Multifamilybiz-com News

FORT WORTH, TX - Embrey announced that it has sold Kelley at Samuels Avenue, a premier property thoughtfully integrated into a historic site overlooking the Trinity River, in Fort Worth. As part of the project, Embrey preserved two historic homes on the site by moving one to a new location, and the other, known as the Garvey House and "Queen of the Trinity" was transformed into the property's leasing office. The Garvey House is a Texas landmark recorded by the Texas Historical Commission. "Embrey is quite proud of this project and the awards recognizing the historic preservation," said John Kirk, Managing Director & Executive Vice President of Development. "The community itself offers views of the river and the skyline of downtown Fort Worth and a comprehensive list of amenities. […]

PANAMA CITY BEACH, FL - The St. Joe Company announced the completion of the second phase of Pier Park Crossings, an apartment community in Panama City Beach, Florida. Along with joint venture partner HomeCorp, St. Joe began construction on the 120-unit phase in December 2019. The now completed 360-unit apartment community is approximately 93% leased. St. Joe has three additional apartment communities currently in various stages of construction. Also in partnership with HomeCorp, St. Joe recently completed construction on four of the planned 13 buildings at Watersound Origins Crossings, a luxury apartment community near the Watersound Town Center. A significant number of the completed units have been leased and the companies anticipate completing the remaining buildings in phases this […]

PHOENIX, AZ - MORGAN, a Houston-based leader in multifamily development, construction, acquisitions and property management, has opened the Pearl Biltmore, its first multifamily luxury community in the Phoenix market. Located near the intersection of Highland and 24th Street, the 472-unit project is a joint venture between MORGAN and Mesirow. Pearl Biltmore contains 19 unique floor plans in a mix of studio, one-, two- and three-bedroom apartments, including several loft-style units. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park. Less than a mile from State Route 51, the site offers convenient access to downtown and Phoenix Sky Harbor […]

FORT LAUDERDALE, FL - CanAm Enterprises announced that its private equity affiliate, CanAm Capital Partners (CACP), has closed on its latest real estate investment – $3 million from redeployed investor capital that has been successfully invested into Pacific Point Apartments in Fort Lauderdale, Florida to fund the repositioning of a 420-unit apartment community by the Frankforter Group. CanAm Enterprises is a leading full-service financial firm sponsoring EB-5 immigration-linked investment funds. The $3 million in capital was originally part of a $350 million EB-5 loan provided for the construction of the Brightline high-speed rail line in South Florida. The redeployed capital will remain invested in the Pacific Point project to meet program requirements for EB-5 investors impacted by […]

HOUSTON, TX - Wood Partners, a national leader in multi-family real estate development, announced the grand opening of its newest luxury residential community - Alta West Alabama - in Houston, Texas. Leasing is currently underway at the community. Located at 3623 W Alabama St., the new community is centrally located between the River Oaks, Highland Village, Greenway Plaza, and Upper Kirby neighborhoods, placing it in one of Houston's most sought-after submarkets. The community is also in close proximity to Interstates 69 and 610, easily connecting it to the rest of the Greater Houston area. Alta West Alabama has best-in-class amenities and features that will provide an A-class living experience, setting the community apart in the market. The community's 304 units feature a mix of one, two […]

WEST PALM BEACH, FL - Index Investment Group and Navarro Lowrey announced the unanimous vote (7-0) of site plan approval by the City of West Palm Beach Commission for their newest multifamily rental community Centrepark Residences in the heart of West Palm Beach, Florida. Centrepark Residences will be a state-of-the-art multifamily rental community targeting young working professionals, located just outside the Downtown West Palm Beach city core, with convenient access to major highways and employment centers as well as protected bike lanes linking Centrepark Village (as Centrepark will now be known) to the Warehouse District and Howard Park. The property is located at 1885 Centrepark Drive East, West Palm Beach. Navarro Lowrey and I personally have been involved with Centrepark since […]

FLAGSTAFF, AZ - Apartment Ventures, NNC announced the recent acquisition of Village at Aspen Place, a 222-unit Class A mixed use luxury apartment. Built in 2015 and located within Aspen Place at the Sawmill, Flagstaff s premier lifestyle center, the location features some of the finest shopping, restaurants, and service businesses in the city. Apartment Ventures succeeded in purchasing this asset in a highly competitive field due to their 35 year plus history in investing in the Southwest, their proven underwriting metrics, and their extensive local market knowledge and deep regional relationships. Though many firms have moved into the Southwest market in recent years, Apartment Ventures has been investing in the area for over three decades, gaining knowledge newer firms to the market […]

BERKELEY HEIGHTS, NJ - Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., announced it has broken ground on Modera Berkeley Heights, a luxury apartment community located approximately 26 miles west of New York City. The wrap-style community, which will add 173 apartment homes to the Township of Berkeley Heights, will sit just north of Interstate 78 (the Phillipsburg-Newark Expressway) and moments south of Springfield Avenue, the primary retail corridor of the neighborhood. The convenient location provides quick access to Interstate 287 and Route 22, which serve as key thoroughfares in the northern New Jersey and NYC area. First move-ins are anticipated for late 2022. "Mill Creek has always admired the Union County market […]

MIAMI, FL - Tzadik Properties, an industry-leading multifamily property management company and one of the largest owner-operators in South Dakota, recently announced the completion of more than $115 million in refinancing transactions for portions of its Sioux Falls, SD and Rapid City, SD portfolios. These transactions are part of the company's strategy to continue expanding and finding new growth opportunities. Spearheaded by Vice President of Capital Markets Lucas Grassano, who handled the processing, and Executive Vice President and Head of Acquisitions Michael Davalos, who oversaw the lender sourcing, the refinancing are part of the original business plan to move from short-term loans to long-term, lower-cost debt. The Sioux Falls A and Sioux Falls 1 portfolios, comprised of 707 […]

CHICAGO, IL - Waterton, a national real estate investor and operator, announced the final close of its Waterton Residential Property Venture XIV, L.P. ("Venture XIV") fund with $1.5 billion of equity commitments from a diverse group of global institutional investors. The fund is one of the largest dedicated multifamily value-add funds in the United States and the firm is poised to invest Venture XIV capital through a period of historic disruption. "We expect to see significant opportunities in the multifamily sector across the country due to the disruptive nature of the COVID recession," said David Schwartz, chairman and CEO of Waterton. "This fund represents a unique opportunity to invest in a strategy we've been executing for 25 years that evolves to capitalize on cycle-specific […]

SAN JOSE, CA - Urban Catalyst, Silicon Valley's leading Opportunity Zone Fund, announced it has launched its second real estate Fund. This Fund will feature the Icon/Echo project, which will provide downtown San Jose with more than 300 multifamily rental units and 420,000 sq. ft of office space upon completion. Through the formation of Fund II, Urban Catalyst will continue to help play a vital role in helping alleviate Silicon Valley's housing crisis while spurring economic development. Icon/Echo will be located in the heart of downtown San Jose at Fourth and Santa Clara Streets, just yards away from the future Bay Area Rapid Transit (BART) Station. It's also only yards away, in close proximity to City Hall and San Jose State University. "This project has an ideal location in downtown […]

HAMILTON, NJ - Total construction starts dropped 4% in January to a seasonally adjusted annual rate of $794.3 billion. Nonresidential building starts were flat in January, while nonbuilding starts dropped 10% and residential starts were 4% lower. From a regional perspective, starts were lower in three of the five regions – the Midwest, South Atlantic, and South Central. Starts rose, however, in the Northeast and West. With only one month of 2021 completed, a year-to-date analysis will provide little useful information. Additionally, January 2020 (i.e. pre-pandemic) was the culmination of a strong cyclical upswing in construction starts that began in 2010 and thus provides a poor point of comparison. An alternative viewpoint for analysis is comparing 12-month totals. For the 12 months […]

AUSTIN, TX - PEG Companies [PEG], a leading commercial real estate investment firm known for its unique approach to creating value, has acquired its 14th extended stay hotel for conversion into quality Class B apartments. The Habitat Suites Austin joins PEG Companies' growing portfolio of hotel-converted-to-apartments across the country. Ideally located at 500 E Highland Mall Boulevard, the property is currently undergoing renovations and remains on track for an early summer delivery. PEG is in the process of adding a fitness center, workspace areas, cosmetic improvements, and other updates necessary to convert the property into a market-leading multifamily community while leasing out one building of furnished units on their current state. The acquisition of Habitat Suites is the latest […]

MARIETTA, GA - TerraCap Management LLC, a privately held investment firm based out of Naples, Florida, announced the sale of The Knolls and The Crossings. The two multifamily properties consist of a total of 692 units and are both located in the northwestern Atlanta suburb of Marietta. The Knolls and The Crossings were acquired in September 2017 as part of a four-property, 1,100-unit multifamily portfolio purchase. The two other properties in the portfolio, the Arbors and The Crossings at Holcomb Bridge, saw dispositions in December 2019 and September 2020 respectively. Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, "Our Atlantic southeast asset management team led by Matt Stewart and Robert Witt executed our business plans for these assets with precision, and the […]

CYPRESS, TX - The Bascom Group has continued their acquisition spree in Texas acquiring a 350-unit luxury multifamily property located in the highly desirable master-planned community of Towne Lake in the city of Cypress, Texas. Cantera marks Bascom's 36th multifamily property closed in Texas. Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced the Freddie Mac senior loan debt financing. David Mitchell with Newmark was the broker. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom. The property, constructed in 2006, contains a unit mix comprised of 15% one-bedroom, 76% two-bedroom units and 9% three-bedroom units averaging 1,015 square feet. The land size is approximately 13 acres and includes a total of 605 parking spaces. […]

LOS ANGELES, CA - Walker & Dunlop, Inc. announced that it arranged bridge financing in the amount of $138,000,000 for the construction of The Rise Hollywood, a 369-unit 7-story mid-rise apartment project in Los Angeles, California. Located the heart of Hollywood's Entertainment District, the property features a highly walkable location, boasting immediate access to Hollywood's ample lifestyle amenities, a multitude of employers, and approximately 3.8 million square feet of Class A office space, with an additional 950,000 square feet under construction. The property is directly across the street from Academy Square, 350,000 square feet of Class A office space that is 100 percent leased to Netflix. The bridge financing was arranged by Eric McGlynn, Managing Director within Walker & […]

PLAINVIEW, NY - Residences at Plainview, a state-of-the-art luxury environment for independent adults 55 and over, is now open for business at 9 Gerhard Road. Unlike any retirement apartments in the near vicinity, the Residences at Plainview offers newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom Wellness program and a host of amenities reminiscent of a luxury hotel. "We expect the Residences at Plainview to be a showcase for the way modern seniors prefer to live," said Rachel Anderson-Capone, Executive Director. "This property offers more than just apartments. It offers a complete lifestyle that fulfills the dreams of luxury our residents desire and deserve." The Residences will offer three restaurant-style meals a day in a beautiful dining room […]

ROHNERT PARK, CA - Bell Partners, one of the nation's leading apartment investment and management companies, announced that it has acquired Windsor at Redwood Creek, a 232-unit apartment community located in Rohnert Park, California. The property, acquired on behalf of the firm's Fund VII investors, will be renamed Bell Rohnert Park. The acquisition represents Bell Partners' second owned community in the Bay Area and second West Coast acquisition of 2021, continuing the firm's expansion in the region. Including Bell Rohnert Park, Bell Partners owns and/or manages over 1,600 apartment units across eight properties in West Coast markets including the Bay Area, Los Angeles and Seattle. Built in 2005, Bell Rohnert Park is situated in the Sonoma County wine region and close to cultural and […]

ATLANTA, GA - Frankforter Group has acquired the Garden Walk Apartments, a class B apartment community in Atlanta. The property consists of 240 rental apartments located in Williamsburg Park, a few miles south of the Hartsfield–Jackson Atlanta International Airport, a submarket that has exhibited strong fundamental trends since 2014. The 29-acre property provides excellent connectivity to many of Atlanta's major employment centers, economic drivers, and retail hubs. Frankforter Group will invest over $2M to enhance the property, including the common area amenities, such as an automated delivery locker system, clubhouse upgrades, pool area renovations, and sports courts revamping. This acquisition further fuels the group's expansion in the greater Atlanta market with some more […]

SACRAMENTO, CA - National operator Pegasus Senior Living is announcing its two newest communities this week, bringing the total number in the company's portfolio to 38. Formerly named Brookdale Elk Grove and Brookdale Sterling Court, the new communities' names are Elk Grove Park and Sterling Court at Roseville, located in Elk Grove and Roseville. Both assisted living and memory care communities, Elk Grove Park's address is: 6727 Laguna Park Dr, Elk Grove, CA 95758 and Sterling Court at Roseville's is 100 Sterling Ct, Roseville, CA 95661. Elk Grove Park has 88 units and Sterling Court has 101 units. Since its inception, Pegasus has maintained a tradition of stability, value, and reliability in the Sacramento area with nearby communities Greenhaven Place in Sacramento and The Oaks at […]