DAVIS, CALIF. — HighBridge Properties has started construction of The Ryder on Olive, a 706-bed development near the University of California, Davis. The 260,000-square-foot community is set for delivery in August 2021 and will offer a mix of fully furnished two-, three-, four- and five-bedroom units. Shared amenities will include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team includes partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and South Park Interiors. Asset Living will manage the community.
TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson. The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations. The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley. The seller and price were not disclosed. The new owner plans to make investments into the campus but did not release details.
HACKENSACK, N.J. — JLL has negotiated the $114.4 million sale of Prospect Place Apartments, a 360-unit multifamily community located outside Manhattan in Hackensack. The property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include two fitness centers, a pool, game room, resident lounge and a business center. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh of JLL represented the seller, Kushner Cos., in the transaction. The buyer was a partnership between Khosla Capital LLC and DKJ Equity LLC.
PHILADELPHIA — GMH Capital Partners LP, in partnership with Wexford Science & Technology LLC, is nearing completion of ANOVA at uCity Square, a 461-unit multifamily project in Philadelphia’s University City area. The property will include 14,000 square feet of retail space and a 157-space parking garage. Units will feature one-, two- and three-bedroom floor plans with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, indoor and outdoor lounges, fitness center with yoga and spin studios, coworking spaces, a complimentary coffee bar and beer taps, golf simulator and a dog washing station. Construction began in March 2020 and is scheduled for completion in August.
When the world shut down over a year ago, architects, designers and developers took a collective pause to assess what needed to change in the built environment. A particularly scrutinous eye was paid to off-campus student housing, a sector whose successful model was based on bringing students together, not keeping them a safe distance apart. Some sweeping changes were recommended at the onset — many operational in nature, based on the latest guidance from health officials. As courses moved online and on-campus residence halls closed, off-campus communities emerged as a safe haven for students who did not want to — or were unable to — return home. The resilience of the sector, as evidenced last fall by pre-leasing rates and rents that were only slightly below 2019 levels, suggested the temporary tweaks made out of necessity in 2020 worked. The real question was whether those modifications would carry through to newly developed and renovated communities post-pandemic, and if so, what form they might take. Our firm took the time to reflect on how design must evolve to meet the changing needs and expectations of students, parents, operators and developers — all of which have different priorities. At the top of …
By Ryan Duling and Andy Warnock, Lument Sizing up the Columbus, Ohio multifamily market is more challenging than it may seem to the casual observer. Neither fish nor fowl, Columbus doesn’t fit comfortably within the definitions of either growth or high-yield markets. Looked at from one angle, it appears largely suburban and conventional, but from another, increasingly sophisticated and demographically youthful. The presence of large institutions in the economic landscape — banks, healthcare systems, state government, universities — lend Columbus a slightly plodding image, but the heartbeat of the local economy is a dynamic group of middle market concerns punching above their weight class in logistics, professional services, retail and the digital spectrum. Metaphorically, it’s the cousin you considered a bit dull growing up who blossomed into an adult success. C-Bus’s relatively low population density, younger demographics and the relative ease of its transition to the work-from-home environment paid hefty dividends during the pandemic. Because infection and hospitalization rates were lower than average, the local economy was able to return to near normal in February, positioning the market to take full advantage of the stimulus-fueled economic recovery that could find its stride this summer. Labor market weathers pandemic Although COVID …
SARASOTA, FLA. — Virginia-based Snell Properties has purchased Arcos, an apartment community covering an entire city block in downtown Sarasota bounded by Central Avenue, Fourth Street and Lemon Avenue. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the new ownership group. Built in 2019, Arcos is a 228-unit community located at 320 Central Ave. that offers studio, one-, two- and three-bedroom floorplans with keyless entry access, walk-in closets, in-unit washer/dryers and kitchens with quartz countertops, tiled backsplashes and stainless steel GE appliances, including French door refrigerators with indoor ice and water dispensers. The apartment homes feature large windows, recessed lighting and city and courtyard view options. Community amenities include a resort-style heated pool with sun deck; an outdoor pavilion with a fireplace, entertainment center, outdoor kitchen and a bar with grills, ice-mines and seating; a courtyard with water features and tropical landscaping; onsite spa with massage rooms and saunas; parking garage; fitness center; fenced dog park; coworking space; and a Starbucks coffee station. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Tim Weldon and Brian Kochan of Newmark …
SLIDELL, LA. — NorthMarq has secured a $2.4 million loan for the acquisition of Royal Eden Apartments, a 50-unit property situated outside of New Orleans in Slidell. Lawrence Larisma and Ryan Taylor of NorthMarq’s Charlotte office, in coordination with NorthMarq’s San Antonio office, secured the Freddie Mac loan through an unnamed regional bank. The 10-year loan was structured with two years of interest-only payments, a fixed interest rate and a 20-year amortization schedule. Royal Eden Apartments contains multiple buildings that were originally built in phases during the 1970s and 1980s. Community amenities include waterfront views, a sundeck, picnic tables and flat lot parking, as well as walk-in closets and private patios and balconies in select units. .
NEW YORK CITY — New York City-based investment firm Manhattan Five Partners has acquired a portfolio of six multifamily properties totaling 2,167 units in the Dallas-Fort Worth metroplex. The properties were all built between 1970 and 1985 and include The Hangar, a 268-unit asset in Cedar Hill; Annex, a 267-unit complex in Mesquite; Forty200, a 512-unit community in Mesquite; Residence on Lamar, a 482-unit property in Arlington; Amp at the Grid, a 446-unit community in Arlington; and Current at the Grid, a 192-unit complex in Arlington. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, Dallas-based S2 Capital Partners, in the transaction.
MONTGOMERY, TEXAS — New York City-based Dwight Capital has provided $23.6 million in HUD financing for Montgomery Trace & Stewart Creek Apartments, a 264-unit multifamily asset in Montgomery, about 50 miles north of Houston. Proceeds will be used to refinance existing debt. The property was built in two phases between 2005 and 2011 and features amenities such as three pools, a fitness center, resident clubhouse, playground and a dog park. Brian Yee of Dwight Capital originated the loan. The borrower was not disclosed.