Multifamily

Baron Properties Sells Arrowhead Ranch Apartments in Glendale to Decron Properties for $101.5M

by Amy Works December 14, 2021

GLENDALE, ARIZ. — Baron Properties has completed the disposition of Arrowhead Ranch by Baron, a multifamily asset in Glendale. Decron Properties acquired the community for $101.5 million, or $396,484 per unit. Built in 1996 on 16 acres, Arrowhead Ranch at Baron features 256 apartments with large windows, white Shaker-style cabinetry, breakfast bars, full-size washers/dryers and garden-style soaking tubs. Select units offer gas fireplaces and lake views. Community amenities include two resort-style swimming pools, spas with expansive sundecks and lake views. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

December 14, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund Starts Construction of $32M Sage at Folsom Seniors Housing Property in California

by Amy Works December 14, 2021

FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.

December 14, 2021

Acquisitions Multifamily Texas

Colliers Arranges Sale of 280-Unit Dominion Park Apartments in Northwest San Antonio

by Taylor Williams December 14, 2021

SAN ANTONIO — Colliers has arranged the sale of Dominion Park, a 280-unit apartment community in northwest San Antonio that was built in 2002. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 597 to 1,346 square feet and amenities such as a pool, fitness center, clubhouse and a business center. Chip Nash, Bob Heard and Todd Stewart of Colliers represented the seller, an entity doing business as GSSW Dominion LLC, and procured the buyer, Austin-based GVA Real Estate Group.

December 14, 2021

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

by Julia Sanders December 14, 2021

MIAMI — Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter Associates. Legacy will offer 310 for-sale residential units on top of a 219-room hotel. The project’s residential units all sold out in May 2021 in less than 12 months. Construction on the property broke ground in August and is slated for completion by 2024. Community amenities at the mixed-use tower include ground-floor retail space, five restaurant and bar concepts, a hotel pool deck, enclosed seven-story rooftop atrium with a restaurant bar and lounge and a members-only international business lounge. Other than the residential and hotel space, Legacy will also include a 10-floor, $100 million medical center known as Blue Zones Medical and Wellbeing Center. RPC’s design team for the Legacy Hotel project includes Miami-based Kobi Karp Architects, Design Agency and ID & Design International. Martin Schwartz and Anthony de Yurre of Bilzin Sumberg provided legal counsel to the development team in the loan transaction.

December 14, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 434-Unit Multifamily Community in Buford, Georgia

by Julia Sanders December 14, 2021

BUFORD, GA. — Columbus, Ga.-based Flournoy Development Group has broken ground on a 434-unit apartment community in Buford, approximately 30 miles northeast of downtown Atlanta. The property will include 376 multifamily units and 58 townhomes. The construction timeline for the property was not disclosed. The multifamily community is part of Exchange at Gwinnett, Fuqua Development’s mixed-use development situated near the Mall of Georgia with more than 465,000 square feet of retail, restaurants, office space, hotel space and residential units. Community amenities at the multifamily project will include a pool courtyard, access-controlled living areas, three one-level parking decks, flexible coworking space, courtyard and event greenspace and several private pocket courtyard amenity areas. The Exchange at Gwinnett will include a food hall with restaurants such as Starbucks Coffee, Five Guys Burgers & Fries and Jersey Mike’s Subs. The mixed-use development will also include Topgolf, Andretti Indoor Karting & Games, a flagship Rooms To Go store, a center stage at Town Green and a Sprouts Farmers Market. The project team for the apartment community includes architect Dynamik Design and contractor Flournoy Construction Group. Flournoy Properties Group will manage the property.

December 14, 2021

Development Multifamily North Carolina Southeast

Wood Partners Opens 403-Unit Multifamily Community Near Durham

by Julia Sanders December 14, 2021

MORRISVILLE, N.C. — Atlanta-based Wood Partners has opened Alta Davis, a 403-unit, seven building multifamily community in Morrisville, about 11 miles from Durham. Alta Davis offers studio, one-, two- and three-bedroom floorplans that range in size from 626 to 1,422 square feet. Each of the apartment units feature nine-foot ceilings, stainless GE appliance packages, white quartz countertops, subway tile backsplash throughout the kitchen and bathrooms, soaking tubs, wood-style plank flooring and in-unit washer and dryer sets. Monthly rent ranges from $1,315 to $2,500, according to Apartments.com. Community amenities include a saltwater pool, outdoor kitchen, pet run and spa, clubroom, fitness center, café and a coworking area with a conference room and micro-offices. Wood Residential manages the property. Located at 615 Corbett St., the property is situated close to Research Triangle Park (RTP), and major employers in the area include IBM, Credit Suisse, Cisco, Lenovo and Fujifilm. The property also is located close to Interstates 40 and 540 and NC Highway 147. Additionally, the multifamily community is 12.3 miles from Duke University and 13.5 miles from North Carolina State University.

December 14, 2021

Acquisitions Multifamily Southeast Tennessee

LawlerWood Sells Multifamily Property in Downtown Knoxville for $6.6M

by Julia Sanders December 14, 2021

KNOXVILLE, TENN. — LawlerWood has sold Tyson Court, a 30-unit multifamily property located in downtown Knoxville. Daniel Odle and Sam Harrell represented the seller, an entity known as Tyson Court LLC, internally in the transaction. An entity known as Tyson Court Apartments LLC purchased the property for $6.6 million. Built in 2019, Tyson Court offers studio, one- and two-bedroom floorplans. Units feature quartz countertops, modern cabinetry, stainless steel appliances and washer and dryers in each unit. The property also has on- and off-street parking for all units. The property was fully occupied at the time of sale. Located at 140 Jennings Ave., the property is situated off of North Central Street close to retailers and restaurants such as Wicked Chicken, Chivo Taqueria, Emilia, K Brew, Knox Food Park and Marble City Market, a food court. Additionally, the property is two miles from the University of Tennessee.

December 14, 2021

Affordable Housing Development Multifamily New York Northeast

Omni New York Completes 387-Unit Affordable Housing Project in Queens

by Taylor Williams December 14, 2021

NEW YORK CITY — Locally based developer Omni New York LLC has completed Archer Green, a 387-unit affordable housing project in the Jamaica area of Queens. The property includes 70,000 square feet of commercial space, a portion of which is preleased to German discount grocer Aldi. Amenities include a fitness room, outdoor terrace, community lounge, children’s playroom, media and coworking space, package lockers and bike storage space. Information on income restrictions was not disclosed.

December 14, 2021

Development Multifamily New York Northeast Seniors Housing

Sunrise, Hines, Welltower Open 151-Unit Seniors Housing Community in Manhattan

by Taylor Williams December 14, 2021

NEW YORK CITY — A partnership between Sunrise Senior Living, Houston-based Hines and Welltower (NYSE: WELL) has opened Sunrise at East 56th, a 151-unit high-rise community on Manhattan’s Upper East Side. The property offers assisted living and memory care services. Sunrise is collaborating with Northwell Health for services at the building. SLCE Architects designed the property, and Champalimaud Design created the interiors. The fourth, 11th and 15th floors feature landscaped outdoor terraces and gardens with views of the Manhattan skyline.

December 14, 2021

Connecticut Loans Multifamily Northeast

Dwight Capital Provides $29M Loan for Refinancing of Connecticut Multifamily Asset

by Taylor Williams December 14, 2021

MYSTIC, CONN. — New York City-based Dwight Capital has provided a $29 million bridge loan for the refinancing of Harbor Heights Apartments, a 121-unit multifamily asset in Mystic, located in the southern coastal part of Connecticut. The property was built on 10.5 acres in 2020 and offers a pool, fitness center, clubhouse with a kitchen, dog park and outdoor grilling areas. Daniel Malka and Jacob Gauptman of Dwight Capital originated the loan. The undisclosed borrower will also use a portion of the cash-out proceeds to fund predevelopment costs for a second phase of the property, a 72,000-square-foot surgical center.

December 14, 2021

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