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.
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.
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.
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.
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 …
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.
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 …
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.
MAHWAH, WESTWOOD AND SHORT HILLS, N.J. — Progress Capital has arranged a $44.3 million acquisition loan for a portfolio of three multifamily properties totaling 175 units in Northern New Jersey. Rolling Gardens is a 76-unit complex in Mahwah that consists of four buildings on a 5.3-acre site. Westview Apartment Complex totals 48 units across nine buildings and is located in Westwood. Short Hills Village comprises 51 units across three buildings and is located in Short Hills. Brad Domenico and Eddie Miro of Progress Capital arranged the loan in collaboration with Eric Regenbogen of Arbor Commercial Mortgage. The borrower was not disclosed.
EVANSTON, ILL. — Interra Realty has arranged the sale of 828 Lofts in Evanston for $17.1 million. The property, located at 828 Noyes St. near Northwestern University, consists of 44 apartment units and one retail space that is occupied by local restaurant Stacked & Folded. Residents have access to a dog wash, bicycle storage and covered parking. The building was fully leased at the time of sale. Colin O’Malley of Interra represented the private buyer. Paul Waterloo and Patrick Kennelly of Interra represented the seller, Evanston-based GDS Development, which built the property in 2018.