Multifamily

Security Properties Acquires Summit Riverside Apartments in Littleton, Colorado for $78.5M

by Amy Works July 27, 2022

LITTLETON, COLO. — Security Properties and Tokyu Land US Corp. have jointly purchased the Summit Riverside multifamily community in Littleton for $78.5 million. The seller was not disclosed. Summit Riverside is located on the South Platte River, comprising 21 residential buildings and 248 studio, one- and two-bedroom units with an average unit size of 777 square feet. Security Properties now owns five properties in Colorado. The residential complex is Tokyu’s first investment in the Denver metropolitan area. Security Properties Residential will manage the property.

July 27, 2022

Connecticut Loans Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Refinancing of 104-Unit Seniors Housing Property in Stamford, Connecticut

by Taylor Williams July 27, 2022

STAMFORD, CONN. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of The Residence at Summer Street, a 104-unit seniors housing property in Stamford. The five-story, newly built facility offers assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone of Cushman & Wakefield arranged the financing through VIUM Capital and its affiliate Merchants Bank of Indiana. The borrower was a partnership between Virtus and LCB Senior Living.

July 27, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Negotiates $12.9M Sale of Multifamily Property in Denver

by Amy Works July 27, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 2920 W. 32nd Ave. in Denver. The property traded for $12.9 million, or $641 per square foot. The names of the seller and buyer were not released. The 27,932-square-foot residential building features 41 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller of the transaction.

July 27, 2022

Development Florida Loans Multifamily Southeast

Newmark Arranges $64.5M Construction Loan for Advantis Station Apartments in Fort Lauderdale

by John Nelson July 27, 2022

FORT LAUDERDALE, FLA. — Newmark has arranged a $64.5 million loan for the development of Advantis Station, a 252-unit midrise apartment community situated within Fort Lauderdale’s Flagler Village. The borrower is a joint venture between Midtown Capital Partners and Prospect Real Estate Group. Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Nick Scribani, Daniel Fromm, Dan Morin and Tim Polglase of Newmark arranged the loan through Forum Real Estate Group and Bank OZK. Advantis Station will be situated on a 1.3-acre site at the intersection of NE 3rd Ave. and NE 6th Street, which is near a Brightline station and Peter Feldman Park. The property will feature studio, one-, two-, three- and four-bedroom units, as well as over 300 parking spaces and ground-floor retail space. The construction timeline was not disclosed.

July 27, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells Two Apartment Communities on Florida’s Space Coast Totaling 576 Units

by John Nelson July 27, 2022

DAYTONA BEACH AND WEST MELBOURNE, FLA. — Waypoint Residential has sold two garden-style multifamily communities located along Florida’s Space Coast. Houston-based Venterra Realty purchased the properties — the 276-unit Tomoka Pointe in Daytona Beach and the 300-unit Luminary at 95 in West Melbourne — for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction. Both properties were constructed in 2019 and had a blended occupancy of 95 percent at the time of sale. Waypoint Residential acquired both assets in 2020.

July 27, 2022

Acquisitions Multifamily New York Northeast Top Stories

Harbor Group, Azure Purchase Avalon Green Apartments in New York’s Westchester County for $306M

by Kristin Harlow July 27, 2022

ELMSFORD, N.Y. — Affiliates of Harbor Group International (HGI) and Azure Partners have purchased Avalon Green in Elmsford, a city in Westchester County, for $306 million. The garden-style apartment community features 617 units. The seller was AvalonBay Communities Inc. Built in three phases in 1995, 2012 and 2016, Avalon Green includes a mix of townhomes, apartments and stacked flats. Residents have access to a clubhouse, resident lounge, two saltwater pools and detached garages. The buyers plan to implement a $9.2 million capital improvement program to refresh amenities and common areas and upgrade select units. The property offers access to I-287 and is five miles from the Metro-North train station, which provides direct service to Manhattan and Stamford, Conn. Additionally, Westchester County is home to corporate campuses of IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron. “Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” says Richard Litton, president of HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.” Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Marion Jones and Josh Stein of …

July 27, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of Two Adjoining Multifamily Properties Totaling 524 Units in Irving

by Taylor Williams July 26, 2022

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of two adjoining multifamily properties in Irving totaling 524 units. Built in 1972and 1974, respectively, Rustic Ridge and Asher Park offer amenities such as a pools with a picnic areas, pergolas and dog parks, as well as package handling centers. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the undisclosed, Texas-based seller in the transaction. The team also procured the buyer, Touro Co. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.

July 26, 2022

Build-to-Rent Development Multifamily Single-Family Rental Texas

RangeWater Underway on Development of 120 Build-to-Rent Homes, 325 Apartment Units in Fort Worth

by Taylor Williams July 26, 2022

FORT WORTH, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of 120 build-to-rent (BTR) homes and 325 apartment units in Fort Worth. Both complexes will be situated on a 23-acre site in the city’s Beechwood neighborhood. The townhome-style units of Palo, the BTR community, will come in three-bedroom formats and will include private patios. Palo will also have its own pool. Ellianna’s rental apartments will feature one-, two- and three-bedroom floor plans, and residents will have access to a separate pool, a fitness center, clubhouse, outdoor kitchen and a dog park. Construction began in June, and the first units are expected to be complete in the third quarter of 2023.

July 26, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 400-Unit Westchase Forest Apartments in Houston

by Taylor Williams July 26, 2022

HOUSTON — Berkadia has brokered the sale of Westchase Forest, a 400-unit apartment community located at 11355 Richmond Ave. in Houston. Westchase Forest offers one-, two- and three-bedroom apartments ranging in size from 570 to 1,242 square feet. Units feature stainless steel appliances, breakfast bars, private patios and in-unit washer and dryers. Communal amenities include a business center, clubhouse, internet café, media room, picnic area with a barbecue pavilion, two pools and a fitness center. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Southern California-based investment firm Nimes Real Estate, in the deal. The buyer was not disclosed.

July 26, 2022

Acquisitions Build-to-Rent Multifamily Single-Family Rental Texas

Partnership Buys Two Residential Properties Totaling 371 Units Near Corpus Christi

by Taylor Williams July 26, 2022

ARANSAS PASS AND ROCKPORT, TEXAS — Dallas-based RREAF Holdings and its two Florida-based equity partners, DLP Capital and Miami-based 3650 REIT, have purchased two residential properties totaling 371 units that are located on the outskirts of Corpus Christi. Windy Shores is a 155-unit build-to-rent community in Aransas Pass that was constructed in 2004, and Pearl Point is a 216-unit, garden-style apartment complex in Rockport that was completed in 2020. Nathan Stone and Guy Griffith of Berkadia provided an undisclosed amount of Freddie Mac acquisition financing to the partnership, which plans to renovate unit interiors and common areas at both properties.

July 26, 2022

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