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Multifamily

Citizen-Linden-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

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

by Taylor Williams

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.

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AcquisitionsIllinoisMidwestMultifamily

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

by Kristin Harlow

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.

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AcquisitionsMultifamilyNortheastPennsylvania

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

by Taylor Williams

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.

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AcquisitionsIllinoisMidwestMultifamily

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

by Kristin Harlow

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.

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AcquisitionsMarylandMultifamilySoutheast

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

by Julia Sanders

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.

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Nexus-East-Apartments-Austin
AcquisitionsMultifamilyTexas

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

by Taylor Williams

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.

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AcquisitionsLoansMultifamilyTexas

Westmount Realty Capital Sells 300-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based Westmount Realty Capital has sold Joule Apartment Homes, a 300-unit multifamily community in San Antonio. Westmount acquired and rebranded the community, which was built on 9.5 acres in 1974, in early 2019. Units come in one- and two-bedroom floor plans and average 682 square feet. Amenities include two pools, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and a dog park. Joule Apartment Homes was 96 percent occupied at the time of sale. Brandon Baksh and Brian Yee of New York City-based Dwight Capital provided a $24.4 million acquisition loan for the undisclosed buyer. Patrick Short of Walker and Dunlop arranged the debt.

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AcquisitionsMultifamilyTexas

Berkadia Negotiates Sale of 156-Unit Multifamily Property in Southeast Houston

by Taylor Williams

HOUSTON — Berkadia has negotiated the sale of Hollister Apartments, a 156-unit multifamily property in southeast Houston. Built in 1976 and renovated in 2019, Hollister Apartments features one-, two- and three-bedroom apartments. Newly renovated units range in size from 362 to 1,350 square feet. Amenities include two pools, a pet park, open green spaces and onsite laundry facilities. Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Southern California-based Sunstone Property Trust, in the transaction. Johnny King of Berkadia originated Freddie Mac acquisition financing on behalf of the buyer, New York-based Lone Star Capital.

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Blake-at-Berkeley-Apts-Berkeley-CA
AcquisitionsCaliforniaMultifamilyWestern

Gemdale USA Divests of Blake at Berkeley Apartment Community in Bay Area for $66M

by Amy Works

BERKELEY, CALIF. — Gemdale USA has completed the sale of Blake at Berkeley, a multifamily property located at 2033 Blake St. in Berkeley. An undisclosed buyer acquired the community for $66 million, or $785,700 per unit. Completed in December 2021, Blake at Berkeley features 32 studio, 34 one-bedroom, 16 two-bedroom and two live-work units. Community amenities include a central courtyard, a roof deck with 360-degree views, two large common-area patios, coworking spaces and garage parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group represented the seller in the transaction.

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DevelopmentMidwestMissouriMultifamily

CRG Begins Development of 245-Unit Apartment Project at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — CRG has begun development of Chapter at The Streets, a 245-unit apartment complex at The Streets of St. Charles, a mixed-use property in the St. Louis suburb of St. Charles. CRG is building the five-story building in partnership with AFL-CIO Building Investment Trust. Completion is slated for the second quarter of 2023. Chapter at The Streets will offer one- and two-bedroom units with monthly rents starting at $1,400. Amenities will include a pool, outdoor deck, fitness center, resident lounge, coworking space and pet grooming station. The project team includes Chicago-based Humphreys & Partners Architects LP and Chesterfield, Mo.-based Brinkmann Constructors. CRG’s Chapter-branded multifamily product is a national collection of upscale apartments. Chapter at The Streets is the third Chapter-branded project. The Streets of St. Charles is a 27-acre mixed-use development owned by Cullinan Properties Ltd.

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