Multifamily

Virtu Investments Purchases Cerasa Apartments in Bellevue for $109M

by Amy Works January 6, 2022

BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 6, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 1,556-Unit Workforce Housing Portfolio in Houston Area

by Taylor Williams January 6, 2022

HOUSTON AND PASADENA, TEXAS — Berkadia has brokered the sale of a portfolio of four workforce housing properties totaling 1,556 units in the Houston area. The portfolio consists of the 504-unit Mosaic in the eastern suburb of Pasadena; the 364-unit Huntington Glen in Houston; the 438-unit Onyx in Houston; and the 250-unit Avenue in Houston. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, Austin-based GVA Real Estate Group, in the transaction. The buyer was a joint venture between Houston-based Stonewall Associates and New York-based Nord Group.

January 6, 2022

Development Multifamily Texas

Thompson Realty, Trez Capital to Develop 504-Unit Multifamily Project in North Austin

by Taylor Williams January 6, 2022

AUSTIN, TEXAS — Locally based developer Thompson Realty Capital and its equity partner, Trez Capital, will develop Larkspur Liberty Hill, a 504-unit multifamily project in Austin. The garden-style property will be located on the city’s north side and will feature a pool, leasing office and amenity center. Units will come in one-, two- and three-bedroom floor plans and average 920 square feet. Construction will occur in two phases, with the initial groundbreaking scheduled for early this year and tentative completion slated for 2025.

January 6, 2022

Acquisitions Multifamily Texas

Lloyd Jones Acquires 351-Unit Multifamily Community in Metro Houston

by Taylor Williams January 6, 2022

KATY, TEXAS — Miami-based investment firm Lloyd Jones has acquired Seville at Clay Crossing, a 351-unit apartment community located in the western Houston suburb of Katy that was built in 2020. Units at the property feature granite countertops, private garages and individual washers and dryers. Amenities include a pool, package lockers and a dog park. The seller and sales price were not disclosed.

January 6, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Franklin Templeton Purchase Apartment Community in Charlotte for $79.3M

by Julia Sanders January 6, 2022

CHARLOTTE, N.C. — Manhattan Beach, Calif.-based Magma Equities, in a joint venture with funds managed by Franklin Templeton, has purchased Cameron SouthPark, a 309-unit apartment community in Charlotte. The sales price was $79.3 million. Arel Capital was the seller. Constructed in 1984 and renovated in 2016, Cameron SouthPark’s one- and two-bedroom apartments are housed in 26 three-story residential buildings on a 35-acre site. Community amenities include two swimming pools, a clubhouse, fitness center, sand volleyball court, basketball courts, tennis courts and a dog park. The property was 95 percent occupied at the time of sale. The two companies plan to upgrade the property with improved management operations and physical improvements that include upgrades to the property’s exterior, common areas and unit interiors. Located at 6316 Cameron Forest Lane, the property is close to the 1.6 million-square-foot SouthPark Mall, 8.2 miles from downtown Charlotte and 2.5 miles from Park Road Park, a recreational park with a basketball court, tennis court and baseball fields.

January 6, 2022

Acquisitions Multifamily Southeast Tennessee

SVN Multifamily Arranges $32.5M Sale of Two Apartment Properties in Tennessee

by Julia Sanders January 6, 2022

ATHENS AND CLEVELAND, TENN. — SVN Multifamily LLC has arranged the $32.5 million sale of Park Oak and Park Crest Apartments, two multifamily properties with a total of 410 units located in Athens and Cleveland. Andrew Agee and Joseph Shaw of SVN Multifamily represented both the seller, Park Properties, and the buyer, New Jersey-based C.J. Lombardo Co. The buyer plans to renovate the units including upgrading interiors with LVT flooring and new appliances, as well as painting the exterior. Built in 1990, Park Crest offers 160 units with features such as washer and dryer hookups, a security system, storage units, dishwasher, walk-in closets and a balcony. Community amenities include laundry facilities, a car wash area, clubhouse, fitness center, pool and a picnic area. Located at 2108 Congress Parkway S. in Athens, the property is situated adjacent from the Tennessee College of Applied Technology and 56.5 miles from Chattanooga. Built in 1989, Park Oak offers 250 units with unit features including washer and dryer hookups, a security system, dishwasher, walk-in closets and balconies. Community amenities include a pool, fitness center, laundry facilities, car wash area, business center, playground and a basketball court. Located at 1159 Harrison Pike in Cleveland, the property …

January 6, 2022

Acquisitions Florida Multifamily Southeast

Walton Street Capital, Stoneweg Acquire New Tampa Bay Multifamily Community

by Julia Sanders January 6, 2022

ST. PETERSBURG, FLA. — An affiliate of Walton Street Capital LLC in partnership with St. Petersburg-based Stoneweg US LLC has acquired Waterview Echelon, a 226-unit, Class A multifamily property located in St. Petersburg. The sales price and seller were not disclosed. Built in 2021, the Waterview Echelon features a mix of one-, two- and three-bedroom apartments that were 99 percent occupied at the time of sale. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers in-unit and floor to ceiling windows with views of Tampa Bay. Community amenities feature an infinity pool with cabanas, gas grills and fire pits, fitness center, club lounge, single-use workspaces, covered parking and a private conference room. Located at 100 Main St. N., the property is situated adjacent to a Publix-anchored shopping center, 14.3 miles from downtown Tampa and 10.9 miles from downtown St. Petersburg. The property is also located within one mile of Carillon Office Park, which houses over 3 million square feet of office space.

January 6, 2022

Indiana Loans Midwest Multifamily

Marcus & Millichap Arranges $17.4M Loan for Refinancing of Indianapolis Apartment Property

by Kristin Harlow January 6, 2022

INDIANAPOLIS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17.4 million loan for the refinancing of Nine+Eighteen Apartments in Indianapolis. Located at 918 Fort Wayne Ave. and built in 2020, the five-story property consists of 80 apartment units and 2,500 square feet of ground-floor retail space. Robert Bhat of MMCC arranged the nonrecourse loan, which features a 10-year term and a loan-to-value ratio of 70 percent. The lender was not disclosed.

January 6, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10M Sale of Apartment Building in Chicago

by Kristin Harlow January 6, 2022

CHICAGO — Interra Realty has brokered the sale of 1650 W. Roscoe St. in Chicago’s Lakeview neighborhood for $10 million. Originally built in 1930, the building consists of 54 apartment units and four street-level retail spaces totaling 31,500 square feet. The apartment units were 22 percent occupied at the time of sale, while the retail spaces were fully leased to Verizon, Shearstyle, Vital Nail Salon and Boutique Cleaners. Craig Martin of Interra represented both the undisclosed buyer and the seller, Buol Properties.

January 6, 2022

Acquisitions Illinois Midwest Multifamily

Becovic Purchases Historic Howard Theater Building in Chicago for $7.5M

by Kristin Harlow January 6, 2022

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has purchased The Howard Theater Building in Chicago’s Rogers Park neighborhood for $7.5 million. The property, located on West Howard Street, was originally built in 1918 and has a history of hosting movies and live productions. In 1999, Cornerstone Investment Group repurposed the building. Today, it is home to 40 apartment units, 15,000 square feet of ground-floor retail space and 60 surface parking spaces. The commercial spaces are home to Sol Café, Factory Theater and P & J Footwear. Becovic Realty brokered the sale.

January 6, 2022

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