Multifamily

Goldman Sachs, Lansing Melbourne Sell Metro Charlotte Apartment Community for $59M

by Julia Sanders November 24, 2021

KANNAPOLIS, N.C. — Goldman Sachs and Lansing Melbourne Group have sold Vida Kannapolis, a 289-unit apartment community in Kannapolis, about 25.9 miles north of Charlotte. Red Bank, N.J.-based Denholtz Properties purchased the recently delivered property for $59 million, or approximately $204,152 per unit. Located at 210 S. Main St. in downtown Kannapolis, Vida Kannapolis is a five-story complex that offers studio, one-, two- and three-bedroom floorplans. Built in March 2021, the units feature stainless steel appliances, washers and dryers and walk-in closets. Community amenities include a fitness center, pool, indoor parking, game room, grill, pet play area, roof terrace, elevator and bicycle storage. The monthly rent ranges from $1,455 to $1,895, according to Apartments.com. Goldman Sachs partnered with the Fort Lauderdale-based development firm Lansing Melbourne Group and the City of Kannapolis to build the property. Jonathan Brody of Rosewood Realty Group represented the buyer, Denholtz Properties, and Jacob Vogel of Rosewood Realty Group represented the sellers in the transaction.

November 24, 2021

Acquisitions Multifamily Washington Western

Security Properties Divests of Panorama House Apartments in Downtown Seattle for $120M

by Amy Works November 24, 2021

SEATTLE — Security Properties has sold Panorama House, a multifamily community in Seattle, to an undisclosed buyer for $120 million. Located at 1100 University St., the 18-story Panorama House features 179 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as four penthouse homes on the upper level each featuring at least one private courtyard. The property also includes a 1,300-square-foot fitness center, regulation-sized bocce ball and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor pool and three levels of underground parking. At the time of sale, the property was 99 percent leased. The property offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay. Originally built in 1962, Panorama House underwent an $18 million renovation in 2016. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Additionally, floorplans were renovated to open kitchens to the living area and new fiber-optic high-speed data and cable wiring was installed. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the deal.

November 24, 2021

Acquisitions Arizona Multifamily Western

Investors Capital Group Sells Cantala Multifamily Community in Glendale, Arizona for $51.6M

by Amy Works November 24, 2021

GLENDALE, ARIZ. — Investors Capital Group has completed the disposition of Cantala, an apartment property in Glendale. Western Wealth Capital acquired the asset for $51.6 million, or $280,435 per unit. Built in 1986, Cantala features 184 units in a mix of one- and two-bedroom layouts with open-concept living area, in-unit washers/dryers and private patios or balconies. Community amenities include a swimming pool, spa, fitness center, clubhouse and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 24, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Enters Reno Market with $31M Multifamily Acquisition

by Amy Works November 24, 2021

RENO, NEV. — The Bascom Group has purchased Sierra Point Apartments in Reno for $31 million, or $210,884 per unit, in an off-market transaction. The name of the seller was not released. Built in 1996 and 1998, Sierra Point features 147 apartments, with 84 percent two-bedroom floorplans. Bascom plans to renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting and a two-tone paint scheme. Additionally, Bascom will add a dog park, tot lot and an outdoor barbecue and recreational area. AMC Management Services will provide property management and SD Cap Construction Management will provide construction management services. Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged the acquisition financing, which LoanCore provided.

November 24, 2021

Development Illinois Midwest Multifamily

Related Midwest Breaks Ground on 43-Story Apartment Tower in Chicago

by Kristin Harlow November 24, 2021

CHICAGO — Related Midwest has broken ground on 900 Randolph, a 43-story apartment tower in Chicago’s Fulton Market. LR Contracting Co., the contracting division of Related Midwest, and BOWA Construction are the general contractors. Designed by Morris Adjmi Architects, the project will feature 300 apartment units, 60 of which will be designated as affordable housing. Further details of the project were not provided.

November 24, 2021

Development Illinois Midwest Multifamily Retail

AECOM-Canyon, Tucker Underway on Multifamily, Retail Project in Lincolnwood, Illinois

by Kristin Harlow November 24, 2021

LINCOLNWOOD, ILL. — AECOM-Canyon Partners and Tucker Development are underway on the development of District 1860, a multifamily and retail project in the Chicago suburb of Lincolnwood. Plans call for 299 multifamily units, an Amazon Fresh grocery store and more than 40,000 square feet of additional retail and restaurant space. Pacific Western Bank provided a senior construction loan. Completion is slated for 2023.

November 24, 2021

Acquisitions Illinois Midwest Multifamily

Becovic Acquires Chicago Apartment Building for $7.2M

by Kristin Harlow November 24, 2021

CHICAGO — Becovic has acquired The Juneway Gardens in Chicago’s Rogers Park neighborhood for $7.2 million. Located on Juneway Terrace, the 61-unit apartment building was constructed in 1922. The seller, a local apartment owner, had owned the three-story property for more than 30 years. Becovic Realty, the brokerage arm of Becovic, brokered the sale.

November 24, 2021

Acquisitions Multifamily Texas

Partnership Acquires Skylar Pointe Apartments in Houston for $49.1M

by Taylor Williams November 24, 2021

HOUSTON — A partnership between Houston-based Better World Holdings and New York-based Crown Capital Ventures has acquired Skylar Pointe Apartments, a 449-unit community in Houston’s Clear Lake area, for $49.1 million. Built in 1979, Skylar Pointe comprises 162 one-bedroom units, 255 two-bedroom apartments and 32 three-bedroom residences. Amenities include two pools, a spa, playground and onsite laundry facilities. The new ownership will invest about $4.6 million in capital improvements to the property, including $2.9 million to unit interior and $1.7 million in to building exteriors and amenity spaces.

November 24, 2021

Development Loans Multifamily Texas

Nova Capital Arranges Construction Debt and Equity for 389-Unit Multifamily Project in Sachse, Texas

by Taylor Williams November 24, 2021

SACHSE, TEXAS — Los Angeles-based advisory firm Nova Capital has arranged construction debt and equity for the development of Miles One 90, a 389-unit multifamily project in Sachse, a northeastern suburb of Dallas. Nova Capital placed a $42 million loan with Bank OZK and an undisclosed amount of joint venture equity with an institutional investor. Miles One 90 will comprise four four-story residential buildings and amenities such as multiple pools and fitness centers, a game room, coffee bar, remote work lounge and an outdoor kitchen. Construction is scheduled to begin in January and to be complete in 2023. The borrower was Anthem Development, a division of Beck Ventures Co.

November 24, 2021

Constellation-Ranch-Apartments-Fort-Worth

Acquisitions Multifamily Texas

Levin Johnston Brokers Sale of 324-Unit Constellation Ranch Apartments in Fort Worth

by Taylor Williams November 24, 2021

FORT WORTH, TEXAS — Levin Johnston, a division of Marcus & Millichap, has brokered the sale of Constellation Ranch Apartments, a 324-unit multifamily community in Fort Worth that was built in 2005. Units come in one-, two- and three-bedroom formats and feature washers and dryers, built-in computer niches and walk-in closets. Amenities include a pool, fitness center, business center, movie theater, dog park and Amazon package lockers. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the seller and the buyer, a California-based private investor, in the transaction. Both parties requested anonymity.

November 24, 2021

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