Property Type

Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

by Alex Tostado June 13, 2019

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.

June 13, 2019

Development Louisiana Retail Southeast

Hutton Opens 103,413 SF Shopping Center in Northern Louisiana

by Alex Tostado June 13, 2019

RUSTON, LA. — Hutton has opened Ruston Marketplace, a 103,413-square-foot shopping center in Ruston. The property’s tenants include Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. Ruston Marketplace is situated off of Interstate 20, one mile from Louisiana Tech University. Hutton partnered with the City of Ruston to deliver the project. According to multiple media outlets, the City of Ruston paid $6.4 million to improve the infrastructure around the shopping center to make it more accessible to shoppers.

June 13, 2019

Development Florida Multifamily Southeast Student Housing

Haven Campus Communities to Break Ground on 702-Bed Student Housing Community Near Florida State University

by Alex Tostado June 13, 2019

TALLAHASSEE, FLA. — Haven Campus Communities is set to break ground on Haven17, a 702-bed student housing community located near Florida State University in Tallahassee. The development, set to open in fall 2021, will be located within walking distance of the university’s main campus and athletic facilities. The property will offer fully furnished two- and four-bedroom units with bed-to-bath parity. Community amenities will include smart thermostats, smart ceiling fans and an Amazon Echo in each unit; a cyber lounge with charging stations; a coffee bar; fitness center; yoga studio; tanning room; sauna; gaming area; private study areas; a computer center; package lockers; a smart market; a swimming pool with a sundeck featuring built-in grilling stations, a putting green, hammock garden, cornhole and ping pong; and fire pits.

June 13, 2019

Acquisitions Florida Multifamily Southeast

Coastline Management Purchases Apartment Complex in Gainesville for $13.2M

by Alex Tostado June 13, 2019

GAINESVILLE, FLA. — Coastline Management Group Inc. has purchased Point West Apartments, a 146-unit multifamily community in Gainesville, for $13.2 million. Coastline plans to renovate the 45-year-old property, the details of which were not disclosed. The complex offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, picnic area and a laundromat with 24/7 gated access. Coastline acquired the asset from an undisclosed seller in an off-market transaction.

June 13, 2019

Acquisitions Industrial Maryland Southeast

Joint Venture Buys 12-Acre Waterfront Site in Baltimore

by Alex Tostado June 13, 2019

BALTIMORE — Greenspring Realty Partners Inc., a real estate investment firm, and the Berg Corp., a demolition company, have acquired a 12-acre waterfront site located at 4601 Newgate Ave. in Baltimore. The site is divided into three parcels and is near the Seagirt Marine Terminal, which is operated by Ports America Chesapeake LLC. The site is equipped with a 700-foot pier on the east side of the property and a 1,400-foot pier on the west side. The site has access to one of the only deep-water ports available for private use in the city. According to the Maryland Port Authority, the port’s governing body, more than 43 million tons of general cargo was unloaded at the city’s private and public ports in 2018. Vane Brothers sold the site for an undisclosed price.

June 13, 2019

Acquisitions Multifamily Nevada Western

TruAmerica Multifamily Acquires 896-Unit Allanza at the Lakes in Las Vegas for $152M

by Amy Works June 13, 2019

LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings on a 40-acre site. Community amenities include five swimming pools, two fitness centers, a pet spa, picnic areas and a playground. Phillip Weigand and Thomas Olivetti of Northmarq’s Las Vegas office represented the undisclosed seller in the deal.

June 13, 2019

California Development Multifamily Student Housing Western

P3 Breaks Ground on 1,100-Bed Hornet Commons Student Housing at California State University, Sacramento

by Amy Works June 13, 2019

SACRAMENTO, CALIF. — A public-private partnership between University Enterprises Inc. — California State University, Sacramento’s (CSUS) commercial services auxiliary — and Greystar has broken ground on Hornet Commons, a 365,000-square-foot residence complex. The 1,100-bed development will feature six four-story buildings. Shared amenities will include a swimming pool, café, fitness center and a community room. Delivery is slated for fall 2021 The development team includes Sundt Construction Inc. and architectural firm Steinberg Hart.

June 13, 2019

Alaska Development Hospitality Western

Columbia Sussex Completes Renovations at Hilton Anchorage in Alaska

by Amy Works June 13, 2019

ANCHORAGE — Columbia Sussex has completed a multi-million-dollar renovation at Hilton Anchorage, located at 500 W. Third Ave. in downtown Anchorage. The project included upgrades to the lobby, dining establishments, guest rooms, fitness center and conference spaces. The renovated guestrooms include work stations with desk-level electrical outlets and high-speed internet access, The Bed by Hilton bedding systems, Hilton alarm clock radios with MP3 Player plug-ins, Cuisinart single-serve/dual-cup coffee makers, back-lit vanities, full-length mirrors, showers with rain showerhead fixtures and 49-inch televisions. The hotel also features 11 suites and more than 50 Club Level executive rooms. Hotel amenities include a fitness center, indoor pool, hot tub, Kaladi Brothers Coffee, Hooper Bay Café, Bruins Bar and 23,000 square feet of flexible meeting and event space. Crestview Hills, Ky.-based Columbia Sussex has owned and managed the hotel since 2006.

June 13, 2019

Acquisitions Arizona Multifamily Western

Pillar Communities Sells 315-Unit Apartment Community in Arizona for $67.8M

by Amy Works June 13, 2019

GILBERT, ARIZ. — Pillar Communities & Private Portfolio Group has completed the disposition of Pillar at SanTan, a garden-style apartment complex located at 2910 S. Greenfield Road in Gilbert. Baron Properties acquired the asset for $67.8 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office represented the seller in the transaction. Constructed in 2009, Pillar at SanTan features 315 units in a mix of studio, one-, two- and three-bedroom floorplans with nine-foot ceilings, well-appointed kitchens and patios/balconies. Community amenities include a resort-style swimming pool, spa, poolside lounge, outdoor kitchen, fitness center, outdoor picnic areas, grills and a playground.

June 13, 2019

Development Industrial Nevada Western

Panattoni Development Begins Work on North 15 Logistics Center in North Las Vegas

by Amy Works June 13, 2019

NORTH LAS VEGAS, NEV. — Panattoni Development, serving as developer, has commenced work on North 15 Logistics Center, building on a 29.9-acre land parcel located at the intersection of Interstate 15 and Speedway Boulevard in North Las Vegas. Slated for completion in first-quarter 2020, the $47 million project will feature two buildings offering a total of 550,024 square feet of industrial space. The facilities will feature up to 36-foot clear heights, ESFR sprinkler systems, R-30 roof batt insulation and concrete truck courts. LIT Industrial Limited Partnership, a Clarion Partners company, owns North 15 Logistics Center. Alston Construction is serving as contractor and HPA Architects is proving architectural services.

June 13, 2019

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