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Apartment and Multifamily News

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Updated: 1 hour 13 min ago

Sonata Senior Living Assumes Management of Assisted Living Community in Florida

Fri, 11/15/2019 - 02:29
KISSIMMEE, FL - Sonata Senior Living, developer, owner and operator of independent living, assisted living and memory care communities, has announced it will assume management of Sonata Hunter's Creek in partnership with Providence One Partners, LLC, a multi-disciplined real estate development, investment and consulting company. Formerly known as Sage Park Assisted Living and Memory Care, the 107,000-square-foot community will be rebranded Sonata Hunter's Creek and expand Sonata Senior Living's footprint in the state to 13 communities, including two planned senior housing developments in Central Florida. According to Sonata Senior Living's COO Shelly Esden, the partnership with Providence One Partners provided an opportunity to bring Sonata's model of care to Osceola County and meet an unmet demand for assisted living and memory care with an innovative and affordable senior living option. Built in 2018, Sonata Hunter's Creek met Sonata Senior Living's stringent quality expectations in construction, design and technology. It is advantageously located near The Loop Kissimmee, Kissimmee Osceola corporate center and the Hunter's Creek master-planned community. "A move to assisted living shouldn't represent giving up the joy and dignity of living independently," said Esden. "At Sonata Hunter's Creek, residents will now benefit from Sonata's signature life enrichment programs as well as access to every convenience the surrounding area has to offer." Programming at Sonata Hunter's Creek emphasizes the value of freedom to make daily choices as a fundamental element in assisted living and memory care. Guided by a lifestyles profile on each resident, person-directed care and activities are designed to help residents achieve higher levels of independence and well-being. Existing and future residents of Sonata Hunter's Creek will also benefit from Sonata's award-winning memory care assisted living program, Serenades Memory Care. Serenades Memory Care combines research-based design features with recent scientific advancements in memory care in order to emphasize the importance of personal choice in quality of life. Along with emphasis on abilities and engagement, the program focuses on Teepa Snow's acclaimed Positive Approach™ to Care, which has attained the highest national certification for the treatment of dementia. Personalization carries over to care staff members trained by certified dementia specialists. Serenades works to achieve consistent staffing in each neighborhood in the interest of promoting familiarity and bonding, while developing a care plan fully reflective of the individual. Sonata Senior Living has executed on acquisition and development transactions in excess of $87 million this year. "We couldn't be happier about our expansion in Central Florida," said Esden. "This partnership represents a significant advancement for Kissimmee families in need of assisted living."

Hamilton Zanze Acquires Oasis at Montclair Apartments in Washington D.C. Metro

Thu, 11/14/2019 - 02:02
WASHINGTON, DC - San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the Oasis at Montclair Apartments in Dumfries, VA (Washington D.C. metropolitan area). The 244-unit, Class A community was built in 2014 along Interstate 95 and offers easy access to Washington D.C., Downtown Richmond, and Northern Virginia. The metro economy is anchored by the federal government and is among one of the nation's most stable regions. "Northern Virginia is experiencing substantial growth and Oasis at Montclair is strategically located to serve the market and grow our portfolio in the area," said David Nelson, managing director of transactions at Hamilton Zanze. The community offers a mix of one-, two-, and three-bedroom units averaging 1,016 square feet and featuring individual climate control, dishwashers and garbage disposals, and in-unit washers and dryers. Community amenities include a fitness center, car wash, coffee bar, dog park, internet café, movie theater, clubhouse, outdoor fitness center, outdoor cabanas with grills, saline pool, and yoga room. HZ plans to renovate the remaining 219 classic units with vinyl plank flooring, stainless-steel appliances, new lighting, and smart home technology. The company also will refresh all community amenities and replace the theater room and outdoor workout area. Property management responsibilities have been transferred to Mission Rock Residential. Oasis at Montclair is located 28 miles from Amazon's planned new corporate headquarters (HQ2) in Crystal City, Arlington, VA. Spanning 2.1 million square feet, HQ2 is projected to support 25,000 new jobs with average salaries above $150,000, resulting in roughly $1.7 billion in employee compensation and more than $4.3 billion in net new economic activity.

Construction Under Way for New Student Housing Community in West Midtown Atlanta

Thu, 11/14/2019 - 01:58
ATLANTA, GA - Through a joint venture, Campus Realty Advisors has started construction of Catalyst, a new purpose built student housing community adjacent to the campus of Georgia Tech in West Midtown Atlanta. The community will cater to students at the University. The project is expected to be completed and open for occupancy for the start of the Fall semester in 2021. Catalyst will provide students a safe, convenient place to live that is a just short walk to all areas of campus and within just steps of a trolley and bus stop. The property will have 187 apartment units including 532 bedrooms, and each bedroom will have its own bathroom. It will offer top of the market amenities including a commercial quality fitness center, multiple study rooms in each building, club rooms with collaboration and game areas, a STEM lab, a bike shop and storage area, a sky deck with views of the Atlanta skyline, three relaxing courtyards, a swimming pool deck with grilling and gathering areas, 24-hour package delivery lockers and convenient ride-share pick-up. Realiance and T2 Capital Management have partnered with Campus Realty in the development. Realiance is a Dutch investment group headquartered in Amsterdam and T2 is a privately held real estate investment firm based in Wheaton, Illinois. Campus Realty is based in Atlanta and will oversee the development and asset management of the property. Jeff Brown of T2 noted that "This opportunity fits squarely within our strategy. This is the best location for off-campus student housing in the Georgia Tech market. We're working with Campus Realty on similar properties in other markets, and this type of location and product offering is always in high demand." Alf Span of Realiance added "We're excited to offer Georgia Tech students the location and amenities that will help them excel in their campus life." Randy Herron, a Principal with Campus Realty, commented "Our approach is to find properties that are walkable to campus and build communities specifically to meet the needs of the university's students. We look forward to creating a quality living and learning experience for our residents and value for our partners."

NexPoint Residential Trust Acquires Las Vegas Apartment Portfolio for $241 Million

Wed, 11/13/2019 - 02:30
LAS VEGAS, NV - NexPoint Residential Trust entered into an agreement to purchase a three-property portfolio in Las Vegas, Nevada from an unaffiliated third party for approximately $241 million. The properties, Bella Solara, a 320-unit property built in 1989; Bloom, a 528-unit property built in 1989; and Torreyana, a 315-unit property built in 1997 (Las Vegas 3 Portfolio), are situated on approximately 13.3, 26.9 and 16.3 acres of land, respectively. As of October 16, 2019, the Las Vegas 3 Portfolio was 94.6% occupied with a weighted average effective monthly rent of approximately $1,200. The purchase of the Las Vegas 3 Portfolio will be financed by $132.55 million of Federal Home Loan Mortgage Corporation mortgages provided by KeyBank National Association and SunTrust Bank with the remainder funded by borrowings of approximately $110.0 million under the Company's revolving credit facility. The purchase of the properties is subject to customary closing conditions set forth in the Agreement. The Agreement also contains customary representations and warranties and covenants of the parties. The purchase of the Las Vegas 3 Portfolio is expected to close in November. There can be no assurance that the closing conditions will be satisfied or that the purchase will be consummated.

Olympus Property Acquires Icon Harbour Island Luxury High-Rise Apartments in Tampa, Florida

Tue, 11/12/2019 - 03:13
TAMPA, FL - Olympus Property announced the successful acquisition of Icon Harbour Island in Tampa, Florida. Effective immediately, the asset will be renamed Olympus Harbour Island. Completed in 2017, Olympus Harbour Island is a Class-AA luxury high-rise community located on the prestigious Harbour Island just south of downtown Tampa. Olympus Harbour Island's ultra-upscale location was voted the number 1 ranked neighborhood to live in Florida based on lifestyle, schools, and employment according to Niche.com. Boasting breathtaking panoramic views of the Hillsborough Bay and downtown Tampa, Harbour Island offers both residents and visitors access to world class residences, restaurants, and nightlife. AreaVibes.com has given Harbour Island an A+ rating on account of the Island's amenities, crime, education, and proximity to major employers. These factors contribute to Harbour Island ranking as one of the most affluent zip codes in the state. "Olympus Harbour Island is in an asset class of its own in one of the most premier locations in Tampa. Expanding our Tampa portfolio with this acquisition is an honor for Olympus and our teams," said Chandler Wonderly, Principal of Olympus Property. Nearby development projects include Water Street, a $3 Billion mixed-use development backed by Bill Gates and Tampa Bay Lightning owner Jeff Vinik. Located within a 5-minute walk from the property, Water Street, is a nine million square foot project that will total 53 acres and 18 different buildings once complete. The development will be recognized as one of the most prominent business parks in the country. The Tampa Bay River walk, a 2.6-mile scenic trail, is also in walking distance from the property and includes a variety of restaurants, parks, and entertainment venues further enhancing the resident experience. There are six Fortune 500 companies headquartered in downtown Tampa including Raymond James Financial, Tech Data, Jabil Circuit, Publix, HSN, and Mosaic. In addition, the pharmaceutical giant Johnson and Johnson has recently relocated their corporate service headquarters to Tampa. These employment drivers offer access to approximately 39,000 jobs within two miles of the property. "Olympus Harbour Island is one of the highest quality assets located in one of the most premier locations in the southeast. This is a deal we are comfortable owning for a very long period of time," said Chase Bennett, Director of Acquisitions at Olympus Property. The transaction was brokered by Patrick Dufour of NKF Multifamily. The Olympus Harbour Island community amenities include a resort style swimming pool with cabanas and daybeds, clubhouse with catering kitchen and piano salon, 24-hour fitness center, game room with billiards and game tables, a wine cellar, movie theatre, bbq grill and picnic area, a gourmet café bar, and a parking garage. Unit features include 9' ceilings, stainless steel appliances, quartz countertops, porcelain tile backsplash, garden tubs, walk-in showers, double vanity sinks, framed bathroom mirrors, walk-in closets, and patios.

Walker & Dunlop Provides $48 Million for 522-Unit Apartment Community in Michigan

Tue, 11/12/2019 - 03:10
GRANDVILLE, MI - Walker & Dunlop announced that it provided a $48,300,000 bridge loan for The Grand Castle Apartments, a newly developed Class A multifamily complex located in Grandville, a suburb of Grand Rapids, Michigan. Developed by Roger Lucas, a principal of Land & Co, The Grand Castle Apartments comprises 522 units and is modeled after the famed Neuschwanstein Castle in southern Germany. Walker & Dunlop Vice President Benjy Krosin partnered with Kari Zapolski of Inner Circle Holdings, a longtime preferred correspondent located in Rockford, Michigan, to originate the transaction. The debt was structured by Walker & Dunlop's interim loan program, which provides short-term, nonrecourse loans backed by multifamily properties that are being repositioned or that do not yet qualify for permanent financing. The 24-month, floating rate loan includes full term interest-only payments and enables the borrower to pay off the existing construction debt with ample time to complete the remaining lease up. Additionally, the flexible prepayment structure allows for seamless conversion to permanent upon stabilization. Said Mr. Lucas, "We are very pleased that the Walker & Dunlop team was able to make our vision a reality. The flexible terms and attention to detail provided by the bridge lending platform will be instrumental to the success of this new landmark in the Grand Rapids region." Totaling more than a million square feet, the development offers a wide variety of living spaces, including studios, one-, two-, and, three-bedroom units, as well as a handful of multi-level penthouse apartments. Community amenities include lake access, a swimming pool, fitness center, business center, electronic parcel station, outdoor grilling area, walking trails, a resident lounge and library, a dog park and washing station, and covered parking for most units. Spanning 15 stories at its highest point, the project can be seen throughout neighboring areas. Thanks to its convenient location just off of Interstate-196, the multifamily community provides convenient access to downtown Grand Rapids.

Urban Catalyst Submits Plans for Crucial Senior Housing Project in Downtown San Jose

Mon, 11/11/2019 - 02:20
SAN JOSE, CA - San Jose-based Urban Catalyst, a ground-up real estate development firm focused on opportunity zones, submitted preliminary plans to the City of San Jose for their senior living facility—Delmas @ Downtown West. The project is a joint venture with the CEO of San Jose-based Aedis Architects, Thang Do. Located in the heart of downtown San Jose next to Diridon Station, the largest multi-modal transit hub on the West Coast, the project is adjacent to Urban Catalyst's recently announced multi-family apartment project—Madera. "An assisted living/memory care facility like this hasn't been built in downtown San Jose in nearly 35 years and is badly needed in our area at this point," said Urban Catalyst Founder Erik Hayden. "Delmas @ Downtown West will give the baby boomer generation in San Jose a place to age gracefully." With a shortage of senior housing locally, this senior living project is a crucial step in addressing the critical need for assisted living and memory care. Located at 470 W. San Carlos Street in downtown San Jose, once completed, Delmas will provide 52 units of Memory Care and 23 units for Assisted Living. Future amenities will include a hair salon, theater, dining room, spacious rooms with partial kitchen, a wellness center, library, and outdoor courtyards on multiple floors. The project is scheduled for groundbreaking in Q4 2020. "Providing housing so close to a transit hub is an ideal way for us to ensure a more sustainable option for seniors and their loved ones," said Paul Ring Urban Catalyst Partner and EVP of Development & Construction. This partnership with Do adds to Urban Catalyst's development effort in the downtown San Jose Opportunity Zone. In line with the company's concentrated approach of focusing on projects within walking distance of each other—an impact strategy unique to Urban Catalyst—Delmas puts together one more piece of the puzzle. The company is quickly acquiring a diverse set of projects in the downtown core as it rapidly closes in on a goal of raising $250 million. "Everyone deserves access to downtown San Jose's amenities. Adding a senior living option to downtown is a great way to provide access for all age groups," said Do. "Partnering with the Urban Catalyst team, I look forward to creating a vibrant and more diverse urban environment everyone can enjoy."

CAPREIT Acquires Newly Built 143-Unit Pure St. Peters Apartment Community in Missouri

Mon, 11/11/2019 - 02:16
ST PETERS, MO - CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has acquired Pure St. Peters, a recently developed market-rate apartment community that began leasing in 2019. The community, which features 143 contemporary apartment homes, is situated moments south of Interstate 70 and just east of Jungermann Road. Many of the neighborhood's finest dining, retail and entertainment options are within walking distance or a short drive, and the community offers a vast array of community amenities and flexible leasing options. CAPREIT acquired the community in conjunction with Legacy Capital Partners. "CAPREIT is an enormous fan of the wonderful St. Charles County market, and we're delighted to add Pure St. Peters to our local portfolio," said Ernie Heymann, chief investment officer for CAPREIT. "Pure St. Peters is a brand-new asset in a highly desirable portion of the neighborhood, and we look forward to offering one of the best living experiences in the area while working to be the best neighbor we can be." Situated at 2100 Pure Street, Pure St. Peters is surrounded by an abundance of local shops, Barnes-Jewish Hospital and features several local restaurant partnerships. The community is situated alongside the Cave Springs area of St. Peters, which includes Cave Springs Lanes bowling alley and several other neighborhood attractions. In addition, Chimi's Mexican and Kokomo Joe's Family Fun Center are within a short walk of the community. Money Magazine labeled St. Peters the 15th Best Place to Live in its 2017 Top 100 list, labeling it "an ideal place to start a family." The town is also home to St. Charles County's largest shopping center, Mid Rivers Mall, which is located three miles west of the community. Pure St. Peters offers one- and two-bedroom homes ranging from 687 to 1,084 square feet. Apartment interiors at the pet-friendly community are equipped with a variety of distinct, lifestyle-enhancing features. Included are granite countertops, stainless steel appliances, LED energy-efficient lighting, hardwood flooring, programmable thermostats, large closets, subway tile backsplashes, in-home washers and dryers, walk-in closets and linen closets. Community amenities at the controlled-access community consist of a 24-hour high-endurance fitness center, business center, breakfast/coffee concierge, outdoor lounge, fire pit, Bocce ball area and grilling stations. Residents also have access to onsite package service and recycling. Pure St. Peters marks the seventh community CAPREIT owns or manages within St. Charles County. Others include Traditions at Mid Rivers (Cottleville), Greenway Chase (Florissant), O'Fallon Lakes (O'Fallon), Peine Lakes (Wentzville), Sunbrook Apartments and Metro on 5th (both in Saint Charles).

Harbor Group International Acquires Multifamily Community in Washington, D.C. Submarket

Thu, 11/07/2019 - 22:58
HYATTSVILLE, MD - Harbor Group International, a privately-owned international real estate investment and management firm, announced its purchase of the Palette Property in Hyattsville, Md. for $58.85 million. The property is a 243-unit community built in 2012 and located in Hyattsville's dynamic Arts District. "We see significant potential for organic rent growth in the Palette Property, given its desirable location and quality amenities," said Richard Litton, President of Harbor Group International. "As we continue to invest in high-quality assets in strong and growing markets, we expect to generate substantial returns for our investors." The Palette Property provides direct access to major employment centers in Washington, D.C. and Baltimore, situated less than one mile from the Riverdale MARC Station and less than two miles from Prince George's Metro Station. It is also in proximity to the University of Maryland. The property features three retail spaces, two of which are currently leased, one to PostNet through January 2025 and one to Fresh Dry Cleaners through August 2020. This purchase adds to HGI's portfolio of nearly 5,000 apartment units in the Maryland market. About Harbor Group International, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.7 billion. The company's real estate holdings include 3.6 million square feet of commercial properties and 33,000 apartment units.

Scion Student Communities Acquires New Student Housing Community Near University of Texas at Austin

Thu, 11/07/2019 - 02:17

AUSTIN, TX - Scion Student Communities, a student housing joint venture between Canada Pension Plan Investment Board, GIC and The Scion Group, announced its acquisition of MUZE, a newly developed student housing community serving the University of Texas at Austin. 

The property was completed in August 2019 and is located in Austin’s West Campus neighborhood, just two blocks from the university campus. Among the highest-end properties in the market, MUZE offers one- through five-person apartments, a top-of-the-line amenity package including a rooftop pool and sky lounge, and extensive study and recreation spaces.

Scion Student Communities acquired MUZE from a partnership of Kayne Anderson Real Estate and the project’s developer, Parallel Company. The transaction represents Scion Student Communities’ second acquisition in Austin and complements its adjacent sister community, University House Austin, which was acquired as part of Scion Student Communities’ inaugural $1.3 billion acquisition of University House Communities in 2016.

“We are thrilled to be adding MUZE to our joint venture’s national portfolio of high-quality student housing communities,” said Rob Bronstein, President of Scion. “We are particularly excited about expanding our presence in the leading UT Austin market with another Class-A property. We also continue to be very impressed by the quality and design of Parallel’s developments and welcome the addition of another of their properties onto our platform.”

Since its inception in January 2016, the Scion Student Communities joint venture has completed over US$4 billion of investments, comprising 75 student housing communities in 52 top-tier university markets, which include over 48,000 bedrooms. The average effective age of the portfolio is less than five years and over 70% of the assets are located within one mile of their respective campuses.

Scion Student Communities Acquires New Student Housing Community Near University of Texas at Austin

Thu, 11/07/2019 - 02:17
AUSTIN, TX - Scion Student Communities, a student housing joint venture between Canada Pension Plan Investment Board, GIC and The Scion Group, announced its acquisition of MUZE, a newly developed student housing community serving the University of Texas at Austin. The property was completed in August 2019 and is located in Austin s West Campus neighborhood, just two blocks from the university campus. Among the highest-end properties in the market, MUZE offers one- through five-person apartments, a top-of-the-line amenity package including a rooftop pool and sky lounge, and extensive study and recreation spaces. Scion Student Communities acquired MUZE from a partnership of Kayne Anderson Real Estate and the project s developer, Parallel Company. The transaction represents Scion Student Communities second acquisition in Austin and complements its adjacent sister community, University House Austin, which was acquired as part of Scion Student Communities inaugural $1.3 billion acquisition of University House Communities in 2016. We are thrilled to be adding MUZE to our joint venture s national portfolio of high-quality student housing communities, said Rob Bronstein, President of Scion. We are particularly excited about expanding our presence in the leading UT Austin market with another Class-A property. We also continue to be very impressed by the quality and design of Parallel s developments and welcome the addition of another of their properties onto our platform. Since its inception in January 2016, the Scion Student Communities joint venture has completed over US$4 billion of investments, comprising 75 student housing communities in 52 top-tier university markets, which include over 48,000 bedrooms. The average effective age of the portfolio is less than five years and over 70% of the assets are located within one mile of their respective campuses.

Blaze Partners Acquires 256-Unit Planters Crossing Apartments in Charleston, South Carolina Submarket

Thu, 11/07/2019 - 02:10
CHARLESTON, SC - Blaze Partners announced the acquisition of Planters Crossing Apartments, a 256-unit apartment community located in the North Charleston submarket of Charleston, South Carolina. The asset was acquired by a newly-formed affiliate in a transaction that closed in October 2019. Planters Crossing, located in the heart of North Charleston, offers residents proximity to many of Charleston's largest employers and the area's abundant lifestyle draws. The community consists of a mix of one- and two-bedroom floor plans with additional onsite amenities including a pool, tennis courts, and a resident clubhouse. Blaze intends to invest additional capital into the improvement of the asset with a focus on interior unit upgrades and common area enhancements with the intent to better position the community within the submarket, an area that has seen a rapid transformation in recent years. "North Charleston has undergone tremendous change this cycle as employment drivers have migrated inland and households have sought out better housing options at more obtainable pricing. We are excited about the acquisition of Planters Crossing and the opportunity to upgrade the community and offer an improved rental experience to our residents," said Chris Riley, Co-Founder and Managing Partner of Blaze. "This transaction fits squarely within our opportunistic acquisition profile with significant value-add potential in the form of both operational improvements and capital upgrades." The acquisition of Planters Crossing adds to Blaze's growing footprint throughout the Southeast and solidifies its ownership presence in Charleston. "This transaction represented an opportunity to strategically grow our local presence in Charleston via an opportunistic transaction that aligns nicely with our executional capabilities," said Eddy O'Brien, Co-Founder and Managing Partner of Blaze. "This year has been exceptionally active for us on both the acquisition and disposition front with over $370 million of transactions closed or currently underway. We believe Planters Crossing makes for an excellent addition to our growing portfolio."

Blaze Partners Acquires 256-Unit Planters Crossing Apartments in Charleston, South Carolina Submarket

Thu, 11/07/2019 - 02:10

CHARLESTON, SC - Blaze Partners announced the acquisition of Planters Crossing Apartments, a 256-unit apartment community located in the North Charleston submarket of Charleston, South Carolina. The asset was acquired by a newly-formed affiliate in a transaction that closed in October 2019.

Planters Crossing, located in the heart of North Charleston, offers residents proximity to many of Charleston's largest employers and the area's abundant lifestyle draws.  The community consists of a mix of one- and two-bedroom floor plans with additional onsite amenities including a pool, tennis courts, and a resident clubhouse. Blaze intends to invest additional capital into the improvement of the asset with a focus on interior unit upgrades and common area enhancements with the intent to better position the community within the submarket, an area that has seen a rapid transformation in recent years.  

"North Charleston has undergone tremendous change this cycle as employment drivers have migrated inland and households have sought out better housing options at more obtainable pricing. We are excited about the acquisition of Planters Crossing and the opportunity to upgrade the community and offer an improved rental experience to our residents," said Chris Riley, Co-Founder and Managing Partner of Blaze.  "This transaction fits squarely within our opportunistic acquisition profile with significant value-add potential in the form of both operational improvements and capital upgrades."

The acquisition of Planters Crossing adds to Blaze's growing footprint throughout the Southeast and solidifies its ownership presence in Charleston.  "This transaction represented an opportunity to strategically grow our local presence in Charleston via an opportunistic transaction that aligns nicely with our executional capabilities," said Eddy O'Brien, Co-Founder and Managing Partner of Blaze.  "This year has been exceptionally active for us on both the acquisition and disposition front with over $370 million of transactions closed or currently underway. We believe Planters Crossing makes for an excellent addition to our growing portfolio."

FCP Acquires Park at Sorrento Apartment Community for $25.3 Million in Kissimmee, Florida

Wed, 11/06/2019 - 02:02
KISSIMMEE, FL - FCP announces the $25.3 million acquisition of Park at Sorrento, a 208-unit apartment community in the Orlando, FL submarket of Kissimmee. The acquisition of Park at Sorrento, soon to be rebranded Mirador at Woodside, marks FCP's 12th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa, Jacksonville and Southeast Florida. "Park at Sorrento is a well-located workforce housing community in the Orlando metro, one of the highest growth markets in the country," said FCP Associate, Drew Schwartz. "Residents of this community live within 30 minutes of eight of the top 10 employers in the area." Kissimmee, Florida is one of the most popular and convenient residential areas in the Orlando metropolitan area, where major employers include Walt Disney World, Universal Orlando, Seaworld, Darden Restaurants, Westgate Resorts and Lockheed Martin. The community features convenient access to four major hospitals, the 500-acre "NeoCity" technology district and an abundance of retail and entertainment amenities. FCP extends its appreciation to Shelton Granade, Luke Wickham, Justin Basquill and the CBRE Florida Multifamily Group for their representation of the seller and to Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop for facilitating the assumption of the existing Fannie Mae mortgage.

FCP Acquires Park at Sorrento Apartment Community for $25.3 Million in Kissimmee, Florida

Wed, 11/06/2019 - 02:02

KISSIMMEE, FL - FCP announces the $25.3 million acquisition of Park at Sorrento, a 208-unit apartment community in the Orlando, FL submarket of Kissimmee. The acquisition of Park at Sorrento, soon to be rebranded Mirador at Woodside, marks FCP's 12th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa, Jacksonville and Southeast Florida.

"Park at Sorrento is a well-located workforce housing community in the Orlando metro, one of the highest growth markets in the country," said FCP Associate, Drew Schwartz. "Residents of this community live within 30 minutes of eight of the top 10 employers in the area."   

Kissimmee, Florida is one of the most popular and convenient residential areas in the Orlando metropolitan area, where major employers include Walt Disney World, Universal Orlando, Seaworld, Darden Restaurants, Westgate Resorts and Lockheed Martin. The community features convenient access to four major hospitals, the 500-acre "NeoCity" technology district and an abundance of retail and entertainment amenities.

FCP extends its appreciation to Shelton Granade, Luke Wickham, Justin Basquill and the CBRE Florida Multifamily Group for their representation of the seller and to Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop for facilitating the assumption of the existing Fannie Mae mortgage.

Growing Demand for Multifamily Housing Drives Merger of The PPA Group and Casoro Capital

Wed, 11/06/2019 - 01:59
AUSTIN, TX - The PPA Group, a multifamily-focused commercial real estate firm, announced its merger with Casoro Capital, a family office and real estate investment firm that partners with other family offices, high net worth individuals, and institutional investors through real estate investment funds, separately managed accounts, and direct transactions. The new company, named Casoro Group, will combine the expertise of both companies to bring a stronger investment presence to the multifamily real estate market, which is in the midst of a boom thanks to increasing demand for rental housing. Pent-up demand for apartments is high, and when you look at the changing population in America, you can see why investing in multifamily is an attractive choice for those who want solid returns no matter what the stock market or housing market might be doing, said Monte Lee-Wen, founder and president of The PPA Group. According to a recent study by the National Multifamily Housing Council and the National Apartment Association, nearly 39 million people live in apartments with an average of one million new renter households formed every year. Delayed house purchases, an aging population, and international immigration – which accounts for 51 percent of all new population growth in the U.S. – are the biggest drivers for increased demand, according to the study. As a vertically-integrated real estate investment firm with subsidiaries specializing in property management, construction, utility billing and management, as well as a multifamily REIT, Casoro s investors are poised to benefit from all aspects of the increased demand for apartment complexes, student housing, and senior living facilities. Casoro seeks out multifamily assets with value-add opportunities that allow for increased rent and appreciation over the life of the investment. Casoro is actively expanding its current portfolio of properties in the DFW, San Antonio, Austin, and Houston markets. Our passion is to provide better homes for better lives. By updating and improving the communities in which we invest, we improve the quality of life for our residents and the quality of returns for our investors, said Yuen Yung, CEO of Casoro Group. Named one of the fastest-growing real estate companies by Inc. Magazine, Casoro Group employs more than 100 team members made up of industry experts with decades of multifamily real estate investment and operational experience. Casoro prides itself on its company culture, which is unique in the real estate investment industry. Our company values of being caring, exceptional, teachable, and bold, of speaking to inspire and being growth-oriented translate to our culture, where team members are recognized for their successes, encouraged through failures and coached throughout their careers, Yung said. We provide cutting-edge industry training and leadership development at all levels, and the results of this investment in our people is our continued success as an investment firm. To date, Casoro Group has conducted more than $1 billion in real estate transactions and provides investment opportunities through discretionary investment funds, joint-venture partnerships, 1031 exchanges and self-directed retirement accounts, as well as through its REIT, Upside Avenue, which allows all investors to benefit from the private real estate market for as little as $2,000.

Growing Demand for Multifamily Housing Drives Merger of The PPA Group and Casoro Capital

Wed, 11/06/2019 - 01:59

AUSTIN, TX - The PPA Group, a multifamily-focused commercial real estate firm, announced its merger with Casoro Capital, a family office and real estate investment firm that partners with other family offices, high net worth individuals, and institutional investors through real estate investment funds, separately managed accounts, and direct transactions. The new company, named Casoro Group, will combine the expertise of both companies to bring a stronger investment presence to the multifamily real estate market, which is in the midst of a boom thanks to increasing demand for rental housing.

“Pent-up demand for apartments is high, and when you look at the changing population in America, you can see why investing in multifamily is an attractive choice for those who want solid returns no matter what the stock market or housing market might be doing,” said Monte Lee-Wen, founder and president of The PPA Group.

According to a recent study by the National Multifamily Housing Council and the National Apartment Association, nearly 39 million people live in apartments with an average of one million new renter households formed every year. Delayed house purchases, an aging population, and international immigration – which accounts for 51 percent of all new population growth in the U.S. – are the biggest drivers for increased demand, according to the study.

As a vertically-integrated real estate investment firm with subsidiaries specializing in property management, construction, utility billing and management, as well as a multifamily REIT, Casoro’s investors are poised to benefit from all aspects of the increased demand for apartment complexes, student housing, and senior living facilities. Casoro seeks out multifamily assets with value-add opportunities that allow for increased rent and appreciation over the life of the investment. Casoro is actively expanding its current portfolio of properties in the DFW, San Antonio, Austin, and Houston markets.

“Our passion is to provide better homes for better lives. By updating and improving the communities in which we invest, we improve the quality of life for our residents and the quality of returns for our investors,” said Yuen Yung, CEO of Casoro Group.

Named one of the fastest-growing real estate companies by Inc. Magazine, Casoro Group employs more than 100 team members made up of industry experts with decades of multifamily real estate investment and operational experience. Casoro prides itself on its company culture, which is unique in the real estate investment industry.

“Our company values of being caring, exceptional, teachable, and bold, of speaking to inspire and being growth-oriented translate to our culture, where team members are recognized for their successes, encouraged through failures and coached throughout their careers,” Yung said. “We provide cutting-edge industry training and leadership development at all levels, and the results of this investment in our people is our continued success as an investment firm.”

To date, Casoro Group has conducted more than $1 billion in real estate transactions and provides investment opportunities through discretionary investment funds, joint-venture partnerships, 1031 exchanges and self-directed retirement accounts, as well as through its REIT, Upside Avenue, which allows all investors to benefit from the private real estate market for as little as $2,000.

Multifamily Investor Hamilton Zanze Acquires 160-Unit Tribeca Apartments in St. Louis, Missouri

Tue, 11/05/2019 - 01:59
ST LOUIS, MO - San Francisco-based real estate firm Hamilton Zanze (HZ) partnered with an affiliate of Cantor Fitzgerald, L.P. to acquire the 160-unit Tribeca apartment community in St. Louis, Missouri from seller Lux Living. The purchase marks Hamilton Zanze's first acquisition in the St. Louis metro. "Tribeca offered a unique opportunity to buy a phenomenally built product with state-of-the-art amenities at an attractive basis," said David Nelson, managing director of acquisitions for Hamilton Zanze. "The property benefits from its proximity to Washington University, St. Louis and the BJC Medical Center, the largest medical facility in metro St. Louis and one of the highest-rated medical centers in the nation. Colliers, specifically Will Matthews, exceeded our expectations, and we look forward to working on our next deal together soon." Built in 2018, Tribeca had a 100% occupancy rate at the time of purchase. The community is located at 5510 Pershing Avenue, just over a mile from Washington University in St. Louis. The 160 units feature high-end interior finishes, including stainless steel appliances, white cabinets, quartz countertops, faux wood flooring, tiled walk-in showers, deluxe rain shower heads, and smart home technology. Desirable community amenities include a delivery robot, state-of-the-art fitness center, pet park and spa, indoor and outdoor game areas, concierge services, self-serve beer on tap, and a saltwater pool. "We are thrilled to partner with Hamilton Zanze on another acquisition," stated Ken Carpenter, managing director, Cantor Fitzgerald. "By leveraging HZ's deep acquisition relationships, we continue to grow our joint platform of well-located, high-quality multifamily properties in growing markets." Tribeca is about five miles west of Downtown St. Louis in the St. Louis City submarket of the St. Louis apartment market. The region's low cost of living and location in the central U.S. make it a desirable destination for relocating businesses, and the metro's highly educated workforce is fed by the area's nearly 40 colleges, universities, and technical schools. Management of the property has been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

Multifamily Investor Hamilton Zanze Acquires 160-Unit Tribeca Apartments in St. Louis, Missouri

Tue, 11/05/2019 - 01:59

ST LOUIS, MO - San Francisco-based real estate firm Hamilton Zanze (HZ) partnered with an affiliate of Cantor Fitzgerald, L.P. to acquire the 160-unit Tribeca apartment community in St. Louis, Missouri from seller Lux Living. The purchase marks Hamilton Zanze's first acquisition in the St. Louis metro.

"Tribeca offered a unique opportunity to buy a phenomenally built product with state-of-the-art amenities at an attractive basis," said David Nelson, managing director of acquisitions for Hamilton Zanze. "The property benefits from its proximity to Washington University, St. Louis and the BJC Medical Center, the largest medical facility in metro St. Louis and one of the highest-rated medical centers in the nation. Colliers, specifically Will Matthews, exceeded our expectations, and we look forward to working on our next deal together soon."

Built in 2018, Tribeca had a 100% occupancy rate at the time of purchase. The community is located at 5510 Pershing Avenue, just over a mile from Washington University in St. Louis. The 160 units feature high-end interior finishes, including stainless steel appliances, white cabinets, quartz countertops, faux wood flooring, tiled walk-in showers, deluxe rain shower heads, and smart home technology. Desirable community amenities include a delivery robot, state-of-the-art fitness center, pet park and spa, indoor and outdoor game areas, concierge services, self-serve beer on tap, and a saltwater pool.

"We are thrilled to partner with Hamilton Zanze on another acquisition," stated Ken Carpenter, managing director, Cantor Fitzgerald. "By leveraging HZ's deep acquisition relationships, we continue to grow our joint platform of well-located, high-quality multifamily properties in growing markets."

Tribeca is about five miles west of Downtown St. Louis in the St. Louis City submarket of the St. Louis apartment market. The region's low cost of living and location in the central U.S. make it a desirable destination for relocating businesses, and the metro's highly educated workforce is fed by the area's nearly 40 colleges, universities, and technical schools.

Management of the property has been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

ClearWorth Capital Adds to Houston Portfolio with Acquisition of 260-Unit Steeplecrest Apartments

Tue, 11/05/2019 - 01:55
HOUSTON, TX - ClearWorth Capital announced the acquisition of Steeplecrest Apartments, a 260-unit multifamily property located in the Jersey Village / Cypress area, a prominent suburb in northwest Houston. Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. The project, built in 1993, is in a desirable location with high-rated schools, significant retail within walking distance, and excellent access to nearby employment centers, as well as highways that connect to the broader Houston area. "Steeplecrest presented an ideal investment for us. It was an attractive price for a property in great shape in a great location, but still with a lot of potential for upgrades that will appeal to renters," said Matthew Stone, Managing Partner of ClearWorth. "The rents in the area are strong as well. This particular area of Houston has not experienced the recent wave of new supply, and the limited pipeline of deliveries bodes well for continued rent growth." The ClearWorth team will soon implement a signification transformation of the asset, including a complete redesign of the clubhouse, unit interiors, building exterior, and landscaping.

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