Multifamilybiz-com News

MALVERN, PA -Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, in conjunction with Axium Infrastructure, announced they have reached financial close on a mixed-use student housing project for Vanderbilt University. The 616-bed development, delivered via public-private partnership (P3), will advance the University s mission to provide modern, affordable housing proximate to the campus core for graduate and professional students, with co-curricular spaces to help them build community and foster interdisciplinary connections. The new residential facility, set to break ground this spring and open in August 2023, will be located on Broadway between Lyle and 20th avenues, putting campus and other major points […]

SEATTLE, WA - Bell Partners Inc., one of the nation's leading apartment investment and management companies, has acquired Aura Totem Lake, a 202-unit apartment community located in the Seattle suburb of Kirkland. The property, the first acquisition made on behalf of the recently announced Bell Core Fund I vehicle, will be renamed Bell Totem Lake and is the 4th property Bell Partners currently owns or manages in the state of Washington. Built in 2020, Bell Totem Lake is located at a crossroads of eateries, shopping and entertainment options including Whole Foods, Trader Joe's, Cinemark Theater, Lululemon and other boutique clothing and food retailers. For outdoor recreational activities, the city of Kirkland offers more waterfront parks and beaches than any other city in the Puget Sound […]

LARKSPUR, CA - Catalyst Housing Group has acquired two multifamily housing communities in Antioch and Dublin, expanding their innovative housing model across the East Bay. The transactions, completed in partnership with the California Community Housing Agency (CalCHA), will permanently transition the currently market-rate properties into rent-restricted housing serving middle-income households. Catalyst's properties target the "missing middle" – those who earn in excess of traditional affordable housing limits yet struggle to afford market-rate housing. "We're proud to deliver critical affordability and sustainability to Antioch and Dublin," said Jordan Moss, Founder of Catalyst Housing Group. "Both acquisitions provide opportunities to further our mission of housing California's […]

CHARLOTTE, NC - Charlotte, NC based Exponential Equity announced its acquisition of LaDeara Crest Estates in Winston-Salem, NC. The property is located right in the heart of Winston-Salem, North Carolina. The garden and cottage style property is located on Bowen Boulevard, adjacent to Winston-Salem's regional Smith Reynolds airport, with easy access to New Wilkerson Road, just minutes away from Downtown Winston-Salem. The new owners intend to complete a deferred maintenance correction program and to maximize revenue generation through effective management. The property benefits from an outstanding location just minutes from Winston-Salem's downtown core, and is also located in a federally designated opportunity zone within Winston-Salem. Winston-Salem has a diverse and growing economy, […]

NORFOLK, VA - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of a 56-asset multifamily portfolio for $390 million. The portfolio contains well-maintained, single-story workforce housing properties throughout the eastern United States. Image Capital, LLC, partnered with HGI on the transaction. The portfolio consists of 5,490 units across five states. Approximately 70% of the properties are located in Florida and Ohio, where HGI already has a significant footprint. Other properties are located in Indiana, Kentucky and Pennsylvania. HGI plans to invest $25 million in capital improvements and enhancements to the properties, including $3.6 million on unit renovations. "The portfolio demonstrated […]

ORLANDO, FL - Lincoln Property Company, with a regional office in Lake Mary, Florida, announced the start of pre-leasing at Legacy Universal, a 350-unit, Class A apartment community at 7488 Universal Boulevard. The luxury apartment community is located in the heart of the International Drive tourism district adjacent to the Lockheed Martin corridor and offers studio, one, two, and three-bedroom apartment homes. Construction is underway and occupancy is slated to start in Summer 2021. As the developer of Legacy Universal, we are pleased that this project will offer top tier access to the area s largest employers and an abundance of world-class shopping, as well as Orlando s famed Restaurant Row, said Jon Wood, Legacy Partners Senior Managing Director. We re excited to showcase Legacy […]

MOBILE, AL - Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, have formed a joint venture and announced they have acquired Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama. The property is located within 2 miles of the University of South Alabama and Providence Hospital, a major health care system in Mobile. Legacy and Morrison Avenue have acquired Timber Ridge as part of their value-add strategy and plan to increase cash flow and value through the execution of interior upgrades for all 320 units, exterior and amenity improvements. As a part of the value-add strategy the joint venture will immediately address the […]

CHARLOTTE, NC - Crescent Communities announced the addition of a new product segment to its real estate investment portfolio as part of its expansion into the single-family, build-to-rent business. The product segment brand will be unveiled this summer and will further elevate the company s national presence within the residential rental arena. Recognized for innovative leadership and design, Crescent Communities has seen immense success with its NOVEL brand, a national line of luxury multifamily communities, and looks to bring that same energy and creative spirit to this new sector. Todd Mansfield, Crescent Communities Chairman and CEO, indicated that Crescent Communities competitive advantage in build-to-rent will be its affiliate relationship with homebuilders in the Sumitomo Forestry […]

ATLANTA, GA - Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of SouthLawn Lawrenceville, newly constructed multifamily community with retail space in Lawrenceville, a suburb of Atlanta, Georgia. The community was acquired for CS1031 SouthLawn Lawrenceville Apartments, DST, a Reg. D private placement. "SouthLawn Lawrenceville is the next in Capital Square's line of newly constructed, Class A multifamily communities in the Southeast," said Louis Rogers, founder and chief executive officer of Capital Square. "It is the highest quality, walkable, mixed-used community in the area. In addition, Atlanta is the business center of the South East, with major employers following […]

ATLANTA, GA - The Wingate Companies announced the groundbreaking for its newest community located in Northeast Atlanta, GA. Station 496 (formally known as City Lights 2A) will be the third phase of Wingate's master redevelopment plan to revitalize its holdings of 733 affordable apartment homes located in the Old Fourth Ward neighborhood of Atlanta. Wingate will increase its unit mix by preserving 733 units and adding mixed income community in the future. Wingate has been an active developer and operator of affordable and market rate housing in Atlanta since the early 1970's. Most recently, Wingate has been at the forefront of revitalizing affordable housing in the Old Fourth Ward community along the Atlanta Beltline Corridor. With the addition of Station 496, Wingate will be more than […]

ATLANTA, GA - Lion Real Estate Group, a real estate investment and asset management firm focused on acquiring value-add and opportunistic multifamily properties, announced it has acquired Collier Ridge (100 Noble Creek Drive), a 300-unit multifamily property located in West Buckhead, Atlanta, GA, for $67 million. Further terms of the sale were not disclosed. The property, which was first built in 1980, offers full amenities, including a resort-style pool, lit tennis court, playground, fitness center, and dog park. The transaction reflects a price of $223,000 per unit, or $157 per square foot. "We are delighted to expand the Atlanta section of our portfolio with another acquisition outside of the city's urban core," said Jeff Weller, Co-Founder and Managing Principal of LREG. "The city has […]

GRESHAM, OR - Wood Partners, a national leader in multi-family real estate development, announced the grand opening of its newest luxury residential community - Alta Civic Station - in Gresham, Oregon. Alta Civic Station features best-in-class amenities and finishes. Delivering in phases over the coming months, the community's 318 units include a mix of one- two- and three-bedroom apartment homes as well as studios and live-work townhome-style units. Residents will enjoy a community room with kitchen and social areas, a state-of-the-art fitness center, co-working and meeting areas, and ground-floor retail. The property also includes a half-acre public plaza adjacent to the Civic Drive MAX Light Rail station that features outdoor gathering spaces and a children's play area. "Alta Civic […]

TAMPA, FL - Walker & Dunlop, Inc. announced that it structured $25,350,000 in financing for The Retreat at Tampa, a Class A dedicated student housing property in Tampa, Florida. Located adjacent to the University of South Florida, the cottage style community was built in 2017 and comprises 416 beds in total. Walker & Dunlop Senior Managing Director Will Baker, Senior Director William Shell, and Associate Director Doug McDaniel provided the debt in collaboration with the experienced student housing team at TSB Capital Advisors. The team leveraged its extensive knowledge of student loan programs and canvassed its vast network of capital providers on behalf of the buyer, Nimes Real Estate. Walker & Dunlop ultimately provided the capital through its own balance sheet lending […]

KNIGHTDALE, NC - Officials at The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, Township Capital, Inc., and a private equity real estate fund advised by Crow Holdings Capital announced the joint-venture acquisition of the 304-unit conventional multi-family housing complex, View at Legacy Oaks, for an undisclosed amount. We have been working with Crow Holdings over the past nine months to identify value-add and core+ multi-family acquisitions in key southeastern markets, said Susan Folckemer, chief acquisitions & development officer, TPCO. This is our ninth joint-venture with Crow Holdings, and we look forward to expanding our investments with them and adding to our market-rate portfolio. We anticipate that this will be the […]

EL SEGUNDO, CA - Griffin Capital Company, a leading privately-held alternative asset manager, and Legacy Partners, a privately-owned national multifamily development and management firm, announced the sale of MODA at Monrovia Station ( MODA ), a 261-unit, Class A multifamily community located in Monrovia, California. The property was purchased for $100 million by Opportunity Housing Group as a property administrator for the California Statewide Communities Development Authority (CSCDA). Legacy Partners developed the property in a financial partnership with Griffin Capital and Silverpeak Real Estate Partners. Legacy will continue to manage the community following the sale closing. This successful disposition confirms our strategy of developing in-fill Class A apartment communities […]

WASHINGTON, DC - Wood Partners, a national leader in multi-family real estate development, announced the development of its newest luxury residential community - Alta 801 - in Washington, D.C. Construction is underway and the community is scheduled to open in 2023. Once complete, Alta 801 will feature 327 units comprised of studio, one- and two-bedroom apartment homes including premium penthouse units. The apartments will feature two designer color palettes and include stylish open living and dining areas with hardwood-inspired flooring throughout the homes. The kitchens will feature movable kitchen islands and stone countertops, upgraded stainless steel appliances, upscale cabinets, and designer tile backsplashes. All units will include full-size washer-dryers and select units will offer […]

TUCSON, AZ - The Bascom Group has acquired Sierra Charles Apartments in the Tucson metro area. Bascom purchased Sierra Charles, a 196-unit garden-style community built in 1985, for $11,600,000, or $59,164 per unit. Financing for the acquisition was provided by MF1 Capital and was arranged by Brian Eisendrath and Cameron Chalfant at CBRE Capital Markets. Property management will be provided by MEB Management Services and construction management will be provided by CAPgro Construction Management. Bascom's Senior Vice President and Principal of Acquisitions, Jim Singleton, stated "Sierra Charles is a well located, well-maintained asset in a quiet neighborhood with access to entertainment, shopping, dining, and major employment centers. The attractive going in yield at the property coupled […]

RICHMOND, VA - Construction is officially underway at the newest multifamily development in Richmond's vibrant Scott's Addition neighborhood. Greystar, a leading global development firm, and Capital Square, a top sponsor of tax-advantaged real estate investments, acquired a 2.28-acre parcel at 1601 Roseneath and began construction in December 2020. The partners celebrated the progress with an onsite groundbreaking ceremony on Thursday, April 15. "We are pleased to partner with one of the best and highest quality development and property management firms in the country, and to continue our already significant investment in Capital Square's hometown of Richmond, as well as in Scott's Addition, one of Richmond's hottest neighborhoods," said Adam Stifel, executive vice president of […]

WAYLAND, MA - Partners, a national leader in multi-family real estate development, announced the groundbreaking of its newest luxury residential community - Alta at River's Edge - in Wayland, Massachusetts. Construction is underway and the community is scheduled to open in late Summer 2022. Once complete, the new community will feature 218 apartment homes comprised of one-, two- and three-bedroom floorplans spread across a total of three buildings. The units will include high-end finishes and features including stainless steel appliances, smart thermostats, and large balconies. Alta at River's Edge will also feature a wide range of desirable amenities for the residents to enjoy including a club room and game lounge, fitness center, work from home spaces, indoor golf simulator, and pet […]

HOUSTON, TX - A group of investors, including Sunrise Capital Group, led by David Davidenko and Julia Bykhovskaia, and Merrill Kaliser, announced their first acquisition in Katy/Houston submarket, The Gallery at Katy, a garden style 316 unit apartment complex built in 1983, located in an area with the average household income of $118K+ in a 3 mile radius. "We are thrilled to add another solid property to our portfolio and further expand our presence in the Texas market", David Davidenko said. The acquisition marks Sunrise's first property in Houston and its eighth property under management in Texas. Julia Bykhovskaia added: "the property is ideally located in close proximity to Houston and is well-aligned with our strategy of identifying well maintained stabilized institutional quality […]