Multifamilybiz-com News
- SummerHill Completes $125 Million Disposition of 251-Unit Transit-Oriented Prado Apartment Community in California Bay Area Marketon March 29, 2024 at 10:42 am
SANTA CLARA, CA - SummerHill Apartment Communities announced that it has sold Prado Apartments, a 251-unit transit-oriented multifamily community located in Santa Clara, CA for $125 million. The site was sold to PCCP of San Francisco, CA and Alliance Residential Company of Scottsdale, AZ. Located at 3560 Rambla Place, Prado is a seven-story building comprised of 251 residential units that include both one and two-bedroom apartments that was completed in 2021 and is part of the Nuevo master-planned community which SummerHill also developed. "PCCP and Alliance are world-class real estate operators, and we are excited to see what's next in store at Prado within this fantastic transit-oriented development," said Doug McDonald, President of SummerHill Apartment Communities. With 600+ […]
- First Large-Scale Office-to-Residential Conversion in The Heart of DC's Downtown Golden Triangle District Nears Completionon March 28, 2024 at 10:49 am
WASHINGTON, DC - The first major office-to-residential conversion in Washington, DC's Golden Triangle Business Improvement District is finishing its final stretch of construction before delivering this summer. The Elle apartments, which broke ground in 2022 on the site of the former Peace Corps headquarters at 20th and L Streets NW, will feature 163 residential units across 185,000 square feet in the heart of Downtown. "We have seen in other parts of our city how having the right balance of residents and workers can sustain a vibrant and thriving neighborhood. We have a beautiful Downtown that is already bustling with people and activity, and the Housing in Downtown program will allow us to build on that in a very strategic way," said Mayor Bowser. "Innovative projects like the Elle have […]
- The Bascom Group Continues Brisk Growth Pace with Acquisition of San Miguel Court Apartment Community in New Mexicoon March 28, 2024 at 10:38 am
SANTA FE, NM - The Bascom Group has acquired San Miguel Court Apartments, a 1974 built, 96-unit garden-style multifamily property located at 2029 Calle Lorca in Santa Fe, New Mexico. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with LaSalle Debt Investors as the lender. Apartment Management Consultants will provide property management, and SD-CAP will provide construction management services. With the unprecedented interest rate increases over the past year and subsequent decline in apartment values, San Miguel Court continues the brisk acquisition pace for Bascom in 2024, marking the firm's third acquisition this year. The purchase of San Miguel Court comes on the heels of recent Bascom acquisitions including, The Overlook, a 344-unit garden style […]
- CIM Group Completes Disposition of 215-Unit District at SoCo Apartment Community in The Heart of Austin’s South Congress Districton March 27, 2024 at 10:18 am
AUSTIN, TX - CIM Group announced the sale of District at SoCo, a 215-unit apartment community with 328-space parking garage in Austin, Texas, which it acquired in 2013. Built in 2012, District at SoCo is located in the heart of the popular South Congress district. The contemporary apartment community offers studio, one- and two-bedroom floor plans providing a stylish living environment with modern kitchens and bathrooms, in-unit washer and dryer, and outdoor patios and balconies. District at SoCo is designed with four-story buildings around two outdoor community gathering areas. Outdoor amenities include a courtyard with games and a firepit, an outdoor kitchen, grilling stations and picnic areas, a resort-style swimming pool, and a dog park. Residents also have access to a Club Room, a […]
- Trammell Crow Residential Expands Footprint in Greater Boston Market with 340-Unit Alexan Chelmsford Luxury Apartment Communityon March 26, 2024 at 10:34 am
CHELMSFORD, MA - Trammell Crow Residential (TCR), the multifamily development platform of Crow Holdings, announced construction has commenced on its latest Alexan community, a 340-unit, luxury multifamily residence in Chelmsford, Massachusetts. TCR will serve as both the developer and general contractor on the project, and construction completion is anticipated for Q4 2025. Located at 255 Princeton Street, Alexan Chelmsford will redevelop the former UMass Lowell West Campus into a tranquil, 32-acre residential community. Studio, one-bedroom, two-bedroom, and three-bedroom units equipped with stainless-steel appliances, wood-style plank flooring, in-unit washers and dryers, and spacious walk-in closets will be situated within four-story, elevator-serviced buildings. The development will […]
- Southwest Value Partners and StreetLights Residential to Start Leasing at 650-Unit Two Nashville Yards Residential Towerson March 25, 2024 at 11:24 am
NASHVILLE, TN - Southwest Value Partners and StreetLights Residential, development partners of two multi-family residential towers under construction at Nashville Yards, announced that leasing will begin this summer. Named The Everett and The Emory, the 34- and 35-story towers are expected to open in November 2024 and will together offer more than 650 residences for rent in the heart of Nashville Yards in downtown Nashville. The Everett and The Emory are at the center of Nashville s finest amenities - a safe, healthy, walkable, 19-acre master planned community with abundant green and open space, and steps away from world class dining, retail, health and entertainment offerings, said Cary Mack, Managing Partner of Southwest Value Partners. These towers are also a short walk to work for […]
- Venterra Realty Breaks Ground on 312-Unit Camber Ridge Luxury Apartment Community in Suburban Houston Submarket of Fulshearon March 22, 2024 at 10:24 am
HOUSTON, TX - Venterra Realty broke ground on a new multifamily community, Camber Ridge at Cross Creek Ranch, in Fulshear, Texas. When fully built out, the property will contain a 312-unit Class A apartment community that is part of Johnson Development Corp's Cross Creek Ranch, a highly successful master-planned community. Camber Ridge will provide residents with market-leading amenities including a community clubroom, resort-style pool, outdoor lounge, fitness center, package lockers, coworking spaces, Sanctuary buildings focused on providing like-minded residents with a peaceful living experience, and more. The first units are expected to be delivered beginning of Q2 2025. Approximately 30 miles west of downtown Houston, Fulshear is in Fort Bend County and is known as a beautiful and […]
- Hamilton Zanze Announces Sale of 156-Unit Belle Creek Apartment Community in Northeast Denver Metropolitan Market of Hendersonon March 21, 2024 at 9:21 am
DENVER, CO - Hamilton Zanze, a San Francisco-based real estate investment firm that owns and operates multifamily communities nationwide, announced that it has sold Belle Creek Apartments, a 156-unit apartment community in Henderson, Colo., in metro Denver. The firm acquired the property in April 2016 and instituted a comprehensive capital improvement program. Hamilton Zanze's successful renovation efforts included upgrades to the apartment homes and building exteriors, and the installation of a new resident clubhouse. The improvements focused upon enhancing the resident experience and enabling the community to operate more efficiently. "We could not be more pleased with our ownership and disposition of Belle Creek Apartments," said Anthony Ly, Senior Director of Transactions at Hamilton […]
- Muinzer Completes Disposition of 290-Bed Salisbury Student Housing Portfolio Located Near Purdue University in West Lafayetteon March 21, 2024 at 9:08 am
WEST LAFAYETTE, IN - Muinzer, a fully-integrated real estate investment firm specializing in student housing, announced the sale of the Salisbury Portfolio near Purdue University in West Lafayette, IN. The five-property portfolio consists of 290 student housing beds that are 100% leased for the August 2023 school year and 100% pre-leased for the August 2024 school year. Scott Clifton of JLL spearheaded the institutional sales process that generated significant interest and resulted in multiple offers for the portfolio. Muinzer acquired the Salisbury Portfolio via an off-market transaction in 2017. "I have been a net buyer of student housing near my alma mater, Purdue University, for well over 20 years and 2024 will be no different. That said, this was a great opportunity for us to sell a […]
- Mill Creek Adds 177 Townhomes to North Phoenix Market with Start of Preleasing at Amavi Aster Ridge Build-to-Rent Communityon March 20, 2024 at 10:39 am
PHOENIX, AZ - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Amavi Aster Ridge, a single-family build-to-rent community that closely borders the thriving Anthem neighborhood of North Phoenix. Amavi Aster Ridge offers a mix of 177 two- and three-bedroom townhomes and represents Mill Creek's first single-family build-to-rent community within the Phoenix area. First move-ins are anticipated for March. "As the North Phoenix/Anthem area emerges as a key employment hub, demand for quality housing continues to rise," said Sam Griffin, vice president of land acquisition for Mill Creek's Southwest Region. "Amavi Aster Ridge represents the lone professionally managed […]
- FaverGray Celebrates Completion of 862-Bed Seminary Lane Student Housing Community Near The University of Florida in Gainesvilleon March 19, 2024 at 10:29 am
GAINESVILLE, FL - FaverGray, a leading student housing general contractor, is proud to announce the successful delivery of Seminary Lane (Theory Gainesville), a remarkable 298-unit, 862-bed student housing community near the University of Florida in Gainesville. The project encompasses approximately six acres and consists of four new apartment buildings, varying in height from three to five stories, as well as two parking garages. What sets the project apart is the exceptional array of rooftop amenities, designed to create a truly exceptional living experience for its residents. These amenities include a resort-style swimming pool, a state-of-the-art fitness center, an impressive Jumbotron for community events, and inviting courtyard spaces for relaxation and socialization. "We are […]
- NAS Investment Solutions Acquires 120-Unit Broadway Apartment Community in Thriving Midwest Market of Des Moines, Iowaon March 18, 2024 at 12:05 pm
DES MOINES, IA - NAS Investment Solutions (NASIS), a national sponsor known for high quality passive real estate investments with reliable yield performance, has acquired Broadway Apartments, a three story, 120-unit multifamily property complex in Des Moines, Iowa. The acquisition of Broadway Apartments creates an investment opportunity for all real estate investors especially for those 1031 Exchange investors who are in immediate need of a quality replacement property. It is also suitable for self-directed IRAs and represents a narrow window of opportunity for accredited investors to participate. National Asset Services (NAS), one of the Country's leading commercial real estate companies, known for maximizing property value in all economic situations while enhancing residents' living […]
- Tower 16 Capital Partners Completes $43 Million Nevada Acquisition of 209-Unit The Deco at Victorian Square Apartment Communityon March 15, 2024 at 10:24 am
RENO, NV - San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the Reno, Nevada market. The project was built in 2021 and acquired for $43 million, well below today s replacement cost. This marks our first acquisition in the Reno market and brings us back into Nevada where we previously owned a portfolio of 2,000 units, said Tower 16 Co-Founder Tyler Pruett. We re pursuing opportunities in Western growth markets to acquire high-quality real estate at a steep discount to replacement cost and prior-peak pricing. We have been trying to enter the Reno market for years and remain firm in our conviction that in-migration from more expensive markets will continue, driven by increasing job opportunities, […]
- Wood Partners Announces Grand Opening of 250-Unit Alta Firewheel Luxury Residential Community in North Texas Market of Garlandon March 14, 2024 at 9:50 am
GARLAND, TX - Wood Partners, a leading national multifamily real estate developer, announced the official grand opening of its newest luxury residential community, Alta Firewheel, situated in Garland, Texas. Alta Firewheel is Wood Partners' second project in the Garland submarket, following the successful opening and sale of Alta Spring Creek in 2021. Nestled near the President George Bush Tollway, Alta Firewheel offers residents a seamless commute to major employment centers and vibrant retail districts. The community provides direct access to an abundance of dining, shopping, and entertainment options at Firewheel Town Center, an expansive retail space exceeding one million square feet—all within walking distance of the community. Set amid attractions such as Lake Ray Hubbard, […]
- Mill Creek Residential Announces Start of Preleasing at 204-Unit Modera Trinity Mixed-Use Apartment Community in Dallason March 13, 2024 at 12:20 pm
DALLAS, TX - Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., announced the start of preleasing at Modera Trinity, a luxury mixed-use apartment community uniquely positioned along the west levee of the Trinity River. The seven-story community, which features 204 apartment homes and 4,000 square feet of ground-floor retail space on a formerly vacant industrial site, is uniquely designed with a lifted podium aesthetic that elevates the building's amenities and most apartment homes above the levee. The community offers unobstructed, panoramic views of the iconic Dallas skyline, its two signature Calatrava bridges and the city's most expansive naturalized greenbelt. First move-ins are anticipated for March. "The neighborhood […]
- Clearwater Living Opens New Assisted Living and Memory Support Senior Living Community Located in Dynamic Newport Beach Marketon March 12, 2024 at 10:19 am
NEWPORT BEACH, CA - Clearwater Living, a real estate and property management company dedicated to the ownership, operation and development of high-quality senior living communities, announced the opening of Clearwater Newport Beach, a 101-unit, luxury assisted living and memory support community in Newport Beach. "We are excited to welcome residents to this beautiful new community," said Danielle Morgan, Clearwater Living's president and chief operating officer. "Our communities embody our commitment to providing residents with the ability to receive the emotional, physical and social experiences they need when living in an assisted living community and this Newport Beach location provides convenient access to an array of shopping, dining and sightseeing opportunities that further enhance […]
- Aptitude Development Bringing 485 Beds to Arizona State University with Groundbreaking on The Marshall Tempe Student Communityon March 11, 2024 at 10:09 am
TEMPE, AZ - Aptitude Development, a leading student housing developer with a decade of experience, announced the imminent groundbreaking of The Marshall Tempe, a transformative student housing project set to redefine student living near Arizona State University. Located at 1031 E Apache Blvd, The Marshall Tempe is poised to welcome Sun Devils for the Fall 2026 semester. As Aptitude's 11th ground-up development, The Marshall Tempe exemplifies the company's dedication to creating vibrant, enriching student living experiences. "Arizona State is at the forefront of educational excellence, and we're bringing a new wave of student housing to match. The Marshall Tempe is more than a residence; it's a revolution in student living," says Jared Hutter, Chief Snow Shoveler at Aptitude Development. […]
- Aventon Companies Breaks Ground on 425-Unit Loudoun County Luxury Apartment Community Walkable to The Ashburn Metro Stationon March 8, 2024 at 11:31 am
ASHBURN, VA - Aventon Companies, a prominent multifamily developer and general contractor with active projects throughout the Mid-Atlantic and Southeast, announces that it has begun construction on a brand-new luxury apartment community located in Ashburn, Virginia. Aventon Moorefield will consist of 425 units in a mid-rise, six-story building located in convenient proximity to major transportation hubs including Ashburn Metro Station and Dulles International Airport. With floor plans ranging from studios to three-bedrooms, Aventon Moorefield will be the premier luxury asset in the Loudoun County submarket. Greeted by 20-foot lobby ceilings, residents will feel at home with amenities including ample on-site remote workspaces, a state-of-the-art clubroom and lounge, a 24/7 fitness center, […]
- Greystar Begins Pre-Leasing at Marlowe Ridgeview Apartment Community in Orlando Submarket as Construction Completion Nearson March 7, 2024 at 12:32 pm
DAVENPORT, FL - Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, announced that Marlowe Ridgeview, the latest Marlowe-branded apartment community, has begun pre-leasing. Marlowe by Greystar provides suburban luxury living with quality newer finishes, spacious and current amenities and modern design with easy access to urban conveniences. "We're excited to bring Marlowe Ridgeview to Davenport. It is a community that has all of the modern conveniences but what really sets it apart is its focus on outdoor relaxation," Parker LeCorgne, Sr. Director Development, Greystar, said. "The community offers amenities including two resort-style pools, outdoor kitchenettes and recreation […]
- Knightvest Capital Continues North Texas Expansion with Acquisition of 276-Unit Cypress Apartment Community in Dallas Submarketon March 6, 2024 at 12:03 pm
DALLAS, TX - Knightvest Capital, a vertically-integrated multifamily investment company, announced the acquisition of the Cypress Apartments in McKinney, Texas, a fast-growing suburb of the Dallas-Fort Worth area. This represents Knightvest Capital's first closed acquisition of 2024, as the Company continues to expand its presence in North Texas and add to its portfolio of over 34,000 units across the United States. Built in 2007, Cypress Apartments is a three-story garden-style community where eighty-four percent of the floorplans contain two or three bedrooms. The community offers sought-after amenities, including a resort-style pool, fitness center, and media lounge. Knightvest plans to complete comprehensive property enhancements and modernize unit interiors to offer a high-quality […]