Multifamilybiz-com News

WASHINGTON, DC - Capital Square 1031, a leading real estate investment and management firm specializing in tax-advantaged Delaware statutory trust offerings, announced its acquisition of Bellemeade Farms Apartments, a 316-unit multifamily property located in Leesburg, Virginia. "This multifamily community, which was purchased for a Delaware statutory trust offering, primarily for Section 1031 exchange investors, is well located in Loudoun County, the wealthiest county in America, according to Forbes magazine," said Louis Rogers, founder and chief executive officer of Capital Square 1031. "Capital Square is bullish on well-located multifamily communities such as this that boast ideal demographics, high occupancy and exceptional historical rent […]

HOUSTON, TX - Keener Investments announced today that it has acquired a 150-unit multifamily property in Clear Lake City, TX. The property will be managed by Keener Management and Keener Construction will renovate the unit interiors, upgrade amenities, and perform exterior upgrades. “Terrace Villas is our fifth closed transaction in the Houston Bay Area,” said Stephen A. Smith, Chief Executive Officer of Keener Investments. “We have a strong management team with local market knowledge. This acquisition is consistent with our value-add strategy and reinforces our portfolio presence in the area.” Terrace Villas is a 1970s garden style property with an average unit size of 831 square feet. The property benefits from high visibility on El Camino Real in Clear Lake […]

NEW YORK, NY - The leading U.S. metropolitan areas for commercial and multifamily construction starts registered a varied performance during 2018 compared to the previous year, according to Dodge Data & Analytics. Of the top ten markets, ranked by the dollar amount of construction starts, four reported greater activity in 2018 while six showed declines. For the metropolitan areas ranked 11 through 20, seven reported gains while three reported declines. At the national level, the volume of commercial and multifamily construction starts in 2018 was $212.4 billion, up 4%, which represented a moderate rebound after a 3% setback in 2017. The New York NY metropolitan area, at $28.7 billion in 2018, continued to be the leading market in the U.S. for commercial and multifamily construction […]

AUSTELL, GA - FCP announced the $29.5 million acquisition of Chroma Park, a 210-unit garden-style apartment community located at 2105 Mesa Valley Way in the Atlanta suburb of Austell, GA. Chroma Park marks FCP's 6th investment in the Atlanta area. "Chroma Park is a stable, workforce housing community located on one of Atlanta's busiest east-west thoroughfares," said FCP Vice President, Alex Cathcart. Mr. Cathcart continued, "Strong local employment and retail paired with access to Atlanta's largest employment hubs should position this asset well over the long term. Atlanta continues to demonstrate healthy employment and population growth, so we are excited to grow our footprint here." Amenities at Chroma Park include a fitness center, lighted […]

ROANOKE, VA - Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has acquired a 234-unit multifamily portfolio consisting of the Northridge Village and Salem View Apartments in Roanoke, VA. Northridge Village, built in 1972, has 174 units and 192,786sf and Salem View, built in 1974, has 60 units and 48,400sf. Greenbrier Management, based in Newport News, VA, has been awarded the management contract. The transaction closed for a price of $13,850,000, or $59,188 per unit, and FMC intends to spend about $1,400,000, or $6,000/unit, on additional cosmetic improvements to the units, clubhouse and pool area. The new owner took out two (2) separate 73% LTV Fannie Mae fixed-rate mortgages at 4.51% as part of their acquisition.  […]

LOS ANGELES, CA - Empire Property Group has officially expanded its high-end residential portfolio with the opening of Empire at Norton, a brand-new development in the heart of West Hollywood. Centered around the notion of livable luxury, the latest offering from the L.A. based firm checks all the boxes: form, function, convenience and smart design, with the polished modern aesthetic that has undoubtedly become Empire’s signature. “Our very first development project, Empire at Kings, is part of the same vibrant community, so Norton marks a poignant return to our initial Los Angeles roots,” says New York-raised Craig Berberian, principal and founder of Empire Property Group. “We love this gem of a neighborhood and can’t think of a better place […]

SAN ANTONIO, TX - Officials of a joint venture comprised of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital, announced the acquisition of the 694-bed Luxx. This marks TPCO’s second acquisition in San Antonio and the third overall in 2019. “With three completed deals in January, we are on track for the busiest quarter in our history, if not the strongest growth year we’ve experienced ever,” said Susan Folckemer, chief acquisitions & development officer, TPCO. “We will continue to take advantage of the prevailing marketplace as we continue to expand our footprint nationwide. Our pipeline remains full, and we expect to announce […]

LOS ANGELES, CA - A $300 million 25-story residential tower has broken ground in Koreatown, a major submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the development team is Hankey Investment Company, LP and Jamison Properties, LP, the same team that just completed CIRCA, a $500 million luxury mixed use complex project in downtown LA, last year. “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much needed homes in a very desirable location,” said W. Scott Dobbins, president of Hankey Investment Company, who serves as the lead on the development team. “As Koreatown’s housing market continues to flourish, 2900 Wilshire provides a golden opportunity to revive an otherwise long-time vacant […]

INDIANAPOLIS, IN - Emma Capital Investments announced the acquisitions of Courts I, a 148-Unit Community located at 2000 W. 79th Street, Indianapolis; and Courts II, a 336-Unit property located at 8002 Harcourt Road, Indianapolis. These are Emma Capital's 36th and 37th purchases in the United States, bringing its total acquired apartments to date to approximately 9,500.  The Properties were built in 1967 and 1973 respectively and are located next to each other. Currently, the Properties are being operated as one property. It is the intention of Emma Capital to run each of the Properties separately. The Courts I offers four different floor plans, with an overall average unit size of approximately 1,010 square feet. All units […]

BETHESDA, MD - ROSS Companies, a leader in multifamily property management, acquisition and renovation in the Mid-Atlantic region, announced that it has assumed property management of Creekside at Taskers Chance in Frederick, Md., on behalf of The BurnBrae Companies, a Bethesda based multifamily owner and residential land developer.  The 120-unit Creekside at Taskers Chance is an affordable, independent living community for active adults 55 years and better.  ROSS will oversee community and amenity improvements and upgrades. Furthermore, the company will implement a more consumer-friendly operational strategy and revamp the community's digital marketing efforts to better position Creekside at Taskers Chance to meet the demand for active adult housing […]

FORT WAYNE, IN – Besyata Investment Group and The Scharf Group, both NY-based single-family offices, have acquired Three Rivers Apartments in Fort Wayne, IN for a Purchase Price of $32.25 Million. Three Rivers Apartments, the tallest residential building in Downtown Ft Wayne, is a 354-unit apartment community offering one of the most comprehensive amenity packages in its submarket. Three Rivers Apartments benefits from being within walking distance of Parkview Field Ballpark, Fort Wayne Museum of Art, as well as outdoor green spaces such as Headwaters Park and the Wabash & Erie Canal Towpath Trails. Another major advantage is Riverfront Fort Wayne, an initiative to revitalize the areas surrounding the St. Mary’s River. Through the addition of parks and myriad public […]

FORT WORTH, TX - Civitas Senior Living, a senior living management company, and LKP Ventures, a real estate development company, have announced their plans to bring Harvest Senior Living - a new, luxury assisted living and memory care community -- to Roanoke, Texas. Both companies are local to the Dallas/Fort Worth Metroplex. "We are thrilled to be partnering with LKP Ventures on this new community," said Wayne Powell, Founder and CEO of Civitas Senior Living. "We share a passion for next-level hospitality and great development, and I look forward to working together to bring the Roanoke area's seniors the high level of accommodations, services, and support they deserve." The new, 67,000-square-foot community will be situated on 5.25 acres […]

ORLANDO, FL - TruAmerica Multifamily has acquired Island Club, a 472-unit Class B apartment community in Orlando, FL in a $64 million transaction. TruAmerica identified the Orlando MSA as its top target market in Florida after entering the state in 2017. The Island Club is TruAmerica’s seventh asset purchase in Orlando and boosts the Los Angeles-based real estate investment firm’s Florida holdings to more than 4,200 units.  Other assets are located in Boynton Beach, Fort Myers and Tampa-Clearwater.   “We continue to look at opportunities and build upon our already significant presence in the greater Orlando area,” said TruAmerica Co-Chief Investment Officer Matthew Ferrari, who oversees the firm’s acquisition […]

SARASOTA, FL - InvestRes has purchased Oakwood Apartments, a multifamily property located in the Whitfield submarket of Sarasota, Florida. Oakwood, a 148-unit community, will be managed by InvestRes' in-house property management division, ResProp Management. Oakwood is a high quality community constructed in 2015, offering one- to three-bedroom apartment homes with floor plans of 730 to 1,229 square feet. The transaction includes an assumable, long-term fixed rate HUD loan. 25% of the property units' rents are subject to affordable restrictions based on the submarket's median income levels, which pairs with the area's high demand for quality, workforce housing.   "Oakwood is an off-market deal sourced through a longstanding relationship. We believe this […]

WASHINGTON, DC - Corvias has expanded the transformative public-private partnership (P3) with Howard University to provide much needed student housing renovations to Howard Center, a former hotel/restaurant venue most recently used as Howard University Administrative Offices with ground floor retail. This brings the total scope of the partnership to 3,009 beds, $144M capital raised, $1.7B total economic impact, and $39.5M debt defeasance. “From the start of this partnership, we have put the needs of the University and its students first,” said John Picerne, Corvias Founder. “With our initial work in 2016, we agreed to enact an ‘operational close’ to the program, allowing us to take over the operations, management, and maintenance of housing and residence […]

SUGAR LAND, TX - Cardone Capital, a Miami-based multi-family investment firm, announced the acquisition of Stella at Riverstone, a Class “A” garden-style apartment community with 351 units located close to excellent schools, major employers, and retail in the heart of Sugar Land, Texas.  Sugar Land is one of the most exclusive and desirable areas in the Houston MSA with extremely high barriers to entry for new multifamily development. The construction quality of Stella at Riverstone is unparalleled in the area. The property offers investors the opportunity for long–term stability, future rent growth, and value appreciation.  Cardone Capital allows both accredited and non-accredited investors opportunity to invest in this large, cash-flow positive deal […]

TAMPA, FL - American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Carlyle at Crosstown, a 300-unit garden-style community in Tampa. Located just 15 minutes east of Downtown Tampa, the asset marks the firm’s fifth acquisition in the Tampa market. The property was 96.3 percent occupied at the time of sale. American Landmark, and its equity partner Electra America, continues to selectively acquire properties in excellent locations across the Southeast and Southwest. This is the company’s 27th property acquisition worth over $1.4 billion since the beginning of 2018, adding over 9,000 apartment units to its portfolio. The firm plans to implement approximately $2.3 million of interior and exterior capital improvements. Unit […]

ATLANTA, GA - Toll Brothers, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental subsidiary, along with its joint venture partner The Davis Companies, announced that the partnership has secured a $51 million construction loan facility from Capital One for the construction of Oleander, a 348-unit luxury apartment community in Atlanta, Georgia. The total project cost is approximately $78 million. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Leasing is projected to commence in mid-2019.  Affiliates of Toll Brothers Apartment Living will manage Oleander’s development, marketing, leasing and property management.    Oleander is located on a 4.1-acre parcel within Emory […]

MACON, GA -  Watercrest Senior Living Group announces their continued southeastern expansion with the approved development of a 107-unit, upscale Watercrest senior living community in Macon, Georgia. The Watercrest Macon senior living community will be ideally located on Bass Road in the thriving Providence at Bass development.  The prosperous area offers high-end residential, plentiful retail and dining establishments, as well as diverse cultural and entertainment venues. "Bass Capital Group is excited to welcome Watercrest to Providence Village on Bass, our growing development in North Macon.  Watercrest is a great addition to our community and we look forward to giving seniors of Macon and surrounding areas an upscale and […]

JERSEY CITY, NJ - Circle Squared Alternative Investments and an affiliate of The PRC Group of Companies have entered into a joint venture partnership for the construction of a 132,000 square-foot Class-A Residential Building located on the West Side of Jersey City as part of the $400 million-plus New Jersey City University ("NJCU") University Place redevelopment area. The 144 units of upscale, market-rate housing and associated amenities, including on-site structured parking, are the result of a collaboration among Jersey City, NJCU, and the private development team of Circle Squared and a PRC Group affiliate. "We have been a part of the redevelopment of the West Side of Jersey City for some time now and, thus far, tremendous progress has been […]