Multifamily

IPA Brokers $35.2M Sale of Saratoga Apartments in Mesa, Arizona

by Amy Works April 5, 2021

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Saratoga Apartments, a multifamily property located on University Drive in Mesa. Tides Equities acquired the property from an undisclosed seller for $35.2 million, or $122,990 per unit. Built in 1978 on 13 acres, the asset features 286 units, four swimming pools, a basketball court and tennis courts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

April 5, 2021

Development Multifamily Washington Western

Ethos Development Breaks Ground on 115-Unit Apartment Project in Tacoma, Washington

by Amy Works April 5, 2021

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on Analog Tacoma, a multifamily property in Tacoma. Totaling 65,000 square feet, Analog Tacoma will feature 115 apartments in an eight-story, mid-rise, podium-style building. The development team includes Works Progressive Architecture as designer and Katerra as general contractor. The development is one of the first in the city to be funded from the outset with a project-specific Opportunity Zone fund.

April 5, 2021

Acquisitions Florida Multifamily Southeast

IMG Sells Apartment Community in Port St. Lucie, Florida for $41.6M

by Julia Sanders April 2, 2021

PORT ST. LUCIE, FLA. — Investors Management Group Inc. has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie. Covenant Capital Group purchased the property for $41.6 million. Darron Kattan of Franklin Street’s Atlanta office represented IMG in the transaction. Waterleaf Townhomes and Apartments is located on the east side of Florida and is situated 6.9 miles from Jensen Beach and 47 miles from West Palm Beach. IMG acquired Waterleaf Townhomes and Apartments in 2017 for $26.8 million. The company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park and other common-area amenities. IMG has transacted over 1,000 units across the Miami and Tampa metros over the last decade.

April 2, 2021

Loans Multifamily North Carolina Southeast

Grandbridge Facilitates $21.9M Refinancing of Multifamily Property in Mooresville, North Carolina

by Julia Sanders April 2, 2021

MOORESVILLE, N.C. — Grandbridge Real Estate Capital has facilitated a $21.9 million loan for Ardmore at Alcove Apartments, a 150-unit garden-style multifamily property in Mooresville. Thomas Wiedeman of Grandbridge originated the refinancing through an unnamed life insurance company on behalf of the borrowers, Ardmore Residential and LaSalle Investment Management. The seven-year, fixed-rate loan was structured with an initial interest-only term followed by a 30-year amortization schedule. Ardmore at Alcove Apartments features a two-story clubhouse with a sun deck, fitness center, business center and billiards room. Other community amenities include a swimming pool with cabanas, a covered outdoor pavilion area with a flat-screen TV, fireplace and grilling stations, as well as a playground and dog park. Interior finishes include stainless steel appliances, granite countertops, Shaker-style cabinetry and nine-foot ceiling heights. The property is located close to Interstate 77, which allows access to Charlotte and downtown Mooresville.

April 2, 2021

Acquisitions Multifamily Southeast Tennessee

Capstone Apartment Partners Brokers $8.3M Sale of Shelby Grove Apartments in Memphis

by Julia Sanders April 2, 2021

MEMPHIS, TENN. — Capstone Apartment Partners has brokered the $8.3 million sale of Shelby Grove Apartments, a 13-building, all-brick apartment community situated on 6.5 acres off at 6357 Shelby Briar Drive in Memphis. Luke Searcy, Austin Heithcock and Adam Klenk of Capstone led the transaction. Sante Realty Investments was the seller, which acquired the asset in 2017. The buyer was EPH Properties. Built in 1999, Shelby Grove includes 98 two-bedroom units and was approximately 94 percent occupied at the time of sale. Each apartment home includes a fully equipped kitchen, ceiling fans and washer/dryer connections. The buyer plans to complete upgrades on 72 remaining unrenovated units by updating appliances, flooring, countertops and fixtures. Shelby Grove is EPH’s first investment in the Memphis market. In total, EPH has invested in more than 1,000 multifamily units and 15 commercial properties in nine markets across the United States.

April 2, 2021

Acquisitions Iowa Midwest Multifamily

JDP Acquires 195-Unit Cadence Apartments in Metro Des Moines

by Kristin Harlow April 2, 2021

JOHNSTON, IOWA — Jackson Dearborn Partners, a Chicago-based real estate investment and development company, has acquired Cadence Apartments in Johnston within metro Des Moines. The purchase price was undisclosed. The 195-unit, Class A apartment complex was built in 2017. It was 97 percent occupied at the time of sale. Amenities include a pool, media room, fitness center, coffee bar and Luxer One package system. The acquisition marks JDP’s first in the Des Moines area. The company intends to purchase newer construction multifamily properties in Midwest markets such as Des Moines, Indianapolis and Columbus. JDP purchased Cadence in a joint venture partnership with Ashland Capital, a Chicago-based multifamily investment company. BH Management will serve as property manager.

April 2, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 386-Unit Watermarke Apartments in Fort Worth

by Taylor Williams April 2, 2021

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Watermarke, a 386-unit apartment community in southwest Fort Worth. The property was built on 14 acres in 1986. Units feature private patios or balconies, and communal amenities include three pools, a clubhouse with a business center and gym, onsite laundry facilities and a dog park. Al Silva of Marcus & Millichap represented the seller, a San Antonio-based private investment firm, and procured the buyer, California-based Tides Equities.

April 2, 2021

Acquisitions Multifamily Texas

Kalterra Capital Partners Sells 249-Unit Multifamily Property in San Marcos, Texas

by Taylor Williams April 2, 2021

SAN MARCOS, TEXAS — Dallas-based Kalterra Capital Partners has sold McCarty Commons, a 249-unit multifamily property located in the Central Texas city of San Marcos. The 10.4-acre property was completed in 2019 and offers amenities such as a pool, volleyball court and a resident clubhouse. Project partners included Cross Architects, Shreve Land Construction, Sunridge Management, Bellwether Enterprise and Warsaw Realty Group. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, along with Kent Myers of Marcus & Millichap, represented Kalterra in the transaction. A private family office purchased the asset for an undisclosed price.

April 2, 2021

Acquisitions Multifamily Student Housing Utah Western

Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

by Amy Works April 2, 2021

PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah. The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill. Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition financing for the property through a prominent life insurance company. Significant renovations are planned for the community, details of which were undisclosed. The seller and price were also undisclosed.

April 2, 2021

Development Multifamily New Jersey Northeast

Claremont Development Nears Completion of 240-Unit Multifamily Project in Park Ridge, New Jersey

by Taylor Williams April 2, 2021

PARK RIDGE, N.J. — Claremont Development is nearing completion of The James, a 240-unit multifamily project located at 87 Madison Ave. in the Northern New Jersey community of Park Ridge. The property, which also houses 17,600 square feet of retail space, offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, espresso cabinetry and tile backsplashes. Indoor amenities include a coffee bar, game room, catering kitchen, coworking spaces with private offices, fitness center and a yoga studio. Outside, residents have access to multiple gathering areas, including an outdoor pool, grilling and dining areas, fire pits, TV and lounge areas and a turf lawn. Leasing will begin some time this spring.

April 2, 2021

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