Multifamily

RightQuest Sells 416-Unit Multifamily Portfolio in South Texas

by Taylor Williams October 28, 2019

EDINBURG AND BROWNSVILLE, TEXAS — Dallas-based developer RightQuest, n conjunction with local partnerships JTMR LLC and JJR Group Ltd, has sold a 416-unit luxury apartment portfolio located in south Texas to an undisclosed buyer. The portfolio includes the 144-unit Royal Vista in Edinburg, the 128-unit Bella Vista Phase I and the 144-unit Bella Vista Phase II in Brownsville. All properties were completed within the last six years. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction, and JLL represented the buyer.

October 28, 2019

Development Florida Multifamily Southeast

Roger B. Kennedy Construction Begins 318-Unit Multifamily Property in Fort Myers

by Alex Tostado October 28, 2019

FORT MYERS, FLA. — Roger B. Kennedy Construction has begun construction on Murano at Three Oaks Apartments in Fort Myers on behalf of developer Courtelis Co. Although costs were not expressly disclosed, the contractor said its contract is worth $38 million. The property is a planned 318-unit apartment community located at 17167 Three Oaks Parkway. The community will feature two four-story apartment buildings, a clubhouse, pool pavilion and detached garages. Forum Architecture & Interior Design designed the property, which is expected to deliver in January 2021.

October 28, 2019

Acquisitions Multifamily South Carolina Southeast

Capstone Negotiates Sale of 304-Unit Apartment Complex in Columbia

by Alex Tostado October 28, 2019

COLUMBIA, S.C. — Capstone Apartment has negotiated the sale of Hunter’s Way, a 304-unit apartment complex in Columbia. The garden-style property offers one-, two- and three-bedroom floor plans spanning 38 two-story buildings. The community was 92 percent occupied at the time of sale. Communal amenities include a swimming pool, playground and clubhouse, as well as laundry facilities in each building. The buyer, GLP Investments, plans to rebrand the community and implement a multimillion-dollar renovation. Ron Corrao, Alex McDermott, Austin Green, and Brian Ford of Capstone represented the seller, Rivercity Ventures, in the transaction. The sales price was not disclosed.

October 28, 2019

Acquisitions Multifamily South Carolina Southeast

Berkadia Arranges $28M Sale of Multifamily Community in North Charleston

by Alex Tostado October 28, 2019

NORTH CHARLESTON, S.C. — Berkadia has arranged the $28 million sale of Planters Crossing, a 256-unit multifamily community in North Charleston. The property is located at 7910 Crossroads Drive, 15 miles north of downtown Charleston. The community offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, sundeck, barbecue area and laundry facilities. Mark Boyce and Blake Coffey of Berkadia represented the seller, Intersouth Realty, in the transaction. John Bray of Berkadia originated a Fannie Mae acquisition loan on behalf of the buyer, Charleston-based Blaze Partners.

October 28, 2019

Acquisitions California Multifamily Western

TMG Brokers $15.8M Sale of The Regency Apartments in Sacramento

by Amy Works October 28, 2019

SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.

October 28, 2019

Development Multifamily Washington Western

Nitze-Stagen, Pinnacle Partners to Develop Canton Lofts Apartment Project in Seattle

by Amy Works October 28, 2019

SEATTLE — Developer Nitze-Stagen and Pinnacle Partners, an Opportunity Zone investment firm, have broken ground on Canton Lofts in Seattle’s historic Pioneer Square. The project is the city’s first Opportunity Zone development. The $30 million development will feature 80 units with transit accessibility and provide affordable, one-bedroom studios.

October 28, 2019

Acquisitions Arizona Multifamily Western

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

by Amy Works October 28, 2019

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.

October 28, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Greystar Acquires 388-Bed Student Housing Community in Chicago’s South Loop

by Kristin Harlow October 28, 2019

CHICAGO — Greystar has acquired 30 East, a 388-bed student housing community located in Chicago’s South Loop neighborhood. Columbia College Chicago holds a 10-year, 340-bed master lease at the community. The remaining 48 beds are open to students at any of the more than 20 colleges and universities located within two miles of the property. The 17-story community offers studio, one-, two-, three- and four-bedroom units. Shared amenities include a third-floor terrace and dog park, state-of-the-art fitness center and a sky lounge. The purchase price and seller were not provided, but Crain’s Chicago Business reports that Philadelphia-based Gilbane Development sold the asset for $60 million.

October 28, 2019

California Development Loans Multifamily Western

Z&L Properties Receives $330M in Financing for 640-Unit Condo Project in San Jose, California

by Amy Works October 25, 2019

SAN JOSE, CALIF. — Z&L Properties has received $330 million in financing for the development of 188 West St. James, a two-tower condominium project in downtown San Jose. Brandon Roth, Charles Halladay and Taylor Gimian of JLL arranged the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies for the borrower. Currently under construction, 188 West St. James will consist of 20- and 22-story towers totaling nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail space and more than 650 parking stalls. The 640 condominiums will feature kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry, as well as bathrooms with custom floating vanities and porcelain tile flooring. Additionally, units will have hardwood flooring throughout the main living areas. Community amenities will include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.

October 25, 2019

California Development Mixed-Use Multifamily Office Retail Western

Greenheart Land Co. Developing Transit-Oriented Mixed-Use Project in California Bay Area

by Amy Works October 25, 2019

MENLO PARK, CALIF. — Palo Alto, Calif.-based Greenheart Land Co. has topped off Station 1300, a three-story, transit-oriented development in downtown Menlo Park. The development is located less than one block from the Menlo Park Caltrain station San Francisco-based BAR Architects designed the project, which will feature two Class A office buildings totaling 200,000 square feet; a 20,000-square-foot public plaza; 183 multifamily units; and approximately 28,000 square feet of ground-floor retail space. JETT Landscape Architecture & Design is serving as landscape architect. Todd Husak and Jon Moeller of CBRE’s Palo Alto office are the leasing agents for the office portion of the property.

October 25, 2019

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