Multifamilybiz-com News

LAS VEGAS, NV – Haven Realty Capital, a Los Angeles-based real estate investment and asset management firm has sold The Grove apartments for $34,500,000 or about $135,000 per unit.  The Grove is a well-located asset on the outskirts of Summerlin along interstate 95 in northwest Las Vegas. Vittal Ram, Curt Allsop, Angela Bates and Doug Schuster with Newmark Knight Frank represented both the buyer and seller. Haven acquired the property in August 2016 as an REO and undertook a significant repositioning of the property. The interior of the clubhouse was demolished and rebuilt to allow for a more open floor plan and a larger fitness center. The exterior façade of the property was repaired and […]

BEAUMONT, TX - Southern Properties Capital, a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company, announced its most recent multi-family acquisition of Chelsea Apartments in Beaumont, Texas. The US Housing of Urban Development granted approval for the expansion of Southern Properties Capital’s multifamily portfolio in August. Chelsea Apartments are located in Beaumont, Texas. Built in 1999, the property offers 8 different one, two, and three bedroom floor plans ranging from 618-1239 square feet. The 144 unit garden style community is comprised of 10 two-story residential buildings atop 6.81 acres of land. Chelsea Apartments offer a distinctive, quiet living environment with quick and convenient access to […]

SCOTTSDALE, AZ - Multifamily Leadership, producers of the Best Places to Work Multifamily Program, the Multifamily Leadership Summit, and the Multifamily Leadership Podcast, is excited to announce the inaugural Multifamily Women’s Summit. Entering its fifth successful year, the Multifamily Leadership Summit is expanding its efforts to unchartered territory, offering an educational event that focuses exclusively on women in the multifamily housing industry. The summit takes place on March 20-21, 2019 in Scottsdale, Arizona.  The Multifamily Women’s Summit will feature important, relevant discussions conducted by leading experts of various fields, which will allow women to strengthen their professional network, expertise, and influence. The summit will also cater to men […]

INDIANAPOLIS, IN - JVM Realty, a leading vertically integrated multifamily real estate investment and property management firm, announced it has completed renovations to the common areas of Circa Apartments, a 265-unit luxury apartment community in downtown Indianapolis. "We are extremely excited about what these improvements will bring to this already outstanding community in downtown Indy," said Jay Madary, president and CEO of JVM. "When you combine these updated common-area features with our marketing and revenue management capabilities, we believe the stage is set for Circa to perform extremely well over the long term and deliver strong returns." Among the new features at Circa: an expanded off-leash pet park, a new pet-washing station, an automated package room […]

FORT LAUDERDALE, FL - Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its latest luxury midrise apartment community, Bask, in Fort Lauderdale, Florida. Located at 1919 Southeast 10th Avenue, Bask joins a list of well-established Wood Partners' properties in the state. The community, which features 310 apartment homes, is located immediately adjacent to the Harbor Shops, a 250,000-square-foot regional shopping center, complete with a Publix, and is within walking distance to several restaurants and bars. In addition, the popular and lively Las Olas Boulevard is situated less than two miles to the north and Greater Fort Lauderdale's beaches are located within 1.5 miles to the east. "We are […]

AUSTIN, TX - Preferred Apartment Communities announced the sale of McNeil Ranch, a Class A multifamily community built in 1999 and located in Austin, Texas. Preferred Apartment Communities sold McNeil Ranch for gross proceeds of approximately $30,000,000. Preferred Apartment Communities plans to utilize the net proceeds for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate loan investments and general corporate purposes.   McNeil Ranch offers a rare combination of resort style amenities, classic architecture, and a superior location. Conveniently located just minutes from fine dining and shopping, McNeil Ranch is in close proximity to some of the most prestigious golf […]

CHARLOTTE, NC – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired The Oaks, a 318-unit garden-style community located in Charlotte. Situated just 15 minutes north of the downtown in the West Sugar Creek area, the asset marks the firm’s sixth acquisition in the Charlotte market. The property was 94 percent occupied at the time of the sale. American Landmark, and its partner Electra America, continue to selectively acquire properties in excellent locations across the Southeast and Southwest. The company has completed 25 property acquisitions worth over $1.5 billion since the beginning of 2018, adding over 10,000 apartment units to its portfolio. Charlotte’s strong long-term job and population growth has made it a […]

DALLAS, TX - Southern Properties Capital, a subsidiary of Dallas-based real estate investment company Transcontinental Realty Investors, Inc, is announced a joint venture agreement with a wholly owned subsidiary of Macquarie Group Limited. The joint venture, Victory Abode Apartments d/b/a Abode Properties Services, currently holds 10,133 units across 11 states with 3 assets currently under construction, formed with TCI and Southern Properties Capital contributing the portfolio of more than 50 multifamily assets together with a substantial equity investment by Macquarie. The joint venture’s primary focus is to create a business platform that will allow dramatic expansion in the multi-family arena. The intent is to increase the overall size of the portfolio over the next […]

LA JOLLA, CA - Reven Housing REIT, an owner and operator of single-family residential properties, announced that it has successfully closed on the acquisition of 23 single-family homes in Memphis, Tennessee metropolitan area on December 6, 2018. The contract purchase price for the portfolio was approximately $1,516,100, exclusive of closing costs. The Company funded the purchase with proceeds from the Freddie Mac loan the Company entered into on October 1, 2018. Chad Carpenter, Chief Executive Officer of Reven Housing, added, “We are pleased to announce the addition of 23 homes to our holdings in the greater Memphis market; this incremental investment makes Memphis our fourth largest operating market with a total 143 single family homes. Continued job creation and low unemployment […]

RICHFIELD, MN - MLG Capital, the premier outsourced investment manager in private real estate for Investment Advisors, Family Offices and High Net Worth Individuals since 1987, announced the sale of Concierge, (formerly Crossroads at Penn), a 698-unit multi-family apartment complex located in Richfield, Minnesota.  Concierge is the third largest market rate apartment community within the Minneapolis-St. Paul market. The asset was owned, managed and operated by entities related to MLG Capital and Soderberg Apartment Specialists. "We made a significant commitment to re-energize Concierge over the last three years of ownership, performing a major renovation which fully updated all 698 units. We also focused on adding a superior amenity package including a […]

WESTERVILLE, OH - The Champion Companies acquired Albany Landings Apartments, a 272-unit community located in the Westerville/New Albany submarket. This acquisition marks Champion’s 15th community in its portfolio. Keeping in line with the company’s premium value-add renovation strategy, Champion plans a full rebrand of Albany Landings, including exciting additional amenities, a re-branded clubhouse and smart home technology in every unit. “At Champion, our number one priority is creating value for our residents and our investors,” Brian Yeager, Champion’s president and CEO, said. “We know we can do that at Albany Landings with immediate capital improvements and our best-in-class operations. Moreover, our total cost basis is roughly fifteen […]

SAN FRANCISCO, CA - American Campus Communities, the nation’s largest owner, manager and developer of high-quality student housing has commenced construction of a new on-campus student housing development in a public-private partnership with San Francisco State University (SF State). San Francisco State University is a public research university that serves nearly 30,000 students and is part of the California State University System. This student housing project marks the first equity-financed public-private partnership for the California State University System. With a waitlist of more than 2,000 students wanting to live on the SFSU campus, the partnership will allow for a state-of-the-art solution to the need for updated student housing at affordable price points in the market. […]

JACKSONVILLE, FL - Carter Multifamily announced the acquisition of the 160-unit Laurel Pointe Apartments for approximately $13 million. Laurel Pointe is located at 3000 Coronet Lane in Jacksonville, Florida.  Built in 1970, Laurel Pointe offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 835 to 1200 square feet of space. Located three miles southeast of downtown Jacksonville, Laurel Pointe offers convenient access to ALT 1, a major arterial highway in the region providing convenient access to the area's largest employers, including Baptist Health, Mayo Clinic, Bank of America, and UF Health Hospital. JAXPORT, the Jacksonville Port Authority, generates more than 24,000 port-related jobs and is located seven […]

PHOENIX, AZ - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the three-property, 845-unit Acacia portfolio on behalf of its real estate funds. The portfolio – which is concentrated in Phoenix’s affluent East Valley and comprises Chandler Court and River Ranch in Chandler, Arizona, and Vista Montana in Gilbert, Arizona – represents an opportunity for Greystar to acquire high-quality assets in rapidly growing, low-supply submarkets. The Phoenix metropolitan area is experiencing explosive growth, expected to lead the nation in employment by adding over 60,000 new jobs this year. The market benefits from a diversified employment base, having added roughly […]

SALT LAKE CITY, UT - Global real estate investment company Kennedy Wilson has acquired Alpine Meadows, a 222-unit wholly owned apartment community in the Salt Lake City, Utah region, for $49 million. Kennedy Wilson invested $20 million of equity in Alpine Meadows with a corresponding 10-year, $29 million loan at 4.28%. The property was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50% owned 260-unit apartment community in Vallejo, California, that was built a decade before Alpine Meadows. Since 2010, Kennedy Wilson increased net operating income at Bay Village by 121%, resulting in gain on sale of $20 million to Kennedy Wilson. “Salt Lake City is experiencing some of the most significant population and wage growth in the country as […]

FORT MYERS, FL - InvestRes has purchased Coral Pointe at the Forum, a multifamily property located in the North Lee County submarket of Fort Myers. Coral Pointe is a 252-unit community, which will be managed by InvestRes's in-house property management division, ResProp Management. Coral Pointe at the Forum is a high quality, Class A community constructed in 2017, offering one to three-bedroom apartment homes with floor plans of 545 to 1,350 square feet and several resident amenities. This was a multilateral transaction aimed at deferring capital gain liabilities for one of InvestRes's partners who sold real estate elsewhere and worked with InvestRes in connection with a 1031 exchange into the property.  The 252-unit garden-style walk-up community sits on 13 […]

INDIANAPOLIS, IN - Emma Capital Investments announced the acquisitions of Brandywine Apartments, a 296-Unit Community located at 8444 Rothbury Drive, Indianapolis; and The Hunt Club Apartments located at 5421 Calder Way, Indianapolis. These are Emma Capital's 33rdand 34th purchases in the United States, bringing its total acquisitions to date to approximately 9,000 apartment units. Brandywine is a 296-unit apartment community built in 1974. With 100% of units containing original interior finishing, Brandywine is primed for a market-supported interior value-add initiative. Hunt Club is a 200-unit apartment community built in 1972 that offers an outstanding opportunity to focus on value-add strategies with potential rent growth.  Emma Capital intends to re-brand […]

JACKSONVILLE, FL - The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of The Point at Town Center in Jacksonville, Florida. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm's most recent acquisition. Constructed in 2018, The Point consists of eight, three-story apartment buildings and a clubhouse/leasing center. The property's unit mix consists of one- and two- bedroom homes ranging from 580 SF to 1,325 SF, with an average unit size of 960 SF.  Unit interiors consist of quartz countertops in the kitchen and bathrooms, large undermount sinks, subway tile backsplash, stainless steel appliances, vinyl plank flooring, modern 42-inch cabinetry, designer LED lighting, framed […]

VENICE, FL - Zilber Residential Group is proud to announce that construction is well underway on the 272 well-appointed rental residences with all buildings and clubhouse in varying stages of completion.  Located near the corner of Laurel Road and Knights Trail Road as part of the Mirasol mixed-use development, the first residents of the Treviso Grand community are expected to move into their new homes around the beginning of April, 2019.  This pet-friendly community is comprised of one, two and three-bedroom residences that range in size from 574 to 1,252 square feet. Interiors offer modern kitchens complete with stainless steel appliance packages, quartz countertops, and designer cabinetry. Each residence will feature sleek fixtures and finishes including wood-style plank […]

PHOENIX, AZ - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the 349-unit Crescent Highland on behalf of its real estate funds. The asset, located at 4626 N. 16th Street in the Camelback Corridor, represents an opportunity for Greystar to acquire a best-in-class, highly amenitized property in a sought-after urban neighborhood favored by young professionals. “The acquisition of Crescent Highland complements Greystar’s strategy of acquiring high-quality assets in rapidly growing markets like the Camelback Corridor,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We were able to purchase a brand […]