Multifamily

DLP Real Estate Capital Acquires 288-Unit Multifamily Property in Memphis

by Julia Sanders March 30, 2021

MEMPHIS, TENN. — DLP Real Estate Capital, a private financial services and real estate investment firm, has acquired Vantage at Germantown, a 288-unit, garden-style apartment community at 7885 Silver Spur Circle, North Dr. in Memphis. The three-story property features one-, two- and three-bedroom units with an average 837 square feet. The sales price was not disclosed, but the seller was Vantage Communities. Built in 2020, Vantage at Germantown sits on over 22 acres and includes a swimming pool with outdoor cabanas and a fireplace, media lounge with internet cafe, clubhouse, 24-hour fitness studio, remote access gates and a bark park. The units feature energy-efficient appliances with full-size washer and dryer, tiled backsplash, closets and personal balconies.

March 30, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Acts Retirement Begins $10M Expansion Project at Senior Living Community in Moorestown, New Jersey

by Taylor Williams March 30, 2021

MOORESTOWN, N.J. — Acts Retirement-Life Communities has begun a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the property, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an onsite healthcare center with 66 assisted living suites and a 34-bed skilled nursing center.

March 30, 2021

Acquisitions Multifamily New York Northeast

Avison Young Negotiates $13.2M Sale of Multifamily Building in Manhattan

by Taylor Williams March 30, 2021

NEW YORK CITY — Avison Young has negotiated the $13.2 million sale of a multifamily building located at 100 Second Ave. in the East Village neighborhood of Manhattan. The five-story building houses seven apartments that were recently renovated and one commercial space. Brandon Polakoff of Avison Young represented the seller, Highpoint Property Group, in the deal. The buyer was not disclosed.

March 30, 2021

Acquisitions Midwest Multifamily Wisconsin

Starboard Realty Acquires 139-Unit Apartment Complex in Suburban Milwaukee

by Kristin Harlow March 30, 2021

MENOMONEE FALLS, WIS. — Starboard Realty Advisors LLC has acquired Jade at North Hills in Menomonee Falls, a suburb of Milwaukee. The sales price was undisclosed. The 139-unit apartment complex was 98.6 percent occupied at the time of sale. Developed by Fiduciary Real Estate Development, the garden-style property features four buildings with underground parking. It features a mix of studio, one- and two-bedroom units. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the undisclosed seller.

March 30, 2021

Features Heartland Feature Archive Multifamily

Four Factors for Planning a Post-Pandemic Multifamily Amenity Renovation

by Kristin Harlow March 30, 2021

By Mary Cook, Mary Cook Associates As a commercial interiors firm, a question we hear a lot recently is “Are multifamily developers renovating amenities because of the pandemic?” The answer is a bit more nuanced than a straight “yes” or “no.” No, entire amenity floors are not being ripped out and re-thought in direct response to changes stemming from the pandemic. But yes, long-term lifestyle trends are emerging from the pandemic that should be a factor when redesigning amenity spaces for other reasons — whether they aren’t resonating with residents as anticipated, or simply look a bit outdated. After all, the key to creating successful, appealing amenities is understanding the attitudes and preferences of the residents that will use them. With that in mind, here are four priorities owners and operators should focus on when renovating amenities in a post-COVID world: Indoor-outdoor connections Early in the pandemic, the ability to open to the outdoors was the No. 1 factor that allowed indoor amenities to continue functioning. One year later and access to open-air amenities is still a top feature, according to Rent Café. And it’s easy to see why. People behave differently outside, feeling more at ease and comfortable, and …

March 30, 2021

California Development Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges Development Financing for 92-Unit Seniors Housing Project in Santa Rosa, California

by Amy Works March 29, 2021

SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.

March 29, 2021

Acquisitions California Multifamily Western

Xenon Investment Corp. Acquires Hollywood Regency Apartments in Los Angeles for $21.3M

by Amy Works March 29, 2021

LOS ANGELES — Xenon Investment Corp. has purchased The Hollywood Regency Apartments, a multifamily property located at 1635-1639 N. Martel Ave. in the West Hollywood submarket of Los Angeles. A Los Angeles-based private partnership sold the asset for $21.3 million, or $355,000 per unit. Built in 1972, the four-story, 67,329-square-foot building features 60 apartments, an open-air courtyard, pool and 105 parking spaces. The units have an average size of 1,100 square feet with a mix of 39 one-bedroom apartments and 21 two-bedroom apartments. Matthew Kanner of The Kanner Group of KW Commercial represented the seller and buyer in the transaction.

March 29, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Negotiates $9.5M Sale of Riverbend Apartments in Salem, Oregon

by Amy Works March 29, 2021

SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million. Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet heating units and ductless cooling. David Chatfield and Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Greg Goodenough of Premiere Property Group represented the seller in the deal.

March 29, 2021

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $58.2M Sale of Two Multifamily Properties in Metro Birmingham

by Julia Sanders March 29, 2021

BIRMINGHAM AND HOOVER, ALA. — Marcus & Millichap has brokered the sale of two multifamily properties in the Birmingham area. The first property is Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million, or $118,826 per unit. The second is Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.8 million, which represents $110,000 per apartment. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994. Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.

March 29, 2021

Acquisitions Maryland Multifamily Southeast

Harbor Stone Advisors Arranges $10.3M Sale of Apartment Community in Odenton, Maryland

by Julia Sanders March 29, 2021

ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit. Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black appliances, wood cabinets, formica countertops, some dishwashers and garbage disposals. Community amenities include four onsite laundry rooms, a surface parking lot and a patio or balcony for each unit. Highland Court Apartments is located at 1221 Scotts Manor Court and is 16 miles away from Annapolis, 23 miles from Baltimore, 30 miles from Washington, D.C. and 15 miles from Columbia. The property is also less than four miles from Fort George G. Meade, Maryland’s largest employer, according to Harbor Stone Advisors.

March 29, 2021

Newer Posts

Older Posts