Multifamily

CBRE Facilitates Sale of 266-Unit Ascend Apartments in Milpitas, California

by Amy Works October 14, 2024

MILPITAS, CALIF. — CBRE has arranged the sale of Ascend Apartments, a multifamily community in Silicon Valley. Keith Manson of CBRE represented the buyer in the off-market transaction. Details of the deal were not released. Located at 1821 S. Milpitas Blvd. in Milpitas, Ascend Apartments features 266 studio, one- and two-bedroom floor plans, courtyards, a rooftop terrace with a skyline swimming pool and spa and a fitness center with an outdoor yoga lounge. Built in 2021, the community is situated across from the Milpitas BART and VTA Light Rail stations.

October 14, 2024

Acquisitions Multifamily Student Housing Texas

Vesper Holdings Acquires 432-Bed Student Housing Community in Denton, Texas

by Taylor Williams October 11, 2024

DENTON, TEXAS — Vesper Holdings has acquired Midtown 905, a 432-bed student housing community located near the University of North Texas campus in Denton. Built in 2011, the four-story building offers fully furnished units in two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a clubhouse, pool, game room and a coffee bar. Christopher Epp of Walker & Dunlop represented the undisclosed seller in the transaction. Gregg Wallace of AMA Financial and Geoff Smith of Walker & Dunlop placed acquisition financing for the new ownership, which also plans to invest $1.8 million in capital improvements to the property.

October 11, 2024

Colorado Loans Multifamily Western

Dwight Capital Provides $38.4M Loan for Volta at Voyager Apartments in Colorado Springs

by Amy Works October 11, 2024

COLORADO SPRINGS, COLO. — Dwight Capital has closed a $38.4 million HUD 223(f) loan for the refinancing of Volta at Voyager, a multifamily property in Colorado Springs. Brandon Baksh and Brian Yee of Dwight Capital originated the financing on behalf of the borrower, Boulder-based Mountain View Capital LLC. The refinancing benefited from a Green Mortgage Insurance Premium (MIP) reduction to 25 basis points, enhancing the financial terms. Comprising 10 three-story residential buildings, Volta at Voyager offers 200 one-, two- and three-bedroom apartments, a fitness center, Amazon lockers, a dog spa and park, swimming pool and spa and a resort-style clubhouse.

October 11, 2024

Acquisitions Multifamily Washington Western

TMR Acquires 182-Unit Multifamily Property in Lacey, Washington

by Amy Works October 11, 2024

LACEY, WASH. — TMR Investments has purchased The Village at Union Mills, an apartment property located at 8146 Sweetbrier Lane SE in Lacey. Terms of the transaction were not released. The Village at Union Mills offers 182 apartments. TMR has budgeted $4.1 million to execute a value-add repositioning strategy for the property. The planned investments include enhancements to the fitness center, clubhouse and outdoor amenity spaces, the addition of electric vehicle charging stations and rebranding. Planned interior unit renovations include the addition of stainless steel appliances, stone countertops and contemporary lighting and hardware.

October 11, 2024

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Brokers $4M Sale of Wisconsin Multifamily Portfolio

by Kristin Harlow October 11, 2024

PLATTEVILLE, WIS. — Marcus & Millichap has brokered the $4 million sale of a 29-unit multifamily portfolio in Platteville, a city in western Wisconsin. The portfolio comprises Pioneer Bluff, built in 1890; Pioneer Ridge, constructed in 1997; and Pioneer Court, built in 1997. There are 27 four-bedroom units and two two-bedroom units. Nearly all of the units in Pioneer Ridge are furnished. Patrick Suffield of Marcus & Millichap represented the seller and the 1031 exchange buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

October 11, 2024

Affordable Housing Development Florida Multifamily Southeast

HTG Begins Construction on $58M Affordable Housing Community in Miami’s Overtown Neighborhood

by John Nelson October 11, 2024

MIAMI — Housing Trust Group (HTG) has begun construction on Courtside Apartments II, a $58 million affordable housing community project located in the Overtown neighborhood of Miami. Upon completion, the property will total 120 units in one-, two- and three-bedroom layouts. This marks the second and final phase of a two-phase development that began with the opening of Courtside Apartments in 2016. Apartments at Courtside II will be reserved for residents earning at or below 50, 60 and 70 percent of the area median income (AMI), and monthly rents will range from $985 to $3,092. The property will feature a North and South Building, situated at 1698 N.W. 3 Ave. and 1501 N.W. 4 Ave., respectively, with both buildings spanning seven stories. Amenities at the community will include a clubhouse with a media center, fitness center, dog park and bike storage. Completion of construction is scheduled for the first quarter of 2026, with leasing scheduled to begin in fall 2025. The project team includes Corwil Architects, general contractor BDI Construction, civil engineer Kimley-Horn, interior designer Builders Design and landscape architect Witkin Hults + Partners.

October 11, 2024

Development Southeast Student Housing Tennessee

Annex Group Breaks Ground on 542-Bed Student Housing Community at University of Memphis

by John Nelson October 11, 2024

MEMPHIS, TENN. — The Annex Group has broken ground on a new, 542-bed student housing community at the University of Memphis. Situated within the Park Avenue Campus, the property will feature studio, two- and four-bedroom units, as well as study spaces, social spaces, outdoor living areas and grab-and-go dining options. The opening is scheduled for fall 2026. This marks The Annex Group’s second student housing community in the Memphis market.

October 11, 2024

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers $6.9M Sale of Germantown Village Apartments in Louisville

by John Nelson October 11, 2024

LOUISVILLE, KY. — Marcus & Millichap has brokered the $6.9 million sale of Germantown Village Apartments, a multifamily community in Louisville. Located on 2.7 acres at 630 E. Kentucky St., Germantown Village spans 66,300 rentable square feet across 100 one-bedroom units. Aaron Kuroiwa and Sam Kramer of Marcus & Millichap represented the seller, Strategic Advisors LLC, in the transaction and procured the buyer, BlackOak Equity Management. Grant Fitzgerald assisted in closing the sale as Marcus & Millichap’s broker of record in Kentucky. The seller recently completed comprehensive upgrades to the community, which was originally built in 1960.

October 11, 2024

Acquisitions California Multifamily Top Stories Western

CP Capital Sells 312-Unit Apartment Community in Suburban Los Angeles

by John Nelson October 11, 2024

POMONA, CALIF. — CP Capital has sold The Gabriel, a 312-unit apartment community in Pomona, approximately 30 miles west of Los Angeles. The property is situated at 2771 N. Garey Ave., adjacent to the Pomona North Metrolink Station. The buyer and sales price were not disclosed. The Gabriel was completed in 2022. The four-story development offers apartments featuring stainless steel appliances, quartz countertops, plank flooring and smart home technology such as Honeywell Wi-Fi thermostats, community video intercoms, Brivo keyless entry in common areas and ButterflyMX virtual keys. According to Apartments.com, units come in one-, two- and three-bedroom floor plans with monthly rental rates starting at $2,285. Community amenities include a pool and spa, fitness center, onsite retail, four courtyards with fruit trees and outdoor seating, fire pits, outdoor grills, a clubroom, rideshare lounge, entertainment lounge, dog park, pet wash station, package lockers and covered bike storage. The property was 94 percent occupied at the time of sale. “The multifamily sector has faced challenges in recent years, but we remain optimistic due to its resilience amidst economic uncertainty and the heightened levels of renter demand that should persist long after the current wave of new supply is fully absorbed,” says Kristi …

October 11, 2024

Development Multifamily New Jersey Northeast

Joint Venture Begins Leasing 169-Unit Multifamily Project in Livingston, New Jersey

by Taylor Williams October 10, 2024

LIVINGSTON, N.J. — A joint venture between Continental Properties and Garden Communities has begun leasing Highgate at Livingston, a 169-unit multifamily project in Northern New Jersey. The complex offers one-, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, clubhouse with games, coworking lounge, catering kitchen, outdoor grilling and dining areas and a dog run. Construction began in summer 2023. Rents start at $2,450 per month for a one-bedroom apartment.

October 10, 2024

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