Multifamily

IPA Negotiates Sale of 302-Unit Rowlett Station Apartments

by Taylor Williams October 4, 2022

ROWLETT, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Rowlett Station, a 302-unit apartment community located on the northeastern outskirts of Dallas. Units at the four-story complex feature an average size of 828 square feet, and amenities include a pool, fitness center and a sky lounge. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Will Balthrope of IPA represented the seller, Zale Properties, in the transaction. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged acquisition financing on behalf of the undisclosed buyer.

October 4, 2022

Development Multifamily Texas

Civitas Capital Breaks Ground on 238-Unit Multifamily Project in Houston

by Taylor Williams October 4, 2022

HOUSTON — Dallas-based Civitas Capital Group has broken ground on UNITi Montrose, a 238-unit multifamily project in Houston. The site spans a full acre, and the building will rise six stories atop a three-story parking garage. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners is designing the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for late summer 2024.

October 4, 2022

Acquisitions Development Massachusetts Multifamily Northeast

Fairfield Residential to Develop 425-Unit Multifamily Project in Metro Boston

by Taylor Williams October 4, 2022

WOBURN, MASS. — An affiliate of San Diego-based developer Fairfield Residential has purchased land at 316 New Boston St. in Woburn, a northern suburb of Boston, for the development of a 425-unit multifamily project. Of those units, 15 percent will be reserved as affordable housing for renters earning 80 percent or less of the area median income. A construction timeline was not disclosed. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the undisclosed seller and Fairfield in the $23.4 million sale of the land.

October 4, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $22.5M Sale of Multifamily Portfolio in Newton, New Jersey

by Taylor Williams October 4, 2022

NEWTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of a portfolio of three multifamily properties totaling 115 units in the Northern New Jersey community of Newton. Swartswood Gardens totals 32 units in one- and two-bedroom formats; Stonewood Apartments comprises 32 apartments in studio, one- and two-bedroom floor plans; and Mill Street Manor offers 51 residences in one-, two- and three-bedroom configurations. Joseph Keenan and Justin Lupo of Kislak represented the sellers, Red Knight Properties, in the transaction. The duo also procured the undisclosed buyer, which completed the purchase via a 1031 exchange.

October 4, 2022

Acquisitions Arizona Multifamily South Carolina Southeast Student Housing Texas Top Stories Western

Global Student Accommodation Completes Acquisition of 1,600-Bed Student Housing Portfolio

by Jeff Shaw October 4, 2022

AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd

October 4, 2022

Affordable Housing Development Multifamily Texas

Avenue Completes Affordable Housing Project in Northwest Houston

by Taylor Williams October 3, 2022

HOUSTON — Locally based developer Avenue Community Development Corp. has completed an affordable housing project in northwest Houston. Avenue on 34th offers 56 units that are reserved for renters earning up to 30, 50, 60 and 80 percent of the area median income, as well as some market-rate units. Support services for residents include an afterschool program, exercise classes, arts-and-crafts classes and onsite social events. Los Angeles-based Hunt Capital Partners contributed $3 million in Low-Income Housing Tax Credit (LIHTC) equity for the project, which carried a total price tag of $18.3 million. Amegy Bank provided a $9 million tax-exempt construction loan and $5.7 million in permanent financing as part of the capital stack.

October 3, 2022

Acquisitions Multifamily New York Northeast

Friedkin Property Group Acquires White Plains Multifamily Property for $113M

by Taylor Williams October 3, 2022

WHITE PLAINS, N.Y. — San Francisco-based Friedkin Property Group has acquired Windsor at the Gramercy, a 260-unit multifamily property located north of New York City in White Plains, for $113 million. Built in 2003, the property features one- and two-bedroom units that are furnished with stainless steel appliances, built-in workstations, breakfast bars, walk-in closets, full-sized washers and dryers and private balconies/patios. Amenities include a pool, fitness center, theater, clubhouse, billiards room and a dog park. Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie and Zach McHale of CBRE represented the seller, institutional investment firm GID, in the transaction.

October 3, 2022

Development Multifamily Southeast Virginia

PTM Partners, IDI Near Completion of 318-Unit Viridium Apartment Development in Woodbridge, Virginia

by John Nelson October 3, 2022

WOODBRIDGE, VA. — Co-developers PTM Partners and The IDI Group Cos. have launched leasing at Viridium, a 318-unit, waterfront apartment development located at 1000 Annapolis Way in Woodbridge. The developers began construction in second-quarter 2021, and the first phase is scheduled to be completed and available for move-ins this November. Designed by Heffner Architects, the community’s amenities will include a rooftop terrace, outdoor pool with a sundeck, health and fitness center, business lounge, conference room, theater, dog park and pet grooming facility, electric vehicle charging stations and a putting green and cornhole. Viridium is part of a two-phase project with its sister property Rivergate North, an adjacent 402-unit property that IDI completed in May 2018.

October 3, 2022

Acquisitions Affordable Housing Development Multifamily Southeast Tennessee

Capstone Arranges Land Sale in Nashville, Buyer Plans to Develop Mixed-Income Residential Property

by John Nelson October 3, 2022

NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.

October 3, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells 328-Unit Luma Headwater Apartments in Orlando

by John Nelson October 3, 2022

ORLANDO, FLA. — Boca Raton, Fla.-based multifamily developer Waypoint Residential has sold Luma Headwaters, a 328-unit garden-style apartment community located in Orlando. Houston-based Venterra Realty purchased the asset for an undisclosed price. Luma Headwaters was more than 94 percent occupied at the time of the sale. Rental rates at the property had increased by approximately 22 percent over the prior 12 months, according to Waypoint Residential.

October 3, 2022

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