Multifamily

Leon Capital Breaks Ground on 380-Unit Soltra at SanTan Village in Arizona

by Amy Works October 25, 2019

GILBERT, ARIZ. — Dallas-based Leon Capital Group has started construction of Soltra at SanTan Village, a Class A multifamily community located at the intersection of SanTan Village Parkway and Ray Road in Gilbert. Situated on 14.2 acres, Soltra at SanTan Village will feature 380 apartments spread across six three- and four-story buildings. With a variety of floorplans, units will feature nine- and 10-foot ceilings, urban mudrooms, smart locks, walk-in showers and soaking tubs, quartz countertops, stainless steel appliances, wood-plank vinyl flooring and ample private garages. The first units are slated for delivery in early 2021. Community amenities will include a 1,900-square-foot, third-floor sky terrace with fully equipped chef’s kitchen; a private resident’s club and sports bar with kitchen and a multiscreen television wall; a “bark park” with pet spa and grooming station; two-tiered, negative-edge resort pool with swim-up hospitality and entertainment area; and private poolside cabanas. Additionally, the community will feature a two-story fitness and wellness center, a conference room and workspace, and a Luxor parcel reception kiosk. The project team includes McShane Construction Co., Todd & Associates, Sustainable Engineering Group and AndersonBaron. Brennan Ray of Birch & Cracchiolo served as zoning attorney, while Zach Pace of Phoenix Commercial Advisors …

October 25, 2019

Acquisitions Arizona Multifamily Nevada Utah Western

Next Wave Investors Acquires 380 Multifamily Units in Phoenix, Salt Lake City, Las Vegas

by Amy Works October 25, 2019

PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.

October 25, 2019

Acquisitions Multifamily Southeast Virginia

Bristol Development Sells New Multifamily Property in Richmond for $103M

by Alex Tostado October 25, 2019

RICHMOND, VA. — Bristol Development Group has sold 2000 West Creek, a 373-unit multifamily property that the company delivered in 2018. Richmond-based Capital Square acquired the asset for $103 million. The property is located at 2000 Broad Branch Road in Richmond’s West Creek neighborhood. The community offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor courtyard, fitness center and a clubroom. Will Mathews, Charles Wentworth, G.S. Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Garrison Gore of Colliers International represented the seller in the transaction.

October 25, 2019

Development Florida Multifamily Southeast

Catalyst Breaks Ground on 318-Unit Apartment Complex in Downtown Fort Myers

by Alex Tostado October 25, 2019

FORT MYERS, FLA. — Catalyst Asset Management has broken ground on West End at City Walk, a 318-unit apartment complex in downtown Fort Myers. The community will be part of Catalyst’s City Walk mixed-use development that will include 108,000 square feet of retail and office space and a hotel. West End at City Walk will offer studio to two-bedroom floor plans, as well as 15,000 square feet of office space. Communal amenities will include a heated saltwater swimming pool, multiple outdoor kitchens with barbecue grills, fitness center, yoga room, e-lounge, conference room, coworking spaces, pet spa, an entertainment kitchen with indoor and outdoor dining areas and a covered terrace on the fifth floor. Catalyst expects to deliver West End at City Walk in late 2020. Hancock Bank and Iberia Bank provided construction financing. PDS Architecture is West End’s designer, and Brooks and Freund is the general contractor. ZRS Management LLC will provide leasing and property management services with preleasing expected to begin in December 2020.

October 25, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

CBRE Brokers Sale of 900-Bed Student Housing Community Near Auburn University

by Alex Tostado October 25, 2019

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed student housing community located near Auburn University. The property comprises 13 three-story buildings offering two-, three- and four-bedroom units. Shared amenities include a 24-hour fitness center, swimming pools, heated spa, game room, picnic areas, sand volleyball court, computer lounge, clubroom, private study areas and a lighted basketball court. BCEG International Investment-US purchased the community for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Brett Kingman and Russ Oldham of CBRE arranged the transaction on behalf of the undisclosed seller. Ben Roelke and Ian Walker of CBRE originated a Freddie Mac Green Program acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.66 percent interest rate and five years of interest-only payments.

October 25, 2019

Acquisitions Multifamily Texas

High Street, Principal Real Estate Sell 353-Unit Apartment Community in Austin

by Taylor Williams October 25, 2019

AUSTIN, TEXAS — High Street Residential, the multifamily development arm of Trammell Crow Co., and Principal Real Estate Investors have sold Crestview Commons, a 353-unit apartment community in Austin. The property features one-, two- and three-bedroom units ranging in size from 642 to 1,405 square feet. Amenities include a pool, outdoor grilling areas, multiple courtyard spaces, a fitness center, entertainment kitchen and a resident lounge. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the deal on behalf of the sellers. The buyer was Verbena Road Holdings.

October 25, 2019

Acquisitions Multifamily Texas

The Multifamily Group Brokers Sale of 170-Unit Cottonwood Park in Metro Dallas

by Taylor Williams October 25, 2019

GRAND PRAIRIE, TEXAS — The Multifamily Group, a Dallas-based firm, has arranged the sale of Cottonwood Park, a 170-unit community in Grand Prairie, roughly midway between Dallas and Fort Worth. The Class B community was built in 1981 and offers a pool, fitness center, clubhouse and onsite laundry facilities. Chibuzor Nnaji Jr. of The Multifamily Group represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

October 25, 2019

Development Florida Multifamily Seniors Housing Southeast

Roger B. Kennedy Construction Completes $20M Seniors Housing Development in Tallahassee

by Alex Tostado October 24, 2019

TALLAHASSEE, FLA. — Roger B. Kennedy Construction has completed construction of The Grove at Canopy in Tallahassee on behalf of developer Vestcor Senior Living. Although costs were not expressly disclosed, the contractor said its contract exceeded $20 million. The three-story, 140,000-square-foot community features 118 units of independent living, assisted living and memory care. The designer on the project was Group 4 Design.

October 24, 2019

Arizona Development Multifamily Seniors Housing Western

Astoria Healthcare Enters Seniors Housing Sector with 110-Unit Community in Phoenix

by Amy Works October 24, 2019

PHOENIX — Astoria Healthcare Properties has started construction of its first seniors housing community, The Retreat of Alameda in Phoenix. The Kansas-based developer specializes in ambulatory surgery centers, surgical specialty hospitals and medical office buildings. “Adding senior living as a product type is a natural extension for us,” says John Foudray, the company’s CEO. “Our expertise is developing healthcare facilities with the goal of providing higher quality care at a lower cost. Not only is the demand for senior living increasing, but the ability to provide a product that provides quality care at an affordable price is in greater demand.” The new development will offer 72 assisted living units and 38 memory care units in a 93,000-square-foot building. triARC Design provided design work on the project. Paradigm Senior Living will operate the community upon completion, which is planned for March 2021.

October 24, 2019

Acquisitions Arizona Multifamily Western

CBRE Brokers $45.2M Sale of Avia 266 Apartments in Metro Phoenix

by Amy Works October 24, 2019

MESA, ARIZ. — CBRE has brokered the sale of Avia 266, a multifamily property located at 2354 W. University Drive in Mesa. Seattle-based Thayer Manca Residential sold the property to Beverly Hills, Calif.-based Geringer Capital for $45.2 million. Avia 266 features two swimming pools, a 24-hour fitness facility, resident clubhouse, an outdoor gaming space with a bocce ball court, parcel pending locker for resident packages and a dog park. The property features 266 one- and two-bedroom units with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

October 24, 2019

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