Multifamily

JLL Arranges Sale of Accent Edgewood Apartments in Nashville

by John Nelson May 16, 2022

NASHVILLE, TENN. — JLL Capital Markets has brokered the sale of Accent Edgewood, a 236-unit, mid-rise multifamily community in the Wedgewood-Houston neighborhood of Nashville. JLL represented the seller, Westplan Investors, in the transaction. PassiveInvesting.com acquired the Class A asset for an undisclosed price. ACRE provided a $58.5 million acquisition loan through its latest debt fund to the buyer, which rebranded the community as Braxton Music City. Accent Edgewood features units with luxury finishes, including high ceilings, energy-efficient lighting, granite countertops, stainless steel appliances, vinyl and hardwood flooring, full-sized washers and dryers, walk-in closets and large windows. Community amenities include a 24-hour gym, resort-style pool, pet washing spa, bark park, bicycle storage, sky lounge, coffee bar, coworking space and a recording room. Located at 2165 Nolensville Pike near downtown Nashville, Accent Edgewood is situated near the redevelopment of the May Hosiery and Nashville Warehouse Co., a 150,000-square-foot creative office and outdoor music venue. The community also has immediate access to the recently opened Geodis Park, Nashville Soccer Club’s MLS stadium, which is the largest soccer-specific stadium in the United States by seating capacity (30,109 seats).

May 16, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of Alta Winter Garden Multifamily Community in Metro Orlando

by John Nelson May 16, 2022

ORLANDO, FLA. — Berkadia has negotiated the sale of Alta Winter Garden, a 250-unit, Class A multifamily community in the Orlando suburb of Winter Garden. Berkadia represented the seller, Atlanta-based Wood Partners, one of the nation’s leading multifamily developers and managers. CONTI Capital, a real estate investment company based in Dallas, acquired the property for an undisclosed price. Alta Winter Garden was delivered earlier this year and is located at 1223 E. Plant St., approximately 15 miles from downtown Orlando. ¬¬The property offers studio, one-, two- and three-bedroom units ranging from 637 square feet to 1,464 square feet. Individual units feature energy-efficient stainless steel Whirlpool appliances, Nest thermostats, electronic door locks with keyless entry, outlets with USB ports, kitchen islands, wood-style plank flooring and oversized balconies in select units. The controlled-access community’s amenities include a walk-in pool with a sun shelf and poolside cabanas, as well as a game room and a fitness center with a virtual training room and TRX equipment. Other amenities include an outdoor pavilion with a beer tap and summer kitchen, pet park, beer garden, rentable private office pods, study spaces with Wi-Fi, an outdoor lounge area, private detached garages and valet waste services.

May 16, 2022

Development Loans Multifamily Washington Western

JLL Arranges $60M in Construction Financing for Gridline Apartments in Seattle

by Amy Works May 16, 2022

SEATTLE — JLL Capital Markets has arranged $60 million in construction financing for Gridline Apartments, a multifamily property currently under construction in Seattle. SRM Development and its partners are the borrowers. An affiliate of an international real estate investment company provided the funds. Kaden Eichmeier and Steve Petrie of JLL Capital Markets arranged the financing for the borrower. Located at 1421 Harvard Ave., Gridline Apartments will feature 178 residences.

May 16, 2022

Development Multifamily Texas

Greystar, J.P. Morgan Open 315-Unit Westcott Apartment Community in Houston

by Taylor Williams May 13, 2022

HOUSTON — A partnership between South Carolina-based developer Greystar and J.P. Morgan Global Alternatives has opened The Westcott, a 315-unit apartment community in Houston’s Memorial Park neighborhood. The property features one-, two- and three-bedroom floor plans that range in size from 788 to 3,235 square feet. Amenities include a pool, fitness center, media lounge, coworking space, a rooftop terrace with a lounge and bar and concierge services. Rents start at $2,250 per month for a one-bedroom unit.

May 13, 2022

Development Multifamily Texas

KWA Construction Breaks Ground on 155-Unit Active Adult Community in Carrollton, Texas

by Taylor Williams May 13, 2022

CARROLLTON, TEXAS — Locally based general contractor KWA Construction has broken ground on Avenida Carrollton, a 155-unit active adult community located north of downtown Dallas. Developed by Avenida Partners, the property will comprise a 202,106-square-foot apartment building and an additional 63,925 square feet of cottages that will be reserved for renters age 55 and above. Amenities will include a pickleball court, pool, theater, private dining room, a spa and outdoor grilling and dining areas. Meeks + Partners and REES Associates are the project architects. Completion is slated for September 2023.

May 13, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $10.5M Sale of Skilled Nursing Facility in Temple, Texas

by Taylor Williams May 13, 2022

TEMPLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 70-unit transitional care facility in Temple, approximately 70 miles north of Austin. Mainstreet developed the newly constructed healthcare property but never opened it. An undisclosed, Texas-based investor acquired the asset for $10.5 million. The new owner structured a lease with a national healthcare system based out of Southern California and will operate the facility as a specialty post-acute hospital.

May 13, 2022

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Arranges $32.5M Sale of Regal Park Apartments in Louisville

by John Nelson May 13, 2022

LOUISVILLE, KY. — Marcus & Millichap has arranged the $32.5 million sale of Regal Park Apartments, a 228-unit apartment property in Louisville. David Badgett Jr. of Marcus & Millichap represented the seller and buyer, both undisclosed limited liability companies, in the transaction. Colby Haugness, Marcus & Millichap’s broker of record in Kentucky, assisted Badgett in the transaction. Regal Park is located at 9400 Hurstbourne Park Blvd. and offers a variety of floor plans: 30 one-bed/one-bath, 150 are two-bed /two-bath and 48 are three-bed/two-bath. The property has consistently held a 92 percent occupancy rate, according to Marcus & Millichap. Regal Park was built in 1972 and has seen several renovations since its construction. In recent years, Regal Park underwent upgrades, including a complete renovation to the clubhouse. The property features amenities including a swimming pool, grilling area, sundeck and a spacious courtyard.

May 13, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Development Loans Multifamily Northeast Pennsylvania

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

by Taylor Williams May 13, 2022

PITTSBURGH — Newmark has arranged a $70.5 million construction loan for The Park at Southside Works, a 247-unit multifamily project in Pittsburgh. The five-story property will be situated within SomeraRoad’s Southside Works mixed-use development, about 1.5 miles outside the downtown area. Units will be available in studio, one- and two-bedroom floor plans, as well as in townhome-style formats, and will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, fitness center, dog washing station, a rooftop lounge and remote workspaces. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Chris Kramer and Jake Neeb of Newmark arranged the loan through Bank OZK on behalf of SomeraRoad. Completion is slated for June 2024.

May 13, 2022

Acquisitions Multifamily New York Northeast

JT Tai & Co. Sells Manhattan Multifamily Portfolio for $41.5M

by Taylor Williams May 13, 2022

NEW YORK CITY — Locally based nonprofit JT Tai & Co. Foundation has sold a portfolio of two multifamily buildings totaling 105 residential and commercial spaces in Manhattan’s East Midtown neighborhood. The four-story building at 959-961 Second Ave. consists of 10 apartments and two commercial units, and the six-story property at 246 E. 46th St. comprises 81 residential units and 12 commercial spaces. Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai, Stephen Godnick and Jacob Russell of JLL represented JT Tai & Co. in the transaction. The buyer was a locally based private investor who plans to renovate the properties.

May 13, 2022

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