Multifamily

Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

August 31, 2021

Development Multifamily Texas

Presidium Completes 408-Unit Apartment Community in North Fort Worth

by Taylor Williams August 31, 2021

FORT WORTH, TEXAS — Texas-based developer Presidium has completed Presidium Revelstoke, a 408-unit apartment community located near Alliance Town Center on the north side of Fort Worth. Units feature one-, two- and three-bedroom floor plans and stainless steel appliances, upscale finishes and smart technology devices. Amenities include a pool, clubhouse with a demonstration kitchen, business center with coworking spaces, billiards room and a fitness center. Project partners included O’Brien Architects, civil engineer Kimley-Horn and Provident General Contractors. Presidium Revelstoke represents Phase I of a larger development; construction of Presidium Berkshire, a 340-unit community that marks the second phase, began earlier this year. Rents start at $1,350 per month for a one-bedroom unit.

August 31, 2021

Development Midwest Minnesota Multifamily

CA Ventures, Harlem Irving Begin Pre-Leasing 270 Hennepin Apartment Tower in Minneapolis

by Kristin Harlow August 31, 2021

MINNEAPOLIS — CA Ventures and Harlem Irving Cos. have started pre-leasing 270 Hennepin, a 22-story apartment tower located at 270 Hennepin Ave. in downtown Minneapolis. First move-ins are scheduled for this fall. The project features 346 apartment units and 20,000 square feet of retail space on the first floor. In addition to floor plans ranging from studios to three-bedroom units, there are two- and three-bedroom penthouse units. Amenities include an indoor pool, outdoor sky terrace, movie theater, fitness and yoga rooms, bike storage and two levels of underground parking. Monthly rents start at $1,425. Residents can currently receive up to two months of free rent.

August 31, 2021

Indiana Loans Midwest Multifamily

Greystone Provides $22M Acquisition Loan for Indianapolis Apartment Community

by Kristin Harlow August 31, 2021

INDIANAPOLIS — Greystone has provided a $22 million Fannie Mae loan for the acquisition of Wildwood Village Apartments in Indianapolis. The garden-style apartment community includes 324 units across 33 buildings. Amenities include a clubhouse, business center, fitness center, pool, sports court and dog park. Dan Sacks of Greystone originated the 12-year loan, which features a 30-year amortization schedule, a fixed interest rate and five years of interest-only payments. An entity doing business as Cyclone Wildwood 324 LLC was the borrower.

August 31, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates $92.1M Sale of Apartment Community in Princeton

by Taylor Williams August 31, 2021

PRINCETON, N.J. — JLL has negotiated the $92.1 million sale of Parc at Princeton Junction, a 232-unit luxury apartment community located about two miles from Princeton University’s campus. Built in 2018, the property features one-, two- and three-bedroom units that range in size from 750 to 1,349 square feet and that have private balconies and patios in select apartments. The building also houses 19,913 square feet of retail space. Amenities include a pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and fire pit, a courtyard and a sundeck. Jose Cruz, Michael Oliver, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, a joint venture between Toll Brothers Apartment Living and The Davis Cos., in the transaction. An undisclosed private investor purchased the asset.

August 31, 2021

Acquisitions Affordable Housing California Company News Maryland Multifamily Southeast Top Stories Walker & Dunlop Western

Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates

by John Nelson August 31, 2021

BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …

August 31, 2021

Features Multifamily

How Multifamily Landlords Can Step Up Their Business Performance in Uncertain Times

by Taylor Williams August 31, 2021

By Jordan Cooper, director of verticals, Xero It’s difficult to guess anything about the housing and rental property markets of tomorrow given the conditions of today. Month after month of fluctuating prices, demand and availability have made renting a delicate dance for landlords and tenants alike. A recent IBISWorld report also pointed to an expected decrease in revenue for the larger apartment rental industry through 2021, but it’s not time to hit the panic button just yet. There are, in fact, a multitude of ways by which landlords and property managers can make their businesses steadier, more profitable and more beneficial to tenants — as well as to themselves. The first option — hiring outside help — creates the least work for owners, though it may not be the right addition to every landlord’s toolkit. In an industry with occasionally fickle financial situations, landlords can lean on the assistance of accountant or bookkeepers or seek counsel from financial advisors. Unless an owner already has the bookkeeping know-how, he or she is probably missing out on tax savings and seeing suboptimal returns on real estate investments. A qualified accountant can step in to keep the owner abreast of any and all …

August 31, 2021

Acquisitions Multifamily Texas

Western Wealth Capital Buys 288-Unit Multifamily Property in Arlington

by Taylor Williams August 30, 2021

ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Brookside Apartment Homes, a 288-unit multifamily property in Arlington that was originally built in 1983. According to Apartments.com, Brookside Apartment Homes features one- and two-bedroom units ranging in size from 650 to 990 square feet. Communal amenities include a pool, fitness center, resident clubhouse, business center, pet play area and outdoor picnic and grilling areas. The seller was not disclosed. Following this acquisition, Western Wealth Capital now owns 12 multifamily properties in the Dallas-Fort Worth area and 26 in Texas.

August 30, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 229-Unit Southtown Flats Apartments in San Antonio

by Taylor Williams August 30, 2021

SAN ANTONIO — Newmark has brokered the sale of Southtown Flats, a 229-unit apartment community located near San Antonio’s RiverWalk area. Units feature studio, one- and two-bedroom floor plans and are furnished with nickel hardware fixtures, stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, indoor and outdoor game areas, a business center, cybercafé and package lockers. Patton Jones and Matt Michelson of Newmark represented the seller, Denver-based Ascentris, which developed the property in 2016. Matt Greer, Hank Glasgow and Braden Harmon of Newmark arranged an undisclosed amount of acquisition financing on behalf of the buyer, SPI Advisory.

August 30, 2021

Acquisitions Florida Multifamily Retail Southeast

JLL Arranges $149M Sale of Iron Central Apartment Tower in St. Petersburg, Florida

by Julia Sanders August 30, 2021

ST. PETERSBURG, FLA. — JLL has arranged the sale of Icon Central, a 368-unit, 15-story, mixed-use residential tower in St. Petersburg. Matt Mitchell, Matthew Lawton and Zach Nolan of JLL represented the seller, Related Group, in the transaction. Camden Property Trust acquired the property for $149 million, according to the Tampa Bay Business Journal. Completed in 2019 by Related Group, Icon Central includes about 35,000 square feet of rentable space of ground-floor retail. In July, Tricera Capital acquired the ground floor retail for $11.1 million, as well as the adjoining Union Trust Bank building. Right now, BurgerFi and Watts Dental lease about 7,000 square feet of the property’s retail space. Icon Central’s apartments feature private balconies, stainless steel appliances, kitchen islands, a full-size washer and dryer and electronic key-fob entry. Community amenities include a pool with lounge area, fitness center, sauna and steam room, spa with massage tables and Zen lounge, private clubroom and dining room, a movie theater, game simulator and a rooftop terrace with an outdoor kitchen, dining, seating and firepits. Located at 855 Central Ave., Icon Central is situated within a half-mile of St. Petersburg’s Central Arts District and the Edge District, which have art galleries, museums, …

August 30, 2021

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