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Multifamily

District-Flats-Off-Dobson-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

ZMR Capital Enters Phoenix Market, Acquires Apartment Community in Mesa for $18.2M

by Amy Works

MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

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Station-at-Willow-Grove
DevelopmentMultifamilyNortheastPennsylvania

J.G. Petrucci Completes Lease-Up of 275-Unit Multifamily Property in Willow Grove, Pennsylvania

by Taylor Williams

WILLOW GROVE, PA. — Developer J.G. Petrucci Co. Inc. and its subsidiary, Petrucci Residential, have completed the lease-up of The Station at Willow Grove, a 275-unit multifamily property located on the northern outskirts of Philadelphia. The community is now 100 percent occupied. Units feature stainless steel appliances, granite countertops and glass mosaic backsplashes. The property features 20,000 square feet of commercial space and amenities such as a pool, fitness center, business center, resident clubroom, cinema lounge and a furnished courtyard.

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ArizonaLoansMultifamilyWestern

Taylor Street Arranges $3M Bridge Loan for Multifamily Property Acquisition in Tempe

by Amy Works

TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 94-Unit Apartment Complex in Stamford, Connecticut

by Taylor Williams

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 100 Prospect, a 94-unit apartment complex in Stamford. The property was originally built as an office building in the late 1970s and was converted to residential use in 2008. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Herald Realty LLC, in the transaction, and procured the buyer, First Prospect Place LLC.

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Apartments in Huntsville
CaliforniaFeaturesMultifamilyWestern

Yardi Matrix: US Multifamily Rents Increase by 1.6 Percent in April, Biggest Gain During Pandemic

by Julia Sanders

SANTA BARBARA, CALIF. — Following an unsteady year in 2020, the multifamily sector is taking a leap in the early half of 2021, according to the latest Yardi Matrix National Multifamily Report. In April, multifamily rents rose 1.6 percent year-over-year, which Yardi Matrix says is the highest increase seen since the beginning of the pandemic. The firm reports overall rents increased by $10 in April to $1,417 per month, the biggest single-month gain since June 2015. Rent Growth, Occupancy Levels Across Different Markets Most markets saw month-over-month rent growth. Twenty four of the top 30 markets that Yardi Matrix tracks saw month-over-month rent growth exceeding 0.5 percent, and all gateway markets experienced positive gains from March. All gateway markets had positive rent growth for the trailing three months as well, with Miami’s rent growing 0.8 percent, Chicago 0.5 percent and Boston 0.4 percent. However, some gateway markets are still struggling compared to where they were a year ago, including Washington, D.C., with only a 0.2 percent growth. New York City, San Francisco and Seattle all experienced 0.1 percent rent growth. Yardi Matrix says that these gateway markets that are behind are expected to experience rent growth this summer. One of …

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Watterscape-Urban-Residential-Allen
DevelopmentMultifamilyTexas

Dalcor Underway on 469-Unit Watterscape Urban Residential Apartments in Metro Dallas

by Taylor Williams

ALLEN, TEXAS — Dalcor Cos., a Dallas-based development and management firm, is underway on Watterscape Urban Residential, a 469-unit apartment community that will be located in the northeastern Dallas suburb of Allen. The property will offer studio, one- and two-bedroom units with stainless steel appliances, granite countertops and keyless entry mechanisms. Amenities will include a pool, fitness center, business center, collaborative work areas and a dog spa. Moss Construction Group, in a joint venture with Landmark, is the general contractor for the project, which is expected to be complete in December 2022.

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Affordable HousingDevelopmentMultifamilySeniors HousingTexas

KWA Completes 120-Unit Phase II of Affordable Seniors Housing Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has completed Phase II of Columbia Renaissance Square, a project that added 120 units of affordable seniors housing to the local supply. Developed by Columbia Residential and designed by JHP Architecture, the property features one- and two-bedroom floor plans with full-sized kitchens, espresso cabinetry and vinyl plank flooring. Amenities include a clubhouse with a catering kitchen, business center, fitness center, wellness room, theater room and a landscaped gazebo and courtyard. Phase I of the project consisted of 140 units, 85 percent of which were affordable.

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LoansMultifamilyNew JerseyNortheast

Thorofare Capital Provides $30.8M Loan for Redevelopment of Newark Apartment Tower

by Taylor Williams

NEWARK, N.J. — New Jersey-based Thorofare Capital has provided a $30.8 million loan for the redevelopment of a 25-story apartment tower located at 440 Elizabeth Ave. in Newark. Formerly known as Carmel Towers, the property consists of 216 units within a structure that was originally built in 1969 but has been vacant since 2012. The redevelopment will upgrade the flooring, appliances, fixtures and utility systems of the units. The project will also add enhanced amenities like a gym, bike room and a laundry room. Jonathan Bodner and Emanuel Westfried of Two Bins Capital arranged the loan on behalf of the sponsor, The Chetrit Group.

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The Gateway
AcquisitionsMarylandMultifamilySoutheast

Harbor Group International Sells 748-Unit Multifamily Community in Metro D.C.

by Julia Sanders

GAITHERSBURG, MD. — Harbor Group International LLC (HGI) has sold The Gateway, a 748-unit apartment community in Gaithersburg, a Maryland suburb of Washington, D.C. The buyer was Bridge Investment Group and the sales price was not disclosed. The Gateway was previously known as Jefferson at Orchard Pond. HGI acquired the property in 2015 and instituted a capital improvement program that included an HVAC conversion project to decrease net utility costs of the property, as well as addressing deferred maintenance, improve curb appeal and renovating the interiors of 200 units. HGI also added outdoor kitchen stations and two dog parks, as well as improvements to the property’s clubhouse, tennis courts and other common spaces. Completed in 1975, The Gateway is located in Montgomery County, an area known as a hub for large biotechnology firms clustered around the National Institutes of Health (NIH). The apartment community is situated close to the Metropolitan Grove MARC rail station and near the Shady Grove Metro Station. The property is also close to Interstates 270 and 370.

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Lafayette Place
AcquisitionsMississippiMultifamilySoutheast

DLP Real Estate Capital Acquires 234-Unit Lafayette Place Apartments in Oxford, Mississippi

by Julia Sanders

OXFORD, MISS. — DLP Real Estate Capital has acquired Lafayette Place, a 234-unit multifamily property located in Oxford. Lafayette Place has been renamed as DREAM Oxford. The sales price and seller were not disclosed. Built in 2009, Lafayette Place is located less than one mile from the University of Mississippi campus. The community sits on 9.3 acres and includes both one- and two-bedroom units with an average size of 723 square feet. Community amenities include a resort-style saltwater pool, beach volleyball court, 24-hour fitness center with a clubhouse and an outdoor grilling area.

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