CHICAGO — Interra Realty has arranged the sale of a seven-building, 39-unit multifamily rental community in Chicago’s Albany Park neighborhood for $11.4 million. The sales price equates to $293,590 per unit. Located on West Montrose Avenue, the property was built in 2013. The community features 26 two-bedroom units and 13 three-bedroom duplexes. Joe Smazal of Interra represented the seller, a private East Coast-based investor, as well as the buyer, Chicago-based HP Ventures Group.
DENVER — PMG and Greybrook Partners have purchased a 2.3-acre development site at 123 Speer Blvd. in Denver. Scripps Media sold the land for $35 million. The joint venture plans to develop Society Denver, a mixed-use project at the site. The 12-story Society Denver will be the first Society Living multifamily property in Colorado. Society Denver will feature 600 apartments developed in two phases, amenities and 14,000 square feet of commercial space. Society Living developments offer traditional units with efficient layouts, rent-by-bedroom/co-living options and oversized amenities, including co-working spaces; modern gyms and fitness studios; communal kitchens; craft food and beverage operations; smart package lockers; app-based keys; and integrated retail space. PMG is also working with the Capitol Hill United Neighborhoods to ensure Society Denver suits the surrounding neighborhood and community needs. Jamie Roupp of Jones Lang LaSalle represented the seller in the land transaction.
DENVER — RW Flats and Urban Villages, which also serves as property manager, have completed the disposition of Vita Flats, a Class B apartment property located at 101 N. Grant St. in Denver. Cohen Rojas acquired the community for $19.2 million. Built in 1961 and renovated in 2009, Vita Flats features 18 studio units, 47 one-bedroom units and nine two-bedroom units. The 11-story, 50,905-square-foot building features an Amazon package hub and a commercial-grade kitchen for resident use on the ground-floor. The new owner plans to renovate the units, as well as potentially add new units to the ground floor of the property. Patrick Henry, Boston Weir, Foster Gillis and Tommy Vento of Henry Group acted as transaction brokers in the sale.
GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released. Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.
PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
South Florida multifamily fundamentals are, and will continue to be, the single biggest driver of performance in the market. Strong rent collection and occupancy performance through the pandemic, population and household growth, low homeownership rates, increasingly expensive home prices, an improving job market, higher wage growth, limited land and a wonderful lifestyle all contribute toward sustainable long-term growth. Demand for multifamily rentals will increase post COVID-19 as South Florida becomes a hotbed of population growth from people migrating from other states due to the business-friendly environment and tele-workers who are choosing South Florida as their new home. In fact, household formations in South Florida are expected to increase more than 44,000 each year over the next five years. Assuming this projection materializes, at 60 percent homeownership rate (consistent with historic homeownership rates) represents over 17,000 new renters per year in South Florida. Investment sales skyrocket In the span of less than 12 months, the South Florida multifamily market went from near-record sales activity to virtually none before rebounding again to close the year. Last year ended with 254 multifamily sales totaling $3.1 billion. Despite almost six months of virtually no investment activity from April through September, total sales volume was …
RENO, NEV. — A joint venture between Canyon Partners Real Estate, GMH Communities and CRG has broken ground on Academy at Reno, a 755-bed student housing development located within a Qualified Opportunity Zone near the University of Nevada, Reno campus. The property will be the first high-rise student housing development in the Reno area, according to the joint venture. The partnership has secured a $75.2 million senior construction loan from Citizens and Nevada State Bank, and Canyon plans to contribute $36.2 million in equity for the development. The community will be located at the intersection of North Virginia Street and 15th Street, directly across from the university’s main entrance, and will offer one- to five-bedroom units. The project’s design-build team includes Humphreys & Partners Architects and general contractor Clayco. The 12-story development is targeting LEED Silver certification and is set for delivery prior to the start of the 2023-2024 academic year. The community will offer expansive views of campus, downtown Reno, the Truckee Meadows valley and nearby mountain ranges. Founded in 1991, Canyon Partners Real Estate is an investment arm of Canyon Partners, a global alternative asset manager with over $27 billion in assets under management. Academy at Reno …
MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …
RIVERSIDE, ALA. — An affiliate of OG Capital LLC, a Birmingham-based real estate investment firm, has purchased Riverbend Apartments, a 144-unit apartment community in Riverside. Built in 1980, the property sits about 40 miles east of Birmingham and overlooks the Coosa River and its Lake Logan Martin Reservoir. A Delaware-based entity doing business as OG Riverbend LLC purchased the property from a firm doing business as Riverbend Apartments Ltd. for $9.4 million. Located at 417 Riverbend Road, the community is 3.9 miles from Honda Manufacturing of Alabama, a $2 billion, 4.2 million-square-foot plant that directly employs nearly 6,000 workers. Riverbend, which will soon be rebranded as RiverHouse, includes one-, two- and three-bedroom apartment homes, a community pool and clubhouse. Additionally, the property has more than 4,000 feet of waterfront and offers residents a private boat launch, swimming and water sports. OG Capital plans to renovate the entire property and amenity package by improving and expanding the existing fitness center and adding new community docks, fire pits and grill stations. Arlington Properties Inc. will manage the community.
WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.
