Multifamily

ZOM Living Sells Hazel SouthPark Apartments in Charlotte for $130.8M

by John Nelson May 27, 2022

CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale. An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction. “This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living. “Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West. Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which …

May 27, 2022

Development Multifamily North Carolina Southeast

Jefferson Apartment Group Buys Land in Charlotte, Plans 350-Unit Community

by John Nelson May 26, 2022

CHARLOTTE, N.C. — Washington, D.C.-based multifamily developer Jefferson Apartment Group (JAG) has closed on its purchase of five acres at 200 Wadsworth Place in Charlotte. JAG, along with equity partner Cadre, will break ground on a planned 350-unit, mid-rise apartment community on the site this summer. United Bank is providing construction financing to JAG for the property, which is situated in Charlotte’s Optimist Park neighborhood near the city’s Uptown, NoDa and Belmont submarkets. This location will also offer easy access to both I-277 and I-74, as well as public transit and Optimist Hall, a mixed-use development featuring a food hall and creative office space. The exterior of the unnamed, six-story apartment building will feature red brick and ironwork, and units will be a configured in studio, one- and two-bedroom floor plans ranging from 585 square feet to 1,027 square feet. Units will feature modern finishes, including plank flooring, quartz countertops, stainless steel appliances and tile backsplashes, and some will feature private balconies and views of Uptown. Additionally, 355 parking spaces will be available to residents, consisting of both garage and surface parking. Amenities will include a lounge with double-sided fireplace, game room, fitness center, open coworking space, pet spa and …

May 26, 2022

Acquisitions Multifamily North Carolina Southeast

Bell Partners Acquires Two Multifamily Communities in Charlotte Area Totaling 544 Units

by John Nelson May 26, 2022

CHARLOTTE AND MOORESVILLE, N.C. — Greensboro, N.C.-based Bell Partners Inc. has acquired two communities in metro Charlotte: Element Uptown, a 352-unit high-rise community in Uptown Charlotte, and Waypoint West, a 192-unit, garden-style apartment community in Mooresville. Both properties were purchased via investment vehicle Bell Apartment Fund VII. The seller and purchase price were not disclosed. Element Uptown will be renamed Bell Uptown Charlotte. Completed in 2015, the 21-story community offers walkable access to retail and recreation amenities including Bank of America Stadium and other professional sports arenas. The community features studio, one- and two-bedroom floor plans and plentiful off-street parking. Bell Partners currently manages four other properties in the Uptown and nearby South End submarkets. Waypoint West will be renamed Bell Mooresville West. Completed in 2021, the property is located in the Lake Norman submarket approximately 30 miles north of Charlotte. The property offers access to a large employment base, natural amenities and schools. The community features one-, two- and three-bedroom floor plans with amenities including a fitness center and yoga room, smart tech locks and thermostats, high-speed internet, a pool and grilling areas and a dog park and pet washing station.

May 26, 2022

Acquisitions Multifamily Texas

Nitya Capital Sells 1,502-Unit Multifamily Portfolio in Houston

by Taylor Williams May 26, 2022

HOUSTON — Locally based investment firm Nitya Capital has sold a portfolio of five multifamily properties totaling 1,502 units that are located throughout the Houston area. The portfolio comprises Buena Vista (266 units), Casa del Mar (254 units), Sedona Pointe (352 units), Diamond Hill (304 units) and Providence at Memorial (326 units). An undisclosed California-based investment group purchased the portfolio. The sales price was also not disclosed.

May 26, 2022

Development Multifamily Texas

Kalterra Capital Underway on 263-Unit Multifamily Project in Metro Austin

by Taylor Williams May 26, 2022

KYLE, TEXAS — Dallas-based Kalterra Capital Partners is underway on construction of The Verge, a 263-unit multifamily project in the southern Austin suburb of Kyle. Units will feature quartz countertops, stainless steel appliances and private balconies. Amenities will include a pool, outdoor grilling stations, pickleball court, lounge areas, a fitness center, business center, dog spa and game rooms. Leasing is scheduled to begin in February 2023, with full completion slated for the third quarter of next year. Kalterra has also secured tenants for the development’s retail/restaurant component, with construction of those spaces expected to begin in the next six months.

May 26, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 232-Unit Apartment Community in Killeen, Texas

by Taylor Williams May 26, 2022

KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Springs at 1100, a 232-unit apartment community located in the Central Texas city of Killeen. Built in 1983, the property offers one-, two- and three-bedroom units with an average size of 715 square feet. Amenities include two pools, a playground, dog park and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, investment firm Rhodium Capital Advisors, in the transaction. Jon Krebbs, also with TMG, procured the buyer, Vista Pacific Inc. The property was 98 percent occupied at the time of sale.

May 26, 2022

California Development Loans Multifamily Western

MMCC Arranges $64.4M in Financing for Multifamily Development in Monrovia, California

by Amy Works May 26, 2022

MONROVIA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64.4 million in financing for a multifamily development located at 127 W. Pomona in Monrovia. The borrower was not disclosed. Sharone Sabar and Stefen Chraghchian of MMCC arranged the financing, which features a 42-month term, a 65 percent loan-to-cost ratio and an interest rate of 3.4 percent. Situated on 1.8 acres, the fully entitled and construction-ready property is slated for a 33-month development timeline. The 252,100-square-foot community will feature 220 apartments, 7,050 square feet of commercial space and 357 parking spots.

May 26, 2022

Acquisitions Multifamily Washington Western

Sack Properties Buys Fairwood Landing Apartment Complex in Renton, Washington, for $61M

by Amy Works May 26, 2022

RENTON, WASH. — San Francisco-based Sack Properties has purchased Fairwood Landing, a garden-style multifamily property located at 14121 SE 177th St. in Renton, from CES Properties for $61 million. Built in 1981, Fairwood Landing features 195 apartments. Sack Properties plans to renovate and modernize the community. Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews’ represented the buyer in the deal. Kidder Mathews was the only brokerage firm involved in the transaction.

May 26, 2022

Acquisitions California Multifamily Western

Legacy Partners Sells 250-Unit Apartment Community in Costa Mesa to Rockwood Capital

by Amy Works May 26, 2022

COSTA MESA, CALIF. — Legacy Partners has sold 580 Anton, a five-story multifamily property in Costa Mesa, to an affiliate of Rockwood Capital for an undisclosed price. The property features 250 apartments in a mix of studio, one- and two-bedroom layouts with luxury interior finishes. Amenities include a clubhouse with a game room, coffee bar, conference rooms, business center, dog wash station and a fitness center with a yoga/Pilates studio. Legacy Partners acquired the land in May 215, broke ground in 2016 and began leasing the property in 2018. Legacy Partners will also manage the property.

May 26, 2022

California Loans Multifamily Seniors Housing Western

Capital Funding Group Provides $11.3M Acquisition Loan for Skilled Nursing Facility in Sacramento

by Amy Works May 26, 2022

SACRAMENTO — Capital Funding Group (CFG) has provided $11.3 million in bridge-to-HUD financing for the acquisition of a 121-bed skilled nursing facility in Sacramento. The borrower was not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the financing. Further details of the transaction were not disclosed.

May 26, 2022

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