Multifamily

RD Management, Core Spaces Open $65M Student Housing Community Near USF in Tampa

by John Nelson August 24, 2022

TAMPA, FLA. — RD Management LLC and Core Spaces have opened Hub Tampa, a 359-unit student housing community located at the corner of University Square and Club drives in Tampa. The $65 million, off-campus property is situated near the University of South Florida (USF) and features 900 student housing beds. Amenities include a health and wellness center, rooftop pool and a study and work center, as well as an activities and events area. The student housing property is part of a mixed-use redevelopment of University Mall named RITHM. The 113-acre campus will include new Sprouts Farmers Market and Burlington stores that are set to open in 2023, as well as an extended stay Marriott hotel.

August 24, 2022

Acquisitions Florida Multifamily Southeast

CLK Purchases Park Apartments in Mobile for $15.8M

by John Nelson August 24, 2022

MOBILE, ALA. — CLK, a Long Island-based commercial real estate investment firm, has acquired The Park Apartments, a 201-unit multifamily community located at 1 Country Lane in Mobile. Lakewood, N.J.-based Walden Asset Group sold the property for $15.8 million, or $78,600 per unit. Aaron Jungreis and David Wildes of Rosewood Realty Group represented both the buyer and seller in the off-market transaction. Built in 1975, Park Apartments features 20 two-story buildings, a pool, fitness center, playground and a picnic area. The property is situated on 11.5 acres within three miles of the Mobile Regional Airport and the University of Southern Alabama. The community was 95 percent occupied at the time of sale.

August 24, 2022

Affordable Housing Loans Midwest Multifamily North Dakota

Colliers Mortgage Provides $10.9M HUD-Insured Loan for Acquisition of North Dakota Affordable Housing Portfolio

by Kristin Harlow August 24, 2022

GRAND FORKS, N.D. — Colliers Mortgage has provided a $10.9 million HUD-insured loan for the acquisition and rehabilitation of a three-property, 182-unit affordable housing portfolio in Grand Forks. University Square comprises 60 units, Columbia Square South includes 72 units and Columbia Square East features 50 units for seniors. All units are covered by Section 8 Housing Assistance Payments (HAP) contracts. The properties will undergo $13.6 million in renovations. Additional funding comes from low-income housing tax credits, housing incentive funds from the North Dakota Housing Finance Agency and tax-exempt bonds, which were underwritten by Colliers Securities LLC. The borrower, Schuett Grand Forks LP, is an entity controlled by The Schuett Cos. Inc., which will also manage the properties. The 40-year loan features a 40-year amortization schedule.

August 24, 2022

Work from Home WFH employees multifamily_460

Arbor Realty Trust Content Partner Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Western

Arbor: Multifamily Market Well-Positioned to Withstand Economic Headwinds

by Sarah Daniels August 24, 2022

While rising interest rates, inflation and economic volatility have hurt many sectors of the economy, the rental housing market has maintained solid footing, according to Arbor Realty Trust’s Summer 2022 Special Report: Rental Housing Market Exhibits Cyclical Stability, Contains Structural Questions. The report was written by Ivan Kaufman, Arbor’s chairman and CEO, and Sam Chandan, founder of Chandan Economics. In a time of economic uncertainty, renting has become more appealing. Households seeking an affordable place to live, those who are delaying homeownership and others who prefer the flexibility and amenities associated with multifamily units all add to the increasing numbers of potential renters. Less traditional factors may also increase interest in renting, especially outside of tier-one markets. The expansion of work-from-home (WFH) culture is likely to be another reason rental demand is high right now. Meanwhile, the flexibility to work where the cost of living is lower and space is at less of a premium is pushing some renters who work remotely to explore living outside traditional hotspots. Economic Uncertainty Spreads as Interest Rate, Inflation Rise The Arbor Realty Trust report highlights a host of factors that are leading to economic uncertainty. Inflation (and its secondary effects) are contributing to …

August 24, 2022

Acquisitions Arizona Multifamily Western

Greenwater Investments Sells Villas Los Limones Apartment Property in Phoenix for $58.2M

by Amy Works August 23, 2022

PHOENIX — Greenwater Investments has completed the disposition of Villas Los Limones, an apartment community in Phoenix. Rincon Partners acquired the asset for $58.2 million, or $260,000 per unit. Situated on nine acres, Villas Los Limones features 224 apartments spread across 18 buildings. The average apartment size is 678 square feet. Community amenities include a pool, clubhouse and laundry facilities. Cliff David, Steve Gebing, Hamid Panahi and Clint Wadlund of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 23, 2022

Arizona Development Multifamily Seniors Housing Western

Revel Communities Opens Two Independent Living Properties in Scottsdale, Arizona

by Amy Works August 23, 2022

SCOTTSDALE, ARIZ. — Revel Communities has completed construction of Revel Scottsdale and Revel Legacy, both independent living communities in Scottsdale. Then properties are the 12th and 13th independent living communities the brand has opened since launching in 2018, and its first two in Arizona. Revel Scottsdale offers 157 units near the bustling shops and dining of Old Town Scottsdale, with rents starting at $3,695 per month. Revel Legacy offers 169 units among the mountain views of North Scottsdale with rents starting at $3,795 per month.

August 23, 2022

Acquisitions California Multifamily Western

CBRE Arranges Sale of Three-Property Multifamily Portfolio in Azusa, California for $33.6M

by Amy Works August 23, 2022

AZUSA, CALIF. — CBRE has brokered the sale of a three-property apartment portfolio in Azusa. Azusa Riviera Holdings LLC, Azusa Rainbow Holdings LLC and 1345 San Gabriel Holdings LLC sold the portfolio to Azusa 116 Assets LLC for $33.6 million. Eric Chen and Joyce Goldstein of CBRE represented the seller and buyer in the transaction. The three properties are: The Riviera Apartments, a 36-unit property at 1381 N. San Gabriel Canyon Road Palm View Apartments, a 36-unit community at 1311 N. Azusa Ave. The Azusan Apartments, a 44-unit asset at 1345 N. San Gabriel Ave. Each property has a mix of one- and two-bedroom units averaging more than 800 square feet per apartment. The properties include a community pools, laundry facilities, private patios/balconies, air conditioning and covered parking.

August 23, 2022

Development Florida Mixed-Use Multifamily Southeast

Flaherty & Collins to Develop $103M Apartment Community in Downtown Cape Coral, Florida

by John Nelson August 23, 2022

CAPE CORAL, FLA. — Flaherty & Collins Properties plans to break ground on The Cove at 47th, a $103 million mixed-use project in downtown Cape Coral. The development will include 327 luxury apartments, 19,000 square feet of ground-floor commercial space and a 585-space parking garage, with 125 spaces reserved for the public. Apartments will come in studio, one-and two-bedroom configurations. The development will also include a steakhouse and sushi concept, Blu Sushi, that will serve as the anchor tenant. The project also includes a resident rooftop sky deck, rooftop bar and resort-style amenities, including a beach-entry saltwater pool with lap lanes, coworking suites, fitness center, pet spa and private electric vehicle charging stations. The project team includes general contractor DeAngelis Diamond and architectural firm Baker Barrios Architects. First Financial Bank and Huntington Bank are providing construction financing to Flaherty & Collins, which expects to open first units in about 16 months and all units by late summer 2024.

August 23, 2022

Acquisitions Multifamily Texas

Disrupt Equity Buys 369-Unit Multifamily Property in Austin’s Riverside District

by Taylor Williams August 23, 2022

AUSTIN, TEXAS — Houston-based investment firm Disrupt Equity has purchased Array Apartments, a 369-unit multifamily property in Austin’s Riverside District. The property was built in 1973 and features one-, two- and three-bedroom floor plans. The amenity package comprises two pools, two dog parks, a sports court, clubhouse, outdoor grilling and dining areas and onsite laundry facilities. Disrupt Equity’s in-house team will manage the property, and the new ownership also plans to implement a value-add program. The seller and sales price were not disclosed.

August 23, 2022

Acquisitions Multifamily Texas

DLP Capital, Elevate Commercial Buy 350-Unit Apartment Community in Metro Houston

by Taylor Williams August 23, 2022

LA PORTE, TEXAS — Florida-based investment firm DLP Capital and Dallas-based Elevate Commercial Investment Group have acquired Domain at Morgan’s Landing, a 350-unit apartment community located in the eastern Houston suburb of La Porte. Built in 2021, the garden-style property houses one-, two- and three-bedroom units and offers amenities such as a pool, movie screening room, lounge with billiards and poker tables, fitness center, video arcade, a dog park and outdoor grilling stations. The seller and sales price were not disclosed.

August 23, 2022

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