Multifamilybiz-com News

JACKSONVILLE, FL - Carter Multifamily (CMF) announced the sale of a 168-unit multifamily property, Peppertree Lane, located at 2800 S. University Blvd. in Jacksonville, Florida for $16.2 million on December 20, 2019. Carter Multifamily purchased Peppertree Lane on April 25, 2018, for $12.0 million. During the 20 months CMF owned and operated the 1971-built community, it substantially renovated 48% of the total units and increased average monthly rents on occupied units. CMF also completed exterior renovations, made enhancements to common areas and added outdoor amenities, including an outdoor kitchen and grilling station. As a result of these renovations and operational improvements, CMF was able to re-position the asset as a premier workforce apartment community in Jacksonville, […]

SEATTLE, WA - Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, and operator, and joint venture partner Hanover Real Estate Investors (HREI), purchased two multifamily apartment communities in Kent, Washington, called Lake Meridian and Royal Firs through an affiliated entity, at a combined purchase price of $79 million. Located in the Seattle metro area, the two properties were owned by the same individual and were purchased as a portfolio. PRG will operate the rental communities and plans to renovate, upgrade, and modernize the properties to offer an attractive option for tenants in the area. Seattle is an important target market for growth for PRG, said Keith Rosenthal, PRG s president and co-founder. Given the strength of the local economy, […]

ST. PAUL, MN - CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has acquired Parkway Gardens, a senior affordable apartment community located less than three miles east of Downtown St. Paul. CAPREIT will renovate the five-story community, which features 160 apartment homes and commuter-friendly access to the Twin Cities. In-home improvement measures include vinyl-plank flooring, upgraded appliances and kitchen hardware, new countertops and new paint. The community was originally built in 2005 and underwent an initial renovation in 2011. "We're proud to add Parkway Gardens to the CAPREIT portfolio and continue our mission to provide quality housing for our nation's seniors," […]

ORLANDO, FL - Elevation Financial Group announced the acquisition by Elevation Real Property Fund VII of Crestwood Village East for a purchase price of $20 million or $40,300 per unit. The transaction represents Elevation's first purchase in the state of Indiana. It is also the largest acquisition to date in terms of both unit count and price. The 496-unit 55+ senior property sits on over 20 acres and is located five miles from downtown Indianapolis. The unit types consist of a mix including a studio floorplan as well as one and two bedrooms ranging from 430 to 1,130 square feet. Situated in an ideal area near a revitalized historic district, the location offers residents easy access to restaurants, shops and healthcare facilities. The property is also well equipped with numerous […]

MIAMI, FL - Lincoln Avenue Capital (LAC) announced the completion of the purchase of two apartment complexes in Miami's Brownsville neighborhood, extending the affordability of 196 housing units for seniors and working families. Founded three years ago, LAC is one of the nation's fastest-growing community-oriented developers, investors, and operators of affordable housing, managing over 9,000 units across 11 states. With this new purchase, LAC will own 11 affordable housing developments in the Miami region. Brownsville Transit Village I and II are mid-rise buildings located in the Brownsville neighborhood — an urban, infill location — at 5255 NW 29th Avenue, with 96 and 100 units respectively. Brownsville Transit Village II is an independent senior living community. Both […]

ATLANTA, GA - San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 312-unit Lodge on the Chattahoochee apartment community in Sandy Springs, GA. The deal closed on December 31, 2019. The purchase marked the firm's 11th acquisition of the 2019 year. The acquisition is part of a three-property portfolio that HZ is purchasing from Aimco including the Lodge on the Chattahoochee, Timbers at Long Reach, and Chimneys of Cradlerock. "With its large unit floorplans and access to the Chattahoochee River, Lodge on the Chattahoocheeserves a desirable and underserved demographic in the area," said David Nelson, managing director of acquisitions for Hamilton Zanze. Built in 1973, Lodge on the Chattahoochee was 98% occupied at the time of purchase. The community offers immediate […]

LOS ANGELES, CA - MWest Holdings, a vertically integrated private real estate investment and property management company based in Los Angeles, with more than 2.5 million square feet of residential and commercial property across the U.S., announced the acquisition and planned renovation of The Enclave, a 306-unit, 300,000 SF garden-style apartment property, located at 13801 Paramount Blvd. in Paramount, CA. This acquisition marks MWest's seventh successful joint venture partnership with BentallGreenOak. The Enclave is one of only six market-rate multifamily properties in excess of 200 units in Paramount, Norwalk, Downey, and Bellflower, and the only apartment community with more than 50 units developed in Paramount over the last 30 years. Built in 1991 and situated on 4.93 acres, The […]

ATLANTA, GA - City and development officials gathered to break ground for hundreds of affordable housing units slated for Atlanta's Westside. Herndon Square is located on 12.3 acres of the former Herndon Homes public housing site, located at Cameron Madison Alexander Boulevard and Northside Drive on Atlanta's Westside. The Atlanta Housing Board of Commissioners in 2016 selected Hunt and Oakwood Development Group as the team to redevelop the site into a high-quality, mixed-income, and mixed-use complex. "Hunt is proud to be a partner on the redevelopment of this significant site in the heart of West Atlanta," said Sinclair Cooper, President, Public Infrastructure – Development at Hunt. "This groundbreaking was the result of a collaborative effort that has required hard work and […]

LAKELAND, FL - Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the Village at Lake Highland apartments located in Lakeland, Florida, approximately 35 miles east of Tampa and 55 miles southwest of Orlando. The Property was acquired in a joint venture with Aegon Real Assets US, a division of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands. The property was built in 2001 on approximately 37-acres and offers residents open floorplans, oversized windows, large sundecks and 9-foot ceilings. The property is in affluent southern Lakeland offering its residents a 15-minute commute to downtown Lakeland and a 6-minute drive to the Lakeland campus of Polk State College, an […]

RALEIGH, NC - Green Courte Partners announced that its fourth investment fund, Green Courte Real Estate Partners IV, LLC and its affiliates, acquired its tenth senior living community, The Aspens at Bedford Falls, a 182-unit property located in Raleigh, North Carolina. GCP, with its wholly owned senior living operator, True Connection Communities. GCP is continuing to build a high-quality portfolio of active adult apartments and independent living communities to meet the growing needs of older Americans seeking an active lifestyle. The Aspens at Bedford Falls, a newly constructed community delivered in August 2019, is an important addition to the portfolio. TCC will manage the community. Relying on its value-add expertise, GCP will convert the community from an active adult focus to a […]

GREENWOOD, IN - Herman & Kittle Properties is proud to announce that The Gables, a new $31 million apartment development located in Greenwood is now open and ready for leasing. This new construction development is located at 1497 West Smith Valley Road in Greenwood just east of Indiana State Road 135. This apartment complex features 274 apartments in one-, two-, three-, and four-bedroom apartments. It features 28 apartments (12 one-bedroom, 11 two-bedroom, 2 three-bedroom and 3 four-bedroom) apartments that are fully ADA compliant. All apartments are in a two- or three-story buildings constructed in 2018. The Gables features both market rate and low income housing tax credit (LIHTC) apartments. It is conveniently located on Smith Valley Road close to shopping and restaurants on State […]

SEATTLE, WA - Lowe, a national real estate developer, investor and manager, has completed development of Talisman, a 286-unit multifamily and retail property at Redmond Town Center, a mixed-use lifestyle center in the heart of Redmond, Washington. Talisman captures the innovative spirit of Redmond s tech community and offers a new approach to apartment living. The only living option located directly within Redmond Town Center, Talisman is the first apartment building to be developed at the 1.2 million-square-foot Center, includes 9,400 square feet of ground floor specialty retail shops that complement the existing retailers at the Center. Preleasing has begun with the first occupancies anticipated in February 2020. Lowe is delivering thoughtfully tailored contemporary residences with all […]

HILLSBOROUGH, NC - Lexerd Capital Management, a New Jersey-based sponsor of private equity funds, announced that one of its funds has acquired Ashford Lakes, a multifamily property located in Hillsborough, NC. The property, renamed The Lory of Hillsborough, consists of 166 garden and townhome style apartments dwelling units across twenty-two (22) two-story multifamily apartment buildings and a one-story community building. The property is situated on 21.8 acres, featuring a gross rentable area of 178,944 square feet. Terms of the transaction were not disclosed. This is the first acquisition by Lexerd in its new Lexerd Capital Partners High Yield Fund III. This is the second acquisition for Lexerd in The Triangle – the Raleigh, Durham and Chapel Hill areas of North Carolina. […]

SEATTLE, WA - Properties and Pacific Life purchased Anthology, a 398-unit Class-A new construction multifamily property located in Issaquah, WA for $163,250,000. Security Properties now owns over 120 assets totaling over 24,500 apartment units across its portfolio, including 5,600 units in the Puget Sound region. Anthology is located in Issaquah, a highly desirable suburb east of Seattle. The area provides an ideal live-work-play location for residents, conveniently situated between Bellevue, Lake Sammamish, and various nature reserves. Issaquah is bisected by Interstate 90, providing residents with quick access to high-wage employment hubs nearby, including top employers like Microsoft, Amazon, and Costco, all of which are currently expanding. Additionally, because of the convenient […]

RICHMOND, VA - McCann Realty Partners and its joint venture partner, Angelo, Gordon & Co., L.P., announced the acquisition of two multifamily communities (totaling 853 units) in Richmond, VA. Built in 1989, Trails at Short Pump Apartment Homes is a 350-home, three-story, suburban-garden community offering residents high quality amenities, including a swimming pool, dog park, walking trails, game room and tennis courts, all situated in a low-density setting on 32 acres. It is located at 3900 Acadia Lane on Three Chopt Road adjacent to and south of West Broad Village. The property benefits from its proximity to the Whole Foods anchored West Broad Village and surrounding Short Pump retail centers, and also has great connectivity to nearby schools and major employment centers such as […]

LAS VEGAS, NV - San Diego-based Tower 16 Capital Partners has successfully sold Altura on Tropicana, a 512-unit multifamily project in Las Vegas, after an 18 month hold period. Tower 16 had originally purchased the property for $50 million in June 2018 and invested over $4.0 million in capital improvements during their hold period. Altura on Tropicana provided us with an amazing opportunity to execute a true value-add repositioning strategy and capitalize on the strong Las Vegas apartment market," said Tower 16 Principal Tyler Pruett. The property's new ownership will continue with the repositioning strategy at the project. Tower 16 has amassed a portfolio of close to 2,000 apartment units since first entering the Las Vegas market in April 2018. "While the sale of Altura on Tropicana […]

SEATTLE, WA - Bell Partners Inc., one of the nation's leading apartment investment and management companies, announced that it has acquired Alexan Marymoor, a 222-unit multifamily community in Redmond, Washington on behalf of its Fund VII investors. The property will be renamed Bell Marymoor Park and will be managed by Bell Partners. This is the company's second acquisition in the Seattle metro area, following the acquisition of Bell Overlake in September. Bell Marymoor Park is situated near the Seattle area's largest employers, including Amazon, Facebook and Salesforce. Additionally, the multibillion-dollar redevelopment of Microsoft's nearby world headquarters will create further job opportunities for residents. Multiple light-rail stations are being constructed near the property with […]

DENVER, CO - Mission Rock Residential, a Denver-based multifamily property management company, is announced a new management contract for the Encore Evans Station Apartments in Denver. Mission Rock has been issued an agreement for the management of the community by Treeline Multifamily Partners, representing the new owners of Encore Evans Station. "The South Broadway neighborhood within Denver is gaining immense popularity due to its accessibility to some of Denver's largest employment sectors including Downtown Denverand DTC. Encore Evans Station is a perfect reflection of the neighborhood's character and charm including vibrant amenities, an industrial feel, and walkability to the Light Rail's C-Line. We are excited to partner with Treeline Multifamily Partners on this beautiful […]

HERNDON, VA - Penzance, an owner, operator and developer in the Washington, D.C. metropolitan region for more than two decades, has closed on the purchase of The Mark, a 169-unit, luxury mixed-use apartment community located steps from the future Innovation Center Metro Station in Herndon, VA. This announcement marks another value-add acquisition for Penzance's first real estate private equity fund, The Penzance D.C. Real Estate Fund LP (Fund I). Jeff Kim and Allen Manesh of IRG represented Penzance on the off-market transaction. The Mark is centrally located in the burgeoning Dulles Technology Corridor, less than a five-minute walk from the future Innovation Center Metro Station on the Silver Line. It contains over 15,000 SF of neighborhood serving retail, including Alo Vietnam, Neo […]

BROOKLYN, NY - Walker & Dunlop, Inc. announced that it arranged $82,000,000 in permanent financing for Clover House, a newly renovated luxury apartment complex located in the highly desirable Brooklyn Heights neighborhood of Brooklyn, New York. Led by Hirsch Simins and David Rosenberg, Walker & Dunlop's New Jersey Capital Markets team arranged the financing on behalf of the publicly traded Clipper Realty Inc. Drawing on their deep understanding of the New York market and broad experience with multifamily lenders, the team expertly identified MetLife Investment Management as an ideal financing partner for the transaction. In addition to rate locking the transaction on the same day as application, Walker & Dunlop secured excellent deal terms to refinance the property's existing […]