Multifamily

Tradition Senior Living Starts Construction of 309-Unit The Tradition-Clearfork in Fort Worth

by Taylor Williams September 24, 2021

FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has begun construction on a 309-unit facility within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork will offer independent living, memory care and assisted living services. The property’s 214 independent living residences and 95 acute and memory care units will be available in one- and two-bedroom formats and will range in size from 880 to 2,200 square feet. Residents will have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas will include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Completion is slated for summer 2023.

September 24, 2021

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Accolade Multifamily Property in Phoenix to Knightvest Capital for $155M

by Amy Works September 24, 2021

PHOENIX — Weidner Apartment Homes has completed the disposition of Accolade, an apartment community in Phoenix. Knightvest Capital acquired the asset for $155 million, or $282,847 per unit. Constructed in 1984 on 28 acres, Accolade features 548 apartments, four swimming pools, two spas, a resident clubhouse, leasing office, open-air conference room and cybercafé. Apartments offer full-size washers/dryers, wood-style vinyl flooring, walk-in closets and private patios or balconies. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 24, 2021

Development Multifamily Utah Western

BCC Construction to Develop 156-Unit Altitude Apartment Building in Salt Lake City

by Amy Works September 24, 2021

SALT LAKE CITY — BCC Construction has unveiled plans for Altitude, a multifamily property located near the Salt Lake City International Airport in Salt Lake City. The seven-story, 117,565-square-foot community will feature 156 apartments, a rooftop deck, fitness center and two levels of parking. Construction is slated to begin in spring 2022, with completion scheduled for summer 2023.

September 24, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

Focus Healthcare Partners, LCS Acquire Seniors Housing Community in Fountain Hills, Arizona

by Amy Works September 24, 2021

FOUNTAIN HILLS, ARIZ. — Focus Healthcare Partners and Life Care Services (LCS) have acquired Fountain View Village, a senior living community in Fountain Hills, a suburb of Phoenix. LCS will operate the community following the acquisition. Fountain View Village consists of 90 independent living units, 68 assisted living units, 45 memory care units and 48 units within its dedicated health center.

September 24, 2021

Acquisitions Massachusetts Multifamily Northeast

TruAmerica Acquires Two Apartment Communities Totaling 269 Units in Metro Boston

by Taylor Williams September 24, 2021

ANDOVER AND STOUGHTON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired Marquee at Andover and Lux at Stoughton, two apartment communities totaling 269 units in metro Boston. The properties, which were purchased in two separate transactions, respectively total 115 and 154 units. The sellers were not disclosed. TruAmerica plans to implement a value-add program focused on unit interiors and amenity spaces. Chris Phaneuf of JLL represented the seller in the Andover deal, and Simon Butler of CBRE represented the seller in the Stoughton deal. Following these transactions, TruAmerica now owns approximately 500 apartments in the Boston area.

September 24, 2021

Loans Multifamily New Jersey Northeast

Greystone Arranges $45.3M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 24, 2021

MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.

September 24, 2021

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze Buys Multifamily Community in Metro Nashville for $46.5M

by Julia Sanders September 23, 2021

COLUMBIA, TENN. — Hamilton Zanze has bought The Retreat at Arden Village, a 228-unit apartment community in Columbia, for $46.5 million. Tyler Mayo of Capstone Apartment Partners represented the seller, an entity doing business as Arden Village Apartments LLC. Adam Klenk, Austin Heithcock, Luke Searcy, Jonathan Hawks and Jordan Arand of Capstone also brokered the sale. Built in 2007 with additions in 2018, The Retreat at Arden Village was 97 percent occupied at the time of sale. The property includes one- and two-bedroom floorplans with an average unit size of 1,080 square feet. Community amenities include an indoor fitness center, business center, clubhouse, pool, dog park, billiards room and an outdoor entertainment kitchen with grills. Unit amenities include granite countertops, hardwood floors and in-unit washers and dryers. Located at 2477 Palomar Circle, the community is situated 40 miles south of Nashville and about 37.3 miles from Vanderbilt University. Comprising 19 three-story apartment buildings, the community is situated on 10 acres off U.S. Highway 31 in north Columbia. The property’s management has been transitioned to Hamilton Zanze affiliate Mission Rock Residential, a Denver-based company.

September 23, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Stratus Development Group Sells 286-Bed Student Housing Community Near University of Georgia

by Julia Sanders September 23, 2021

ATHENS, GA. — Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community located near the University of Georgia campus in Athens. Inland Real Estate Acquisitions acquired the cottage-style community for an undisclosed price. The property was completed in fall 2020 and offers 93 two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, grill, fire pit, dog park, fitness center, clubhouse, nature trails, green space, covered parking and study rooms. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets group along with the company’s Sunbelt Advisory Group represented the seller in the transaction.

September 23, 2021

Acquisitions Colorado Multifamily Western

Avanti Residential Acquires Forum Fitzsimons Apartment Complex in Metro Denver for $159M

by Amy Works September 23, 2021

AURORA, COLO. — Denver-based Avanti Residential has purchased Forum Fitzsimons, a Class A apartment community in Aurora. An undisclosed seller sold the property for $159 million. Located at Interstate 225 and Colfax Avenue, Forum Fitzsimons features 397 apartments, 28,202 square feet of retail space and a full amenity package for residents. Community amenities include two swimming pools, a 24-hour fitness center, bike repair shop and storage, three event clubrooms, and a dog washing area and bark park. The property was built in 2017 to meet the needs of workforce housing demand generated by the adjacent Fitzsimons Life Science District, a major employment center with 44,600 workers.

September 23, 2021

Acquisitions Multifamily Texas

Stratus Properties Agrees to Sell Santal Apartments in Austin for $152M

by Taylor Williams September 23, 2021

AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.

September 23, 2021

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