NORTH BRUNSWICK, N.J. — Kaplan Cos. has opened Amaranth at North Brunswick, a 222-unit active adult community located approximately midway between New York City and Philadelphia. Apartments range in size from 823 to 1,397 square feet. Amenities include a resident lounge, demonstration kitchen, card room, doggie day spa, yoga studio with interactive mirrors and a package room. Kaplan is also underway on its second Amaranth development in nearby East Windsor. Information on starting rents was not disclosed.
POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the $10.4 million sale of 40 Cannon, a multifamily building located about 85 miles north of Manhattan in Poughkeepsie. According to LoopNet Inc., the property, which includes retail space, was originally built as a hotel in 1957. Joseph French Jr., Kodi Traver and Matthew Gault of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. Steven Rock of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The property was fully leased at the time of sale.
CHICAGO — Interra Realty has brokered the sale of Astoria Tower in Chicago’s South Loop for $82.5 million. The luxury apartment tower rises 30 stories with 248 units. Built in 2009, Astoria Tower features one-, two- and three-bedroom floor plans. Amenities include a fitness center, indoor pool, sauna, spa treatment room, billiards room, movie room, business center and two rooftop decks. The seller, Miami-based Crescent Heights, converted the property from condominiums into apartment units in phases completed in 2010 and 2019. Brad Feldman of Interra represented the buyer, Chicago-based 3L Real Estate, which plans to add additional amenities and offerings to increase rents.
LAS VEGAS — Laguna Point Properties has acquired two multifamily properties in Las Vegas from an overseas investor for $129.7 million in an off-market transaction. Totaling 708 units, Topaz and Viridian are part of a 1,945-unit, $566 million portfolio acquisition by Laguna Point Properties. Other recently closed acquisitions include five properties in Los Angeles and one in Jacksonville, Fla. Built in 1985 and 1981, respectively, Topaz and Viridian are located adjacent to one another on West Viking Road. The 252-unit Topaz offers one- and two-bedroom floorplans, and Viridian features 456 studio, one-, two- and three-bedroom units. Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, while Greystar will manage the properties in Los Angeles and ZRS Management will manage the Jacksonville property. Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office represented Laguna Point Properties in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE Capital Markets secured debt financing for the buyer.
MESA, ARIZ. — Taylor Street Advisors has arranged the sale of The Horne Portfolio, an apartment complex in Mesa. A local private capital owner sold the asset to a local syndicator and professional investor for $5.6 million, or $200,000 per unit. Located at 111-113 N. Horne St., the portfolio features 28 two-bedroom/one-bathroom apartments, individually metered for electric with individual HVAC units., in single-story, garden-style buildings. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller in the deal.
SANTA BARBARA, CALIF. — The student housing industry continued to show strong fundamentals in the first quarter of this year, with preleasing levels off to a robust start and annual rent growth exceeding pre-pandemic levels, according to the latest installment of Yardi’s National Student Housing Report. As of March, preleasing for fall 2022 was reported at 63.8 percent — a number that is 13.5 percent higher than the same time last year and 9.9 percent higher than March 2019 — and the average rent per-bedroom for fall 2022 is $777. These figures are based on the company’s “Yardi 200” markets, which include the top 200 investment-grade universities across all major collegiate conferences, including the Power 5 conferences and Carnegie R1 and R2 universities (research universities in the Carnegie Classification of Institutions of Higher Education). A handful of university markets were almost fully preleased as of March, with Purdue University (99.9 percent preleased), the University of Pittsburgh (99.8 percent preleased) and the University of Wisconsin-Madison (98.3 percent preleased) topping the list. Few universities are struggling with fall 2022 preleasing so far, but those that are tend to have higher acceptance rates, according to the report. The University of Houston had the …
HOUSTON — Tampa-based multifamily investment firm American Landmark has acquired H6, a 293-unit apartment community in Houston’s Energy Corridor area. Built in 2016, the property offers one- and two-bedroom units ranging in size from 475 to 1,444 square feet. Apartments feature stainless steel appliances, European cabinetry, granite countertops, washers and dryers and private balconies. Amenities include a pool, fitness center, game room, business center and a Zen garden. The seller was not disclosed. American Landmark has subsequently rebranded the community as Neo at Ten.
NEW HAVEN, CONN. — A partnership between Adam America Real Estate, EPIMONI and BH Management Services has opened Olive & Wooster, a 299-unit apartment community in New Haven. Units feature studio, one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, shaker cabinets and wood-style flooring. Amenities include a pool, fitness center, clubroom with a bar and a gaming area. Rents start at $1,258 per month.
AKRON, OHIO — Green Harvest Capital LLC has purchased a nearly 64,000-square-foot historic warehouse in Akron with plans to convert the property into roughly 50 apartment units. The historic Akron Soap Co. building was formerly occupied by WhiteSpace Creative. Completed in 1893, the factory was built to manufacture soap and was later utilized by Pioneer Cereal Co. and Pockrandt Paint Co. The facility sat vacant for several years until White Hot Properties LLC purchased it in 2013 and converted the building into office space. Nichole Booker of SVN Summit Commercial Real Estate Advisors brokered the sale. The sales price was undisclosed.
PORT ROYAL, S.C. — Vivo Living has purchased a hotel located at 1660 Ribaut Road in Port Royal, a coastal town situated north of Hilton Head, S.C. The California-based buyer plans to convert the hotel into an apartment community named Vivo Port Royal. This will be Vivo’s third adaptive reuse multifamily project in South Carolina. The property will feature a living room lobby with complimentary Wi-Fi, lounge areas, a pool and a fitness center. Vivo Living says that the property will command a 10 to 20 percent discount compared with market-rate rents in the trade area. The seller was not disclosed.