Multifamily

Capital Square Acquires 324-Unit Multifamily Community in Metro Huntsville

by John Nelson October 24, 2022

MADISON, ALA. — Richmond-based Capital Square has completed the acquisition of FarmHaus Apartments, a 324-unit, Class A multifamily community in the Huntsville suburb of Madison. FarmHaus, a 22-acre property located at 1260 Balch Road, features one-, two- and three-bedroom apartments averaging 973 square feet. Amenities at the community include a pool, hot tub and spa, fitness center, business center, TV and gaming lounge, grilling station and dog park and pet spa. Capital Square acquired the property on behalf of CS1031 FarmHaus Apartments DST, an investment vehicle with plans to raise $55.9 million in equity. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Thompson Thrift, in the transaction. The sales price was not disclosed.

October 24, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $11.3M Sale of Townhome Property in Plymouth, Minnesota

by Kristin Harlow October 24, 2022

PLYMOUTH, MINN. — Marcus & Millichap has brokered the $11.3 million sale of a 64-unit townhome rental property in the Twin Cities suburb of Plymouth. Built in 1995, the property is situated along 18th Avenue near Parker Lake. Abe Roberts and Scott Harris represented the buyer and seller, neither of which were disclosed.

October 24, 2022

Acquisitions Development Multifamily North Carolina Southeast

Alchemy Properties South, New Valley Realty to Build Residential Tower in Downtown Raleigh

by John Nelson October 24, 2022

RALEIGH, N.C. — Alchemy Properties South, in partnership with New Valley Realty, has purchased two properties located in Raleigh for a combined $16 million. The site of the properties, which include a vacant lot at 303 S. Dawson St. and an adjacent retail building at 217 W. Martin St., will be redeveloped as a luxury residential building to feature up to 40 stories and 450 rental and condominium units. Morris Adjmi Architects and JDavis Architects will design the new building. Maxim Capital Group provided financing for the transaction. No construction timeline was disclosed.

October 24, 2022

Development Multifamily Texas

Partnership Breaks Ground on 43-Story Apartment Tower in Austin’s Rainey Street District

by Taylor Williams October 24, 2022

AUSTIN, TEXAS — A partnership between High Street Residential, MSD Partners and River Street Partners has broken ground on 700 River, a 43-story apartment tower in Austin’s Rainey Street District. The 500-foot building will house 377 units in a mix of studio to three-bedroom residences, as well as several penthouses and 3,400 square feet of retail space. In addition, 700 River will feature more than 30,000 square feet of indoor and outdoor amenity space. HKS is the project architect, and DPR Construction is the general contractor. Completion is slated for late 2024.

October 24, 2022

Acquisitions Multifamily Texas

SPI Advisory Acquires 336-Unit Apartment Community in Metro Austin

by Taylor Williams October 24, 2022

HUTTO, TEXAS — Dallas-based investment firm SPI Advisory has acquired Skyview North, a 336-unit apartment community in the northern Austin suburb of Hutto. Formerly known as Prose Horizon, the property offers one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, clubhouse and a playground. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were not disclosed.

October 24, 2022

Development Multifamily New Jersey Northeast Student Housing

RISE, New Jersey Institute of Technology Complete 548-Bed Student Housing Project

by Taylor Williams October 24, 2022

NEWARK, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology has completed Maple Hall, a 548-bed student housing project located on the university’s Newark campus. The eight-story development includes a game room, an outdoor terrace, full kitchens, private and group study rooms, a creative studio, an outdoor kitchen and onsite parking. The community also features 2,145 square feet of retail space. RISE will provide ongoing property management at Maple Hall, which opened before the start of the 2022-2023 academic year. The development team for the project included Niles Bolton Associates, Netta Architects, Terminal Construction, T&M Associates, Langan Engineering and RBC Capital Markets.

October 24, 2022

Development Massachusetts Multifamily Northeast

Greystar Completes 126-Unit Multifamily Project in Boston’s Back Bay Neighborhood

by Taylor Williams October 24, 2022

BOSTON — South Carolina-based developer Greystar has completed a 126-unit multifamily project at 212 Stuart St. in Boston’s Back Bay neighborhood. Designed by Sasaki and Höweler + Yoon, the 19-story building houses 1,200 square feet of retail space. Units come in studio, one-, two- and three-bedroom formats and range in size from 500 to 2,100 square feet. Amenities include a fitness center with a yoga studio, outdoor dining and entertainment space, library and a rooftop terrace. Rents start at roughly $4,000 per month for a studio apartment.

October 24, 2022

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $27.2M Acquisition Loan for Long Island Multifamily Property

by Taylor Williams October 24, 2022

LYNBROOK, N.Y. — Cushman & Wakefield has arranged a $27.2 million acquisition loan for Cornerstone Yorkshire, an 80-unit multifamily property located in the Long Island community of Lynbrook. The newly built complex houses a fitness center, clubroom and outdoor grilling and dining areas. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan on behalf of the borrower, The Birch Group.

October 24, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates Sale of 237-Unit Apartment Community in West Phoenix

by Amy Works October 24, 2022

PHOENIX — ABI Multifamily has arranged the sale of The Flats at 2030 Apartment Homes, a multifamily property located at 2030 W. Indian School Road in Phoenix. A Canada-based buyer acquired the asset from a Texas-based seller for $37 million, or $156,118 per unit. Alon Shnitzer Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction. Built in 1971, The Flats at 2030 Apartment Homes features 237 garden-style units spread across 11 residential buildings on 4.5 acres. The unit mix consists of 106 studios, 129 one-bedroom/one-bath units and two two-bedroom/one-bath units. Community amenities include two swimming pools, two laundry facilities, outdoor lounge areas, a Wi-Fi café, yoga studio, two enclosed dog parks, outdoor barbecue islands, valet trash services and free uncovered parking. Select interior and exterior renovations were made to the property in 2019 to 2022.

October 24, 2022

Colorado Loans Multifamily Western

ACRE Arranges $52.7M Loan for Johnstown Plaza Multifamily Development in Colorado

by Amy Works October 24, 2022

JOHNSTOWN, COLO. — ACRE has arranged a $52.7 million loan for a joint venture between Graycliff Capital Partners and Buligo Capital Partners to support the newly built Johnstown Plaza, an apartment community located at 5150 Ronald Reagan Blvd. in Johnstown. Issued through ACRE’s debt fund ACRE Credit I, the loan will facilitate the joint venture’s purchase of the 252-unit property. Executed in October, the two-year agreement includes options for three single-year extensions. Carson Development built and delivered Johnstown Plaza, which opened in second-quarter 2022. Since opening, the property is well into its initial lease-up, surpassing 35 percent physical occupancy in late August 2022. The garden-style community offers one-, two- and three-bedroom layouts with wood-style flooring, granite countertops, wood cabinetry, zebra blinds, stainless steel appliances, walk-in closets, central heat and air conditioning, washers/dryers and private patios or balconies with mountain range views. Community amenities include an outdoor swimming pool, fenced dog park, basketball courts, grilling stations, resident business center, 24-hour workout facility, controlled access, 24-hour mail room and courtesy package acceptance. The property also features an outparcel self-storage facility offering on-site, climate-controlled storage units.

October 24, 2022

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