Multifamily

Rosewood, Trinsic Residential Complete Phase I of 339-Unit Multifamily Project in Austin

by Taylor Williams November 23, 2021

AUSTIN, TEXAS — A partnership between Dallas-based Rosewood Property Co. and Trinsic Residential Group has completed the initial phase of Aura Avery Ranch, a 339-unit multifamily project in Austin. Units feature one-, two- and three-bedroom floor plans and range in size from 576 to 1,422 square feet. Amenities include a pool, fitness center, clubhouse, game room and a dog park. Project partners included Davies Collaborative (architect), Benkendorfer & Associates (landscape architect), Faulkner Design Group (interior designer) and Jones Carter Engineering. Associated Bank provided construction financing. Rents start at $1,300 per month for a one-bedroom unit.

November 23, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 165-Unit Radius Turtle Creek Apartments in Dallas

by Taylor Williams November 23, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Radius Turtle Creek, a 165-unit apartment community in Dallas. The property was built in 2001 and offers one- and two-bedroom units, as well as a pool and an internet lounge. A partnership between McCann Realty Partners and The Carlyle Group sold the community to Dallas-based Colgate McCallum for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope of IPA brokered the deal on behalf of both parties.

November 23, 2021

Loans Multifamily Texas

Ready Capital Closes $15.6M Acquisition Loan for San Antonio Apartments

by Taylor Williams November 23, 2021

SAN ANTONIO — New York City-based Ready Capital has closed a $15.6 million loan for the acquisition, renovation and stabilization of an unnamed 268-unit apartment community in San Antonio. The nonrecourse, interest-only loan was structured with a floating interest rate, 24-moth term, two extension options and a facility to fund future capital expenditures. The sponsor was undisclosed.

November 23, 2021

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Garwood, New Jersey

by Taylor Williams November 23, 2021

GARWOOD, N.J. — Locally based firm Russo Development has begun leasing Vermella at Garwood Station, a 296-unit apartment community located in the Northern New Jersey community of Garwood. Residences come in studio, one- and two-bedroom formats and feature 9-foot ceilings, individual washers and dryers and private balconies/patios in select units. The transit-served property offers 40,000 square feet of indoor and outdoor amenity space that houses a clubroom with game tables and media center, multi-sport simulator, business and coworking center, fitness center with yoga and spin studios, a juice bar and private dining space. Vermella at Garwood Station also houses 19,500 square feet of ground-floor retail space. Rents start at approximately $2,300 per month for a studio apartment.

November 23, 2021

Development Multifamily North Carolina Seniors Housing Southeast

Acts Breaks Ground on $59M Expansion at Matthews Glen Seniors Housing Community in North Carolina

by Julia Sanders November 22, 2021

MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.

November 22, 2021

Development Florida Multifamily Southeast

PTM, Kushner to Develop 420-Unit Multifamily Tower in Miami’s Edgewater District

by Julia Sanders November 22, 2021

MIAMI — PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard and between downtown Miami and the city’s Design District. The project’s design will focus on health and wellness, as well as environmental and natural design. Community amenities at the tower will include a landscaped pool deck with grills and a Zen garden; fitness center with a yoga room; outdoor boxing and CrossFit; dry sauna; spa treatment and steam room; recording studio; children’s playroom; pet wash; game room; coworking spaces and a library.

November 22, 2021

Acquisitions Georgia Multifamily Southeast

TerraCap Acquires 354-Unit Apartment Complex in Peachtree Corners, Georgia

by Julia Sanders November 22, 2021

PEACHTREE CORNERS, GA. — Naples, Fla.-based TerraCap Management LLC has acquired The Reserve at Peachtree Corners, a 354-unit apartment complex in Peachtree Corners, about 22.3 miles from downtown Atlanta. Bill Shippen of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1985, The Reserve at Peachtree Corners features one-, two- and three-bedroom units. Community amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and a playground. Located at 3495 Jones Mill Road, The Reserve at Peachtree Corners is situated in the northern region of Gwinnett County. The property is situated 8.1 miles from Perimeter Mall, 15 miles from Emory University and 30.6 miles from Hartsfield-Jackson Atlanta International Airport. TerraCap plans to reposition the property and complete several capital projects, including a renovation program on the unit interiors. Matt Stewart of TerraCap says the firm’s capital plan also includes renovations to the clubhouse and boosting the overall curb appeal. TerraCap chose First Communities Management as the new property manager.

November 22, 2021

Acquisitions Multifamily Texas

Patrinely Group, USAA Sell 266-Unit Folio West Apartments in Houston to Middle Street Partners

by Taylor Williams November 22, 2021

HOUSTON — A joint venture between locally based developer Patrinely Group and USAA Real Estate has sold Folio West, a 266-unit apartment community in Houston’s Westchase neighborhood. The joint venture developed the property in 2017. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, game room, 24-hour fitness center, business center and a clubhouse with a catering kitchen. South Carolina-based Middle Street Partners purchased the property for an undisclosed price. Dustin Selzer, Matt Kafka and Jett Lucia of JLL brokered the deal.

November 22, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 178-Unit Sawyer West Village Uptown Apartments in Dallas

by Taylor Williams November 22, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Sawyer West Village Uptown, a 178-unit apartment community in Dallas. The property was built in 2006. A partnership between RangeWater Real Estate and The Carlyle Group sold the community to Weidner Apartment Homes for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope of IPA brokered the deal on behalf of both parties.

November 22, 2021

Indiana Loans Midwest Multifamily

Ready Capital Closes $66.7M Acquisition Loan for Multifamily Community in South Bend, Indiana

by Kristin Harlow November 22, 2021

SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.

November 22, 2021

Newer Posts

Older Posts