Multifamilybiz-com News

IRVING, TX - JPI announced the close of construction financing on Jefferson Innova, phase two of its under-construction Jefferson Promenade. Located in the heart of booming Las Colinas, Jefferson Innova has no shortage of attractions. From its proximity to Toyota Music Factory (with over 210,000 square feet of retail and restaurants) to its economic powerhouse hosting seven Fortune 500 companies’ headquarters, new residents are flocking to be part of this vibrant and exciting area. “Las Colinas is JPI’s most active submarket. This is the sixth community we’ve developed here in the past six years,” said Miller Sylvan, senior vice president and development partner for JPI’s Central Region. “The future is really bright for Irving. The dynamics and […]

CHARLOTTE, NC - MLA Properties, a New York based family office, recently closed on the acquisition of its first two multifamily properties in the greater Charlotte, NC market.  “MLA is excited to be entering the Carolinas, and we look forward to continuing to expand our footprint in the market. The Charlotte MSA continues to be a leader in all major demographic categories and we believe the region’s best days are ahead of us. Drucker + Falk has been an invaluable resource to us on the ground and we are confident they will help us drive superior risk adjusted returns for our investors,” said MLA Managing Director, Michael Cohan, in a prepared statement.  Pavilion Village, a Class A 294-unit community built in 2015 and located at 131 Gracyn […]

SAN MARCOS, TX - Vie Management announced its purchase of Ella Lofts, a five-story student housing community containing 252 beds. The 75-unit mid-rise building is comprised of one, two- and four-bedroom units, is walking-distance to Texas State University, and services students attending Austin Community College, among others.  The $1 million renovation will be completed in fall 2019. The enhancements will upgrade the current living experience with newly renovated communal spaces, expanded resident services, and upgraded units with stainless steel appliances, brand new wood flooring and new furniture.  "From the moment you walk in you'll immediately feel at home knowing you have everything you need to live, work, study […]

JACKSONVILLE, FL - National residential real estate investment and management company Balfour Beatty Communities has successfully completed the acquisition of Landings at Lake Gray, a 300-unit apartment community located in Jacksonville, FL. The purchase was completed in partnership with ApexOne Investment Partners. Developed in 2005, Landings at Lake Gray offers one-, two- and three-bedroom layouts averaging 952 square feet and featuring designer cabinetry, plank flooring, plantation-style blinds and in-unit washer/dryer. Some floor plans also feature vaulted ceilings, granite counters and garages. The 14-acre property also offers lake views and extensive community amenities, including a resort-style pool, fitness center, clubhouse, outdoor kitchen and playground. […]

FRISCO, TX – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired Four Corners Apartments, a 390-unit garden style asset in Frisco, Texas. Completed in 2019, the community is considered a “best in class”” AAA quality asset. The acquisition raises American Landmark’s portfolio count in Texas to 36 properties, with 17 properties in the Dallas metro area. The firm now owns and manages almost 29,000 units throughout the Southeast and Texas and is over half way to its goal of adding  $2 billion in assets to its multifamily portfolio this year. “The Dallas MSA continues showing signs of strong demand for the foreseeable future, most notably with its addition of more than 100,000 jobs […]

BOYNTON BEACH, FL - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the sale of Avana Isles, a 214-unit Class A apartment community in the Boynton Beach / Delray Beach submarket of Palm Beach County, Florida, on behalf of on behalf of its real estate funds. The sale price was not disclosed. “We are very pleased with the outcome of this transaction,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “The price we were able to command reflects the significant value we manufactured over the hold period. It also demonstrates the effectiveness of our value-add strategy, which has proven to generate strong results in all market […]

ORLANDO, FL - Walker & Dunlop, Inc. announced that it structured $27,900,000 in financing for the acquisition of Brooke Commons Apartments in Orlando, Florida. The affordable, garden-style community consists of 288 units across 38 buildings and is subject to a Land Use Restrictive Agreement (LURA), requiring that half of the units have household income of 60 percent or less than Area Median Income (AMI) and that 5 percent of the units cater to residents with household incomes of 55 percent or less than AMI. In the growing Orlando market with consistent demand for multifamily housing, Brooke Commons Apartments serves an important role in providing quality apartment units at affordable rents. Led by Managing Director John Gilmore, Walker […]

POMPANO BEACH, FL - Bell Partners Inc., one of the nation's leading apartment investment and management companies, announced that it has acquired Overlook Pointe, a 249-unit apartment community in Pompano Beach, Fla. on behalf of its Fund VI investors. The property will be renamed Bell Lighthouse Pointe and be managed by Bell.  Situated between the growing job and housing markets of Fort Lauderdale and Boca Raton, and located 2.5 miles from the beach, Bell Lighthouse Pointe provides residents convenience for both work and leisure. The community is on North Federal Highway, ideal for those commuting to employment hubs in Broward and Palm Beach County. In addition, the property is situated close to a cluster of retail shopping and dining at Las […]

CHARLOTTE, NC - The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, announced the opening of The Parkwood at Optimist Park, a new community of 309 residences in the city's rapidly growing Optimist Park neighborhood. This marks the second community the national developer has completed in the Charlotte area, with more developments to follow in the near future. Located at 1700 Brevard St., The Parkwood at Optimist Park is directly adjacent to the Parkwood Lynx Blue Line rail station and includes a mix of studio, one-, two- and three-bedroom apartments plus a host of world-class amenities. The community provides a first-rate location that is minutes away from NoDa and Uptown Charlotte, and is positioned centrally […]

VIERA, FL -Preferred Apartment Communities announced that it acquired Artistry at Viera, a newly constructed 259-unit Class A multifamily community in Melbourne, Florida. Built in 2018, Artistry at Viera, is located in the Viera submarket of Melbourne, Florida, a 22,000-acre master planned community located in the central coastal region of Brevard County. Jeff Sherman, the Company's Executive Vice President and Managing Director of Multifamily stated: "Coastal Florida markets continue to demonstrate sound investment fundamentals and Melbourne is no different.  Artistry at Viera is exceptionally well located, surrounded by affluent demographics, and is proximate to top rated schools, parks, shops and […]

LONG BEACH, CA - LMC, a leader in apartment development and management, announced the start of leasing at Oceanaire, a luxury apartment community located in the heart of downtown Long Beach. First move-ins are anticipated for this summer. Oceanaire features 216 apartment homes, near-direct proximity to the beach off Ocean Boulevard and high-end finishes. The podium-style community offers seven stories of apartment homes along Ocean Boulevard and boasts views of the ocean, port and downtown.  "Downtown Long Beach possesses such a distinctive vibe with its signature shoreline and variety of shopping, dining and entertainment options," said JJ Abraham, division president of California for LMC. "We are thrilled to join the neighborhood and offer what we […]

SAN FRANCISCO, CA - San Francisco skyline watchers will have a chance to lease in the city's newest architectural eye candy. Named for its prime downtown address, 500 Folsom announced it has begun pre-leasing. The 42-story tower has 537 residences, including 32 penthouses spanning the top four floors and 109 below-market-rate apartments. Leasing rates will begin at $3,500 per month for residences that range from 480 sq. ft. to 1,366 sq. ft. 500 Folsom defines high-end vertical living in San Francisco. The impressive structure, designed by Skidmore, Owings & Merrill (SOM) and Fougeron Architecture, rises boldly in the city's burgeoning 'East Cut' neighborhood. Residents of the 440 ft. tower's upper floors have unobstructed city views and […]

HOOVER, AL - Chicago-based Tricap Residential Group, an owner and operator of multifamily communities, has closed on the acquisition of Wisteria Nine90 Apartments for a purchase price of $24,000,000.  This transaction will add another 323 apartments to Tricap's existing portfolio increasing their total portfolio to over 2,500 apartments.  The property will be immediately rebranded as Element Hoover and will undergo a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will increase value and resident services at the property. "We are very excited about this opportunity as we venture into a new market with the goal of creating exceptional living opportunities at an attractive […]

CARY, NC - KETTLER and Pacific Life closed on acquiring The Aster located in Cary, North Carolina. The Aster is currently in lease-up with a mix of residential units, including 49 townhomes, 238 manor style apartments, and 206 garden style apartments. The Aster is located approximately 7 minutes from Research Triangle Park (RTP) and approximately 15 minutes from the Raleigh-Durham International Airport.  The property features impressive lifestyle amenities including a golf simulator, putting green, outdoor fire pit, hammock courtyard, three pools, game room, theatre room, bike workshop, pet parlor, and an expansive wellness center and trail network. "Cary, North Carolina is a booming creative class market and we are excited to invest in such a dynamic […]

AUSTIN, TX – Waterton, a national real estate investor and operator, announced it has acquired a three-property residential portfolio totaling 950 units in Austin, TX, home to a thriving tech corridor as well as world-renowned retail and entertainment districts. The acquisition marks a reentry into the Austin real estate market for Waterton, having sold its last local asset in March 2015. Built in 1995, 1996 and 1997, respectively, the properties, formerly owned by Northland Investment Corporation, are located approximately 14 miles north of Austin’s Central Business District and include: Madison at Stone Creek – 390 units across 19 three-story garden-style residential buildings, including a clubhouse/office, fitness center, sauna, dog park and two […]

LAS VEGAS, NV - Henley Investments, a leading private equity real estate firm based in the UK and the USA, together with collaborators Tower 16 Capital Partners, have announced the acquisition of the Five89 apartment community in eastern Las Vegas.  With 312 units, as well as a full complement of recreation and convenience amenities, the property will be extensively renovated and rebranded as part of Henley Tower 16's family of upscale apartment communities branded as "Accent." "The strength of the Las Vegas region's economy and its rate of growth – both of which far outpace national averages – mean that more and more residents here, whether new to Las Vegas or not, are seeking more upscale addresses that still give them the flexibility […]

NEW ORLEANS, LA - 365 Connect, a leading provider of award-winning marketing, leasing, and resident technology platforms for the multifamily housing industry, announced today that the company has received a Gold dotCOMM Award for its industry-first, ADA-certified marketing, leasing, and resident services platform. This prestigious, international award recognizes 365 Connect’s dedication in meeting the rapidly changing needs of the multifamily housing industry. The dotCOMM Awards is an international competition, honoring excellence in web creativity and digital communication. The competition is unique in that it reflects upon the role of creatives in the dynamic web, who are transforming how we market and communicate products and services. The winning entries are selected by an […]

ATLANTA, GA - Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced the first closing for its sixth investment vehicle, Carroll Multifamily Venture VI, L.P. with an expected total size of $150 million. This sixth vehicle will be its largest ever, surpassing its $60 million in the fifth vehicle. The investor base consists of institutional investors, including public and private pension plans and renowned financial institutions. With the utilization of debt and co-investments from institutional partners, the vehicle has the capacity to acquire over $5 billion in apartment investments. Carroll Multifamily Venture VI, L.P. will focus on generating attractive […]

ATLANTA, GA - Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the Sundance Creek apartments in McDonough, Georgia, located within the Atlanta metropolitan area. The Property was acquired in a joint venture with a global insurance and investment company that has been in operation for over a century. Sundance Creek is a 232-unit suburban garden-style townhome apartment community built in 2004. The property is comprised of 26 two-story townhome buildings, 24 detached garages and 32 storage units located on 15.4 acres. Sundance Creek offers residents quick access to the expanding warehouse and logistics employers in the corridor from McDonough to Locust Grove. Key distribution operations in the area such as Home Depot, Georgia-Pacific and […]

AUGUSTA, GA - Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired Grand Oaks at Crane Creek, a 300-unit, fully stabilized Class A apartment community in Augusta, Georgia. Passco acquired the asset directly from the property’s developer, Southeastern Development Associates, for a total consideration of $58 million.   The property, which was completed in 2016, is distinctly Class A, including luxury amenities and finishes such as granite countertops, stainless steel appliances, faux wood flooring, and a contemporary resident amenity package. “This is a proven asset that has demonstrated impressive pent-up demand for luxury […]