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Capital Square Acquires 200-Unit Lakeside on Riverwatch Apartment Community Located in Augusta Submarket of Martinez, Georgia

15 hours 7 min ago
AUGUSTA, GA - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Lakeside on Riverwatch Apartments, a 200-unit garden-style multifamily community in the Augusta suburb of Martinez, Georgia. "Lakeside on Riverwatch is located in an exceptional area, near the town ranked as the best place to live in the U.S. and the fourth fastest growing county in Georgia between 2010 to 2020," said Louis Rogers, founder and co-chief executive officer of Capital Square. "This is Capital Square's sixty-second acquisition of a multifamily community for the DST/1031 program. Capital Square is bullish on multifamily investments like Lakeside on Riverwatch because they have the potential to provide both stable cash flow and appreciation for investors." Located at 4300 River Watch Parkway, the 19.28-acre property offers one-, two- and three-bedroom units averaging 1,109 square feet. The seller recently completed renovations on 95% of the apartment homes, which included the addition of new black or stainless-steel kitchen appliances, resurfaced countertops, faux wood vinyl flooring, kitchen backsplashes and updated lighting fixtures. Community amenities include a recently renovated clubhouse and fitness center, a swimming pool with a sundeck, grilling area, package delivery room, and a dog park featuring an agility course and washing station. The property is ideally located on Interstate 20 between Atlanta and Columbia, with easy access to Interstates 95 and 77. Multiple retail outlets, including Publix, Kroger, Target and Walmart, are located within two miles of the property along Washington Road, a major local thoroughfare. Evans Towne Center Park, which features a splash pad, paved track, and playground, as well the Columbia County Performing Arts Center, are also within two miles of Lakeside at Riverwatch Apartments. Riverside Park, where residents can access the Savannah River and enjoy boating, fishing and other water-related activities, is just five miles from the property. Augusta is home to several large economic sectors, including advanced manufacturing, aerospace, chemical manufacturing, food manufacturing, customer service, cybersecurity, data centers and logistic centers. The city features 12 hospitals, two biotechnology business incubators, several life sciences companies, and the University System of Georgia's premier medical university with an aligned clinical treatment and teaching facility. The medical industry is estimated to contribute approximately $10 billion annually to Augusta's economy, which has the highest concentration of healthcare services in the Southeast and is widely recognized as a "healthcare destination."4 Top employers in the area include EZGO Textron, Richmond County School System, Graphic Packaging, Ferrara USA, Fort Gordon/Cyber Center of Excellence, and the U.S. National Security Agency - Augusta. "Lakeside on Riverwatch is an exceptional multifamily community that has been recently renovated and is located amidst a scenic part of the Savannah River basin," said Whitson Huffman, co-chief executive officer. "The Greater Augusta economy continues to thrive, providing an abundance of quality job opportunities for its residents."

Hudson Valley Property Group Closes Its Second Affordable Housing Preservation Fund With $292 Million in Capital Commitments

15 hours 10 min ago
NEW YORK, NY - Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced it has completed the final close for its second real estate private equity fund. HVPG raised $292,420,000 in capital commitments, $42 million more than its $250 million target, from a broad range of institutional investors, including family offices, banks, endowments, foundations, insurance companies, healthcare companies, registered investment advisors and museums. "The impressive array of institutional investors speaks to the strength of our platform and of this often-overlooked and traditionally undervalued asset class," said Jason Bordainick, Managing Partner and Co-Founder of HVPG. "Hudson Valley Property Group strives to deliver a better standard of living for our residents and seeks reliable results for our investors. We are motivated to do well by doing good and our work is ensuring that housing stays affordable and within reach for families across America." The final close occurred during a period of record growth and investment activity for HVPG. The Firm's first preservation fund closed in March 2019, with $60 million in capital commitments. It made 13 investments in 25 properties preserving over 4,000 units, on nearly $1B in projects. Today, the second fund has already acquired nine properties across New York, New Jersey, Pennsylvania, Maryland and Rhode Island, including in new geographic areas, like Philadelphia and East Providence, expanding HVPG's portfolio to seven states. HVPG anticipates preserving more than 10,000 homes with the latest investment fund. During that same timeframe, HVPG's staff has grown by 54 percent.

Mill Creek Adds to Growing Portfolio With Acquisition of 312-Unit Alister Lake Lynn Apartment Community in Northwest Raleigh

Tue, 10/04/2022 - 02:34
RALEIGH, NC - Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the acquisition by its Mill Creek Multifamily Value-Add Fund of Alister Lake Lynn, a garden-style apartment community in Northwest Raleigh. The three-story community, which features 312 apartment homes, is situated just off of Creedmoor Road and sits within the city's picturesque Northwest area, which is notable for its established neighborhoods with green spaces, tree-lined streets and comfortable ambiance. Alister Lake Lynn benefits from its close proximity to major jobs centers in Raleigh, including the country's largest research park (Research Triangle Park – "RTP"), Downtown Raleigh (the state capital) and Rex Hospital. Situated at 6421 Campus Drive, Alister Lake Lynn puts residents less than three miles from the popular Crabtree Valley Mall and within a quick commute of many dining and retail options including those at North Hills. Additionally, Lake Lynn Park is located one mile west of the community and features several sports facilities and a 2.8-mile greenway that surrounds the lake. Propelled by world-class access to talent from three tier-one research universities (NC State University, Duke and the University of North Carolina) and an established innovation-based economy as the home of RTP, Raleigh-Durham (also known as the Triangle) is one of the fastest growing regions in the nation. Its population grew 92% since 2000. Lauded for its relatively low cost of living, highly educated workforce, cutting-edge healthcare and stable local and state governments, the region is attracting economic investment and corporate relocations/expansions. "We've always been a fan of the Raleigh market and the Carolinas in general," said Jaymie O'Harrow, vice president of acquisitions for Mill Creek Residential. "We're excited to join the neighborhood, which serves as an ideal backdrop for a comfortable, enjoyable living experience. We believe our upgrades and our team's trademark service levels will elevate Alister Lake Lynn to a top-of-market living option, and we're eager to acquaint ourselves with our new residents and the neighborhood." Alister Lake Lynn offers one-, two- and three-bedroom homes with various layouts available. Community amenities include a resort-inspired swimming pool, sundeck with shade structures, two resort-style tennis courts, pet park, business center with coworking lounge, WiFi-enabled clubhouse and a 24-hour club-quality fitness center. Residents also have access to valet trash service, a recycling center, an onsite car care center and rentable carports. Home interiors include nine-foot ceilings, energy-efficient stainless-steel appliances, gas ranges, granite countertops, tile backsplashes, wood plank-style flooring, modern fixtures and finishes, in-home washers and dryers, fireplaces, spacious closets and private patios or balconies. Select homes offer soaking tubs, and third-floor homes include loft layouts.

Vista Residential Partners Acquires 33 Acres for Development of 348-Unit Oak Grove Vista Mixed-Use Apartment Community in Georgia

Tue, 10/04/2022 - 02:29
MCDONOUGH, GA - Vista Residential Partners, a national multifamily development firm, has closed on 33 acres on Jonesboro Road in McDonough, Georgia, for the development of Oak Grove Vista, a 348-unit mixed use development. Oak Grove Vista will be the first development of its kind in McDonough and will welcome residents in Spring 2024. Strategically located along Atlanta's key transportation artery, Intestate-75, Oak Grove Vista's location appeals to those who desire a suburban lifestyle while maintaining direct thoroughfares to the economic hubs of Atlanta CBD, Hartsfield-Jackson International Airport, and the immense South Atlanta Industrial Corridor. Located along I-75, Georgia's primary logistics corridor lies between the world's busiest airport and the expanding Port of Savannah. McDonough provides the ideal strategic location for large distribution centers and provides convenient access to over 285,000 jobs. Via I-75, Oak Grove Vista offers a quick commute to Hartsfield-Jackson International Airport, the largest job base in the state with 63,000 direct jobs and 450,000 indirect jobs. "Henry County's spectacular growth is similar to what occurred in Gwinnett County during the 80s and 90s," said Eduard de Guardiola, CEO of Vista Residential Partners. "We have made a significant financial commitment to this area and are excited to be a part of its success story for the next decade." The community will offer a mix of one-, two-, and three-bedroom apartment homes averaging almost 1,000 square feet. Designed by architect Niles Bolton, the garden style apartments will feature stainless steel appliances, 9-foot ceilings, vinyl plank flooring, in-unit washers and dryers, and dining size kitchen islands. Oak Grove Vista will also feature a luxury clubhouse, resort style pool, co-working space, fitness center, a large pet park, walking trail, 24/7 package concierge, and 30,000 SF of walkable retail and restaurants. "The Vista team is thrilled to continue to build on our recent success in Henry County with what will be a unique development offering residents a lifestyle option that was previously only available in more urban locations," said Michael Neyhart, Managing Director for Vista Residential Partners. "The booming economic activity and population growth in McDonough is driving demand for high-end retail, restaurant, and housing options."

USG Realty Capital Starts Construction on Multifamily Housing Project Located in One of Milwaukee’s Top Opportunity Zones

Mon, 10/03/2022 - 02:41
MILWAUKEE, WI - USG Realty Capital, a leading investment sponsor specializing in opportunity zones, announced the commencement of its newest ground-up opportunity zone project for Investors Choice OZ Fund, Elevation 1659, in Milwaukee, Wisconsin. The 76-unit multifamily community is being developed by Ogden & Company, Inc. Elevation 1659 is scheduled for completion in September of 2023. "Elevation 1659 is located in one of the top opportunity zones in the country with one of the strongest social impact studies directly related to this project," said Greg Genovese, CEO and founder of USG Realty Capital. "It's always a big day when we break ground on a new project, and our developer partner, Ogden & Co., has been wonderful to work with. We look forward to Elevation 1659 becoming a big success for all our investors and a great new addition to this Milwaukee neighborhood, creating an exceptional positive social impact for the community." Elevation 1659 is located one mile north of downtown Milwaukee in an up-and-coming neighborhood where many investors and companies are searching for affordable, urban-oriented commercial and multifamily projects. According to Smart Growth America, the project's Milwaukee census tract currently ranks in the top 40 qualified opportunity zones in the U.S. In addition, data compiled by DRC Impact Reporting shows the Milwaukee metropolitan area ranks better than 66% of major U.S. cities in terms of housing affordability, and wealth building for longtime residents is predicted to increase for the local and surrounding regions. "We are very excited for Elevation 1659's construction to begin," said Jason Pietsch, Ogden's real estate investment specialist for the project. "In the coming days and weeks, tree removal, building demolition, and subsequent site prep will commence. These initial steps will lay the foundation, quite literally, for the rest of the project – a project we believe will be among the premier Class A apartment buildings in the Milwaukee market."

McKinney Capital & Naturally Affordable Housing Break Ground on Workforce Housing Development in North Park Neighborhood

Mon, 10/03/2022 - 02:29
SAN DIEGO, CA - McKinney Capital & Naturally Affordable Housing held a groundbreaking ceremony for its workforce housing apartment building located at 4233 Kansas Street in North Park, San Diego. North Park is one of San Diego's oldest and most desirable neighborhoods, consisting of medium and lower-density urban development. The neighborhood has gone through gentrification over the last decade and is currently one of San Diego's premier arts and entertainment districts. North Park was recently recognized by Forbes as one of the "Hippest Neighborhoods in America". Damian McKinney shared, "Our Kansas Street Workforce Housing development aims to help solve the lack of affordable housing for moderate-income working families and young professionals." The housing affordability gap in San Diego is among the highest in California, with the average household shelling out 35% of their income for housing and 25% of the population spending half of their income on rent. The City of San Diego has been identified as one of the least affordable cities in the United States. Local leaders have described this issue as the single greatest threat to our region's economy. Approximately 70% of moderate-income households cannot afford home ownership, and more than 30% cannot afford rent. To accommodate San Diego's growing population and continued economic development, housing production must meet both present and future demands. The Kansas Street Apartments are being built for San Diego working families earning the median household income.

Bonaventure Adds to Growing Multifamily Portfolio With Acquisition of Two Apartment Communities Totaling 481-Units in Virginia

Fri, 09/30/2022 - 04:21
ALEXANDRIA, VA - Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, announced that it acquired ownership in two multifamily properties in separate UPREIT transactions. Through these separate strategic off-market purchases, Bonaventure expands its footprint in Virginia with the additions of the 296-unit Pinnacle Apartments located at 600 Freeman Drive in Hampton; and the 185-unit Magnolia Chase Apartments located at 5700 Magnolia Chase Way in Virginia Beach. We are pleased to become the new owner and manager of two exceptionally well-located, income producing multifamily communities in our home market, said Dwight Dunton, founder and CEO of Bonaventure. These acquisitions not only align with our Mid-Atlantic growth strategy, but they also further demonstrate Bonaventure s unique ability to engineer deals that offer superior flexibility and tax-advantaged benefits to our partners. The additions of Pinnacle Apartments and Magnolia Chase Apartments bring Bonaventure s total number of lifestyle-centric properties in Virginia to 28. At Magnolia Chase Apartments, Bonaventure plans to acquire 24 additional units that are currently under construction later this year. This property is situated adjacent to three other multifamily communities that Bonaventure currently owns and operates (The Cascades, Infinity at Centerville Crossing and Magnolia Run Apartments), providing it with significant scale in the fast-growing Hampton Roads submarket. Details on the newly acquired multifamily communities can be found below: Pinnacle Apartments: Built in 2016, the mid-rise apartment community is located in the Coliseum Central neighborhood in proximity to I-64 and Peninsula Town Center. It offers one-two and three-bedroom units with high-end features and a wealth of amenities including a resort-style pool and 24-hour fitness center. Magnolia Chase Apartments: Completed in 1999, the amenity-rich, garden-style luxury apartment complex features one-two and three-bedroom units as well as a pool and lounge area, 24-hour fitness center, playground and club house. Since its inception in 1999, Bonaventure has established itself as one of the most prolific multifamily developers and operators in the Mid-Atlantic region, and is currently expanding throughout the Southeast. Its portfolio includes a mix of affordable, luxury and senior living communities.

Cove Capital Investments Acquires Value-Add 159-Unit Multifamily Community in Growing Dallas Fort-Worth Neighborhood

Fri, 09/30/2022 - 04:17
DALLAS, TX - Cove Capital Investments, a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors, announced it has completed the purchase of a 159-unit, 130,128 square foot value-add multifamily community in the growing Dallas Fort-Worth area. The investment will be part of the "Cove Dallas Multifamily 59 DST", a Regulation D, Rule 506c offering, which will allow accredited investors to participate in the acquisition of a multifamily community with value-add potential located just 20 minutes from revitalized downtown Dallas that sees more than 135,000 employees on a daily basis. "The Cove Dallas Multifamily 59 DST is an attractive apartment community in the Dallas Fort Worth region of Texas that provides investors the opportunity to participate in a debt-free DST investment that has the potential for creating significant value. The previous owners recently invested more than $1.5 million in capital improvements to approximately 50% of the units. Now Cove Capital will continue to provide extensive renovations, including adding new quartz countertops, stainless steel appliances, upgraded plumbing and lighting fixtures and adding carports to cover approximately 100 cars," said Dwight Kay, Managing Member and Co-Founder of Cove Capital Investments. Built in 1983, the two-story community features one-, two- and three-bedroom floorplans across 16 buildings. Common-area amenities include a swimming pool, a fitness center, a business center and laundry facilities. According to Managing Member and Co-Founder, Chay Lapin, the Cove Dallas Multifamily 59 DST represents an excellent example of a value-add DST investment opportunity for Cove Capital investors. "As a proactive owner-operator, Cove Capital will be able to potentially provide value to our investors through implementing a renovation plan that includes upgrading both interiors and exteriors, and driving operational efficiencies to help maximize revenue potential," said Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments. Located at 1255 West Pleasant Road, the community is roughly 15 miles south of downtown Dallas. Pleasant Creek sits in proximity of interstates 35 and 20, as well as Texas State Highway 342, offering access to several dining, shopping and entertainment options. Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics are some of the employers in the area. Lapin continued, "The Cove portfolio now consists of more than 1.5 million square feet of multifamily, industrial, medical and net lease assets. We are thankful to the hundreds of loyal Cove clients as well as the many Broker Dealers, Registered Representatives and RIAs that have placed their trust in Cove Capital."

Capital Square Completes Acquisition of 262-Unit Tapestry West Apartment Community in Vibrant Richmond Neighborhood

Thu, 09/29/2022 - 02:31
RICHMOND, VA - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Tapestry West, a 262-unit Class A multifamily community in Richmond, Virginia. The community was acquired on behalf of CS1031 Tapestry West Apartments, DST. "Capital Square is bullish on the Richmond market. The local economy is well known for its strength and stability," said Louis Rogers, founder and co-chief executive officer of Capital Square. "This is Capital Square's thirteenth acquisition of a multifamily community in the Richmond MSA. This is our home court. We aim to own the home court by acquiring best-in-class apartment communities." Located at 2031 Maywill Street, Tapestry West is located in the midst of one of the city's most vibrant areas and features exceptional community amenities that include: a resort-style swimming pool and large sundeck; an outdoor kitchen and lounge area; a state-of-the-art fitness center; a yoga studio; a bike repair station; a pet spa; a meditation room; a package center; and a clubhouse that features billiards, a coffee bar, business center and co-working stations. The property is in close proximity to midtown Richmond and the emerging neighborhood of Scott's Addition, which features 13 breweries, cideries and distilleries, as well as a host of restaurants, night spots and newly developed luxury multifamily communities that cater to a growing number of millennial residents and empty nesters. Established in 1901, Scott's Addition is a historic area that is now one of Richmond's fastest growing neighborhoods. Once primarily a hub for industrial buildings and businesses, Scott's Addition is now home to nationally recognized restaurants, rooftop bars, a boutique bowling alley, cinema, shuffleboard bar, retail shops and more. The area is conveniently located with ready access to several Interstates, including I-64, I-95 and I-195, providing ready access to all of Greater Richmond and the city's thriving employment base. "Tapestry West, in our opinion, is an exceptional, luxury multifamily property that caters to Richmond's thriving population of young professionals who demand high-end finishes and luxury amenities," said Whitson Huffman, co-chief executive officer. "Greater Richmond is one of the Southeast's most attractive areas, with a highly educated workforce, a growing economy and a diverse industrial sector. Richmond is flourishing by nearly every measure and Capital Square is excited to be a part of its growth and vibrant future."

Housing Authority of The City of Alameda Announces Opening of 92-Unit Rosefield Village Affordable Apartment Community

Thu, 09/29/2022 - 02:20
ALAMEDA, CA - Rosefield Village was developed by Island City Development, an affiliate of the Housing Authority of the City of Alameda (AHA). Rosefield Village provides 92 affordable apartment homes for families in a warm and friendly environment. The site is a prime example of how redevelopment of existing properties can provide opportunities to increase the number of affordable homes—originally, Rosefield Village property had 53 units. The 2.4-acre property is located at 727 Buena Vista Ave, in an amenity-rich neighborhood, one block from the Webster Street commercial district. "With stellar complexes such as Rosefield, the Housing Authority of the City of Alameda and its affiliates seek to double their affordable housing footprint in the City of Alameda over the next decade," says Kenji Tamaoki, Board President, "This development moves us forward in our goal to serve more Alamedans." Rosefield Village makes a historical nod to the location through its elected name. The site is the former location of the first Rosefield Packing Company food processing plant built circa 1915. In 1932, Mr. Rosefield patented a process for making homogenized peanut butter creating the first Skippy peanut butter! The factory was purchased in 1955 and officially closed in 1974. Four years later, AHA purchased the site and used the building as the home office and maintenance facility. In the 1980's the Eagle Avenue Modular developments were completed, replacing what had once been dilapidated housing for military personnel unused since WWII. Post-new construction and renovation in 2022, Rosefield Village now serves twice as many families. Rosefield Village incorporates significant green building techniques and universal design strategies to maximize livability and visit-ability for households with an array of family sizes, age ranges, and talents. This building was designed with sustainability in mind and is in-process of obtaining Green Point Rated Gold certification – an industry standard for sustainable development. Rooftop solar panels will provide energy to offset 20% of common area energy usage. Rosefield Village has Bay-Friendly rated landscaping which incorporates practices of water saving, maintenance labor savings, non-toxic weed suppression, reduction of run off, and potential greenhouse gas reduction are throughout the property. Additionally, flooring throughout the building is made of sustainable materials; energy efficient lighting is throughout; and all appliances are modern energy efficient models. "The City of Alameda is pleased that the innovative transformation of Rosefield Village, located in the vibrant West End District, has created almost twice as many affordable apartments as the original project, at a time when affordable housing is desperately needed" says Mayor Marilyn Ezzy Ashcraft. The Housing Authority is pleased to be able to provide the City of Alameda with ninety-two additional affordable Family apartment homes and appreciates all who have been involved in the process. Thank you especially to the Alameda City Council for its continued support of affordable housing and to the City staff who worked alongside Housing Authority staff from the project's first development applications through lease up. This $72 million dollar investment would not be possible without numerous funding partners – The land is owned by the Housing Authority of the City of Alameda, and its development partner, Island City Development, is the sponsor and developer. Funding includes 4% Low Income Housing Tax Credits with Tax-Exempt Bond financing and State Tax Credits from the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee, Alameda County A1 funds, former redevelopment funds from the Alameda Unified School District passed-through the Housing Authority, additional Housing Authority funds, CDBG, HOME funds, a City of Alameda fee waiver, a project based voucher contract from the Housing Authority, and loans from Bank of America, N.A. and Greystone Servicing Company LLC. The tax credit investor is Enterprise Housing Credit Investments, LLC. The project is income and rent-restricted for at least fifty-five years. "It has been a pleasure to enter this long-term investment in quality affordable homes for families in Alameda," says Vice President of Investment, Phillip Porter of Enterprise Housing Credit Investments, "Enterprise targets quality affordable homes in such transit-oriented, sustainable, and higher opportunity locations." Gioia McCarthy, Bank of America President San Francisco – East Bay, adds, "Congratulations to Island City Development and AHA for the successful completion of this significant construction project. Rosefield Village is a great example of the impact that public-private partnerships can make in creating quality affordable housing for those most in need.

Palladius Capital Management Acquires Newly Built 342-Unit Citizen House Kyle Multifamily Community in Suburban Austin Market

Wed, 09/28/2022 - 02:18
AUSTIN, TX - Palladius Capital Management, a vertically-integrated real estate investment manager focused on pursuing multifamily, student housing, hospitality and select thematic investment strategies, announced the acquisition of Citizen House Kyle, a 342-unit Class A multifamily asset in the high-growth South Austin suburb of Kyle, TX. Located along the I-35 Innovation Corridor, Citizen House Kyle was completed in 2022 and is part of the larger Dry River District – a 65-acre mixed-use community being developed by Endeavor that includes multifamily, medical and retail space. The property offers luxury one- and two-bedroom units and an array of state-of-the-art amenities, including a resort-style pool, resident clubhouse, high-tech fitness center, outdoor lounge, and co-working space. This transaction represents a win-win scenario for Palladius and Endeavor, said Nitin Chexal, CEO of Palladius. Endeavor was able to efficiently monetize its investment in a pre-stabilized property and Palladius was able to acquire a high-end apartment community in a market that s experiencing rapid population growth. Leasing up pre-stabilized Class A multifamily assets is a strategy that we re focused on expanding, and we look forward to establishing similar partnerships with other merchant builders in our target markets. Chexal and Director of Investments Nick Maupin, who led the Citizen House Kyle transaction, as well as the rest of the Palladius team have significant experience investing along the Innovation Corridor, having deployed more than $350 million across value-add and core-plus rental housing in this region since 2014. The firm believes the explosive growth from the corridor s main metros will continue to spill over into surrounding areas like Kyle, which has seen its population increase over 85 percent since 2010. Further demonstrating the area s strong fundamentals, Hays County – where Kyle is located – was ranked as the second fastest growing large county in the country according to U.S. Census Bureau data. Nelson Crowe III, Principal at Endeavor Real Estate Group, commented, Citizen House Kyle is an integral part of our mixed-use development, Dry River District, serving the Kyle community. The Palladius team, specifically Nitin and Nick, were a pleasure to work with on this transaction. From deal awarding to closing, they never wavered even in a challenging debt market and provided flawless execution. We look forward to continuing to develop and deliver Citizen House communities across the Austin MSA and look forward to working with Palladius on future opportunities. The Innovation Corridor s growing population has led to increased demand for high-quality rental housing like Citizen House Kyle as the prices for single-family homes in the area continue to rise. Citizen House Kyle is located 15 minutes from Austin s central business district and 15 minutes from San Marcos – two major employment centers that are home to companies like Amazon, Tesla, Seton Medical, HBO, Best Buy and H-E-B. The property is within walking distance of over 300,000 square feet of retail space, including a Starbucks, Home Depot, Costco (under construction), a variety of dining options, and Evo Entertainment, a 75,000 square foot entertainment center with eleven screens, a 14-lane bowling alley, and an arcade.

Harbor Group International Completes $80.75 Million Acquisition of 384-Unit Colter Park Apartment Community in Uptown Phoenix

Wed, 09/28/2022 - 02:14
PHOENIX, AZ - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of the Colter Park Apartments, a 384-unit multifamily property located in Phoenix, Ariz., for $80.75 million. Steven Vegh of Westwood Realty Associates brokered the off market transaction. Northmarq arranged a Freddie Mac senior loan on behalf of HGI led by Bryan Mummaw. Located in the Uptown Phoenix submarket, the property is supported by strong market fundamentals, with the area featuring some of the city's most popular bars, restaurants and retail locations. The property sits within Camelback Corridor, a prominent shopping, hospitality and employment district. "The acquisition of the Colter Park Apartments further represents HGI's ability to identify unique value-add opportunities within fundamentally strong markets and continue to grow the firm's active investment portfolio within the Sunbelt region," said Greg Heller, Managing Director of Acquisitions at HGI. "This transaction provides significant opportunity for operational upside as we expect to see high occupancy rates and steady rent growth over the next five years in the greater Phoenix region." The apartment community is centrally located and easily connects residents to major employment and lifestyle nodes within the Phoenix region. The property is within a 10-minute drive of Midtown and provides direct access to the Valley Light Rail system, which will present residents additional modes of access to employment and entertainment centers including Midtown, Downtown and the Phoenix Sky Harbor International Airport. The submarket is also proximate to a range of employers such as Banner Health, the City of Phoenix, Bank of America, U.S. Bank, Uber and WeWork. HGI plans to invest $5 million to renovate the remaining vintage units within the complex, as well as common area improvements and deferred maintenance, enhancing the community's curb appeal. As such, the renovations will provide significant value-add and mark to market opportunity for the firm.

DLP Capital and ORP Investments Acquire 297-Unit Mixed-Use Multifamily Community in Heart of Houston’s Neartown-River Oaks Submarket

Tue, 09/27/2022 - 02:33
HOUSTON, TX - DLP Capital, a private real estate investment and financial services firm, announced that it has purchased a Houston-area multifamily property, Elan Memorial Park, in partnership with Texas-based ORP Investments Inc. The mixed-use property, with 297 residential units and premium retail spaces, is located in the Neartown-River Oaks submarket of Houston, a highly desirable live-work-play environment just four miles from downtown Houston and near to Texas Medical Center. The Houston metropolitan area, the fifth largest in the U.S., experienced its best employment growth on record in 2021, adding nearly 160,000 jobs, according to the U.S. Bureau of Labor Statistics. Elan Memorial Park will be a vibrant addition to DLP Capital s investment portfolio in the region, providing further economies of scale to the firm s asset management of more than 2,500 units spread across eight properties in the broader Houston area. Elan Memorial Park is an exceptional apartment community that adds excellent balance to our multifamily portfolio in the Houston region, said Don Wenner, founder and CEO of DLP Capital. With strong job growth in Houston, we re bullish on the region. We have multifamily properties with a range of price points to appeal to an array of tenants in the area. Elan Memorial Park, located at 920 Westcott Street near Memorial Park, is a nine-story property built in 2016 and features beautifully curved exterior architecture. The property boasts a top-floor sky lounge that features panoramic views of downtown Houston along with an outdoor fire pit and grilling area. Property amenities also include a courtyard pool with coffee bar, clubhouse with gaming area, fitness center, bike storage and repair station, and indoor dog spa. Interior features include expansive living areas, 10- to 13-foot ceilings and ceiling fans, built-in desks and bookshelves, and private backyards, patios, or balconies. Residents also benefit from more than 17,000 square feet of retail spaces on the ground floor that include healthy fast dining at Rush Bowls, global cuisine at Union Kitchen, Yellow Cup coffee shop, a hair studio, nail lounge, and more. DLP Capital and ORP Investments plan light renovations to the otherwise superior condition of the property, including exterior painting, siding updates, and landscaping improvements. The property, currently at 92% occupancy, benefits from proximity to other affluent Houston neighborhoods, with the Neartown-River Oaks submarket attracting many baby boomers seeking to downsize. Employment growth in the Houston region is expected to surpass the national benchmark over the next five years, according to the U.S. Bureau of Labor Statistics, further attracting tenants and adding to the investment attractiveness of Elan Memorial Park. Added Raj Sarangam, founder of ORP Investments, This multifamily investment marks the first of what we hope will be many successful partnerships with DLP Capital. We re combining DLP Capital s national financial strength with our boots-on-the-ground local market expertise for a solid combination that we believe will lead to collective, long-term success.

Sentral Brings Innovative Flexable Living Concept to Denver's Historic River North District With Construction of Sentral RiNo Apartments

Tue, 09/27/2022 - 02:28
DENVER, CO - Sentral, the modern property management company innovating flexible living communities throughout the United States, announced its newest collaboration with OliverBuchananGroup(OBG), Sentral RiNo, located in Denver's River North District. Sentral RiNo will commence construction in 2023 and represents the first project undertaken as part of an exclusive partnership with OliverBuchananGroup that will develop new neighborhood-defining, multifamily communities and mixed-use projects in high-growth U.S. markets. Sentral RiNo will be the brand's second flexible living community in Denver, joining the successful Sentral Union Station. Situated between the vibrant RiNo Art District and Cole Historic Neighborhood, Sentral RiNo will be located at what was formerly the Denver Rock Drill site. More than 300 apartments will be developed in this exciting project's initial phase, with further retail, office, and event space to be developed soon after. Sentral RiNo will boast European-style public areas with curved streets and courtyards, while preserving the distinctive historic elements of the Denver Rock Drill structures currently in place. "Targeting some of the country's highest-growth, in-demand markets has been a top priority for the Sentral brand, especially those with rich history, vibrant culture, and an array of arts, dining, and entertainment," said Jon Slavet, Chief Executive Officer at Sentral. "The Denver RiNo neighborhood is one of the most historic areas of the city, and experiencing tremendous revival, making it a premier location for Sentral's flexible living concept." The development's location sits in one of the city's most sought-after districts, with the highest concentrations of bars, restaurants, and breweries in Denver. Sentral RiNo will offer both designer furnished and unfurnished apartments with flexible lengths of stay, as well as best-in-class community amenities for residents and guests. "With development of Sentral RiNo underway, we are looking forward to bringing the brand's innovative flexible living concept to such an in-demand city like Denver," said OBG's Chairman Morgan Dene Oliver. "The Sentral RiNo community will be the first of many properties as part of our partnership to debut across the country, offering residents and guests deluxe accommodations, best-in-class amenities, and close proximity to the city's most unique, vibrant local experiences. We are extremely excited to introduce this property in 2023." Denver is one of the leading U.S. cities for digital nomads and mobile professionals due to its appeal to nature lovers, proximity to the Rocky Mountains, favorable cost of living, flourishing art and music scene, exceptional restaurants and shops, walkable neighborhoods, and other attributes. Sentral RiNo will offer mobile professionals the best of flexible living, with beautifully-designed work and living spaces, all within walking distance of one of the city's hippest areas.

TerraCap Management Acquires 337-Unit Latitude at Presidio Apartment Community in Popular Austin Submarket of Cedar Park

Mon, 09/26/2022 - 02:44
CEDAR PARK, TX - TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Latitude at Presidio, a 2017-built, 337-unit apartment complex located in the Cedar Park suburb of Austin, TX. Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, "Our team has been evaluating Austin, TX for the right quality multifamily community, in the right location, with the latest and greatest in modern resort style amenities. We feel Latitude at Presidio is best-in-class and matches our criteria and more for our respected residents. The atmosphere at Latitude is exciting and refreshing." Latitude at Presidio features one, two, and three-bedroom units with an average floorplan size of 959 square feet. The units feature stainless steel appliances, euro style cabinetry, USB charging ports, ceramic tile backsplash, and white quartz countertops. The property is located just off of I-35 and is 25 minutes from downtown Austin. The property's amenities include a swimming pool, a billiard and gaming room, an outdoor kitchen with grilling stations, a dual level fitness center, a coffee bar, an outdoor lounge area with fire pits, and a dog park. "We are excited to add what we feel is another best-in-class community to our portfolio," said Steve Good, TerraCap Partner and National Director of Acquisitions. "Our general thesis is to invest in high quality properties in growth markets, and we feel there is a compelling case to made for both this property and the Austin MSA overall. Our goal is continue finding more opportunities and continue building our long-term presence in this dynamic market." Matt Pohl and Kevin Dufour of Walker & Dunlop represented the seller in the disposition. ZRS Management was hired as property manager.

American Real Estate Partners Acquires Office to Apartment Conversion Investment Bringing 200-Units to The Heart of Old Town, Alexandria

Mon, 09/26/2022 - 02:40
MCLEAN, VA - American Real Estate Partners ( AREP ), announced the company s acquisition of 1101 King Street in the heart of Old Town, Alexandria. This is AREP s fifth investment through its Strategic Opportunity Fund III ( Fund III ) which is now 60% deployed. The company has selected Cooper Carry to lead the project redevelopment design and residential hospitality design team RD Jones for the interiors. Construction is set to begin in July 2023. The redeveloped 200,000 square foot building will contain approximately 200 apartments and 17,500 square feet of retail and office space on its first floor. This latest acquisition is part of AREP s broader strategic investment focus targeting industrial, data center, residential, and office assets across East Coast urban & urbanized suburban markets. The acquisition included the simultaneous purchase of all condominium units in the office building from the seven owners. All office leases were restructured to allow for a deconversion of the office condominium and redevelopment into a mixed-use property. AREP will maintain the ground floor retail leases including Orange Theory and Paris Baguette throughout construction so as not to disrupt the community amenities. Located in the heart of King Street s bustling restaurant and retail corridor, 1101 King St. is walking distance to everything residents need to live, work and play. Once completed, the reimagined property will provide residents with a club room, fitness center, and a rooftop social terrace—with incredible views of Old Town. Premium access to live entertainment and waterfront park activities are just steps from the property s front door, and the King Street metro is a 10-minute walk and only three stops to Amazon HQ2. Aligned with AREP s portfolio-wide focus on wellness and value-rich experiences, 1101 King St. will offer world-class features and curated amenities, including shared hybrid workspaces and premium hospitality concierge services. With thoughtful consideration of the post-COVID shift to hybrid work, the redesigned 1101 King St will feature larger than average unit sizes that enable indoor and outdoor living, incorporating deep terraces and in-home workspaces. We are thrilled with the acquisition of 1101 King. It sits in the very center of historic Old Town Alexandria and rises four stories above the buildings around it with views of the entire city. The balconies on each level are more like terraces, with many 10 to 20 feet in depth. It is a one-of-a-kind asset that can never be replicated, said Doug Fleit, Co-Founder & CEO of AREP. This asset illustrates AREP s strategy of looking for special properties in vibrant and emerging locations that can be repurposed for residential use. This office to multifamily conversion acquisition is one of our core investment strategies and reinforces our ability to identify strong investments across diversified product types and markets to deliver value, said Brian Katz, Co-Founder & President of AREP.

Village Partners Receives Approved on Mixed-Use Multifamily Development Site for 700-Unit State Street Village in Redlands, California

Fri, 09/23/2022 - 05:03
NEWPORT BEACH, CA - A joint venture between Village Partners Investments of Newport Beach, California and The Bascom Group of Irvine, California has received full entitlements and approval of its development agreement for the mixed-use State Street Village project at the site of the former Redlands Mall in Redlands, California. State Street Village entitlements were unanimously approved with a 7-0 vote by the Redlands Planning Commission and a 5-0 vote by the Redlands City Council. This positive momentum continued with a unanimous 7-0 vote by the Planning Commission and a unanimous 5-0 vote by the City Council on July 19, 2022, approving State Street Village's Development Agreement with the City of Redlands. The State Street Village Development Agreement was officially approved with the adoption of Ordinance No. 9233, indicating final approval by the City of Redlands. Village Partners principal Michael Morris remarked "State Street Village will provide a significant contribution to Redlands' diversity and supply of housing." His partner, Don Henry, similarly stated "We are excited to bring back the historical street grid, small blocks and transform the once lively Redlands Mall into an exciting new pedestrian district that promotes walkability and honors Downtown Redlands history." State Street Village will be a vibrant, 12.2-acre mixed-use pedestrian district in the heart of downtown Redlands and will serve the community's housing and commercial needs with a variety of high-quality housing options, curated retail tenants, and restaurants. This project will serve as a centerpiece of Redlands' public life, showcasing the best of local cuisine, art, landscape, and design. With entitlements and development agreement in hand, the State Street Village project will press forward and break ground in the latter part of 2023. Designed by architectural firms Mithun, Torti Gallas Partners, and BAR Architects, the State Street Village redevelopment will honor and restore the prominence of historic Downtown Redlands, extending State Street toward a grand new public gathering space, Redlands Plaza, set below a grand new archway. At completion, this redevelopment will provide approximately 700 new residential units and cutting-edge amenities to support Redland's growing population, and will be home to many local business, restaurants, and bars with its roughly 84,000 square feet of commercial space.

Capital Square Acquires Two-Property Multifamily Housing Portfolio Totaling 305 Apartment Homes in Asheville, North Carolina

Fri, 09/23/2022 - 05:00
ASHEVILLE, NC - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multifamily communities, announced the acquisition of Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville, North Carolina. The portfolio was acquired on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment requirement of $50,000. "Once again, Capital Square remains ahead of the curve with this two-property multifamily acquisition in Asheville, North Carolina," said Louis Rogers, founder and chief executive officer of Capital Square. "Asheville has a strong economy in a bucolic environment. With apartment rents increasing 25%, Asheville has experienced the strongest growth in multifamily rental rates of any metro in North Carolina, according to WTVD. This makes the Asheville NC Apartment Portfolio an excellent option for investors seeking stable cash flow and appreciation." Asheville NC Apartment Portfolio includes the 253-unit River Mill Lofts, located at 100 River Mill Drive, and the 52-unit Skyloft Apartments, located nearby at 500 S Skyloft Drive. The 10.887-acre portfolio offers one-, two- and three-bedroom units averaging 1,120 square feet. The spacious floorplans include high-end finishes such as granite countertops, stainless-steel appliances and subway tile backsplashes. Community amenities at River Mill Loft include access to the scenic Swannanoa River, a well-appointed clubhouse and a swimming pool. Skyloft Apartments residents may enjoy an outdoor fire pit and community grilling area and a fenced pet park. Both properties are within a ten-minute drive of downtown Asheville. Known for its sweeping mountain views and beautiful scenery, Greater Asheville is home to more than a million acres of protected wilderness, offering hiking, biking, paddling and many other activities to its residents. Mission Health, an operating division of HCA Healthcare, and North Carolina's largest health system is located in Asheville. The system's flagship medical center, an 815-bed Mission Hospital, is less than two miles from each property. It ranks as the top employer in Asheville and western North Carolina, employing more than 10,000 people.1 Aerospace manufacturer, Pratt & Whitney, is currently investing $650 million to build a one-million-square-foot advanced manufacturing center, approximately three miles from the property. The facility is expected to open by the end of 2022 and is forecasted to add 800 local jobs, with an annual payroll of nearly $55 million.1,2 "With a 2.8% unemployment rate, historical sites, and stunning views, Asheville is a compelling location," said Whitson Huffman, chief strategy and investment officer. "The city has a thriving economy and is an excellent place for those seeking the prototypical live-work-play balance." Biltmore Village, a historical enclave at the entrance to the Biltmore Estate, is within walking distance of River Mill Lofts. The village was modeled after an English village and features numerous shops, nearly a dozen restaurants and cafes and several craft breweries. Both properties are located near downtown Asheville, which is known for its prolific food scene, having just been named the top food destination in the U.S. for 2022 by Travel & Leisure.

Aventon Companies Enters Atlanta Market With Development of 300-Unit Aventon Exchange Apartment Community in Gwinnett County

Thu, 09/22/2022 - 02:11
ATLANTA, GA - Aventon Companies, a prominent, vertically integrated, multifamily developer with active projects throughout the mid-Atlantic and Southeast, announced it has entered the Atlanta market. Aventon Exchange will be a 300-unit, Class A development spread over 16 acres, located at the Northeast corner of Buford Drive and Old Peachtree Road. Offering spacious one, two and three-bedroom floor plans, each apartment home will boast top-of-the-market finishes. In-unit features include European style cabinets, quartz countertops, wine racks, open shelving, and community-wide Wi-Fi. Meanwhile, the community itself will feature a resort-style, saltwater pool adjacent to a massive, almost 12,000 SF clubhouse with a game room, state-of-the-art fitness center, remote-working lounge, numerous private offices along with a conference and podcast room. Dog lovers will also enjoy a pet spa, lush greenspace, and a dedicated dog park. Looking towards the future, the parking lot will be outfitted with EV charging stations. "We are thrilled to be entering the Atlanta metro area, especially Gwinnett County, one of the most high-end and rapidly growing counties within Georgia," said Ron Perera, Senior Managing Director for Aventon Companies. "We look forward to Aventon Exchange being the first of many projects in this dynamic and growing region." The buildings of Aventon Exchange were designed by Scott + Cormia Architecture, with interior design by Alpharetta-based Studio 5 Interiors. The community is expected to open in early 2024 and will be located minutes from numerous dining and shopping destinations as well as major employment nodes. Since 2019, Aventon Companies has assembled an impressive $2 billion portfolio of ground-up developments expected to bring nearly 7,600 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic.

Multiversity Housing Partners Adds Fifth Property to Its Growing Pittsburgh Area Portfolio With The Square on Butler

Thu, 09/22/2022 - 02:06
PITTSBURGH, PA - Multiversity Housing Partners property management arm, MultiVersity Property Management, will be overseeing the rebranding, management, and planned improvements at The Square on Butler, formally Doughboy Square and Square View in Lawrenceville, PA. An affiliate of MVHP acquired the property in August, 2022. Located in central Lawrenceville, The Square on Butler is the fifth property that MVPM has added to its portfolio in the Pittsburgh area. This property is comprised of three buildings built between 2014 and 2017 with 59 conventional units. Floorplans consist of both one and two-bedroom apartments with nine affordable two-bedroom units located on the first level. The Square on Butler is also home to seven commercial retailers. Community amenities include: a 24-hour fitness center, covered parking, indoor bike storage, and a dog wash area. Coinciding with MVPM's dedication to customer service and safety, controlled access to buildings, and on-site management shall remain in place. Located in "the heart" of Lawrenceville, this apartment assemblage is in close proximity to dining and entertainment options with a walkability rating of 85. MVPM also plans to make further improvements to the lobby area and amenities by completing major upgrades to the fitness center and its equipment, performing lobby renovations, and adding a Luxor package system as well as comprehensive exterior improvements. MVPM will bring its boutique-style approach to property management in order to operate this property more efficiently. MVPM will be adding the following upgrades: hallway updates to fit with the rest of the buildings' luxury apartment theme, improvements to steel balconies, exterior lighting and paint unit exteriors with neutral tones in order to enhance curb appeal. Christopher Feeley, CEO and Managing Member of both MVHP and MVPM, stated that "these assets add to our portfolio of value-add multifamily properties, with these properties being market rate apartments located in one of the best submarkets (Strip District-Lawrenceville) in the City of Pittsburgh. Frankly, the Lawrenceville-Strip District is one of the best submarkets in any major city located along the East Coast."