DULUTH, GA. — FCP has purchased Villas at Duluth, a 164-unit apartment community in the Atlanta suburb of Duluth, for $37.7 million. The Chevy Chase, Md.-based investor partnered with Atlanta-based Zevulon Capital for the deal. Berkadia represented the undisclosed seller in the transaction. Villas at Duluth offers three- and four-bedroom floorplans with a unit size range of 1,344 to 1,550 square feet, according to Apartments.com. Unit features include in-unit washers and dryers, walk-in closets and balconies. Community amenities include a pool, clubhouse, fitness center, playground and a dog park. Built in 1991, the property was 98 percent occupied at the time of sale. Located at 1470 Boggs Road, the property is situated 25.7 miles from downtown Atlanta and 16.2 miles from the Georgia State University’s Dunwoody campus.
COLUMBUS, IND. — Flaherty & Collins Properties is scheduled to break ground this Thursday on The Taylor, a $41 million luxury apartment project in Columbus, about 45 miles south of Indianapolis. The Taylor will include 200 apartment units, space for a 10,000-square-foot grocery store and 400 parking spaces. Amenities will include a community lounge, tech lounge, fitness center, bike station, dog spa, bark park, pool and pickleball court. Flaherty & Collins Construction will serve as general contractor and American Structurepoint will serve as the architect and civil engineer. Lynch, Harrison & Brumleve is the structural engineer. Busey Bank is providing project financing. The first residents are slated to take occupancy in summer 2023, with full completion estimated for fall 2023.
SEATTLE — Kidder Mathews has brokered the sale of a portfolio of apartment properties located in the Junction neighborhood of West Seattle. The communities sold for a combined price of $58.3 million. The names of the seller and buyer were not released. The portfolio includes an 80-unit building that opened in 2016 and a 62-unit building that opened in 2020. The properties are located at Junction Flats at 4433 42nd Ave. SW and Junction Landing at 4417 42nd Ave. SW. Jerrid Anderson, Brandon Lawler and Dylan Simon of the Simon and Anderson Team at Kidder Mathews’ Seattle headquarters represented the seller and directly sourced the buyer in the transaction.
DALLAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired Villas del Zocalo, a 437-unit affordable housing community in East Dallas. Taylor Snoddy of Northmarq brokered the deal. The seller and sales price were not disclosed. The new ownership plans to invest in capital improvements to preserve the property’s affordability status. Specific information on income restrictions was not disclosed.
TULSA AND CUSHING, OKLA. — Plains Commercial has arranged the sale of three skilled nursing facilities totaling 243 beds in Tulsa and Cushing, Oklahoma. Two of the buildings were built in the 1960s and 1970s and had undergone extensive renovations in recent years. The third was built in 1997. The seller was a locally based seniors housing operator, and the buyer is one of the largest skilled nursing operators in the state. Both parties requested anonymity. Daniel Morris of Plains Commercial handled the transaction.
GRESHAM, ORE. — Trion Properties has completed the disposition of Edison Apartments, a multifamily community located at 1833 6th St. in Gresham, the largest suburb of Portland. An undisclosed buyer acquired the property for $19.5 million. Completed in 2020, Edison Apartments features 64 units with in-unit washers/dryers, stainless steel appliances, granite countertops, air conditioning, modern wooden blinds, large windows and storage units. Community amenities include onsite parking, a communal picnic area, children’s playground, landscaped grounds and video surveillance. Jordan Carter, Tyler Linn and Clay Newton of Kidder Mathews represented the seller in the transaction.
Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …
WEST PALM BEACH, FLA. — Electra America Hospitality Group, a joint venture between Electra America and AKA, has purchased a new multifamily property in downtown West Palm Beach for $84 million, with plans to develop a 217-room hotel asset called AKA West Palm. Transwestern Development Co. sold the six-story property. Once redeveloped, AKA West Palm will offer rooms ranging from 351 square feet to over 840 square feet in size. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests. The property will also feature 6,000 square feet of ground-floor retail space. Other amenities will include an indoor and outdoor lounge and bar, pool and deck, fitness center, conference room and smaller conference nooks, pet spa and a private residence lounge space for AKA members. The hotel is slated to open this summer. Located at 695 S. Olive Ave., the property is situated one mile from Palm Beach and about four miles from Palm Beach International Airport.
NEW ALBANY, MISS. — Marcus & Millichap has brokered the sale of The Gardens Apartments, an 80-unit community in New Albany. David Dorris and Bryan Sisk of Marcus & Millichap represented the undisclosed seller and procured the New York City-based buyer. Built in 2004, The Gardens offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, playground, grill, picnic area, pet care and laundry facilities. Located at 910 Kings Creed Road on 5.6 acres, the property is situated 35.5 miles from the University of Mississippi in Oxford.
MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.