Multifamily

SE Legacy Development Breaks Ground on $7.4B Master-Planned Project in South Texas

by John Nelson May 21, 2024

LAREDO, TEXAS — SE Legacy Development LLC, a development firm founded by the Walker Family, has broken ground on a $7.4 billion master-planned project in South Texas. The development, named Talise, will be situated on 13,000 acres north of Laredo in an unincorporated portion of Webb County. Situated at the intersection of I-35, U.S. Highway 83 and Texas Highway 255, Talise will feature thousands of single-family and multifamily residences, an industrial and manufacturing park, town center retail space, regional airport and a newly discovered water source. The name Talise is a term with Native American-Iroquoian roots meaning “lovely water.” The Walker Family, a multi-generational entity that has owned ranch land spanning more than 250,000 acres over the course of its history, owns the land for Talise and is investing $1.6 billion in the development. The Walker Family discovered the water source on the land and is proposing a way to use the resource as an alternative solution to current water shortages in Laredo and Webb County. The newly established Legacy Water Supply Corp. is proposing a method to treat 50 million gallons of water within the Talise land holdings daily. SE Legacy Development is drilling 40 water wells to access …

May 21, 2024

San-Antonio-Multifamily-Conference-Developers

Conference Coverage Market Reports Multifamily Texas Texas Market Reports

InterFace Panel: Austin, San Antonio Multifamily Markets Face Looming Supply Glut

by Taylor Williams May 21, 2024

By Taylor Williams The multifamily markets of Austin and San Antonio — two of the fastest-growing cities in the country over the last decade — are on pace to deliver above-average volumes of new apartments in 2024, causing some industry experts to express concerns of potential oversupply. The origins of oversupply are not hard to trace, assuming the average apartment project in those markets takes about four years to complete from the time the site is identified and the entitlement and permitting processes begin to when the property is stabilized. Call it five years for some projects that experienced delays due to COVID-19. But in either case, the current wave of new product was largely financed at historically low interest rates at a time when healthy rent growth was easily underwritten. Demand was there, so developers supplied. And for similar reasons, the distress should be short-lived. With interest rates having risen by 400-plus basis points over the last two years and cuts for 2024 looking increasingly less likely, 2025 should be a year of very few new construction starts. Many owners that are delivering product this year will want to allow time for excess supply to be absorbed and see …

May 21, 2024

Acquisitions Multifamily Southeast Tennessee

Matthews Negotiates $31M Sale of Victory Place Townhomes in Clarksville, Tennessee

by John Nelson May 20, 2024

CLARKSVILLE, TENN. — Matthews Real Estate Investment Services has negotiated the $31 million sale of Victory Place Townhomes, a 194-unit multifamily community located at 401 Victory Road in Clarksville, about 54 miles northwest of Nashville. New York-based private equity firm BridgeGaps purchased the asset in a 1031 exchange with the seller, Singletary Construction, which developed the property in 2021. Austin Tomaiko and Austin Graham of Matthews represented the seller in the transaction, which Matthews says was the biggest sale in Clarksville by both unit count and sales price in the past 12 months. Victory Place Townhomes features a pool, fitness center, leasing office and dog parks, as well as one-, two- and three-bedroom floor plans.

May 20, 2024

Acquisitions Florida Loans Southeast Student Housing

TSB Capital Secures Acquisition Financing for 764-Bed Student Housing Community Near University of Central Florida

by John Nelson May 20, 2024

ORLANDO, FLA. — TSB Capital Advisors has secured acquisition financing for Nine at Central, a 764-bed student housing community located near the University of Central Florida campus in Orlando. QuadReal provided an undisclosed amount of financing to the borrower, L3 Campus. Delivered in 2023, Nine at Central offers a mix of one-, two-, four-, five- and six-bedroom units with bed-to-bath parity. Each unit features a 55-inch smart TV, private balcony, energy-efficient stainless steel appliances and Bluetooth-integrated washers and dryers. Shared amenities include a swimming pool, hammock garden, outdoor barbecues, a wet bar, poolside cabanas, game-day jumbotron, putting green, fitness center, yoga studio, study pods on each floor and a full arcade room.

May 20, 2024

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 544-Site Manufactured Housing Portfolio in Texas

by Taylor Williams May 20, 2024

CORPUS CHRISTI, KILLEEN, NOLANVILLE AND HUNTSVILLE, TEXAS — Berkadia has brokered the sale of a portfolio of four manufactured housing properties totaling 544 sites in Texas. Two of the properties, the 126-site Clear Creek and 98-site Cimarron Park Estates, are located in the Central Texas cities of Killeen and Nolanville, respectively. The 295-site Gateway MHC is located in Corpus Christi, and the 61-site Hidden Valley is located north of Houston in Huntsville. Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca of Berkadia represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

May 20, 2024

Development Multifamily Texas

Partnership Nears Completion of 351-Unit Mixed-Income Residential Project in North San Antonio

by Taylor Williams May 20, 2024

SAN ANTONIO — A partnership between Bitterblue Inc., Morgan Group and the San Antonio Housing Trust is nearing completion of Caroline at Rogers Ranch, a 351-unit mixed-income residential project located on the north side of San Antonio. Units come in one-, two- and three-bedroom floor plans, with 176 residences reserved for households earning between 60 and 80 percent of the area median income. Amenities include a pool, fitness center, business center, resident clubhouse and a game lawn. Davies Collaborative designed the project. Construction began in early 2022, and the first residents have begun moving in over the past several months. Full completion is slated for later this year. Rents start at $1,250 per month for a one-bedroom market-rate apartment.

May 20, 2024

California Development Multifamily Western

Sares Regis Opens 195-Unit Celeste Multifamily Community in South San Francisco

by Amy Works May 20, 2024

SOUTH SAN FRANCISCO, CALIF. — Sares Regis Group of Northern California has completed the construction of Celeste, a ground-up residential development in downtown South San Francisco. Located at 401 Cypress Ave., the eight-story building offers 195 apartments, an onsite leasing center, a fitness loft and secure electric vehicle parking. Sares is pursuing LEED Silver certification for the development. BDE Architecture served as architect of record for Celeste.

May 20, 2024

Acquisitions Multifamily Texas

JLL Negotiates Sale of 191-Unit Jones & Rio Apartments in San Antonio

by Taylor Williams May 20, 2024

SAN ANTONIO — JLL has negotiated the sale of Jones & Rio, a 191-unit apartment complex located in the River Walk area of San Antonio. The property offers studio, one- and two-bedroom floor plans and amenities such as a pool, fitness center, resident lounge, rooftop terrace, coffee bar and outdoor grilling and dining stations. Robert Arzola, Ryan McBride and Robert Wooten of JLL represented the seller, Benefit Street Partners, in the transaction. The buyer and sales price were not disclosed.

May 20, 2024

Acquisitions District of Columbia Multifamily Southeast

CIM Group Sells 276-Unit Argonne Apartments in D.C.

by John Nelson May 17, 2024

WASHINGTON, D.C. — The CIM Group has sold The Argonne, a 276-unit apartment community located at 1629 Columbia Road NW in Washington, D.C.’s Adams Morgan neighborhood. The buyer and sales price were not disclosed. The eight-story brick property was originally built in 1923. Under CIM Group’s management, The Argonne has undergone upgrades to the building’s lobby, common areas, corridors and façade. Today, the property features floor plans ranging from studios to three-bedroom apartments, as well as a swimming pool, fitness center, conference center, yoga room and a dog park.

May 17, 2024

Acquisitions California Multifamily Western

Bell Partners Buys 492-Unit Silverado Apartment Homes in Murrieta, California for $146.5M

by Amy Works May 17, 2024

MURRIETA, CALIF. — Bell Partners, on behalf of its Value Add Fund VII investors, has purchased Silverado Apartment Homes, a multifamily community in Murrieta, approximately midway between Los Angeles and San Diego. Realty Center Management sold the asset for $146.5 million. The property will be renamed Bell Murrieta Springs. Completed in 2007, Bell Murrieta Springs offers 492 one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. Community amenities include a green belt with a walking trail surrounding the entire property, two pools and a clubhouse. The property also features walking access along a nature preserve to Meadowridge Park, a city-owned park. Kevin Green, Gregory Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. With this acquisition, Bell Partners owns and/or manages 11 multifamily communities in Southern California totaling more than 3,100 apartments.

May 17, 2024

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