Multifamily

Orange County’s Multifamily Market Stays Strong as New Inventory May Curb the Supply-Demand Imbalance

by Jeff Shaw February 21, 2022

By Peter Hauser, Principal, Avison Young The Orange County multifamily sector is extremely strong. Rents continue on a positive upward trend and occupancies remain very high, hovering around 97 percent. It is unquestionably a landlord’s market. Many years of supply constrained NIMBY-ism that created the lack of new construction is coming to an end, however. The California governor has mandated that cities approve quality residential developments with the goal of increasing density and combatting the significant housing shortage. There are currently 6,800 new multifamily units in the process of being delivered. While there are projects in the majority of cities, Irvine, Anaheim, Orange and Santa Ana are seeing the most development activity. Some very active Orange County developers include Trammel Crow Residential, Alliance, the Irvine Company, Western National Group, JPI, Wermers Companies, Avalon, Fairfield, Shopoff Realty and Garden Communities. Alliance Residential is nearly complete on its 1,221-unit Park & Paseo in Santa Ana, near the border of the master-planned Tustin Legacy community. Wermers Companies is also in the process of finishing the 603-unit Elan, located less than a mile from downtown Santa Ana near the intersection of the 55 and 5 freeways. The 653-unit Avalon Brea Place is starting to …

February 21, 2022

Parkside-Residences-at-Discovery-Green-Houston

Development Multifamily Texas

High Street Residential Tops Out 43-Story Apartment Tower in Downtown Houston

by Taylor Williams February 18, 2022

HOUSTON — High Street Residential has topped out Parkside Residences at Discovery Green, a 43-story apartment tower located at 808 Crawford St. in downtown Houston. The location puts the 309-unit building adjacent to the 12-acre Discovery Park. Units will come in studio, one-, two- and three-bedroom floor plans and will be furnished with quartz countertops and custom cabinetry. Amenities will include a rooftop pool and lounge, fitness center, coworking spaces, a catering kitchen and two guest suites. Ziegler Cooper designed the project, and Andres Construction is serving as the general contractor. Construction began in summer 2020. Preleasing will begin this spring, and the first move-ins are scheduled to start over the summer.

February 18, 2022

Acquisitions Georgia Multifamily Southeast

Radco Acquires High-Rise Multifamily Building in Midtown Atlanta for $131M

by John Nelson February 18, 2022

ATLANTA — The Radco Cos. has acquired Skyhouse Midtown, a 320-unit, 23-story high-rise multifamily building in Midtown Atlanta, for $131 million. The Atlanta-based investor has rebranded the property The M by Radius. The seller was not disclosed. Jason Nettles and Megan Thompson of Northmarq brokered the transaction. Built in 2013, The M offers studio, one-, two- and three-bedroom apartments. Community amenities include a rooftop pool and lounge, fitness center and grills all with views overlooking Atlanta’s skyline. The M also includes 8,658 square feet of retail space on the ground floor. Located at the corner of West Peachtree and 12th Street, the property is situated close to the Interstate 75/85 connector. The property also is situated directly across from 1105 West Peachtree, a fully-leased, newly constructed office building that is the new regional headquarters for Google. In addition, the property is across the street from the Epicurean Hotel, Northside Hospital’s in-town campus, SCAD and Georgia Tech. Skyhouse was first created by the developer, Novare Group. Last summer, Equity Residential purchased the adjacent Skyhouse South from the developers.

February 18, 2022

Acquisitions Multifamily Texas

Western Wealth Capital Acquires 245-Unit Bel Air K Station Apartments in Plano

by Taylor Williams February 18, 2022

PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Bel Air K Station Apartment Homes, a 245-unit community in Plano that was built in 2001. According to Apartments.com, the pet-friendly property features studio, one- and two-bedroom units that range in size from 466 to 1,230 square feet and amenities such as a pool, fitness center, picnic area and a resident clubhouse. The seller and sales price were not disclosed.

February 18, 2022

Acquisitions Illinois Midwest Multifamily

Artisan Capital Group Buys 309-Unit Apartment Complex in Suburban Chicago

by Kristin Harlow February 18, 2022

TINLEY PARK, ILL. — Artisan Capital Group has purchased Edenbridge Apartments in the Chicago suburb of Tinley Park for an undisclosed price. The 309-unit, midrise apartment complex features studio, one-, two- and three-bedroom floor plans. Amenities include a sundeck, clubhouse, playground and pool. John Schorgl of Berkadia arranged acquisition financing through Cohen & Co.

February 18, 2022

Acquisitions Midwest Minnesota Multifamily

Northland Acquires 186-Unit Multifamily Community in Rochester, Minnesota

by Kristin Harlow February 18, 2022

ROCHESTER, MINN. — Northland has acquired SoRoc on Maine, a 186-unit multifamily community in Rochester, for an undisclosed price. The garden-style property consists of three buildings. Amenities include a pool, bocce ball court and clubhouse. Residents of SoRoc on Maine have shuttle access to the Mayo Clinic headquarters in downtown Rochester. Northland is a real estate private equity firm with $7 billion of assets under management, including more than 26,000 units.

February 18, 2022

Acquisitions Georgia Multifamily Southeast

Crown Bay Group Sells Apartment Community in Southwest Atlanta for $37.1M

by John Nelson February 18, 2022

ATLANTA — Crown Bay Group has sold FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta, for $37.1 million. Chandler Brown, Barden Brown and Taylor Brown of Global Real Estate Advisors represented the seller in the transaction. The Beach Co. was the buyer. Built in 1974, FortyThree 75 offers one-, two- and three-bedroom floorplans. Unit features include hardwood floors, home alarms, walk-in closets and washer and dryer connections. Community amenities include a leasing office, clubhouse, fitness center, swimming pool, grilling/picnic pavilion, laundry center playground and a dog park. The buyer plans to complete interior and exterior renovations, as well as add amenities. Located at 4375 Cascade Road, the property is situated 12.1 miles west from downtown Atlanta and 12.3 miles from the Hartsfield-Jackson Atlanta International Airport.

February 18, 2022

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for 224-Unit Multifamily Asset in Temple

by Taylor Williams February 18, 2022

TEMPLE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of The Retreat Apartments, a 224-unit multifamily asset located in the Central Texas city of Temple. The property comprises 20 two-story garden-style buildings, a leasing office, pool, laundry facility, fitness center and a picnic and BBQ area. Colliers Mortgage originated the 10-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

February 18, 2022

Development Multifamily Seniors Housing Texas

Journey Capital, SilverPoint Complete Phase I of Seniors Housing Project in Saginaw, Texas

by Taylor Williams February 18, 2022

SAGINAW, TEXAS — A partnership between Journey Capital and SilverPoint Senior Living has completed Phase I of Edition of Saginaw, a 6.2-acre senior living campus in Saginaw, a northern suburb of Fort Worth. Phase I comprised 22 one- and two-bedroom independent living cottages. The development team has also broken ground on Phase II of the project, which will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated for a fall-2023 completion.

February 18, 2022

Development Multifamily New Mexico Western

Titan Development Breaks Ground on 111-Unit Allaso Vineyards Apartments in Albuquerque

by Amy Works February 18, 2022

ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Vineyards, a multifamily community located the corner of Holly Avenue NE and Ventura Street NE in Albuquerque. The 123,000-square-foot development will take approximately 14 months to complete. The project team includes Dekker/Perich/Sabatini as architect and HB Construction as general contractor. Greystar will serve as operator. Situated in the Northeast Heights neighborhood, Allaso Vineyards will feature 111 apartments in a mix of studio, one- and two-bedroom layouts with quartz countertops, 42-inch cabinets and stainless steel appliances. Community amenities will include a resort-style pool and spa, rooftop decks, elevators, game lawns, fire pits, professional-style grills, a fountain, ramadas and an indoor/outdoor fitness area. To honor New Mexico’s historic past as the oldest wine region in America, dating back to 1629 when monks planted the first wine grapes for use in religious ceremonies, the property will feature themed amenities such as grapevines onsite and a winery-inspired lounge that residents can reserve for wine tastings and other private events. The wine lounge will include private wine lockers that can be rented for personal storage, plus each resident will be given a private-label bottle of wine upon move-in. Allaso Vineyards was funded by Titan Development …

February 18, 2022

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