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Multifamily

River-Oaks-Apartments-Wylie-Texas
AcquisitionsMultifamilyTexas

Casoro Group Sells Five Multifamily Properties Totaling 1,070 Units in Dallas-Fort Worth

by Taylor Williams

AUSTIN, TEXAS — Austin-based investment firm Casoro Group has sold five multifamily properties totaling 1,070 units that are located throughout the Dallas-Fort Worth metroplex. The 216-unit Mariposa Villas and the 332-unit Vistas at Pinnacle Park were both constructed in 2003 and are located in Dallas. The 198-unit Huntington Ridge was built in 2007 in the southern suburb of DeSoto, and the 180-unit River Oaks is located in nearby Wylie and was built in 2002. Rounding out the portfolio is Savoy of Garland, located northeast of Dallas, which totals 144-units and was built in 2008. The buyer and sales price were not disclosed.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Major Food Group, JDS to Develop 259-Unit Mixed-Use Residential Tower in Miami

by Julia Sanders

MIAMI — Major Food Group and New York-based JDS Development Group have plans to develop MAJOR, a mixed-use residential tower located at 888 Brickell Ave. in Miami. Upon completion, MAJOR will be the tallest building in Miami at 1,049 feet, according to the developers. MAJOR will offer 259 for-sale condominiums, as well as a collection of food and beverage amenities, including standalone restaurants and private clubs. No other project plans were disclosed. William Sofield of Studio Sofield will oversee design of the tower, lobby and residences. Ken Fulk Inc. will be responsible for the food, beverage and club spaces at MAJOR. New York-based Major Food Group will oversee all branding and hospitality programming at the project. Major Food Group currently operates over 30 restaurants, hotels and private clubs. Michael Stern of JDS is leading the development team for the project. JDS Development Group has projects including the Walker Tower, The American Copper Buildings, Brooklyn Tower and 111 West 57th St. in New York City, as well as Monad Terrace, Echo Brickell and Echo Aventura in South Florida.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $42.1M Sale of Multifamily Property in Largo, Florida

by Julia Sanders

LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million. Mystic Bay Apartments features one-, two- and three-bedroom floor plans. The units include features such as walk-in closets, granite countertops and balconies. Community amenities include a pool, fitness center, tennis court and a business center. Located at 600 Starkey Road, the property is located 1.3 miles from the Largo Central Park Nature Preserve, a park with a lookout tower, pond, trails, butterfly garden and kayak launch. Mystic Bay Apartments is 5.1 miles from the St. Pete-Clearwater International Airport, 21.3 miles from Tampa and 5.8 miles from Clearwater.

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AcquisitionsMultifamilyTexas

Civitas Capital Acquires 312-Unit Rocco Apartments in East Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based global investment management firm Civitas Capital Group has acquired Rocco Apartments, a 312-unit community located on the east side of Fort Worth. Built in 1984, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and faux granite or quartz countertops, with individual washers and dryers and private balconies/patios available in select units. Communal amenities include a pool, fitness center, dog park, business center, clubhouse and a playground. The seller and sales price were not disclosed.

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McKinney-121
DevelopmentMultifamilyTexas

EastGroup Properties Breaks Ground on 212,200 SF Industrial Project in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — EastGroup Properties has broken ground on Phase I of McKinney 121, a 212,200-square-foot industrial project that will be located on the northern outskirts of Dallas. The site, which offers proximity to State Highway 121, can support an additional 168,800 square feet of new development. Completion of the two-building Phase I is slated for summer 2022. Lee & Associates is leasing the project.

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AcquisitionsMultifamilyTexas

Brixton Capital Buys 172-Unit Carrington Place Apartments Near San Antonio

by Taylor Williams

BOERNE, TEXAS — California-based investment firm Brixton Capital has purchased Carrington Place, a 172-unit apartment community in the San Antonino suburb of Boerne that was built in 2003. Colton Burch of Rowan Multifamily Advisors represented Brixton Capital in the transaction, while Robert Arzola of JLL represented the seller, Dallas-based MHP Capital Partners. Brixton Capital plans to rebrand the property and upgrade building exteriors, amenity spaces and unit interiors.

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Novel Upper Westside
Content PartnerFeaturesLeasing ActivityLee & AssociatesMidwestMultifamilySoutheastTexasWestern

Six Factors Helping to Power Interest in Multifamily Markets

by Sarah Daniels

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …

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Eliot-on-Ocean-Revere-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

JLL Negotiates $84.3M Sale of Metro Boston Apartment Community

by Taylor Williams

REVERE, MASS. — JLL has negotiated the $84.3 million sale of Eliot on Ocean, a 194-unit apartment community in the eastern Boston suburb of Revere. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet. Residences feature stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center with a yoga studio, sun deck, wine room, game room, clubhouse and a dog grooming station. Scott Aiese, Alex Staikos, Jackie Meagher and Hugh Doherty of JLL represented the seller, Westbrook Partners, in the transaction. Chris Phaneuf, Adam Dunn and Scott DiSciullo of JLL arranged $60.9 million in acquisition financing through Barings on behalf of the buyer, Invictus Real Estate Partners. The loan was structured with a three-year term and a floating interest rate.

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Affordable HousingDevelopmentIllinoisMidwestMixed-UseMultifamily

Structured Development Breaks Ground on First Two Residential Buildings at Chicago’s Shops at Big Deahl

by Kristin Harlow

CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022. Common Lincoln Park is a 10-story, 400-bed co-living community that will be operated by New York-based co-living provider Common. Completion of Common Lincoln Park is slated for March 2023. Each unit will feature one to four bedrooms that will be furnished along with a communal kitchen and living area. Co-living refers to a type of communal living where residents have their own private bedrooms but share common areas with others. Both buildings will join the newly completed Movement Lincoln Park, a 40,000-square-foot climbing, yoga and fitness gym. Structured also plans to build an additional 327-unit market-rate apartment tower on the western end of the property. The groundbreaking for the 27-story project is scheduled for March 2022. The Shops at Big Deahl is named after the former Big Deahl Productions studio that …

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AcquisitionsAffordable HousingIndianaMidwestMultifamily

Glick Housing Foundation Purchases Seven Affordable Housing Properties Across Indiana

by Kristin Harlow

INDIANA — The Glick Housing Foundation has purchased seven affordable housing properties, including six purchased from Community Reinvestment Foundation. The purchase price was undisclosed. The newly acquired assets are located in New Albany, Bedford, Shelbyville, Bloomington, Lebanon and Indianapolis. Each property is designated as affordable housing under Section 8, a federally funded rental assistance program, or another recognized program. Glick Philanthropies will commit additional funds as part of the transaction to ensure that the properties are well maintained. Glick will employ a service coordinator at each property who will assist residents in navigating community services. According to Glick, the acquisition is the largest in the history of the foundation and one of the largest in the state of Indiana for 2021. Glick’s portfolio now includes 42 not-for-profit affordable housing properties with nearly 7,000 units, including more than 3,700 units in Indiana.

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