Multifamilybiz-com News

HOUSTON, TX - Wood Partners, a national leader in multi-family real estate development, announced, in partnership with Principal Real Estate Investors, the grand opening of its newest luxury residential community – Alta Washington – in Houston, Texas. The seven-story community features 204 units comprised of one and two-bedroom apartment homes as well as six, three-story townhouses. Leasing is currently underway with the first move-ins scheduled for early November. Located in the Memorial Park area just outside of Downtown Houston, the new community offers easy access to several major employment hubs including the Downtown, Galleria/Uptown, and Greenway Plaza areas. For activities outside of work, Memorial Park, which has recently started a multi-million dollar renovation with […]

BOSTON, MA - Rockpoint Group, a global real estate investment management firm, announced it has formed an exclusive $250 million joint venture with Resicap, a leading owner and operator of single-family rental homes based in Atlanta, GA. Resicap's fully integrated real estate platform provides expertise in the acquisition, construction and property management of high-quality rental homes with operations in 34 states and 59 markets. Together, Rockpoint and Resicap expect to acquire, renovate, and lease 4,500-5,000 high-quality single-family rental homes at price points affordable to residents of established suburban neighborhoods in the Southeast U.S., Florida, and Texas. The Resicap venture will expand Rockpoint's footprint in the single-family rental sector to include a more diversified […]

SAN DIEGO, CA - Walker & Dunlop, Inc. announced that it completed the sale of Valentina by Alta, a 110-unit newly constructed apartment community in the highly-coveted Little Italy neighborhood of San Diego, California. Little Italy, which has been coined "Top Chef Alley," has emerged as one of San Diego's most sought-after neighborhoods, with top-rated restaurants, bars, and coffee shops. The location provides excellent accessibility to six major freeways and is 15 minutes away from San Diego's top employment hubs. Additionally, Valentina by Alta is within walking distance of Kilroy Realty's new 220,000 square-foot office project on Kettner Boulevard, as well as IQHQ's planned 1.6 million square-foot waterfront life science campus. Walker & Dunlop's property sales team included […]

DALLAS, TX - San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Fountains at Steeplechase in Plano, TX (Dallas market). The firm purchased the garden-style property in 2013 and the sale closed on October 9, 2020. Fountains at Steeplechase was built in 1985 and is located at 7301 Alma Drive. During the firm's ownership period, Hamilton Zanze replaced the roof, upgraded windows, improved resident amenities, including the installation of a dog park, and added a model unit to improve leasing efforts and increase rental rates. The property comprises 368 units with upgraded appliances, new flooring, resurfaced countertops, and upgraded hardware. Steeplechase's one- and two-bedroom units average 857 square feet for a total of 315,368 rentable square feet. […]

WESTMINSTER, CA - Located on 14800 Beach Boulevard in Westminster, CA, Della Rosa is a new affordable housing community offering studio, one- and two-bedroom homes to those who earn 30%-50% AMI. Offering twenty-five studio units for those previously experiencing homelessness, local service provider American Family Housing will offer wrap around services. Twenty-four, one- and two-bedroom low-income apartments are available to those earning 50% AMI of the County of Orange. The event celebration includes comments from Orange County Supervisor Andrew Do, City of Westminster Mayor Tri Ta, Southern CA Vice President of US Bank Rockette Ewell, President of Solari Enterprises Gianna Solari and President of Affirmed Housing Jim Silverwood. Della Rosa is a two and three story, new construction […]

BETHESDA, MD - Walker & Dunlop, Inc. announced that it structured $25,200,000 in Fannie Mae financing for Bethlehem Fields Apartments, a 216-unit, Class-A multifamily property located in Bethlehem, Pennsylvania in the Lehigh Valley region. Walker & Dunlop arranged the refinancing on behalf of Boyd/Wilson, a repeat client with 38 years of experience in commercial real estate development and property and construction management throughout Pennsylvania. This financing for Bethlehem Fields, which was originally organized as a bank execution prior to the COVID-19 pandemic, represented Boyd/Wilson's first Agency execution. Amid market uncertainty, the Philadelphia Capital Markets team, including Managing Directors, John Banas and Kris Wood, as well as Analysts John Wilson and Rhett […]

DALLAS, TX - Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, is just weeks away from completion on the Reserve at Hickory Commons, a new 62-unit apartment building in Winston-Salem. Stratford Capital is Gardner Capital's tax equity partner while Churchill Stateside Group provided both construction and permanent financing for the project. "We strive to create living spaces that are functional, affordable and memorable, and this location will be a terrific option for Winston-Salem residents," said Michael Gardner, President and CEO of Gardner Capital. "We are very excited about Hickory Commons, the first of multiple new projects that we have coming online in North Carolina over the next two years." […]

PORTLAND, OR - Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., has announced leasing and move ins are underway at Modera Akoya, a luxury mixed-use community located on the southwestern edge of the eclectic Pearl District. The community, which offers 295 contemporary apartment homes, a deluxe suite of amenities and approximately 20,000 square feet of ground-floor retail, boast a prime location amidst Portland's key hot spots. The site features a near-perfect Walk Score of 99, a Transit Score of 97 and a Bike Score of 95. "Since its revitalization in the 1990s, the Pearl District has steadily morphed into one of the most sought-after living destinations in the city," said Sam Rodriguez, senior managing […]

HAMILTON, NJ - Total construction starts dipped 18% in September to a seasonally adjusted annual rate of $667.7 billion, essentially taking back August s gain. While some of this decline is certainly payback from several large projects entering start in August, the drop in activity brought total construction starts below levels seen in June and July. Nonresidential starts fell 24%, while residential building dropped 21% over the month. Nonbuilding starts were 5% lower than August. Year-to-date through nine months, total construction starts were down 14% from the same period in 2019. Nonresidential starts were lower by 26% and nonbuilding was down 18%, while residential starts gained 1%. For the 12 months ending September 2020, total construction starts were down 8% from the 12 months […]

NEWPORT NEWS, VA - DF Ventures, a business unit of Drucker + Falk, has announced the sale of a 710-unit, three property portfolio to The Kushner Companies for $113.0 million. The portfolio consists of Chesapeake Bay Apartments located in Newport News, VA, Hanover Crossing in Mechanicsville, VA, and Wilde Lake Apartments located in Henrico, VA. J Guy Buck, CFO of Drucker + Falk, said, This was a great opportunity to leverage DF Multifamily s management and renovation expertise. We are very proud to have delivered extraordinary returns to our investors. DF Ventures, along with a partner, acquired the properties in May of 2016 for $68.5 million and implemented a $10.5 million renovation plan across the three properties which, combined with stellar property management, resulted in an […]

COLORADO SPRINGS, CO - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the acquisition of nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark, a three-story, resort-style apartment community featuring one- to three-bedroom apartment homes. Construction on the development will begin later this month, with an expected completion date of fall 2022. "We are excited to start construction on our second multifamily development in Colorado Springs, which continues to rank as one of the most desirable places to live in the country," said Jessica Tuttle, Watermark's vice president of development, west region. "Colorado Springs' dynamic growth has brought robust demand for […]

ROCK HILL, SC - A Joint Venture between URS Capital Partners, a NY based private real estate investment firm, and Catalyst Capital Partners, a Charlotte based real estate development firm, have recently closed on the acquisition of nearly 7.5 acres encompassing an entire city block in downtown Rock Hill, SC, and will be breaking ground in the coming weeks on a $45M+ mixed-use development project called The Exchange at Rock Hill. The site consists of 3 separate parcels with the largest piece being sold by the City of Rock Hillthrough an RFP process that began over 18 months ago. The other 2 parcels were acquired from private owners to complete the assemblage. The Exchange at Rock Hill will be a best-in-class Mixed Use Development consisting of 229 apartments with a pool and outdoor […]

ORLANDO, FL - The Bainbridge Companies, a leading developer, owner and manager of luxury multifamily communities, announced it has been selected to manage Minneola Hills, a new luxury apartment community being developed by VRM Companies and Skorman Development Corp. Minneola Hills is the first and only multifamily community in Minneola, and is part of the extensive Hills of Minneola planned unit development project, which includes single family homes, a town center and Publix Super Market. Located just 25 minutes outside of downtown Orlando, Fla., it features 297 units with various floor plans including one, two, and three-bedroom options. We re proud to expand our third-party management portfolio to include Minneola Hills, the first community of its kind in Minneola, said Dana […]

ATLANTA, GA - Joint venture partners PointOne Holdings, Batson-Cook Development Company, and Novare Group have sold Promenade at Newnan Crossing, a 298-unit apartment community with a mix of three-story buildings, manor-style rental homes and for-rent townhomes on approximately 24.3 acres in Newnan, Georgia. The multifamily community was sold to Capital Square 1031, a leading sponsor of Delaware statutory trust offerings for Section 1031 exchange and other accredited investors. The development, which sold for $65.8 million, is part of a 123-acre mixed-use master development that will provide the property s residents with a truly walkable, interconnected community containing an exciting mixture of retail, office, restaurant and residential space. The LINC, a 25.5 mile multi-use […]

HOUSTON, TX - LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the start of preleasing at Taylor Heights, a contemporary apartment community located just northwest of Downtown Houston. The midrise, four-story community, which features 363 apartment homes, designer finishes and top-of-market amenities, is situated along Taylor Street just south of Interstate 10 in the greater Houston Heights area. The art-infused neighborhood is considered Houston's culinary hub and boasts a prime location that provides easy connectivity to many key locales across the city. First move-ins are anticipated for this fall at Taylor Heights, which is offering virtual leasing options. "Houston Heights is one of the most charismatic areas in the […]

ATLANTA, GA - Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of The Stratford Apartment Homes located in the Perimeter Center submarket of Atlanta, Georgia. The property was acquired by the Providence Multifamily REIT, Inc., a Providence-managed private REIT that invests in value-add multifamily opportunities throughout the Southeastern United States. The Stratford was built in 1990 and consists of four residential midrise apartment buildings and a one-story clubhouse and leasing center. The property is located less than one mile from the largest medical center in Georgia that is home to Northside Hospital Atlanta, Emory St. Joseph's Hospital and Children's Healthcare of Atlanta. In addition, the property is located less than one mile […]

CHICAGO, IL - CA Ventures, the global vertically integrated real estate investment management company, announced that QuadReal Property Group ("QuadReal") has acquired a 50% interest in its U.S. student living platform. The transaction formalizes the conversion of QuadReal's existing student, entity-level investments with CA, to an ownership stake in the company. QuadReal's commitment with CA Is $1.6 billion including other CA investment vehicles strategically designed to support the continued growth of the firm's student housing portfolio. "This is a celebrated milestone for our student living business and the beginning of the exciting next chapter in our longstanding relationship with QuadReal," said Tom Scott, chief executive officer at CA. "QuadReal has been a valued and trusted […]

PLANTATION, FL - Mill Creek Residential, a leading multifamily developer and operator specializing in premier apartment communities across the U.S., announced leasing is underway at Modera Cornerstone, a modern retreat-like apartment community located in the vibrant Southeast Florida suburb of Plantation. Situated amidst the 58-acre Class A business campus of Cornerstone Corporate Center, Modera Cornerstone offers 330 contemporary apartment homes and deluxe array of community amenities. First move-ins at the Fort Lauderdale-area community began in August. "Plantation continues to be an attractive option for renters with its centralized Broward County location and unique combination of city living in a suburban environment," said Jeff Meran, executive managing director of development of […]

KING OF PRUSSIA, PA - Morgan Properties, the nation's fifth largest apartment owner and operator, announced it has acquired 18 communities encompassing 3,256 units in North and South Carolina. Morgan Properties acquired the portfolio for $323 million. This transaction takes Morgan Properties unit count in the Carolinas to nearly 5,000 units and their national portfolio to more than 78,750 units. Through the acquisition, the company will maintain over seventy existing jobs while creating 10 new regional management positions to be based in the Carolinas. Morgan Properties also plans to invest an additional $20 million into renovations and amenity upgrades at the properties. Despite 2020 being an unprecedented year, this acquisition shows our continued confidence in class B, value-add […]

ST LOUIS, MO - Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced the acquisition of approximately 19 acres of land in the affluent St. Louis suburb of O'Fallon where the company plans to develop their fourth apartment community in Missouri—Avenue64 by Watermark. The expected completion date is August 2022. Located at 1147 Technology Drive, Avenue64 by Watermark will be conveniently located between I-64 and Highway K, approximately 30 minutes west of downtown St. Louis. The new Class A apartment community is less than one mile from CitiMortgage and Progress West Hospital, two of the metro's largest employers, and only a five-minute drive from MasterCard's Global Operations Headquarters. Several local and […]