Multifamilybiz-com News

CHARLOTTE, NC - Representatives from The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, on Friday celebrated the grand opening of The Parkwood at Optimist Park, a community of 309 apartment homes in the city's rapidly growing Optimist Park neighborhood.  Located at 1700 North Brevard St., The Parkwood at Optimist Park is directly adjacent to the Parkwood Lynx Blue Line rail station, with easy access to Uptown Charlotte and NoDa (North Davidson), the city's arts and entertainment district. "Charlotte is one of America's magnet cities, drawing in people and their creativity. The NRP Group is excited to be able to take part in the emergence of Charlotte's Optimist Park as a nexus of livability," […]

HOUSTON, TX - The Praedium Group, a New York based national real estate investment firm, announced the acquisition of Everly Apartments in Houston, TX. Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm's most recent acquisition. Constructed in 2018, Everly Apartments is comprised of four 2-story carriage home buildings, four 4-story apartment buildings, and two 3-story apartment buildings, with units ranging from 659 SF to 1,292 SF. Unit interiors include modern gourmet kitchens with stainless steel appliances, granite or quartz countertops, vinyl plank wood flooring, under-cabinet lighting, and custom wood cabinetry with designer hardware. The Property's amenities include a resort style pool with private cabanas and […]

SAN ANTONIO, TX - Kairoi Residential was selected by Passco Companies, LLC to manage Tribute at the Rim in San Antonio, Texas. The 380-unit luxury community was developed and built by Kairoi and reached stabilized occupancy earlier this year and well ahead of budget. When Passco acquired the asset, they asked Kairoi to continue to manage Tribute. "Kairoi builds a beautiful product and nailed the market with Tribute," according to Shelli Cusack, Vice President Multifamily Investment & Analytics with Passco. "The location and walkability are a real advantage, but the property has outperformed other lease-ups in the same area. It shows the mark Tribute has made in the market." The community is located in a shopping, dining and retail center known as The Rim. Amenities […]

RICHMOND, VA - ROSS Companies, a leader in multifamily acquisitions, property management and renovation, announced it has acquired Hampstead Apartments, a 98-unit community in Richmond, VA. ROSS Companies has begun to employ a $3MM repositioning and rebranding program for the community, which includes renovating the apartments in an effort to meet consumer desires for new contemporary housing in a popular, convenient location.  Hampstead Apartments (which will be rebranded under a new name) is nestled in a newly developed section of Richmond called Libbie Mill – Midtown. Libbie Mill – Midtown is an 80-acre mixed-use space offering retail, restaurants, offices, trails, and a world-class library. "Given its prime location, […]

OAK BROOK, IL - JVM Realty, a leading vertically integrated multifamily real estate investment and property management firm, announced it has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, Ill., a vibrant suburb located 17 miles west of downtown Chicago. JVM Management Inc. will manage the property, which was built in 2017. Uptown La Grange marks the second suburban Chicago apartment community JVM has acquired in the last two weeks. In late September, the company completed its purchase of Randall Highlands in North Aurora, Ill. The Midwest-focused company now owns and operates five multifamily properties in the area.  "We are always excited about the opportunity to make strategic […]

ATLANTA, GA - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of The Columns at Akers Mill, a 400-unit, garden-style multifamily community situated in the popular Atlanta suburb of Vinings, on behalf of its affiliates. The purchase presents an opportunity to acquire a well-located asset with value-add potential in a top-performing southeastern market where Greystar has built a sizeable portfolio. “We know the Atlanta market extremely well and were immediately drawn to this acquisition opportunity given the Property’s location, as well as the area’s strong employment fundamentals and favorable supply/demand dynamics for high-quality rental housing,” […]

CHARLOTTE, NC - LMC, a leader in apartment development and management, announced its acquisition of Novel Stonewall Station, a luxury transit-oriented apartment community located in Uptown, one of Charlotte's most sought-after rental submarkets. The transaction marks LMC's first acquisition of an existing multifamily community.  Novel Stonewall Station, which features 459 luxury apartment homes and a full-sized Whole Foods Market on the ground floor, offers walkability to Charlotte's core central business district employers and Uptown's entertainment attractions. It also is adjacent to the Stonewall Station light-rail stop, which allows residents to easily travel to South End and NoDa, two of Charlotte's other thriving intown neighborhoods. […]

MIAMI, FL - Lloyd Jones, a multifamily investment firm based in Miami, has purchased the luxury Pembroke Pines property, Ventura Pointe. The 206-unit apartment community, built in 2018, has a state-of-the-art gym, clubhouse, pool, pet park, and outdoor recreation area. Furthermore, it is adjacent to the 301-bed Memorial Hospital Pembroke and has excellent access to nearby retail and entertainment. Christopher Finlay, CEO/Chairman of Lloyd Jones, says he is thrilled to expand the firm’s footprint in South Florida, a region that has seen explosive job and population growth in the past few years.  “I am excited to grow our South Florida portfolio. We have seen tremendous growth in the area, and we are happy to be able to offer a new, Class A property to support the […]

RIVERSIDE, CA - University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) held an official groundbreaking ceremony for the first phase of North District, a new living-learning, mixed-use community. As the second ACC development at UCR, North District is a multiphase redevelopment project of the former Canyon Crest Family Housing site that will provide up to 6,000 new student housing beds upon completion of the final phase of development. The project is planned on a 50-acre site on the northern part of the UCR campus, just north of Linden Street. By 2021, the first phase of this public-private partnership (P3) between UCR and American Campus Communities is expected to deliver 1,500 apartment-style beds for upper division undergraduate students, transfer […]

NEW YORK, NY - Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its September 2019 US CMBS Delinquency Report.  The Trepp CMBS Delinquency Rate fell slightly in September, once again setting another new post-crisis low in the process. The September reading is 2.51%, a month-over-month drop of three basis points. The delinquency rate is down 90 basis points year over year. The delinquency rate started to fall after June 2017 when CMBS delinquencies totaled 5.75%. Since then, the rate has fallen in 23 of the last 27 months. Year-to-date, the rate is lower by 60 basis points. The all-time high of 10.34% was registered in July 2012. “The CMBS market stands strong through times […]

DENVER, CO - Rooney Properties announced the opening of the new Timnath Trail at Riverbend Apartment Homes. Managed by Mission Rock Residential, a national firm with its headquarters in Denver, the 176-unit community is continuing to offer leasing discounts as the last units on the site are made available through the Winter months ahead. The thriving Front Range community of Timnath was established in 1882 between the cities of Fort Collins and Denver, Colorado. The town is known for its beautiful mountain views and ease of access to some of Colorado's key economic markets such as Fort Collins, Denver, Loveland, Centerra, and Johnstown. The Timnath Trail at Riverbend apartment community, the first multifamily […]

MARY ESTHER, FL - Walker & Dunlop announced that it structured $35,417,200 in construction financing through the United States Department of Housing and Urban Development (HUD) for Renaissance Santa Rosa in Mary Esther, Florida. Formerly a nine-acre department store site adjoining the Santa Rosa Mall, the property will undergo a comprehensive redevelopment into a walkable, mixed-use community. The developers, Rea Ventures Group, LLC and Radiant Partners, were introduced to one another by Walker & Dunlop and are both longtime clients of the company. Together, the firms plan to utilize sustainable construction techniques to ensure the project will qualify for the National Green Building Standard (NGBS) designation. "Renaissance Santa Rosa […]

ATLANTA, GA - Promenade at Newnan Crossing, a Class-A 298-unit multifamily community, has opened its doors to residents to begin immediate move-in.  Located in the metro Atlanta city of Newnan, Georgia, the development— a product of a partnership between South Florida-based firm PointOne Holdings, Novare Group and Batson-Cook Development Company — inaugurated earlier this month.  The rental properties include one, two- and three- bedroom units as well as townhomes with garages. The residences are built on a 24- acre gated community that includes a high-end resident clubroom, state-of-the-art fitness center, resort-style pool, area for outdoor grilling and a dog park. Promenade at Newnan Crossing is part of Village Square at Newnan Crossing, a […]

LAS VEGAS, NV - Security Properties purchased Lofts at 7100, a Class A wrap-style multifamily property located in Las Vegas, NV for $80,000,000. Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio. This includes 5 properties and over 1,500 units in the Las Vegas marketplace. The property was originally developed in 2008 and includes a total of 379 residential units. The apartment homes feature eleven-foot ceilings (up to 30ft in select loft-style units), fully appointed kitchens, full size washer/dryers and either a private patio/balcony or sunroom. Additionally, the property offers a complete amenity package including two resort-style pools with spa, 24-hour fitness center, clubhouse, pet exercise park, business […]

CHARLOTTE, NC - JLL Income Property Trust, an institutionally managed daily NAV REIT announced the acquisition of Presley Uptown, a newly developed 230-unit, Class-A apartment community in the Uptown submarket of Charlotte, North Carolina, one of the fastest growing markets in the country. The purchase price was approximately $55 million. Charlotte has a strong economic forecast, with employment growth of nearly 3 percent a year since 2011 compared to 1.7 percent for the U.S. overall. The main employment center of Charlotte is within walking distance of the property including over 100,000 jobs with employers like Microsoft, Bank of America, Wells Fargo, Duke Energy, Barings, Ally Bank and the city's largest hospital campuses. Uptown is one […]

WALNUT CREEK, CA - Sequoia announces the acquisition of Shore Park at Riverlake, a 393-unit, garden-style apartment community located in the highly desirable Pocket-Greenhaven neighborhood of Sacramento, California.  Built in 1988, Shore Park is comprised of over 354,000 residential square feet situated on 18+ acres. This acquisition increases the firm's portfolio holdings to 13,888 units across 54 communities.  Shore Park is nestled along the Sacramento River in a suburban, low-density setting. 84% of the community is still in its original condition, thus providing a tangible value-add opportunity through the renovation of unit interiors and common area amenities.  “Shore Park offers an exciting opportunity for our investors,” explains Sequoia’s […]

HOUSTON, TX - 37th Parallel Properties, a Richmond, Virginia-based multifamily real estate investment firm, announced the recent acquisition of Cashel Springs Apartments, their tenth multifamily acquisition in Houston. The Houston metro area has the second fastest growing population in the nation, with a growth rate over 3.5 times the national average. This acquisition is another milestone for 37th Parallel, bringing their total transactions in Houston to over $150 million. Built in the 1980's, the property features private balconies, walk in closets, a fitness center, clubhouse, detached garages, and two swimming pools. Cashel Springs presents a unique opportunity for 37th Parallel to acquire an under-improved, […]

EL SEGUNDO, CA - An investment group led by Ocean West Capital Partners, Tiger Alternative Investors, Korea Investment & Securities Co, and Landmark Properties has closed on the acquisition of two student housing portfolios which together consist of five student housing communities totaling nearly 1,600 beds. The five properties are located in three premier college markets: University of Michigan in Ann Arbor, University of Texas at Austin, and Florida State University in Tallahassee. The first portfolio consists of two student housing communities adjacent to the University of Michigan ("UM"): Z Place (248 beds) and Z West (198 beds). The communities, constructed in 2009 and 2012, have been fully leased since construction and have premier locations […]

HOUSTON, TX – 29th Street Capital (29SC), a privately-held real estate operator, has acquired 14220 at Park Row Apartments, a 1998 vintage, 318-unit multifamily community located in West Houston. 29SC plans to re-brand the property and implement a smart technology upgrade program.  “We are excited to add this asset to our Houston portfolio,” said Doug Burt, Vice President of Acquisitions in Houston. “The property will benefit from continued employment growth in the energy sector and lack of new supply coming to the submarket.” 14220 at Park Row Apartments is located just off of I-10 along the Houston Energy Corridor. The corridor is now estimated to be the second-largest employment center in the Houston metropolitan area. It is home to over 300 […]

ATLANTA, GA - Multifamily real estate investment, development and management company Cortland has officially closed on the Pure Multi-Family REIT acquisition for $1.2 billion in cash and become the largest apartment owner in the Dallas-Fort Worth Metroplex.  This acquisition of the Canadian-based, publicly traded vehicle represents Cortland's continued strategy of growth and concentration in its designated focus markets, which Cortland believes share similarly outsized job and population growth qualities with strong affordability characteristics. Since January 2018, Cortland has conducted more than $3.7 billion in multifamily acquisitions, representing 20,639 apartment units. Cortland now owns and manages more than 60,000 apartment homes […]