Multifamily

Berkadia Secures $43.2M in Acquisition Financing for Apartment Community in Metro Orlando

by John Nelson July 30, 2021

DAVENPORT, FLA. — Berkadia has secured $43.2 million in acquisition financing for Legends at ChampionsGate, a 252-unit multifamily community located outside of Orlando. Mitch Sinberg and Matthew Robbins of Berkadia secured the financing on behalf of Taurus Investment Holdings, which acquired the property for $53.8 million from an undisclosed seller. The three-year, floating-rate, interest-only loan was underwritten at a 75 percent loan-to-cost ratio and inclues additional funds to finance capital improvements. Located at 8101 Champions Circle, Legends at ChampionsGate was built in 2002 and includes one-, two- and three-bedroom floor plans. The units include built-in shelving, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities include a swimming pool, fitness center, playground, business center and yoga room. Situated 26.5 miles south of downtown Orlando, the community is approximately 7.2 miles from Interstate 4.

July 30, 2021

Acquisitions Multifamily Southeast Virginia

JLL Facilitates Sale of 333-Unit Alexan Earl Apartments in Arlington, Virginia

by John Nelson July 30, 2021

ARLINGTON, VA. — JLL Capital Markets has facilitated the sale of Alexan Earl, a 333-unit multifamily community in Arlington. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Trammell Crow Residential, which also had an equity partner. Lincoln Property Co. and Cadillac Fairview acquired the property for an undisclosed price. Additionally, Michael Cosby, Jimmy Conley, Jamie Leachman and Andy Scott of JLL secured a five-year, floating-rate acquisition loan through Mesa West Capital LLC. Alexan Earl features studio, one- and two-bedroom residential units averaging 827 square feet across two buildings. The property also features 3,396 square feet of retail space. Units include quartz countertops, undercabinet lighting, movable and fixed islands, undermount sinks, hard wood inspired laminate tile flooring, custom closets, stainless steel appliances and washers and dryers. Community amenities include a rooftop pool with an indoor/outdoor bar, ground-level courtyard, two fitness centers, social clubroom, complimentary Wi-Fi in all shared spaces, 24/7 concierge services and coworking space. Located off Wilson Boulevard at 1122 North Hudson St., Alexan Earl is located within walking distance of the Clarendon Metro Station.

July 30, 2021

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $11.5M Sale of Multifamily Community in D.C.

by John Nelson July 30, 2021

WASHINGTON, D.C. — Greysteel has arranged the $11.5 million sale of The Verona, a 67-unit multifamily property located at 5601 13th St. NW in northwest D.C. Built in 1955, The Verona is located in the 16th Street Heights neighborhood of D.C.’s Ward 4. Community amenities include a pet park and nearby public transportation. Kyle Tangney and Herb Schwat of Greysteel represented the buyer in the transaction. The seller was not disclosed.

July 30, 2021

Development Midwest Multifamily Ohio

National Real Estate Advisors, White Oak Realty Break Ground on 23-Story Apartment Tower in Cleveland

by Kristin Harlow July 30, 2021

CLEVELAND — National Real Estate Advisors LLC and White Oak Realty Partners have broken ground on a 23-story luxury apartment tower in Cleveland’s University Circle neighborhood. Known as Artisan Circle Square, the property is being developed in partnership with Midwest Development Partners. Amenities at the 298-unit project will include a fitness center, events room, media room, dog run, rooftop pool deck, grilling stations and coworking spaces. Chicago-based FitzGerald designed the project. Completion is slated for 2022.

July 30, 2021

Acquisitions Illinois Midwest Multifamily

Two-Property Multifamily Portfolio Trades Hands in Alsip, Illinois, for $30.5M

by Kristin Harlow July 30, 2021

ALSIP, ILL. — A two-property multifamily portfolio totaling 300 units in Alsip, a southern suburb of Chicago, has traded hands for $30.5 million. The properties include the 156-unit Orchard Estates Apartments and the 144-unit Woodland Courts Apartments. Both were built in the early 1970s. Sean Connelly and George Kokkonas of 33 Realty represented the New York-based buyer, who plans to renovate and modernize the complexes. Tara Mathew of Prime Equities Corp. represented the undisclosed seller.

July 30, 2021

Acquisitions Colorado Multifamily Western

Carmel Partners Divests of 403-Unit The Henry Multifamily Complex in Denver

by Amy Works July 30, 2021

DENVER — Carmel Partners has arranged the sale of The Henry, an apartment community located at 201 Mississippi Ave. in Denver’s Platt Park neighborhood. Terms of the transaction were not released. Carmel Partners was the developer, builder and owner of The Henry, which opened in October 2018. Situated on four acres, the community features 403 apartments, a courtyard with resort-style pool and spa, alfresco dining areas, co-working space, a fitness center, yoga studio and a 3,400-square-foot bicycle repair and locker space. At the time of sale, The Henry was 96 percent occupied.

July 30, 2021

Acquisitions Arizona Multifamily Western

Taurus Expands Multifamily Footprint in Arizona with $31.1M Apartment Community Purchase

by Amy Works July 30, 2021

MESA, ARIZ. — Taurus Investment Holdings has acquired 544 Southern, a multifamily property located in Mesa, for $31.1 million. Built in 1985, the 114,824-square-foot, Class B community features 136 apartments. This is Taurus’ fourth acquisition in the Phoenix metro within the last 12 months. The company’s portfolio now includes more than 5,800 units acquired and developed nationwide and over 725 units in the Phoenix market. The name of the seller was not released.

July 30, 2021

Acquisitions Colorado Multifamily Western

Capstone Brokers $4.1M Sale of Apartment Building in Colorado Springs

by Amy Works July 30, 2021

COLORADO SPRINGS, COLO. — Capstone has arranged the sale of Red Rocks Terrace, a multifamily property located at 3164 W. Colorado Ave. in Colorado Springs. The building traded hands for $4.1 million. The names of the seller and buyer were not released. The 16,350-square-foot property features two studio units, five two-bedroom units and 16 one-bedroom units. Almost all units were renovated within the last two years and significant improvements were made to the exterior of the property. Sean Holamon of Capstone represented the seller in the transaction.

July 30, 2021

Acquisitions Multifamily Texas

American Landmark Acquires 325-Unit Elan River District Apartments in Fort Worth

by Taylor Williams July 30, 2021

FORT WORTH, TEXAS — Tampa-based multifamily investment firm American Landmark has acquired Elan River District Apartments, a 325-unit community in Fort Worth. Built in 2017, the property features studio, one-, two- and three-bedroom units with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool, business center, fitness center and a social lounge. American Landmark will implement a value-add program and rebrand the property as Mercantile River District.

July 30, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 154-Unit Oasis Springs Apartments Near DFW Airport

by Taylor Williams July 30, 2021

HURST, TEXAS — Marcus & Millichap has brokered the sale of Oasis Springs, a 154-unit apartment complex located near Dallas-Fort Worth International Airport in Hurst. The property was built in 1979 and offers amenities such as a pool, basketball court, playground and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based private investment firms that requested anonymity.

July 30, 2021

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