Multifamily

IPA Brokers $69.1M Sale of Level at Sixteenth Apartments in Central Phoenix

by Amy Works June 23, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Level at Sixteenth, a mid-rise multifamily property in Phoenix’s urban core. An affiliate of Abacus Capital Group sold the asset to Sares Regis Group for $69.1 million, or $287,917 per unit. Converted from a retail center to a multifamily community in 2010, Level at Sixteenth features 240 apartments with nine-foot ceilings, private laundry areas and walk-in showers. The community also features a leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, eight-foot multimedia video wall and billiards table. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 23, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $9.5M Sale of Sherwood Park Multifamily Property in Fife, Washington

by Amy Works June 23, 2021

FIFE, WASH. — Marcus & Millichap has arranged the sale of Sherwood Park, an apartment community located in Fife. A limited liability company sold the property to an undisclosed buyer for $9.5 million. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller in the transaction.

June 23, 2021

Acquisitions Florida Multifamily Southeast

Harbor Group International Sells Apartment Community in Metro Miami for $222.7M

by Julia Sanders June 23, 2021

PEMBROKE PINES, FLA. — Harbor Group International LLC has sold City Center on 7th, a Class A, 700-unit apartment community in Pembroke Pines, for $222.7 million. HGI purchased the suburban Miami property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. The buyer was not disclosed. City Center on 7th is close to the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area. Built in two phases in 2014 and 2015, the community amenities include a LEED Gold-certified clubhouse, beach-entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance. Harbor Group International LLC is a Norfolk, Va. private real estate and real estate investment and management firm.

June 23, 2021

Development Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

GBT Realty Breaks Ground on Next Phase of Parke West Mixed-Use Project in Nashville

by Julia Sanders June 23, 2021

NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers. Parke West will also have a 450-space underground parking structure that will serve both towers. Developed, owned and managed by Nashville-based Chartwell Hospitality, the nine-story hotel is a dual-branded Hilton Garden Inn and Home2 Suites by Hilton. The hotels will feature a shared lobby and amenities, including a lobby bar and restaurant, fitness center, rooftop pool deck and approximately 4,000 square feet of flexible meeting space. Of the 172 rooms, 69 will operate as Home2 Suites, while the remaining 103 rooms are designated for Hilton Garden Inn. Plans for the 15-story, multifamily tower includes 210 one- and two-bedroom units. Community amenities will include a 12th floor outdoor swimming pool and deck, dog spa and a 24-hour concierge. Between the towers will be a courtyard featuring open-air, landscaped terraces. Approximately 11,000 square feet of commercial space on the ground level will house restaurants with outdoor seating, service …

June 23, 2021

Acquisitions Multifamily Texas

Embrey, Carlyle Group Sell 285-Unit Domain at Founders Parc Apartments in Metro Dallas

by Taylor Williams June 23, 2021

EULESS, TEXAS — San Antonio-based developer Embrey Partners LLC and The Carlyle Group, a private equity and alternative asset management firm based in Washington, D.C., have sold Domain at Founders Parc, a 285-unit apartment community located near Dallas-Fort Worth International Airport in Euless. Units feature custom cabinetry, wood-style flooring, stainless steel appliances, ceramic and tile backsplashes and full-size washers and dryers. Amenities include a pool with cabanas, fitness center with a spin studio, cyber and resident lounges, coffee bar, game room, conference rooms, pet park and spa, bike wash and repair shop, fire pits and an outdoor kitchen. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill and Michael Ware of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer, Tampa-based multifamily investment firm American Landmark, in the transaction.

June 23, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Blackstone to Acquire Home Partners of America for $6B

by Kristin Harlow June 23, 2021

CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.

June 23, 2021

Development Illinois Midwest Multifamily

Kinzie Builders Completes Construction of $15M Luxury Apartment Building in Glen Ellyn, Illinois

by Kristin Harlow June 23, 2021

GLEN ELLYN, ILL. — Kinzie Builders has completed construction of Avere on Duane, a $15 million luxury apartment building in the Chicago suburb of Glen Ellyn. Located on Duane Street, the property rises four stories with 48 units. Units range from 868 to 1,615 square feet. Amenities include a community room, dog washing station, package room, bike storage and heated parking. REVA Development Partners was the developer. The project team included BSB Design Inc., RTM & Associates Engineering Consultants, LETech Inc., Pierce Engineering, Loren Stanton Design, Haeger Engineering and Lakota Group. Monthly rents start at $1,975.

June 23, 2021

Indiana Loans Midwest Multifamily Student Housing

Berkadia Arranges $8.9M Acquisition Loan for Student Housing Property in New Albany, Indiana

by Kristin Harlow June 23, 2021

NEW ALBANY, IND. — Berkadia has arranged an $8.9 million bridge loan for the acquisition of The Annex of New Albany, a 141-unit student housing property in New Albany near Louisville. The property is located at 4100 Prestwick Square and is adjacent to Indiana University Southeast. Jason Brown and Sam Orman of Berkadia Indianapolis arranged the bridge loan on behalf of the borrower, Indiana-based Zidan Management Group Inc. Old National Bank provided the three-year loan, which features a 3 percent floating interest rate. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, in the $11.8 million sale.

June 23, 2021

Development Multifamily New Jersey Northeast

Sterling Properties Opens 144-Unit Station Place Apartments in Lawnside, New Jersey

by Taylor Williams June 23, 2021

LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.

June 23, 2021

Acquisitions Florida Multifamily Southeast

Fundrise Acquires Lake Shadow Apartments in Metro Orlando for $83M

by Julia Sanders June 22, 2021

MAITLAND, FLA. — Fundrise has acquired Lake Shadow Apartments, a 300-unit, Class A multifamily property in metro Orlando. Bainbridge Cos. sold the community to Fundrise for $83.1 million. Located on a 16-acre site at 2200 Flagler Promenade Way in Maitland, the property will be renamed Luna at Lake Shadow. The 330,000-square-foot community features one-, two- and three-bedroom apartments. Regions Bank provided an undisclosed amount of acquisition financing to Fundrise, a Washington, D.C.-based real estate investment platform. Bainbridge Cos. LLC is a Wellington, Fla.-based owner, developer and manager of multifamily apartment communities in the Eastern United States and Texas.

June 22, 2021

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