DALLAS — Miami-based Atlantic Pacific Cos. (A|P) has purchased Highland Park West Lemmon, a 372-unit apartment community in the Highland Park area of Dallas. The mid-rise building houses a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 503 to 1,749 square feet, as well as 18,000 square feet of ground-floor retail space. The amenity package consists of two pools, a fitness center, resident clubhouse and a dog park. The seller and sales price were not disclosed. Following this purchase, A|P now owns 16 multifamily properties in Texas totaling nearly 5,500 units.
HOUSTON — Locally based investment firm Barvin has acquired Elan Heights, a 326-unit apartment community in The Heights neighborhood of Houston. Developed in 2016 by South Carolina-based Greystar, the property features units with stainless steel appliances and quartz countertops. Amenities include a fitness center with yoga and spin studios, a game room, conference center and a rooftop lounge. The seller and sales price were not disclosed.
FRESNO, TEXAS — Houston-based Guefen Development Partners has acquired two parcels totaling roughly 40 acres in Fresno, located southwest of Houston, for the development of a 320-unit build-to-rent residential project. The tracts include a 30.3-acre parcel along Rabb Road and a 9.7-acre adjacent parcel fronting State Highway 6. Jason Scholtz of Colliers represented the family that sold the land to Guefen Development. A construction timeline was not disclosed.
GRAND PRAIRIE, TEXAS — Texas-based developer Presidium has begun leasing Presidium Hill Street, a 290-unit multifamily project located in the central metroplex city of Grand Prairie. Units are furnished with stainless steel appliances, smart technology lock systems and Ecobee thermostats. Amenities include a pool, business lounge with conference rooms, rooftop terrace, fitness center, onsite car wash and a pet grooming area. Project partners include O’Brien Architects, interior design firm SLJ Design Group and civil engineer Kimley-Horn. Move-ins are scheduled to begin in spring 2022.
CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.
ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.
TAMPA, FLA. — Altman Cos. has broken ground on Altís Grand at Suncoast, a 449-unit apartment community in Tampa. Rockpoint Group provided equity for the project, and PNC Bank provided debt. Construction is slated for completion by 2023. Altís Grand at Suncoast will offer one-, two- and three-bedroom floor plans. Unit features include bathrooms equipped with dual sink vanities, a soaking tub, quartz countertops, 39-inch cabinets, frontload washers and dryers, stainless steel and energy-efficient appliances. Community amenities include a fitness center, Starbucks cyber cafe, multiple coworking lounges, wellness treatment room, pool, private conference room, game room, indoor air-conditioned dog grooming spa, a multipurpose trail, pet park, hobby/craft room and a 24/7 automated package pickup station. Residents will enjoy membership to The Club, an onsite clubroom that will host activities including daily continental breakfast, Sunday brunch and “Wine Down Wednesdays.” Altman plans for Altís Grand at Suncoast to achieve National Green Building Standard (NGBS) certification, and the property’s sustainable initiatives will include 100 percent energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters and sub-metered water stations and electric car charging stations.
ARLINGTON, VA. — CIM Group has provided a $90.3 million loan to an affiliate of Carr Cos. and the Oliver Carr Co. for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington. The loan proceeds will also be used to complete interior and exterior renovations and upgrades. Located at 1957 Columbia Pike on 6.3 acres, Columbia Crossing features six buildings and 324 parking stalls. Built in 1991, Columbia Crossing includes one-, two- and three-bedroom floor plans. Community amenities include a clubhouse with a game room, business center, billiard room, fitness center, swimming pool and an outdoor grilling area. Columbia Crossing has direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including Interstate 395, Glebe Road and Washington Boulevard, which offers connectivity to Virginia’s Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon and Alexandria, as well as Washington, D.C. The property is situated near the Pentagon, Amazon HQ2 and Ronald Reagan Washington National Airport.
BOSTON — South Carolina-based Greystar is nearing completion of a 126-unit multifamily project in Boston’s historic Bay Village neighborhood. Designed by Sasaki and Höweler + Yoon, the property rises 19 stories and spans 150,000 square feet, including ground-floor retail space. Boston-based Transom Real Estate handled the permitting and entitlement processes prior to selling the site to Greystar. Construction began in March 2020, and full completion is slated for next summer.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.