Multifamily

Blaze Capital Partners Acquires Newly Built Apartment Community Near Savannah

by Julia Sanders October 15, 2021

GARDEN CITY, GA. — Blaze Capital Partners has acquired Tapestry Park, a 232-unit multifamily community in Garden City, about 8.3 miles from Savannah. Completed in September, Tapestry Park offers one-, two- and three-bedroom floorplans going up to 1,132 square feet. The property includes five, three-story buildings and two, four-story buildings. Community amenities include a pool, fitness center, clubhouse, courtyard and a playground. Located at 100 Town Center Drive, Tapestry Park has access to Highway 16 and is situated within the Garden City Town Center development, which includes a three-block perimeter with City Hall. Additionally, the property is situated about 7.2 miles from an Amazon distribution center, 9.6 miles from the Port of Savannah and 7.5 miles from Savannah College of Art and Design (SCAD).

October 15, 2021

Development Midwest Missouri Multifamily

Mia Rose Holdings, Benton Homebuilders Underway on Construction of Multi-Phase Project in Suburban St. Louis

by Kristin Harlow October 15, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings and Benton Homebuilders are underway on the construction of The Prairie, a multi-phase residential project in Dardenne Prairie, about 37 miles northwest of St. Louis. The project includes five three-story apartment buildings totaling 180 units. Benton Homebuilders is constructing nine buildings consisting of 60 three-bedroom villas. One of the apartment buildings will include first-floor retail space. Property manager 2B Residential plans to begin pre-leasing the units in early 2022. Phase I of the apartments is scheduled to open in mid-2022. The project team includes general contractor Midas Construction; architects Rosemann & Associates PC and DL Design; and civil engineer Premier Design Group. Mia Rose is teaming with entrepreneur and restaurateur Jim Cook on the development.

October 15, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $24.5M Sale of Luxury Apartment Community in South Elgin, Illinois

by Kristin Harlow October 15, 2021

SOUTH ELGIN, ILL. — Interra Realty has brokered the $24.5 million sale of Panton Mill Station in South Elgin, about 35 miles northwest of Chicago. The 100-unit luxury apartment community is located at 355 N. La Fox St. The property was fully leased at the time of sale. Amenities include a business center, fitness center, outdoor kitchen and dog wash. Jon Morgan and David Goss of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed the building in spring 2020. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, MTA South Elgin.

October 15, 2021

Connecticut Development Loans Multifamily Northeast

Kriss Capital Provides $32M Construction Loan for Multifamily Conversion Project in Farmington, Connecticut

by Taylor Williams October 15, 2021

FARMINGTON, CONN. — Kriss Capital, a New York-based bridge lender, has provided a $32 million construction loan for a project that will convert a vacant hotel in the Hartford suburb of Farmington into a multifamily complex. The redevelopment of the 381-room Hartford Marriott Farmington Hotel will add 225 market-rate apartments to the local supply. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include multiple pools, a fitness center, coworking space and outdoor dining areas. Kriss Capital provided the two-year, floating-rate loan to the borrower and developer, an affiliate of New Jersey-based CSRE Group. The project will be completed in phases, with leasing for the first phase beginning in 2022. The entire project is slated for completion in 2023.

October 15, 2021

Acquisitions Multifamily New Jersey Northeast Walker & Dunlop

Walker & Dunlop Brokers $29.7M Sale of Multifamily Property in Westfield, New Jersey

by Taylor Williams October 15, 2021

WESTFIELD, N.J. — Walker & Dunlop has brokered the $29.7 million sale of a 70-unit multifamily property located at 333 Central Ave in Westfield, about 15 miles southwest of Manhattan. Built in 2017, the property offers amenities such as a fitness center with yoga and Pilates studios, community room, rooftop terrace, dog park and package concierge system. Thomas Walsh and Joseph Garibaldi of Walker & Dunlop represented the seller, a partnership between two New Jersey-based firms, Claremont Development and The Hampshire Cos., in the transaction. The buyer was Rockwood Capital LLC.

October 15, 2021

Acquisitions Multifamily Oregon Western

Guardian Real Estate Sells Hidden Village Apartment Community Near Portland for $30.2M

by Amy Works October 14, 2021

WEST LINN, ORE. — Guardian Real Estate Services has completed the disposition of Hidden Village, a multifamily property located in West Linn. FPA Multifamily acquired the asset for $30.2 million. Located at 40010 Robin Place, Hidden Village features 98 garden-style apartments in a mix of one- and two-bedroom flats and two-bedroom townhomes averaging 848 square feet. Units include stainless steel appliances, fireplaces, upgraded LED lighting, balcony/patio with storage and vaulted ceilings. On-site community amenities include a clubhouse, pool, spa, fitness center, covered parking and detached garages. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets Investment Sales Advisory team represented the seller in the deal.

October 14, 2021

Colorado Development Multifamily Western

High Street Residential, CBRE Investment to Develop 252-Unit Residences at Olde Town Station Near Denver

by Amy Works October 14, 2021

ARVADA, COLO. — High Street Residential and its joint venture partner CBRE Investment Management, on behalf of the CBRE U.S. Development Partners 5 fund, will develop The Residences at Olde Town Station, a multifamily community in Arvada. The four-story property will feature 252 units ranging from studio to two-bedroom layouts over two levels of structured parking. On-site amenities will include a fitness center, clubroom, lounge, rooftop deck, two courtyards with lounge seating and fire pits, a resort-style pool and a dog park. The Eisen Group is serving as architect and PCL Construction is the general contractor. Citizens Bank provided financing for the project. High Street Residential is Trammell Crow Co.’s residential subsidiary. Construction is slated to begin in early October with final completion scheduled for late 2023.

October 14, 2021

Arizona Development Multifamily Western

Thornydale Apartments Breaks Ground on 209-Unit The Alexander Multifamily Community in Marana, Arizona

by Amy Works October 14, 2021

MARANA, ARIZ. — Thornydale Apartments LLC, c/o Sears Financial Corp., has broken ground on The Alexander, a $49 million multifamily property located at 3915 W. Aerie Drive in Marana. The 292,850-square-foot development will feature two main mid-rise buildings, six garage buildings providing 12 loft units with attached garages, and two freestanding garages. The 209-unit property will offer technology and wellness amenities, including property-wide high-speed internet, keyless door and property access, lighting and temperature controls, and DISH TV, as well as blackout blinds in the bedrooms and adjustable smart lighting to customize the in-unit environment. Community amenities will include a dog park, barbecue area, bike storage and repair area, a resort-style pool, fitness center, outdoor fitness area and a variety of wellness offerings. Completion is slated for June 2023. Thornydale Apartments is owner/developer of the property, which Shelton Residential will manage. The project team includes Way Architects P.C., EMJ Construction, Dish Fiber and Data Link, Perry Engineering and The Planning Center.

October 14, 2021

Acquisitions Georgia Multifamily Southeast

Lee & Associates Arranges $122M Sale of Apartment Property in Atlanta’s Upper Westside

by Julia Sanders October 14, 2021

ATLANTA — Lee & Associates has arranged the sale of Novel Upper Westside, a 345-unit apartment community in Atlanta that was renamed as Luna Upper Westside. Equity Residential, a Chicago-based multifamily investment firm, purchased the property for $122 million. Crescent Communities was the property’s developer. Allen Eager of Lee & Associates represented the buyer in the sale. Located at 2265 Marietta Blvd., Luna Upper Westside offers studio, one-, two- and three-bedroom layouts. The units feature stainless steel appliances, glass mosaic backsplashes, wood-style flooring, double vanity sinks in select units, in-unit washers and dryers and walk-in closets. Community amenities include a fitness center, yoga and spin room, coworking spaces, dog park, bike storage, pool with cabanas, grilling stations, clubroom, community beer taps and a sky lounge. The property is part of a redevelopment at Moore’s Mill and Marietta Boulevard that includes a 45,000-square-foot Publix grocery store.

October 14, 2021

Development Florida Loans Multifamily Southeast

Trez Capital Provides $78.2M Construction Financing for Apartment Project in Miami

by Julia Sanders October 14, 2021

MIAMI — Trez Capital has provided a $78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital originated the non-recourse loan. Charles Foschini and Chris Apone of Berkadia secured the financing on behalf of the borrower. The financing is a 36-month loan, with a one 12-month extension option. Neology Life, a Miami-based development company, led by Lissette Calderon, is the borrower and developer. Construction has already begun, and the project is slated for completion by the middle of 2023. The development cost is $100 million, according to Neology Life Development Group. Located at 1625 NW 20th St., The Julia will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Community amenities will include a pool with cabanas, rooftop garden, fitness and wellness center, coffee bar, dog park and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami. JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect, and designBAR is in charge of interior design. Neology Life …

October 14, 2021

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