Wednesday, July 30, 2025
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AcquisitionsMultifamilyNorth CarolinaSoutheast

TruAmerica Multifamily Acquires Westmont Commons in Asheville for $49.9M

by John Nelson

ASHEVILLE, N.C. — TruAmerica Multifamily has acquired Westmont Commons, a 252-unit apartment community in Asheville, for $49.9 million. Rob Russell and Richard Kourbage of Greystone originated a Freddie Mac acquisition loan for the buyer. The seller was not disclosed. Westmont Commons was built in phases in 2003 and 2008. The new buyer plans to make capital improvements in every unit with modern finishes, including new washers and dryers. TruAmerica also plans to upgrade the property’s swimming pool, fitness center and clubhouse, as well as convert the laundry room to a pet spa.

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AcquisitionsHospitalityMarylandSoutheast

JLL Brokers Sale of 154-Room Hampton Inn Hotel in Metro D.C.

by John Nelson

OXON HILL, MD. — JLL’s Hotels & Hospitality group has brokered the sale of Hampton Inn & Suites National Harbor/Alexandria Area, a 154-room hotel located at 250 Waterfront St. in Oxon Hill. The sales price was not disclosed, but Washington Business Journal reports the asset traded for $47 million. Situated along the Potomac River about 11.5 miles south of Washington, D.C., the 11-story hotel is located across the street from The Gaylord National Resort and Convention Center. The hotel features a business center, fitness center, complimentary breakfast, indoor pool and meeting space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer. Both parties requested anonymity.

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AcquisitionsGeorgiaIndustrialOfficeSoutheast

Stoic Equity Partners Purchases 90,300 SF Flex Property in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Stoic Equity Partners has purchased a 90,300-square-foot office and warehouse property located on McDonough Parkway in McDonough, a southern suburb of Atlanta. The Daphne, Ala.-based investor purchased the five-building property through an investment fund named SEP Industrial Holdings I LLC for $5.8 million. Nick Watson and Harrison Auerbach of Matthews Real Estate Investment Services represented the undisclosed, Georgia-based seller in the transaction. The flex property features loading docks, drive-in access, 18- to 20-foot clear heights and truck court space. The McDonough property is the second Atlanta-area investment for Stoic Equity Partners.

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GeorgiaLeasing ActivityRetailSoutheast

IKEA to Open New Small-Format Store in Alpharetta, Georgia

by John Nelson

ALPHARETTA, GA. — IKEA plans to open a 4,306-square-foot store at Mansell Crossing, a shopping center located at 7681 North Point Parkway in the northern Atlanta suburb of Alpharetta. The landlord is New York-based Brixmor. The new store is among four small-format locations that IKEA announced in January, along with new stores in the greater Los Angeles area and Austin, Texas. Each store will allow customers to design and order home-furnishing solutions and products with help from IKEA experts, as well as pick up items once they’re shipped. The new Alpharetta store is set to open this summer. Other tenants at Mansell Crossing include REI, Five Below, TJ Maxx, DSW, Macy’s Furniture Gallery and Barnes & Noble. IKEA opened its prototypical store and warehouse location, which spans more than 366,000 square feet, in Atlanta’s Midtown area in 2005.

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Lincoln-Square-Arlington
DevelopmentRetailTexas

Trademark Unveils Plans for Redevelopment of 45-Acre Shopping Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Trademark Property Co. has unveiled plans for the redevelopment of Lincoln Square, a 45-acre shopping center in Arlington. The Fort Worth-based owner-operator plans to demolish about 229,000 square feet of the existing space and renovate another 65,000 square feet at the 40-year-old center beginning in the second quarter of next year. Trademark will rebrand the property as “Anthem” and redevelop it to feature 152,000 square feet of new retail and restaurant space, 125,000 square feet of office and coworking space, a hotel with up to 200 rooms and 355 apartments. Trademark acquired Lincoln Square in late 2022 and subsequently entered into a public-private partnership agreement with the City of Arlington to invest $150 million into the property’s redevelopment. Dwell Design Studio is the project architect.

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AcquisitionsAffordable HousingMultifamilyTexas

GREA Negotiates Sale of 248-Unit Affordable Housing Property in Sherman, Texas

by Taylor Williams

SHERMAN, TEXAS — GREA, a multifamily brokerage firm with a dozen offices around the country, has negotiated the sale of Hilltop Village, a 248-unit affordable housing property in the North Texas city of Sherman. According to Apartments.com, Hilltop Village was built in 1969 and offers one-, two- and three-bedroom units. Residences are reserved for households earning 80 percent or less of the area median income. Amenities include a playground, volleyball court and outdoor grilling and dining stations. Mark Allen led the GREA team that brokered the deal. The seller was not disclosed. The buyer, Brazos Residential, plans to invest about $11 million in capital improvements to the property.

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ColoradoDevelopmentMultifamilyWestern

Cortland Begins Construction of 294-Unit Cortland Peterson Multifamily Property in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Cortland has commenced construction of Cortland Peterson, an apartment community located near Peterson Space Force Base in Colorado Springs. The initial phase of the 294-unit project is slated for completion in summer 2025, with the final phase scheduled for delivery in summer 2026. Consisting of two-, three- and four-story buildings, the community will offer a mix of living options for residents. Units will feature granite countertops and matte black fixtures in the kitchens and bathrooms, smart locks, Nest thermostats and hardwood flooring. Community amenities will include a large courtyard with a pool, cabanas, a hot tub, an outdoor grill and kitchen, a fire pit, fitness center and a leash-free dog park. Additionally, Cortland Peterson will offer a fourth-story sky lounge with a bar and views of Pikes Peak. The project is a joint venture with Promus Realty Properties, Iviron Capital Partners and BMO Bank.

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DevelopmentMultifamilyTexas

High Street Residential Breaks Ground on 181-Unit Multifamily Project in Metro Houston

by Taylor Williams

KINGWOOD, TEXAS — High Street Residential has broken ground on Reserve at West Lake, a 181-unit multifamily project located on the northern outskirts of Houston in Kingwood. High Street Residential is developing the project, which consists of 109 townhomes and 72 apartments and is the second phase of a larger development, in partnership with Japanese homebuilder Daiwa House Group. Residences will come in one-, two- and three-bedroom formats. Apartments will have an average size of 1,046 square feet, and townhomes will have an average size of 1,530 square feet. Amenities will include a pool, grilling areas, fitness center, resident lounge and an entertainment kitchen. W Partnership is the project architect, and Arch-Con Corp. is the general contractor. Delivery is slated for next summer.

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AcquisitionsMultifamilyTexas

Greysteel Arranges Sale of 15-Acre Multifamily Development Site in Liberty Hill, Texas

by Taylor Williams

LIBERTY HILL, TEXAS — Greysteel has arranged the sale of a 15-acre multifamily development site in Liberty Hill, about 40 miles north of Austin, that is approved for the construction of 345 units. The project, a construction timeline for which is still being finalized, will include a workforce housing component. J.R. Ellis of Greysteel brokered the deal. The buyer was a Dallas-based private investment group, and the seller was not disclosed.

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12475-SE-Powell-Blvd-Portland-OR
Affordable HousingDevelopmentMultifamilyOregonWestern

Public-Private Partnership Opens 169-Unit The Canopy Apartments at Powell in Portland, Oregon

by Amy Works

PORTLAND, ORE. — A public-private partnership between USA Properties Fund, Northwest Housing Alternatives and Oregon Housing and Community Services (OHCS) has opened The Canopy Apartments at Powell, a multifamily property at 12475 S.E. Powell Blvd. in Portland. Situated 12 miles east of downtown Portland, The Canopy Apartments at Powell features 169 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Community amenities include elevators, laundry facilities on each floor, on-site parking, bike room, an after-school program for children, a courtyard with a tot lot, a dog wash and a donation pantry. The $63 million development is the first of two apartment communities in Oregon for USA Properties Fund. The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) housing program, was critical in paving the way for the project, as well as The Portland Housing Bureau’s waiving of millions of dollars of development fees. Additional project partners included WNC & Associates and JP Morgan Chase as financial partners and WALSH Construction Co. as general contractor.

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