.C. — New York City-based AMAC has purchased Steele Creek Rivergate, a 408-unit garden-style multifamily property in Charlotte, for $113 million. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Charlotte-based Capstone Apartment Brokers represented the seller, Lucas Development, in the transaction. Built in May 2021, Steele Creek Rivergate offers one-, two- and three-bedroom floorplans with units averaging 1,053 square feet. Unit features include stainless steel appliances, granite countertops, walk-in closets and plank flooring. Community amenities include a fitness center, clubhouse, cyber café, pool, grilling stations, playground and multiple pet parks. Located at 12509 Park Sharon Court, the Class A property is situated close to Uptown Charlotte and Charlotte Douglas International Airport, as well as Interstate 77 and Highway 49. Steele Creek Rivergate sits directly behind the Rivergate Shopping Center, providing renters direct access to a Super Target. AMAC plans to renovate the property, including adding outdoor amenity space, inserting a package room and creating work-from-home spaces for residents.

January 10, 2022

Acquisitions Multifamily Southeast Tennessee

Olympus Property Acquires 248-Unit Village at Apison Pike in Metro Chattanooga

by Julia Sanders January 10, 2022

OOLTEWAH, TENN. — Fort Worth, Texas-based Olympus Property has acquired The Village at Apison Pike, a 248-unit multifamily community in Ooltewah, about 18.2 miles east of Chattanooga. The Class A property is the third in Olympus Property’s 12th fund, Olympus Property XII LLC. The seller and sales price were not disclosed. Completed in 2015, Village at Apison Pike offers one-, two- and three-bedroom floorplans with units that range in size from 807 to 1,466 square feet. Unit features include granite countertops, nine-foot ceilings and stainless steel appliance packages. Community amenities include a pool with cabanas, fitness center, fully equipped clubhouse and a dog park. Located at 8605 Tradewind Circle, the apartment property is located about nine miles from the Chattanooga Metropolitan Airport and 16.3 miles from the Tennessee Aquarium. The property is also located close to restaurants including Fat Boy’s Roadside Eats and Couch’s Barbecue. Olympus plans to renovate the property with an additional $1 million in capital improvements over the next few years. Renovations will include exterior paint, minor upgrades to the clubhouse and amenity enhancements.

January 10, 2022

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $114M Sale of Neponset Landing in Quincy, Massachusetts

by Taylor Williams January 10, 2022

QUINCY, MASS. — CBRE has arranged the $114 million sale of Neponset Landing, a 280-unit apartment community located at 2 Hancock St. in the South Shore Boston suburb of Quincy. The sales price equates to approximately $407,000 per unit. Built in 2007, the 12-story building offers a mix of one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a lounge with an entertainment kitchen, fitness center, billiards room, leasing office, private media room and concierge services. In addition, residents have access to shuttle service to the North Quincy MBTA station. Neponset Landing is also near Interstate 93, which provides direct access to downtown Boston. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an entity doing business as Neponset Landing LLC, in the transaction. The seller is an affiliate of Oregon-based Green Cities Co. that secured LEED Certification status for the property in 2018. The CBRE team also procured the buyer, a joint venture between Boston-based Synergy Investments and an undisclosed foreign investment partner. The new ownership plans to implement a capital improvement program, specific details of which were not released. “This transaction marked the successful conclusion …

January 10, 2022

Acquisitions California Multifamily Western

IPA Negotiates $80.7M Sale of Benson Apartments in Upland, California

by Amy Works January 7, 2022

UPLAND, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Benson, a multifamily community located at 850 N. Benson Ave. in Upland. An affiliate of Abacus Capital Group sold the property to New Standard Equities for $80.7 million, or $342,161 per unit. Located 1.4 miles from the Los Angeles County border, The Benson features 236 apartments in one-, two- and three-bedroom units spread across 32 residential buildings. Amenities include two resort-style swimming pools with furnished sundecks, a spa, fitness center, dog park, playground and more than 350 on-site parking spots. The asset was built in 1973 on a 516,578-square-foot lot. Joseph Grabiec, Alexander Garcia Jr., Kevin Green, Greg Harris and Chris Zorbas of IPA represented the seller and procured the buyer in the transaction.

January 7, 2022

Development Multifamily Southeast Virginia

Partners Group, Zom Living to Develop 492-Unit Apartment Community in Metro D.C.

by Julia Sanders January 7, 2022

ARLINGTON, VA. — Denver-based Partners Group and Orlando-based Zom Living have plans to develop Hazel & Azure at National Landing, a 492-unit apartment community in Arlington, about five miles south of Washington, D.C. The developers secured a total of $150 million in construction financing for the project. Zom Living has also secured a $26 million bridge loan with CB&S Bank for the site’s acquisition. Construction is slated to begin in the first quarter with completion set for late 2024. Hazel & Azure will feature two 14-story buildings, as well as 6,800 square feet of ground-floor retail space. The multifamily community will offer studios, one-, two- and three-bedroom floorplans, as well as townhomes, all ranging from 519 to 1,784 square feet. The units will feature floor-to-ceiling windows, vinyl plank flooring, walk-in closets, stainless steel appliances, smart thermostats, electronic locks, private balconies or terraces in most units, and views of the Potomac River and the Washington, D.C., skyline. Community amenities will include an e-lounge, concierge service in the lobby, rooftop pool, fitness and wellness spa, coworking spaces, self-serve convenience store and an indoor green space for dogs. Located at 3030 and 3130 Potomac Ave., the project will be situated less than one …

January 7, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Arranges $76.9M Sale of Multifamily Property in Gainesville, Florida

by Julia Sanders January 7, 2022

GAINESVILLE, FLA. — Rosewood Realty Group has arranged the $76.9 million sale of Evergreen Uptown Village, a 322-unit multifamily development in Gainesville. The property sold for $238,975 per unit. Jay Weiner of Rosewood Realty Group represented both the buyer, West Shore, and the seller, Evergreen Residential LLC, both of which are based in Boston. Built in 2004, Evergreen Uptown Village is a three-story property with a total of 478,542 square feet. The property offers one-, two- and three-bedroom floorplans with a unit size range of 810 to 1,606 square feet. Community amenities include a pool, fitness center and 450 outdoor parking spots, as well as 7,700 square feet of retail space on the ground level featuring a hair salon and a vacant restaurant. Located at 3780 NW 24th Blvd., the property is situated 5.1 miles from downtown Gainesville and about four miles from the University of Florida campus.

January 7, 2022

Acquisitions Florida Multifamily Southeast

ZMR Capital Acquires Two Multifamily Properties in Metro Tampa for $53.3M

by Julia Sanders January 7, 2022

BRANDON, FLA. — Tampa-based ZMR Capital has acquired two multifamily properties in Brandon in two separate transactions totaling $53.3 million. The two adjacent properties, Brandon Oaks and Palms at Paradise, total 285 units. The seller(s) was not disclosed. Built in 1974, Brandon Oaks is a 160-unit community located near the intersection of North Parson and East Clay avenues at 110 Summerfield Way, about 12.2 miles east of Tampa. Built in 1981, Palms at Paradise is a 125-unit community that is located adjacent to Brandon Oaks at 512 Camino Real Court. Both communities feature one-, two- and three-bedroom floorplans with community amenities such as swimming pools, barbecue and picnic areas, playgrounds and resident clubhouses. ZMR Capital plans to combine the two properties and renovate the exterior to improve curb appeal, as well as upgrade apartment interiors with new countertops and cabinetry, stainless steel appliances and plank flooring.

January 7, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 432-Unit Turtle Pointe Apartments in West Houston

by Taylor Williams January 7, 2022

HOUSTON — Berkadia has negotiated the sale of Turtle Pointe, a 432-unit apartment community in West Houston. Built in 1976, the property offers studio, one- and two-bedroom floor plans ranging in size from 576 to 917 square feet. About a quarter of the units are townhomes. Amenities include a resident clubroom, business center, fitness center, indoor racquetball and basketball courts, three pools, heated spa, café-style recreation room and an enclosed dog park. Todd Marix, Chris Curry, Jeffrey Skipworth, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented the seller, Florida-based WRH Realty, in the transaction. Cameron Hart of Berkadia arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, 7C Equity Group.

January 7, 2022

Newer Posts

Older Posts