Multifamily

Partnership Opens 328-Unit Wentworth Park Residences Near Savannah

by John Nelson February 20, 2024

PORT WENTWORTH, GA. — A partnership between Novare Group, Batson-Cook Development Co. (BCDC) and Baltisse has opened Wentworth Park Residences, a 328-unit apartment community located in the Savannah suburb of Port Wentworth. The Class A, garden-style community is situated on 30 acres along Augusta Road (Highway 21) near the 1-95 interchange. Dwell Design Studio designed Wentworth Park, which features one-, two- and three-bedroom apartments, as well as 16 carriage houses with private garages. Amenities include a resort-style swimming pool with a sun shelf and a clubroom featuring an entertainment kitchen and a lounging area with shuffleboard and outdoor dining. Other amenities include private workstations and conference rooms, a fitness center and yoga studio and an outdoor entertainment space with a kitchen, dining area, fire pits, hammocks and a dock overlooking a lake. Monthly rental rates range from $1,610 to $2,400, according to the property website.

February 20, 2024

Acquisitions Build-to-Rent Multifamily Single-Family Rental Southeast Virginia

Northmarq Brokers Sale of 95-Unit Build-to-Rent Residential Community in Northern Virginia

by John Nelson February 20, 2024

STEPHENS CITY, VA. — Northmarq has brokered the sale of West Wind, a 95-unit build-to-rent (BTR) residential community located at 113 Holt Court in Stephens City, about 14 miles south of Winchester, Va. Ari Azarbarzin and Gabe Tovar led the Northmarq BTR team that also included Chris Doerr, Will Harvey, Shack Stanwick, Matt Straughan, Wink Ewing and Anthony Pino in representing the undisclosed seller. The sales price was also not disclosed. Tom Peloquin, Cabell Thomas and Rich Choisser of Northmarq’s debt and equity team secured acquisition financing on behalf of the buyer, a joint venture between RockBridge Investment Group and DSP Real Estate Capital. Situated near I-81, West Wind was built in 2023 and features two-story, three-bedroom townhomes with smart-home technology, stainless steel appliances, granite countertops and hard-surface flooring.

February 20, 2024

Development Illinois Midwest Multifamily

Continental Properties Opens 320-Unit Townhome-Style Apartment Community in St. Charles, Illinois

by Kristin Harlow February 20, 2024

ST. CHARLES, ILL. — Continental Properties has opened Springs at St. Charles, a 320-unit townhome-style apartment community in St. Charles, about 40 miles west of Chicago. Located at 405 Smith Road, the property features a mix of studio, one-, two- and three-bedroom floor plans. Residences have private entrances and attached garage options. Amenities include a resort-style pool, clubhouse, outdoor grill area, 24-hour fitness center, car care area and two leash-free dog parks. The property is situated less than a 10-minute drive from the 800-acre DuPage Business Center, which includes employers such as Amazon, Norix Group Inc., Suncast Corp. and Alton Industry Group. Springs at St. Charles marks the seventh Springs apartment community in metro Chicago.

February 20, 2024

Acquisitions Midwest Missouri Multifamily Seniors Housing

JLL Negotiates Sale of Three-Property Seniors Housing Portfolio in Missouri

by Kristin Harlow February 20, 2024

WILDWOOD, TOWN AND COUNTRY, AND KANSAS CITY, MO. — JLL Capital Markets has negotiated the sale of three seniors housing communities in Wildwood, Town and Country, and the Burlington Creek area of Kansas City. The sales price was undisclosed. The portfolio comprises 252 units of private pay assisted living and memory care with comprehensive amenities. The properties were built between 2016 and 2018. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the undisclosed seller and procured the buyer, a joint venture between Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living. Scarp Ridge spearheaded the acquisition, which was capitalized by Artemis. Arrow is taking over operations of the three communities. The acquisition is the first for the joint venture.

February 20, 2024

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Arranges Sales of Two Multifamily Buildings in Chicago

by Kristin Harlow February 20, 2024

CHICAGO — Essex Realty Group Inc. has arranged the sales of two multifamily properties in Chicago’s Greater Grand Crossing and Chatham neighborhoods. The first building includes 16 units and is located on South Indiana Avenue, while the second asset features 19 units and is located on South Drexel Avenue. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each sale. Further details were not provided.

February 20, 2024

Acquisitions Arizona Multifamily Western

ABI Brokers $2.1M Sale of Multifamily Community in Downtown Phoenix

by Hayden Spiess February 20, 2024

PHOENIX — ABI Multifamily has brokered the $2.1 million sale of a multifamily community located at 614-616 N.10th Ave. in downtown Phoenix. Built in 1936 and 1954 and renovated in 2023, the property features eight apartments in one- and two-bedroom layouts. Dallin Hammond, Mitchell Drake, Carson Griesemer, Tom Palestina, Andrew Arambula and Bryce Neagle of ABI represented the Arizona-based seller in the transaction. Both the buyer and seller were undisclosed.

February 20, 2024

Development Florida Multifamily Southeast

Catalfumo Cos. Receives Approval for 620 Additional Units at Gardens Station Multifamily Project in South Florida

by John Nelson February 19, 2024

PALM BEACH GARDENS, FLA. — Catalfumo Cos. has received approval from the City of Palm Beach Gardens for the development of an additional 620 multifamily units at its Gardens Station project in South Florida. Project partner The Richman Group of Cos. is currently underway on the construction of the originally planned 398 units. Located at 11025 RCA Center Drive, the community will total 1,016 apartments, with more than 100 residences dedicated to workforce housing. Gardens Station is situated within the larger PGA Station transit-oriented development, which also features office space and apartment community The Marc, which is scheduled for delivery later this year. The new addition to Gardens Station was designed by Corwil Architects. A construction timeline was not disclosed.

February 19, 2024

Build-to-Rent Development Multifamily North Carolina Single-Family Rental Southeast

Trilogy Investment to Develop Three Rental Townhome Communities in Metro Asheville

by John Nelson February 19, 2024

ARDEN AND ASHEVILLE, N.C. — Trilogy Investment Co. will develop three rental townhome communities in metro Asheville. Located in the city of Asheville and the unincorporated community of Arden, the Rêve Communities-branded properties will total 267 units across 35 acres. Amenities at each community will include 24-hour maintenance, valet trash, a clubhouse, pool, playground and a dog park. Construction is scheduled to begin in the third quarter of this year, with preleasing expected to begin in mid-2025.

February 19, 2024

Development Multifamily Texas

Report: Z Modular Nears Completion of $62M Multifamily Project in San Marcos, Texas

by Taylor Williams February 19, 2024

SAN MARCOS, TEXAS — Z Modular, a subsidiary of steel manufacturer Zekelman Industries, is nearing completion of Flatz 512, a $62 million multifamily project in the Central Texas city of San Marcos, according to a report from Community Impact Newspaper. When complete later this year, Flatz 512 will offer studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, pickleball court, coffee bar, spa, sports simulator lounge, outdoor grilling stations and walking trails. Construction began in 2020, and South Carolina-based Greystar is managing the property, according to the local news outlet.

February 19, 2024

Loans Multifamily Texas

Greystone Provides $15.4M in Bridge Financing for North Texas Multifamily Portfolio

by Taylor Williams February 19, 2024

SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three multifamily properties totaling 189 units in North Texas. One of the properties is located in Sherman, and the other two are located in Denison. All were built in the 1960s and 1970s. The interest-only loan carries a two-year term with two six-month extension options. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed, Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal.

February 19, 2024

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