Multifamilybiz-com News

MEMPHIS, TN - Balfour Beatty Communities, national residential real estate investment and management company, has successfully acquired the Bartlett, TN multifamily community, Legends at Wolfchase. This deal marks the second acquisition of a Memphis-area community for the Company within the past six months, completed in conjunction with ApexOne Investment Partners. To be rebranded as Preserve at Bartlett, the community is ideally situated in the desirable Memphis suburb of Bartlett and offers immediate access to the region’s main business corridors, as well as an award-winning school district.  The property’s 300-unit inventory consists of one-, two- and three-bedroom apartment homes featuring fireplaces, attached garages and private outdoor spaces. Community […]

LOUISVILLE, KY - Inland Private Capital Corporation announced the sale of the Hurstbourne Estates Apartments, a 270-unit multifamily community located in Louisville, Kentucky. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of Louisville Multifamily DST, one of its 1031 investment programs. Located in the retail and business-filled Hurstbourne Corridor, the property was constructed in 2013 and consists of 17 apartment buildings and a clubhouse. The community features Class A amenities including a fitness center, yoga room, game room, business center, swimming pool and dog park. “Louisville Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” […]

ARLINGTON, VA - Bell Partners, one of the nation's leading apartment investment and management companies, announced that it has acquired Twenty400, a 217-unit apartment community in Arlington, Va., on behalf of its Fund VI investors. The property will be managed by Bell Partners and be renamed Bell Arlington Ridge. Situated at a nexus of commuting corridors in the D.C. metro area, Bell Arlington Ridge is located within the Beltway directly adjacent to I-395, and is close to both the Pentagon City Metro Station and two Arlington Rapid Transit bus lines. Bell Arlington Ridge provides prime access to some of the largest and fastest-growing job hubs in the area with top employers in both the private and public sectors. The property is five minutes from the new […]

TAMPA, FL - ResProp Management was selected to provide full-service property management for Seastone and River Rock Luxury Apartments. These neighboring properties are conveniently located between major highways I-275 and US-301, providing easy access to Downtown Tampa, the University of South Florida, local hospitals, and surrounding local attractions. Combined, Seastone and River Rock represent 160 two and three-bedroom apartments that offer spacious layouts, fully-equipped kitchens, private balconies, and patios. Accompanied by ideal amenities that include resort-style swimming pools and outdoor grilling areas, both Seastone and River Rock are popular locations for students and residents looking for location and comfort.  With the recent […]

LOS ANGELES, CA - Douglas Emmett, a real estate investment trust (REIT), announced that it has acquired The Glendon, a residential community in Westwood with 350 apartments and approximately 50,000 square feet of retail, for a contract price of $365 million.   Douglas Emmett also announced that it has closed a total of $540 million in ten year, secured, non-recourse loans and sold 4.9 million shares of its common stock at pricing just above $41 per share through its ATM program. Built in 2008, The Glendon is located at 1060 Glendon Avenue, and sits on 4.25 acres in the heart of pedestrian-friendly Westwood Village in Los Angeles. The property is within easy walking distance of Westwood's Class A office space […]

NOVI, MI - M. Shapiro Development and MJC Companies signaled the grand opening of their newest luxury apartment community with the start of a month long summer celebration.  "We want people to experience the true essence of luxury living during the height of the summer season," said Mark Kassab, Senior VP at M. Shapiro Development. "We have taken a completely fresh approach to the design and development process in an effort to bring something unique to the luxury rental market." Huntley Manor offers the ultimate privacy with an attended gatehouse entry. The entrance boulevard is marked by stately brick and wrought iron monument walls along Grand River Avenue, west of Meadowbrook Road. The new amenity rich community is located minutes from Twelve Oaks super regional mall […]

LAS VEGAS, NV - In the largest single multifamily asset transaction in Nevada history, TruAmerica, in joint venture with an institutional capital partner, has acquired Allanza at the Lakes (Allanza), an 896-unit multifamily community in Las Vegas, NV for $152 million. With the acquisition, TruAmerica has started 2019 with almost $900 million in transaction activity including the acquisition of approximately 3,700 units in Florida, Georgia, Nevada and Colorado. “We continue to fine tune our portfolio building scale where we have a significant presence like Las Vegas and expanding our national footprint into new markets such as Atlanta,” said TruAmerica Founder and CEO Robert E. Hart.   With 896 units, Allanza is the fourth largest apartment building […]

SEATTLE, WA -Security Properties and Rockwood Capital purchased Legacy at Pratt Park, a 249-unit mixed-use property with 6,720SF of retail located in Seattle, WA. The property was built in 2009 in the heart of the Central District. Legacy at Pratt Park is a podium-style community totaling 248 apartment homes and 4 retail spaces (6,720 SF) in Seattle's Central District. The property was developed in 2009 and uniquely features six stories of light gauge steel framing, a distinguishing feature when compared to the wood framing typically used by new multifamily construction in the area. Along with highly desirable western and southern exposures, the property has stunning 360-views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic […]

BOSTON, MA - DSF Group announced the acquisition of Jefferson Hills Apartments located in the thriving Metro West region of Greater Boston. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse.  The unit mix comprises 180 studios, 551 one-bedrooms and 289 two-bedrooms.  Jefferson Hills is located on Route 9, a major east-west thoroughfare that runs from downtown Boston to the western border of New York State. Additionally, the Massachusetts Turnpike (Interstate 90) is accessible in under one minute from the property.  The superior location offers immediate access to 58 million square feet of office space and 10 million square feet of retail within five miles of the property. "This acquisition […]

BETHESDA, MD - Grand Park Development obtained preliminary approval today on its proposal to bring 1,000 multi-family, high-rise units and 110,000 square feet of new shops and restaurants to a property just south of the successful Pike & Rose retail and residential community. Site plan review is the next step, following the approval yesterday of sketch and preliminary plans.  “We are so excited to be that much closer to putting a shovel in the ground,” said Bradley Deckelbaum, development director for Grand Park Development. “Grand Park will contribute to the urban vision of the Pike District and the much-needed connectivity and infrastructure improvements.”  Deckelbaum said the new, $400 million development will add momentum and energy to the […]

KANSAS CITY, MO -Prosperity CRE, a national commercial real estate firm headquartered in Los Angeles, California, announced it has acquired Colony Court Apartments in Kansas City, MO.  Colony Court is an 80-unit garden-style complex, consisting of 80 two-bedroom apartments. Built in 1984, the complex has 77,400 square feet of rentable space. “Kansas City is a strong multifamily market. Its employment is growing faster than the national average and nine Fortune 1000 Companies are headquartered there,” Zach Winner, Founding Partner of Prosperity CRE commented, “The job market is very diverse and is one of the top cities in the country for science and technology related jobs.” Property amenities include carports, an attractive pool and complimentary Google […]

NEW YORK, NY - Investcorp, a leading global provider and manager of alternative investment products, announced that it acquired 11 new U.S. multifamily properties. The portfolio totals 2,615 units for a combined purchase price of approximately $370 million. The acquisition marks Investcorp's largest U.S. real estate portfolio acquisition completed in the past decade. "This diversified acquisition marks a very exciting milestone for our real estate investment team as this is the largest real estate portfolio we have acquired in the U.S. market in more than 10 years," said Mohammed Alardhi, Executive Chairman of Investcorp. "As one of the most active investors in U.S. multifamily real estate, our real estate investment business continues to be an important driver of our ambitious […]

CHICAGO, IL - Corvias and the Illinois Institute of Technology (Illinois Tech) announced the renovation of Bailey Hall, which will provide new living space for 330 freshmen and sophomores by Fall Semester of 2020, the scheduled completion time, as part of Illinois Institute of Technology’s student housing program. The partnership is comprised of Corvias for development and management, Dirk Denison Architects for design and Gilbane Building Company for construction. “This partnership solves for modern, sustainable housing, providing a vibrant new living experience for our first and second year students while revitalizing this historic and prominent part of our campus,” says Bruce Watts, vice president for facilities and public safety at Illinois Tech. Founder and CEO of […]

HENDERSON, NV - Security Properties purchased The Edge at Traverse Point, a 296-unit, Class-A garden-style community located in Henderson, NV. The Edge at Traverse Point is located within the highly desirable Henderson submarket. Situated just 20 minutes southeast of both the Las Vegas Strip and downtown Las Vegas, Henderson has historically been the area's top-performing submarket. Rents in this area have increased approximately 20% over the previous three years and was one of the metro's first submarkets to bounce back after the recession in terms of rent growth. The asset has a strong micro-location at the intersection of Wigwam Parkway and N. Gibson Road with a grocery-anchored retail center within ½ mile. With direct access to Interstate […]

MIAMI, FL  - Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its newest luxury residential high-rise community – Yard 8 – in Midtown Miami, Florida. Yard 8 occupies an area that was once part of the Buena Vista Rail Yard, located at 2901 NE 1st Avenue, placing the new, modern community in the midst of an area teeming with history and culture. "We are thrilled to bring Yard 8 online in Midtown Miami, one of the most desirable neighborhoods in South Florida," said Jeff Quinlivan, Managing Director for Wood Partners. "The area is unique. Residents have great access to both everyday retail as well as very interesting restaurants, shops and bars." Midtown, a walkable […]

SAN ANTONIO, TX - 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 Tribute at the Rim, a 380-unit, Class A+ luxury apartment community in San Antonio, Texas. With San Antonio ranking among the top two cities in the United States for population growth for the past two years, this asset is an ideal complement to Passco’s existing portfolio, in line with the firm’s strategy to acquire Class A, core multifamily properties in markets with strong growth fundamentals, according to Jake Niles, Director of Acquisitions – West at Passco Companies.  “Tribute at the Rim will continue to benefit from San […]

NEW YORK, NY - Trepp, LLC, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its May 2019 US CMBS Delinquency Report.  The Trepp CMBS Delinquency Rate has reached a post-financial crisis low yet again, falling 16 basis points to 2.66% in May. The delinquency rate has decreased by 146 basis points year over year, with the rate falling in 20 of the last 23 months since June 2017. “The CMBS market has remained remarkably resilient in the face of recent volatility,” said Trepp Senior Managing Director, Manus Clancy. “Spreads have widened, but only minimally even though tariffs and trade rhetoric have taken their toll on other markets. CMBS issuance continues to march […]

ATLANTA, GA - StoneBridge Investments of Washington, DC, has acquired River Vista, a 196-unit upscale garden apartment community in the suburban Atlanta community of Sandy Springs, for $33.4 million. The seller, an affiliate of The Milestone Group, was represented by David Gutting and Derrick Bloom of JLL. This is StoneBridge’s fifth apartment community acquisition in the Atlanta metro market over the past several years, for a total of 1,148 units. “With its strong employment growth, excellent quality of life, and relatively low cost of living, we remain bullish on the dynamic Atlanta market,” said Kees Bruggen, Managing Director, StoneBridge Investments.  “Our location in Sandy Springs, on the GA-400 corridor, puts us directly in the path of growth, and in […]

ATLANTA, GA - Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the acquisition of Ashford East Village, a 371-unit multifamily community located in East Atlanta Village.  The community is 95% occupied and offers one, two and three-bedroom apartment homes ranging from $900 to $1,375 per month. The newly-acquired property is expected to undergo a rebranding and a mix of amenity area improvements. In connection with the investment, enhancements will emphasize a modern fitness facility and the continuation of interior unit renovations including the installation of quartz countertops, vinyl plank flooring and upgraded plumbing fixtures. Fogelman acquired Ashford […]

ATLANTA, GA - Wood Partners, a national leader in multifamily real estate development and acquisition, announced the grand opening of its newest luxury residential community – Alta Dairies – in Atlanta, Georgia. The new, residential community is located at 777 Memorial Drive SE, in the heart of the East Atlanta submarket. It is a centerpiece of the ongoing Atlanta Dairies redevelopment and the revitalization of Memorial Drive, a major east-west connection in East Atlanta. With immediate access to the Atlanta BeltLine when the extension to Memorial Drive opens this summer, residents will be able to benefit from the redevelopment and revitalization of this thoroughfare. "The East Atlanta submarket has seen a phenomenal transformation over the […]