Multifamily

TerraCap Acquires 354-Unit Apartment Complex in Peachtree Corners, Georgia

by Julia Sanders November 22, 2021

PEACHTREE CORNERS, GA. — Naples, Fla.-based TerraCap Management LLC has acquired The Reserve at Peachtree Corners, a 354-unit apartment complex in Peachtree Corners, about 22.3 miles from downtown Atlanta. Bill Shippen of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1985, The Reserve at Peachtree Corners features one-, two- and three-bedroom units. Community amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and a playground. Located at 3495 Jones Mill Road, The Reserve at Peachtree Corners is situated in the northern region of Gwinnett County. The property is situated 8.1 miles from Perimeter Mall, 15 miles from Emory University and 30.6 miles from Hartsfield-Jackson Atlanta International Airport. TerraCap plans to reposition the property and complete several capital projects, including a renovation program on the unit interiors. Matt Stewart of TerraCap says the firm’s capital plan also includes renovations to the clubhouse and boosting the overall curb appeal. TerraCap chose First Communities Management as the new property manager.

November 22, 2021

Acquisitions Multifamily Texas

Patrinely Group, USAA Sell 266-Unit Folio West Apartments in Houston to Middle Street Partners

by Taylor Williams November 22, 2021

HOUSTON — A joint venture between locally based developer Patrinely Group and USAA Real Estate has sold Folio West, a 266-unit apartment community in Houston’s Westchase neighborhood. The joint venture developed the property in 2017. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, game room, 24-hour fitness center, business center and a clubhouse with a catering kitchen. South Carolina-based Middle Street Partners purchased the property for an undisclosed price. Dustin Selzer, Matt Kafka and Jett Lucia of JLL brokered the deal.

November 22, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 178-Unit Sawyer West Village Uptown Apartments in Dallas

by Taylor Williams November 22, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Sawyer West Village Uptown, a 178-unit apartment community in Dallas. The property was built in 2006. A partnership between RangeWater Real Estate and The Carlyle Group sold the community to Weidner Apartment Homes for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope of IPA brokered the deal on behalf of both parties.

November 22, 2021

Indiana Loans Midwest Multifamily

Ready Capital Closes $66.7M Acquisition Loan for Multifamily Community in South Bend, Indiana

by Kristin Harlow November 22, 2021

SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.

November 22, 2021

Development Illinois Midwest Multifamily

Opus Breaks Ground on 167-Unit Luxury Apartment Complex in Downers Grove, Illinois

by Kristin Harlow November 22, 2021

DOWNERS GROVE, ILL. — The Opus Group has broken ground on a seven-story, 167-unit luxury apartment complex in the Chicago suburb of Downers Grove. Located at 926 Maple Ave., the project will include 319 parking spaces, 71 of which are dedicated for a neighboring church. Amenities will include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, pool, pet spa and dog run. The project is a joint venture between Opus and Principal Real Estate Investors. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Greystar will manage the property, completion of which is slated for April 2023.

November 22, 2021

Loans Multifamily Texas

Ready Capital Closes $28M Acquisition Loan for Arlington Apartment Community

by Taylor Williams November 22, 2021

ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.

November 22, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates Sale of 632-Unit Multifamily Property in Lawrenceville, New Jersey

by Taylor Williams November 22, 2021

LAWRENCEVILLE, N.J. — JLL has negotiated the sale of a 632-unit multifamily property in Lawrenceville, located outside of Princeton. Built between 1992 and 1996, the property consists of 19 buildings that house one-, two- and three-bedroom units with an average size of 1,120 square feet. Amenities include two pools, a fitness center, dog park, tennis court, racquetball court, playground and outdoor grilling areas. Jose Cruz, Michael Oliver, Steve Simonelli and Kevin O’Hearn of JLL represented the seller, AvalonBay Communities, in the transaction. The buyer and sales price were not disclosed.

November 22, 2021

Build-to-Rent California Development Multifamily Single-Family Rental Western

Tricon Residential Breaks Ground on Bacara Single-Family Rental Property in Wildomar, California

by Amy Works November 22, 2021

WILDOMAR, CALIF. — Tricon Residential, Foremost Pacific Group and Woodbridge Pacific Group Cos. has broken ground on Bacara, a townhome single-family rental community in Wildomar. Located at 24808 Preilipp Road, Bacara will feature 170 rental townhomes with one-, two- and three-bedroom options with solar power, attached one- or two-car garages, keyless front-door entry and forecourt patios. Community amenities will include a dog park, lap pool and spa, gym and community center. Completion is slated for late 2022. Tricon Residential will operate Bacara upon completion. Foremost Pacific Group is serving as project developer and Woodbridge Pacific Group Cos. is serving as project contractor.

November 22, 2021

Loans Multifamily Nevada Western

Ready Capital Closes $26M Acquisition Loan for Multifamily Property in Las Vegas

by Amy Works November 22, 2021

LAS VEGAS — Ready Capital has closed $26 million in financing for the acquisition, renovation and stabilization of a 278-unit apartment in the Central Las Vegas submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement program for deferred maintenance and renovating unit interiors, building exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension and options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

November 22, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

IntegraCare Breaks Ground on 130-Unit Seniors Housing Community in York, Pennsylvania

by Taylor Williams November 22, 2021

YORK, PA. — IntegraCare Corp. has broken ground on a 130-unit seniors housing community in York, approximately 90 miles west of Philadelphia. The 124,000-square-foot community, which has yet to be branded, will feature 68 independent living units, 42 assisted living residences and 20 memory care units. Warfel Construction is the general contractor for the project, which IntegraCare is developing in partnership with Avenue Development. The community is scheduled to open in early 2023.

November 22, 2021

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