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Multifamily

Avenir-Memory-Care-Westside-Los-Angeles-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Avenir Opens 88-Unit Memory Care Community in Los Angeles

by Amy Works

LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a seniors housing community in Los Angeles’ Westchester neighborhood. The community features 88 memory care units using a specialized program that aligns residents who have similar cognitive abilities. “We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look exactly the same. That way, everything is familiar. Residents feel comfortable and at home even if they need to move to a higher level of support.”

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AcquisitionsGeorgiaMultifamilySoutheast

Carroll Acquires Two Multifamily Properties in Atlanta for $175M

by Julia Sanders

ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed. Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and Berkshires at Lenox Park will also be managed by Carroll. Ashish Cholia, Colleen Hendrix, Don Hoffman and Shea Campbell of CBRE represented the seller of Berkshires at Lenox Park. The Artisan, which will rebranded as Arium Peachtree Creek, is a 340-unit garden-style community located off Interstate 85 and near Buford Highway. Located at 3001 Northeast Expy, the Artisan is 11.8 miles from downtown Atlanta. The property offers one-, two- and three-bedroom floorplans with walk-in closets, hardwood floors and in-unit washer and dryers. Community amenities include a pool, fitness center and a community business center. Berkshires at Lenox Park, which will be rebranded as Arium Lenox Park, is a 375-unit property located at the intersection of the Atlanta neighborhoods of Brookhaven and Buckhead. The property offers one-, two- and …

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River-Oaks-Apartments-Wylie-Texas
AcquisitionsMultifamilyTexas

Casoro Group Sells Five Multifamily Properties Totaling 1,070 Units in Dallas-Fort Worth

by Taylor Williams

AUSTIN, TEXAS — Austin-based investment firm Casoro Group has sold five multifamily properties totaling 1,070 units that are located throughout the Dallas-Fort Worth metroplex. The 216-unit Mariposa Villas and the 332-unit Vistas at Pinnacle Park were both constructed in 2003 and are located in Dallas. The 198-unit Huntington Ridge was built in 2007 in the southern suburb of DeSoto, and the 180-unit River Oaks is located in nearby Wylie and was built in 2002. Rounding out the portfolio is Savoy of Garland, located northeast of Dallas, which totals 144-units and was built in 2008. The buyer and sales price were not disclosed.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Major Food Group, JDS to Develop 259-Unit Mixed-Use Residential Tower in Miami

by Julia Sanders

MIAMI — Major Food Group and New York-based JDS Development Group have plans to develop MAJOR, a mixed-use residential tower located at 888 Brickell Ave. in Miami. Upon completion, MAJOR will be the tallest building in Miami at 1,049 feet, according to the developers. MAJOR will offer 259 for-sale condominiums, as well as a collection of food and beverage amenities, including standalone restaurants and private clubs. No other project plans were disclosed. William Sofield of Studio Sofield will oversee design of the tower, lobby and residences. Ken Fulk Inc. will be responsible for the food, beverage and club spaces at MAJOR. New York-based Major Food Group will oversee all branding and hospitality programming at the project. Major Food Group currently operates over 30 restaurants, hotels and private clubs. Michael Stern of JDS is leading the development team for the project. JDS Development Group has projects including the Walker Tower, The American Copper Buildings, Brooklyn Tower and 111 West 57th St. in New York City, as well as Monad Terrace, Echo Brickell and Echo Aventura in South Florida.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $42.1M Sale of Multifamily Property in Largo, Florida

by Julia Sanders

LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million. Mystic Bay Apartments features one-, two- and three-bedroom floor plans. The units include features such as walk-in closets, granite countertops and balconies. Community amenities include a pool, fitness center, tennis court and a business center. Located at 600 Starkey Road, the property is located 1.3 miles from the Largo Central Park Nature Preserve, a park with a lookout tower, pond, trails, butterfly garden and kayak launch. Mystic Bay Apartments is 5.1 miles from the St. Pete-Clearwater International Airport, 21.3 miles from Tampa and 5.8 miles from Clearwater.

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AcquisitionsMultifamilyTexas

Civitas Capital Acquires 312-Unit Rocco Apartments in East Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based global investment management firm Civitas Capital Group has acquired Rocco Apartments, a 312-unit community located on the east side of Fort Worth. Built in 1984, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and faux granite or quartz countertops, with individual washers and dryers and private balconies/patios available in select units. Communal amenities include a pool, fitness center, dog park, business center, clubhouse and a playground. The seller and sales price were not disclosed.

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McKinney-121
DevelopmentMultifamilyTexas

EastGroup Properties Breaks Ground on 212,200 SF Industrial Project in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — EastGroup Properties has broken ground on Phase I of McKinney 121, a 212,200-square-foot industrial project that will be located on the northern outskirts of Dallas. The site, which offers proximity to State Highway 121, can support an additional 168,800 square feet of new development. Completion of the two-building Phase I is slated for summer 2022. Lee & Associates is leasing the project.

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AcquisitionsMultifamilyTexas

Brixton Capital Buys 172-Unit Carrington Place Apartments Near San Antonio

by Taylor Williams

BOERNE, TEXAS — California-based investment firm Brixton Capital has purchased Carrington Place, a 172-unit apartment community in the San Antonino suburb of Boerne that was built in 2003. Colton Burch of Rowan Multifamily Advisors represented Brixton Capital in the transaction, while Robert Arzola of JLL represented the seller, Dallas-based MHP Capital Partners. Brixton Capital plans to rebrand the property and upgrade building exteriors, amenity spaces and unit interiors.

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Novel Upper Westside
Content PartnerFeaturesLeasing ActivityLee & AssociatesMidwestMultifamilySoutheastTexasWestern

Six Factors Helping to Power Interest in Multifamily Markets

by Sarah Daniels

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …

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Eliot-on-Ocean-Revere-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

JLL Negotiates $84.3M Sale of Metro Boston Apartment Community

by Taylor Williams

REVERE, MASS. — JLL has negotiated the $84.3 million sale of Eliot on Ocean, a 194-unit apartment community in the eastern Boston suburb of Revere. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet. Residences feature stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center with a yoga studio, sun deck, wine room, game room, clubhouse and a dog grooming station. Scott Aiese, Alex Staikos, Jackie Meagher and Hugh Doherty of JLL represented the seller, Westbrook Partners, in the transaction. Chris Phaneuf, Adam Dunn and Scott DiSciullo of JLL arranged $60.9 million in acquisition financing through Barings on behalf of the buyer, Invictus Real Estate Partners. The loan was structured with a three-year term and a floating interest rate.

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