FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Estrella at Broadmoor, a 96-unit multifamily property in Fort Worth. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based investment firm, in the transaction. The duo also procured the buyer, a locally based partnership. Both parties involved in the deal requested anonymity.
EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.
ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.
ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has sold Patterson Court Apartments, a 384-unit multifamily property in Orlando, for $107.8 million. West Hollywood, Calif.-based Trion Properties was the buyer, according to the Orlando Business Journal. Brett Moss and Jaret Turkell of Berkadia represented the seller. Patterson Court offers one-, two- and three-bedroom apartments ranging in size from 772 to 1,312 square feet. Community amenities include a pool, fitness center, grill, picnic area, courtyard, sundeck, business center, clubhouse, conference room and car charging station. Located at 8151 Patterson Woods Drive, the property is situated near Interstates 4 and 417 and Orlando International Airport. Built in 2008, Patterson Court has historically been utilized by Walt Disney World Resort as housing for participants in its Disney College Program, which is an internship program operated by The Walt Disney Co. for college students. The new owner plans to renovate the property.
CARY AND CHARLOTTE, N.C. — Raleigh-based HHHunt Corp. has broken ground on two apartment communities: Abberly Commons in Charlotte and Abberly Alston in Cary. The two communities total 617 apartments. Located at 10601 Harrisburg Road in Charlotte, Abberly Commons will include 287 apartments. Slated for completion by the winter of 2023, the property is expected to cost over $56 million to develop. The other property, Abberly Alston, will include 330 apartment homes with 41 built-to-rent townhomes located at 2124 Alston Ave. in Cary, a suburb of Raleigh. The project is expected to cost over $84 million to build and is slated for completion by winter 2023. Both communities will include one-, two- and three-bedroom apartment homes that offer granite countertops, stainless steel appliances and wood-style flooring. ADT is a partner on the project so all units will feature an assortment of smart home technology including smart hubs, smart thermostats, monitored security alarms and smart locks. Community amenities at both properties will include an adrenaline cardio and strength studio with separate studio space; private pool with sundeck and in water seating; outdoor entertainment area; bark park; car care center with car charging stations; valet trash removal; elevator access and a clubhouse …
CARBONDALE, ILL. — Friedman Real Estate has brokered the sale of University Village in Carbondale for an undisclosed price. The 269-unit apartment community, situated on nearly 17 acres, is located about a mile from Southern Illinois University. Below-market rents at the property, built in 1973, present a value-add opportunity for the undisclosed buyer. Rich Deptula and Kellen Duggan of Friedman advised both parties in the transaction.
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Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth
Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …
WEST PALM BEACH, FLA. — Berkadia Institutional Solutions, a partnership between Berkadia and the apartment brokerage of Moran & Co., has arranged the sale of three multifamily properties in West Palm Beach: Windward at the Villages, The Royal St. George and Village Place. The three properties have a combined 622 units and were sold for a total of $132.5 million. Jaret Turkell, Roberto Pesant, Omar Morales and Jose Mota of Berkadia’s Miami office completed the sale on behalf of the seller, Massachusetts-based Northland Investment Corp. Pennsylvania-based Morgan Properties was the buyer. T.J. Piper of Berkadia’s Philadelphia office secured a bridge loan for the three properties. Located at 1441 Brandywine Road, Windward at the Villages is a 196-unit property that offers one- and two-bedroom floorplans. The units feature private balconies and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, tennis court and a playground. The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floorplans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a swimming pool, fitness center, picnic area and a dog park. Lastly, Village Place is a 202-unit …
ROUND ROCK, TEXAS — Newmark has brokered the sale of Cordevalle, a 280-unit apartment community located in the northern Austin suburb of Round Rock. Built in 2014, the property offers a mix of one- and two-bedroom units averaging 789 square feet. Amenities include a pool, fitness center, business center, clubhouse, outdoor kitchen with grilling areas and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, Internacional, in the transaction. The buyer and sales price were not disclosed.
SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …