http://www.multifamilybiz.com Latest News from MultifamilyBiz.com en-us © 2024 MultifamilyBiz.com 1 /news http://www.multifamilybiz.com/images/multifamilylogosmall.png 144 33 Multifamily News Headlines - MultifamilyBiz.com RSS Feed AUSTIN, TX - The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, in partnership with PointOne Holdings and the Travis County Facilities Corporation (TCFC), announced the groundbreaking of a 328-unit mixed-income multifamily development in Austin, Texas. Half of the units will be reserved for residents earning between 60 to 80 percent of the Area Median Income (AMI). This development is a testament to our commitment to create inclusive housing communities where residents of all income levels can thrive, said Max Whipple, Vice President of Development at The NRP Group. As we celebrate our 30th anniversary and the delivery of our 30,000th housing unit in Texas, East Austin s Ross Road development will provide the local workforce with the opportunity to affordably live in the vibrant community where they work. Ross Road meets the neighborhood s growing demand for quality, accessible housing for essential workers, young professionals and growing families. It features an assortment of one-, and two-bedroom apartments with high-end finishes. With close proximity to Highway 71 and the 130 tollway, Ross Road provides quick access to employment hubs in East Austin and a 20-minute drive to the city s downtown. We are thrilled to partner with The NRP Group on this project to provide much-needed housing in East Austin, said Ben Colonomos, Principal of PointOne Holdings. This development will significantly enhance the rapidly expanding neighborhood, providing residents with a best-in-market living experience and a wide range of community-focused and thoughtfully designed amenities. Designed by architecture firm Lord Aeck Sargent, Ross Road is a 4-story development with a unique covered parking structure to maximize outdoor space. Half of the 16.5-acre site will be dedicated to greenspace and outdoor amenities, including a primary courtyard with a resort-style pool, cabanas and outdoor games like ping pong and corn hole. Additionally, there are two landscaped courtyards and a dog park overlooking the greenbelt to the East. For remote workers and students, the development offers coworking spaces with multiple meeting and conference rooms. The community also includes a double-height lobby and state-of-the-art fitness center, and a community chef s kitchen for social gatherings. This development aligns perfectly with our mission to support the development of high-quality housing in Travis County, said Patrick Howard, Executive Director of TCFC. We are proud to be part of an initiative that delivers accessible housing to the region s growing workforce. Austin remains a priority market for The NRP Group. Two recently delivered mixed-income communities in the area include The Markson, with 330 units, and Station42 with 368 units. Construction of Ross Road is already underway. The community is expected to deliver in 2026. https://www.multifamilybiz.com/news/10935/the_nrp_group_breaks_ground_on_328unit_ross_road_m... Tue, 03 Sep 2024 12:03:00 GMT 8eaa2e2a-9ffd-42c4-bbd5-2f486e98860f DALLAS, TX - Waterford Property Company, in a joint venture with The Vistria Group, announced the acquisition of a 299-unit garden style class A multifamily community located at 2400 Fort Worth Avenue in Dallas. The joint venture purchased the property, called Axis Kessler Park, in partnership with the City of Dallas Housing Finance Corporation ("DHFC"), for $67 million from the undisclosed seller. With this acquisition, the owners will immediately restrict rents for new qualified residents, converting the property into essential workforce housing. "We are thrilled to partner with the City of Dallas and Waterford on another housing community," said Michael Shaid, Vice President of Real Estate at The Vistria Group. "It is core to our investing and impact philosophy to create more affordable housing, building more resilient households and vibrant communities. Axis Kessler Parkwill add high quality affordable options for those who live, work, and play in Dallas." The property will provide a much-needed mixed income housing solution for the community. A majority of the units will be converted to essential housing for residents who make 60 to 140 percent of the Area Median Income ("AMI"). Ten percent of the units will be dedicated to residents who make 60 percent of AMI, 41 percent of the units will be dedicated to 80 percent AMI, 39 percent of the units will be dedicated to 140 percent AMI and the balance of units will remain at market rent. "This is Waterford's second multifamily acquisition in Dallas. Through this acquisition, Waterford is continuing its mission to pursue innovative essential housing solutions for the region," said Sean Rawson, Co-Founder of Waterford. Axis Kessler Park consists of large one-, two- and three-bedroom units. The property offers amenities that include a clubhouse, fitness center, business center, dog park, private garages, resort-style pool, and storage units. The community is located within the suburban neighborhood of Kessler in Dallas, strategically positioned between the thriving Bishop Arts District and Trinity Groves. These districts boast a vibrant urban community offering convenient access to retail outlets, dining establishments, and recreational facilities. "With rents in Dallas up almost over 20% since the pandemic began, it's more important than ever to figure out ways to help create more affordable housing for essential workers in the area. We are proud of our public private partnership with the DHFC in creating this increasingly needed housing option," said John Drachman, Co-Founder of Waterford. The property primarily houses middle-income workers with the Dallas Independent School District as the top employer of property residents. Occupations for tenants at the property include healthcare and medical workers, education training and librarians, and management. Earlier this year, Waterford, The Vistria Group, and Northern Liberties, in partnership with DHFC, acquired Domain at Midtown Park, a 395-unit class A multifamily community located at 8169 Midtown Boulevard in Dallas to convert to essential housing. Debt for the acquisition was handled by Freddie Mac through Walker & Dunlop. John Makus of CBRE represented the seller. Greystar will be the onsite property management team. https://www.multifamilybiz.com/news/10934/waterford_property_company_and_the_vistria_group_a... Mon, 02 Sep 2024 12:17:00 GMT d394c3e0-61f5-49d3-9e60-d5cf25c6b97d CHARLESTON, SC - A joint venture between Blaze Capital Partners and Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, announced the acquisition of The Aspens Verdae, a 159-unit active adult community located in Greenville, South Carolina. "The acquisition of The Aspens Verdae represents our commitment to both growing our active adult portfolio and deepening our strategic presence in the Greenville market," said Chris Riley, co­founder and managing partner of Blaze. "The 55+ housing segment stands to benefit from exceptional fundamentals as Baby Boomers continue to seek more attractive forms of housing that offer a compelling alternative to traditional homeownership." The Aspens Verdae is a luxury active adult community built in 2022 within the Verdae Master Plan, conveniently located just fifteen minutes from downtown Greenville and providing residents with access to a wide array of activities, restaurants, and shopping. The property is adjacent to the Preserve at Verdae Golf Club and a short distance from Swamp Rabbit Trail, a 28-mile multi-use greenway that follows the Reedy River. The Aspens Verdae provides residents with comprehensive programming ranging from fitness classes to group activities, as well as a variety of social events and gatherings. The property offers several leading amenities, including an outdoor heated pool, fitness center and yoga studio, art room, movie theater, and resident lounges. Units span a variety of one- and two-bedroom floorplans and feature luxury vinyl plank flooring, granite countertops, stainless steel appliances, walk-in showers, and full size washers and dryers. "Our acquisition activity has increased over recent months as we have begun to find more compelling investment opportunities that align well with our focus of generating attractive returns to our investors by delivering exceptional living experiences to our residents," added Eddy O'Brien, co-founder and managing partner of Blaze. "We have been and will continue to be one of the most active buyers in the active adult segment building off our experience and long-history in the space." "Greenville's strong demographics and notable supply constraints align with our thematic investing approach around differentiated opportunities for accessing demographic shifts occurring in the U.S.," said Eric Shepsman, Managing Director, Real Estate Americas, at Partners Group. "Blaze's expertise in the active adult space and investment approach aligns with our view on driving additional value through transformational business plans. Blaze has been an excellent partner to work with and we look forward to executing our business plan." https://www.multifamilybiz.com/news/10933/blaze_capital_partners_and_partners_group_acquire_... Fri, 30 Aug 2024 08:39:00 GMT 4c112e3c-a320-4a6f-82e7-85f212f95b30 SAN DIEGO, CA - Virtú Investments, a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States, announced it has acquired ALX, a 313-unit multifamily property in San Diego, CA. Virtú sees San Diego as an ideal location for investment based on the city s limited housing supply and current property valuations that have fallen to a low point from their 2021 peak. The acquisition of ALX further strengthens Virtú s position in Southern California. The San Diego market is expected to see strong rent growth over the next decade, driven by both growing demand and supply constraints, as rising construction costs greatly reduce the economic viability of new multifamily developments. The San Diego market is a great example of what we look for when considering new properties - a popular city with low apartment supply, increasing renter demand, and valuations well below their peak, said Michael Green, CEO and Founding Partner of Virtú Investments. The acquisition of ALX perfectly aligns with this focus, and we look forward to building on this strategy through similar transactions in the near future. Located in the heart of San Diego s Ballpark District neighborhood, ALX provides residents with easy, walkable access to the most vibrant areas of the city. The luxury highrise offers a range of amenities including a rooftop saltwater zero-edge pool and spa, a state-of-the-art fitness center, and game room. Virtú acquired ALX primarily through the Virtú Evergreen Fund, an open-end fund launched in 2015 for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity. The Fund, which recently announced its reopening to new commitments, is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow. The Evergreen Fund is a key strategy within the Virtú platform, which has owned and operated 23,000 apartments across 33 markets and realized a Net IRR of 19.4% over 26 years. https://www.multifamilybiz.com/news/10928/virt%c3%ba_investments_completes_acquisition_of_313unit... Thu, 29 Aug 2024 09:43:00 GMT e2e31d5e-4e02-4792-af3b-7786c587d891 LOS ANGELES, CA - Cityview, a premier multifamily investment management and development firm, and Wafra, a global alternative investment manager, have acquired Silva, a newly constructed 221-unit, Class A multifamily community in the Silver Lake neighborhood of Northeast Los Angeles. Situated on a hilltop that provides 360-degree views of the city, Silva is the first institutional grade multifamily asset of its size delivered in the Silver Lake/Echo Park neighborhoods. Silva is currently unleased and recently achieved Temporary Certificate of Occupancy. Cityview and Wafra will lease up the community as construction is finalized and Certificate of Occupancy is obtained. Silva is a rare opportunity to acquire a newly constructed Class A property in one of Los Angeles most desired and centrally located submarkets, said Sean Burton, CEO of Cityview. Cityview has delivered and leased up three other development projects near the area over the past year, giving us deep market knowledge and experienced onsite teams that ideally position us to lease up and manage the community alongside Wafra, a trusted partner of Cityview. Silva represents a unique opportunity to acquire a high-quality asset at a material discount to replacement cost in a market that has some of the nation s highest barriers to home ownership and is chronically underserved by rental apartments, said David Hamm, Head of Real Estate at Wafra. We are excited to partner on this transaction with the highly talented and respected team at Cityview. Silva features top-of-the-line amenities including a spacious sky lounge that offers coworking space and a large deck with panoramic views, a resort-style pool and spa overlooking the Hollywood sign, a club room with arcade games and a private screening room, and programmatic outdoor space. A double-height fitness center features state-of-the-art equipment and storefront glass on two sides, while outdoor dining areas with firepits and BBQs are scattered throughout the property. Additional amenities include a dog run and green space, secure storage areas and EV charging stations. The community offers expansive studio, one-, two-, and three-bedroom floor plans with elevated interior finishes including nine-foot ceilings and floor-to-ceiling windows that highlight views of Downtown Los Angeles, Griffith Park Observatory, the Hollywood Sign and the Santa Monica Mountains. The project s designer kitchens feature quartz countertops, high-end fixtures and appliances and full-height tile backsplashes. All floorplans include full-size, front-loading washer and dryers and smart thermostats, and most units offer large walk-in closets and private oversized balconies or patios. The units average 1,000 square feet, providing ample space for residents to work from home or entertain. Silva is one of the few 200+ unit multifamily communities ever to deliver in this pocket of the city, making it an incredibly unique investment opportunity hard to replicate due to the area s high barriers to entry and lack of developable land, added Burton. Located at 235 N Hoover Street, Silva is situated less than a mile from the 101 Freeway and the Vermont/Beverly Metro station, providing easy access to the nearby employment hubs of Downtown Los Angeles, Hollywood, Century City and Santa Monica as well as the Tri-Cities area of Burbank, Glendale and Pasadena. The community is ideally located at the center of some of Los Angeles most dynamic neighborhoods, including Silver Lake, Historic Filipinotown, Echo Park, East Hollywood and Koreatown. Chris Tresp and Derrek Ostrzyzek at CBRE brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager. https://www.multifamilybiz.com/news/10927/cityview_and_wafra_acquire_newly_constructed_221un... Wed, 28 Aug 2024 09:27:00 GMT b16f6f9e-ad01-4f52-a759-ae176120a45b LOS ANGELES, LA - Affirmed Housing, a leading provider of affordable housing throughout California, announced the opening of Lumina. Located in the Chatsworth neighborhood, Lumina is a new, supportive housing development with onsite services aimed at helping people experiencing homelessness, including formerly unhoused veterans and people with disabilities, transition to more stable lives. It is the first new apartment community for the unhoused in its district and one of the first projects of its kind to be built outside of the city s southern and metro areas. State Assemblywoman Pilar Schiavo remarked, As the Chair of the Assembly Military and Veteran Affairs Committee, I m especially proud that my own community of Chatsworth is housing veterans experiencing chronic homelessness. I have been working closely with Lumina to ensure people in our own community, with a focus on veterans, get off the streets and into this permanent housing with the services they need to get them on their feet for the long term. This project exemplifies our commitment to real solutions to homelessness and I m so proud to have supported this solution from the beginning." We have advocated for our veterans with hundreds of mayors in Washington, DC so that they can receive the housing support and services that they deserve while also locking arms with our city partners to bring our unhoused veterans inside and prevent them from falling into homelessness in the first place, said Los Angeles Mayor Karen Bass. Projects like this are an important part of our overall approach to save lives and bring people inside and further the City s efforts to prevent and end homelessness. The number of people experiencing homelessness has dropped for the first time in years and we remain committed to urgently continuing this progress by bringing more people inside as more affordable and permanent housing is being built. Formerly the site of a vacant car lot, Lumina is a five-story development that delivers 54 studio apartments for households earning 30% of the area median income (AMI), with half reserved for unhoused veterans, and one manager unit. Lumina was developed with funding from California s Veterans Housing and Homeless Prevention Program (VHHP) and Measure HHH, a $1.2-billion bond that Los Angeles voters overwhelmingly approved for the development of supportive housing for unsheltered individuals and families throughout the city. Housing resources, like Lumina, help break cycles of chronic homelessness by combining housing and supportive care and services under one roof, said Jimmy Silverwood, president of Affirmed Housing. Lumina is a safe, secure environment where residents can reacclimate and have seamless access to specialized resources that improve their quality of life. Lumina and projects like it that prioritize the health and wellness of occupants enhance lives and make our cities and communities better places to live. In addition to housing, Lumina features onsite case managers from The People Concern, who deliver specialized care and guidance to help the formerly unhoused residents build a more solid foundation for a healthy and safe future. Case worker offices are situated on the ground floor in a shared, secured office space, adjacent to a staff break room for easy tenant access. The building includes several shared amenities to encourage community engagement, such as a rooftop deck and nearly 2,000 square feet of ground floor space with bike storage, a laundry room and a large community room with media areas and a kitchen space. Sustainable elements are also incorporated throughout the building, including energy efficient appliances in each studio apartment. Lumina is situated close to several off-site amenities that foster more independent living. Nearby are a pharmacy, grocery store and a park. Public transportation options are easily accessible, among them are a Metro bus transit stop conveniently located just steps away from the property and the Metro s Chatsworth Station lies within half a mile. https://www.multifamilybiz.com/news/10926/affirmed_housing_completes_new_veterans_supportive... Tue, 27 Aug 2024 10:52:00 GMT d0be74e5-544d-4ecd-bb50-262fd4aa6d4d DALLAS, TX - S2 Capital, a national, vertically integrated multifamily investment manager, announced the acquisition of The Place at Saddle Creek, a 238 unit, two story, multifamily property located in Carrollton, Texas, a prominent Dallas suburb. Terms of the transaction were not disclosed. "The Place at Saddle Creek is an appealing acquisition for S2, as the property has not experienced a full renovation in over a decade, during which the Dallas-Fort Worth area experienced a significant surge in rent and population growth," said Ryan Everett, Vice President of Acquisitions at S2. "Our ability to assume the existing fixed rate Freddie Mac loan at a low leverage point, ensures immediate cash flow at the property level. We're excited to be implementing an extensive renovation plan with value-add updates to the property to improve the overall experience for residents, and provide immediate rental upside." Located at 3420 Country Square Dr in Carrollton, residents are adjacent to many lifestyle attractions found in the Village on the Parkway, Addison Circle and Downtown Carrollton, all hubs for shopping and dining, as well as many residential neighborhoods and upscale homes, and an array of excellent public schools. The Place at Saddle Creek is also near a variety of public parks, nature areas and the popular Lewisville Lake, a destination for boating, fishing and outdoor recreation. Beyond the City of Carrollton, residents are connected to the greater Dallas-Fort Worth area through major transportation systems including the Dallas North Tollway and I-635. Within the property, residents enjoy two private community pools, outdoor grilling stations, a renovated fitness center, tennis and pickleball courts, a business center, dog park and Amazon lockers. The majority of The Place at Saddle Creek's individual apartment units are in classic condition from the property's initial construction, while select units feature modern finishes, with quartz countertops, stainless steel appliances, balconies, fireplaces and upgraded flooring. S2 plans to rebrand the property as 'Brookbend,' and the comprehensive renovation plan includes enhancing unit interiors with new granite countertops, upgraded kitchen hardware and bathroom fixtures. Additionally, S2 plans to renovate the building's exterior and improve the leasing office, gym and pool areas. https://www.multifamilybiz.com/news/10925/s2_capital_acquires_238unit_the_place_at_saddle_cr... Mon, 26 Aug 2024 11:50:00 GMT 2049ce28-8adc-47da-a8f1-93db115c1af5 SEATTLE, WA - Virtú Investments, a multifamily real estate investment firm primarily engaged in the acquisition and management of apartments in the western United States, announced it has acquired Skyglass Tower, a brand-new Class A, 338-unit, 31-story multifamily tower located in downtown Seattle, WA. Completed in 2024, the LEED Gold, glass-paneled high-rise in the South Lake Union neighborhood is comprised of luxury studio and 1-3 bedroom units, three floors of underground parking, as well as retail space at ground level. Additional features include a rooftop green space, gym, a lobby with high-end finishes, and views of the Space Needle. Virtú sees the Pacific Northwest, and Seattle in particular, as an attractive target for multifamily investment driven by the area s rising employment figures and high demand for luxury apartments, coupled with property values currently well below their peak. Limited high-end multifamily supply and bottoming prices in the Seattle market makes this a great time for Virtú to invest opportunistically in this key area of the Pacific Northwest, said Michael Green, CEO of Virtú Investments. We have decades of experience investing in multifamily buildings across market cycles, and are eager to continue identifying investment opportunities like these for the benefit of our stakeholders. Virtú acquired Skyglass Tower as a joint venture with the Real Estate Business at Goldman Sachs Alternatives and the Virtú Evergreen Fund, an open-end fund launched in 2015 for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity. The Evergreen Fund is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow. Cushman & Wakefield s Capital Markets team led by Marc Renard, Sam Wayne, and Dave Karson represented the seller, Gemdale USA, in the transaction. Cushman & Wakefield s Equity, Debt & Structured Finance team of Dave Karson, Chris Moyer, Paul Roeter and Jason Blankfein served as the exclusive advisor to the joint venture in the procurement of acquisition financing. The loan was provided by Corebridge. Skyglass attracted global investor interest including pension funds, private equity, family offices and multifamily funds who recognized the merits of this compelling opportunity, said Renard. The depth of capital reflects investor conviction for the future of Seattle and best-in-class developments. https://www.multifamilybiz.com/news/10924/virt%c3%ba_investments_acquires_338unit_skyglass_tower_... Fri, 23 Aug 2024 10:46:00 GMT 142f13fb-2be0-4656-a8c3-74de9d467cbc WEST LAFAYETTE, IN - Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, announces its plans to build The Standard at West Lafayette, a 678-bed, 253-unit student housing community near Purdue University in West Lafayette, Indiana. The site, on the corner of Pierce and West Wood streets, sits adjacent to the east side of Purdue's campus, which hosts several academic buildings and the Purdue Memorial Student Union. Offering 240,299 square feet of residential space in a mix of studios to four-bedroom units, The Standard at West Lafayette will add much needed off-campus housing supply to serve students of Purdue University. BKV Group is the project's architect while Landmark Urban Construction, the in-house general contractor for Landmark Properties, will serve as construction manager on the 13-story project. Delivery is anticipated for Fall 2027. The project received formal approval from the City of West Lafayette on July 1, 2024. "We are pleased to bring The Standard at West Lafayette to the Purdue University community," said Wes Rogers, CEO of Landmark Properties. "For the 2023-2024 academic year, Purdue reported its ninth consecutive record-breaking year for applicants and enrollments. The West Lafayette campus noted an all-time high of more than 52,200 students, with the majority living near campus. The Standard at West Lafayette is a response to the demand for high-quality off-campus housing." All units will feature gourmet kitchens with quartz countertops and stainless-steel appliances, high-speed internet and cable, large closets, and in-unit laundry. Finishes include hardwood-style laminate floors, custom wood trim and plantation blinds. Balconies are offered in select residences. The Standard at West Lafayette will offer 18,234-SF of amenity space, such as a rooftop clubhouse with an outdoor heated pool and fitness center, as well as a fourth floor indoor/outdoor amenity level with seating, grilling area, gaming lounge and interior courtyard. The property also has the most study space of any building in town, with options on every floor. The community will provide garage parking for 207 vehicles. Additionally, The Standard will be a six-minute walk to the nearest bus stop which has routes taking students to and from the north and western sides of campus. The Standard at West Lafayette will be Landmark Properties' second student housing development in Indiana, which includes The Standard at Bloomington, which opened in Fall 2023 for students attending Indiana University. https://www.multifamilybiz.com/news/10923/landmark_properties_announce_plans_for_678bed_the_... Thu, 22 Aug 2024 10:07:00 GMT d786e318-526f-477e-b2a1-9d7cfc68462f PHOENIX, AZ - Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and property manager, announced the start of leasing at Harwood, a luxury community ideally located in North Phoenix. Harwood includes 268 upscale apartment homes that offer the ultimate in comfort and convenience. Its spacious, well-appointed homes feature top tier finishes, providing the perfect combination of style and functionality. In addition to its beautifully appointed apartments, Harwood also offers a superb suite of amenities catering to nearly every interest. The community is strategically located near interstate highways and major thoroughfares, providing seamless connectivity to all parts of the valley. "Harwood is the perfect home base for almost every way of life, whether you're a single outdoor adventure seeker, retired couple or a young family," said Daniel Tilton, Senior Vice President of Development with Quarterra. "With access to recreation areas, top-rated schools and no less than 10 challenging golf courses nearby, Harwood's location at Cave Creek and Loop 101 caters to a wide range of lifestyles. A curated list of amenities and thoughtful home designs create a welcoming place to call home, while the quick access to major transit routes lends itself to local outings or day trips." Outdoor lovers will appreciate Harwood's proximity to Cave Buttes Recreation Area, Phoenix Mountain Preserve and a variety of other local recreation opportunities. Families will value the exceptional schools, including Fireside Elementary, ranked in the top 5% of schools in Arizona, and Pinnacle High School, nationally ranked by U.S. News and World Report for standardized test performance, graduation rate and college prep. Other local schools include Desert Ridge Junior High and High School. Kids and fun-seekers of all ages will enjoy neighboring Adobe Mountain railroad park and Hurricane Harbor water park. Other nearby amenities include the Reach-11 Sports Complex, consisting of 18 lighted soccer fields, two baseball fields and concessions. Harwood is surrounded by best-in-class restaurants, including Mastro's City Hall Steakhouse, Tommy V's Urban Kitchen & Bar, The Capital Grille, True Food Kitchen and RA Sushi Bar Restaurant. The nearby Desert Ridge and High Street retail corridors are both less than seven minutes away, featuring Flower Child, Yard House, Ocean Prime, Kona Grill and Keg Steakhouse. The high-end retail centers at Kierland and Scottsdale Quarter are also easily accessible. For entertainment, the Musical Instrument Museum, Desert Botanical Garden, Phoenix Zoo, Arizona Science Center and OdySea Aquarium all offer unique local outings in the broader Phoenix Metro. Situated at 2500 East Marco Polo Road, Harwood is only a two-minute drive from Loop 101 (Pima Freeway) which encircles the Phoenix Metro Area and runs east-west from the property. The community is also an easy drive from north-south thoroughfares AZ 51 (Piestewa Freeway) with access to Phoenix Sky Harbor International Airport. Nearby east-west arterials E Shea Boulevard property and E Bell Road parallel and intersect Loop 101, respectively. The regional connectivity put residents within commutable distance of regional employers, including: American Express, USAA, Intel Corporation, Honeywell Aerospace, Wells Fargo, State Farm, Banner Health, HonorHealth, Mayo Clinic and UnitedHealth Group. Harwood includes a mix of studio, one- and two-bedroom apartment homes, ranging from 524 to 1,312 square feet. The modern homes include smart lighting controls, keyless entries and energy efficient HVAC with temperature controls. Kitchens feature pendant lighting and under-cabinet ambiance lighting, a stainless-steel appliance package, designer inspired ceramic tile backsplashes, undermount sinks with designer faucets and quartz countertops. Homes utilize luxury vinyl plank flooring throughout, with tile flooring and shower surrounds in bathrooms. Bedrooms are designed with expansive closets. Residents of Harwood have access to a resort-style pool and spa courtyards with barbeque grilling stations. A comfortable resident lounge, state-of-the-art fitness center with outdoor terrace, pet spa and park, package lockers and package room, and EV charging stalls are all available for resident use. https://www.multifamilybiz.com/news/10922/quarterra_multifamily_starts_leasing_at_268unit_ha... Wed, 21 Aug 2024 09:46:00 GMT a4ab8b20-e54e-46f7-b8b8-86387e7ff016 TAMPA, FL - Argyle Real Estate Partners (Argyle), a real estate investment firm focused on multifamily acquisitions in the Southeast and Texas, together with Sembler Investments Real Estate Partners (SIREP), whose strategic partnership began in 2022, announced the acquisition of Sage at Cypress Cay, a 324-unit, core-plus, community and Lantana at Cypress Cay, the neighboring, core-plus, 252-unit community centrally located in Lutz, Florida, a suburb of Tampa, adding 576 units to their growing portfolio and establishing their geographical footprint in their flourishing hometown Tampa market. "Tampa's explosive growth story began well before the pandemic with submarkets like Lutz reaping the benefits of those tailwinds and emerging as a top destination for professionals and families," said Ryan Reyes, CEO of Argyle. "Given the Tampa Palms submarket's affluent demographics, proximity to major hospital systems and projected future growth, we feel great about planting this flag in our backyard with Sage and Lantana." Built in 2022, Sage at Cypress Cay offers 1, 2, and 3-bedroom units with "smart" technology, stainless steel appliances, full-size washers/dryers, granite countertops, plank flooring, and 9ft-high ceilings. External amenities include a resort-style pool with outdoor kitchens and firepits, a state-of-the-art clubhouse with a spacious lounge and billiards table, a first-class fitness center, and a large bark park and pet spa. Lantana at Cypress Cay was built in 2023 with comparable modern unit offerings and similar best-in-class external amenities as Sage. Due to the top-notch quality of this portfolio, Argyle will implement minor capital improvements to further enhance the community's allure upon takeover. "Sage and Lantana presented an excellent opportunity to jump into our hometown market which has continued to sustain impressive growth over the last several years," said Mark Sembler, CEO at SIREP. "With approximately 30k healthcare and education jobs in the immediate vicinity, and its proximity to Downtown Tampa, these two properties are well-positioned to benefit from these growing and diverse employment hubs and provide quality living solutions to these employees." Sage and Lantana are minutes from the University of South Florida (USF), Veterans' Hospital, Advent Health's main hospital campus and 20 minutes from Downtown Tampa, Water St., and Tampa's Westshore Business District. The properties are also close to major highways I-275, I-75, and I-4, allowing residents easy access to the Bay's award-winning beaches and other local attractions. https://www.multifamilybiz.com/news/10921/argyle_real_estate_partners_and_sembler_investment... Tue, 20 Aug 2024 10:05:00 GMT 1277f749-2c1b-4fcb-bc4d-2c7e16b3ad82 WEST LAFAYETTE, IN - Muinzer, a leading real estate investment firm specializing in student housing, announced the acquisition of Grant Street Station and South Street Station next to Purdue University in West Lafayette, IN. The acquisition was made in partnership with an affiliate of Walton Street Capital. The properties total 362 student housing beds and are 99% pre-leased for the August 2024 school year. The transaction was successfully arranged by Randall Calvert of TSB Realty. Muinzer's purchase caps over $250 million of student housing acquisitions in the preceding 12 months. "We will continue to acquire student housing communities in the top university markets. I'm very proud of the Muinzer team for executing on yet another acquisition next to my alma mater, Purdue University," said Marc Muinzer, Founder and CEO of his namesake firm. "The combination of our access to capital and our veteran student housing management team gives us a significant runway to continue acquiring," added Mr. Muinzer. Muinzer began investing in student housing in 2002 and is one of the largest owners and operators in the Big Ten and SEC Conferences. "We have long-term conviction in student housing and are actively deploying capital towards our goal of acquiring an additional $2 billion of student housing communities near high-growth universities," added Michael Snyder, COO of Muinzer. https://www.multifamilybiz.com/news/10920/muinzer_and_walton_street_capital_acquire_grant_st... Mon, 19 Aug 2024 12:22:00 GMT 57db08a2-7b08-4b3a-8e7c-370fbeefd292 AUSTIN, TX - The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, announced the acquisition of the 135-unit/251-bed 21 Pearl, off-campus student apartments serving the University of Texas at Austin. The company also announced extensive upgrades to improve unit interiors, the clubhouse and to install a new tech package for all residents. With almost two decades in Austin, we continue to have a large ownership/management presence in the Austin student housing market, said John Preiss, President. TPCO has been watching The Pearl since its initial construction, and we know we can provide value to this incredible asset through targeted capital, installation of new technologies, and our proprietary management platform. Located at 911 W. 21st Street just minutes from University of Texas at Austin, the off-campus apartments provide 1-, 2-, 3- and 4-bedroom floor plans focused on comfort and privacy. Each apartment is furnished with private bedrooms, along with an in-unit washer and dryer, high speed internet access and cable. Fully equipped kitchens also are available in the pet-friendly building. All residents may enjoy an outdoor courtyard with grilling stations, 24-hour fitness center and resident clubhouse featuring stylish lounge areas and private study areas. The multi-million dollar renovation includes interior upgrades on approximately half the units, with new flooring, updated kitchen cabinetry, bathroom upgrades, and new furniture. The entire building will undergo massive tech improvements, including enhanced Wi-Fi, access control, and smart thermostats. Additionally, the clubhouse will receive new renovations to enhance the resident experience. TPCO is experiencing a strong transactional year, said Preiss. We recently closed on an asset in Kennesaw, Ga., and have two other deals currently under contract. We are also actively in the process of developments in Nashville, Chapel Hill, Raleigh and Knoxville. Additionally, we are broadening our reach through third-party management, having added seven new properties in the last quarter. https://www.multifamilybiz.com/news/10919/the_preiss_company_completes_acquisition_of_251bed... Fri, 16 Aug 2024 11:04:00 GMT c28de3d2-c0ef-4098-86cf-f92f6437f8c3 WILMINGTON, NC - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced the acquisition of Seaboard at Sidbury Station, a newly constructed, 113-unit, build-for-rent (BFR) housing community in the Wilmington suburb of Castle Hayne, North Carolina. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing, DST, which seeks to raise equity from accredited investors. This represents Capital Square's fifth BFR offering for its Section 1031/Delaware statutory trust program and the eighth BFR project for its private equity group. Led by co-chief investment officers, Dave Platter and Jon Trott, Capital Square's private equity group was formed to profit from opportunities in the housing market, including a dedicated build-for-rent strategy in high-growth Sunbelt markets. "Capital Square invests broadly in housing – Class A and B multifamily, manufactured housing in Florida and BFR communities throughout the Sunbelt," said Louis Rogers, founder and co-chief executive officer of Capital Square. "Capital Square's investors are attracted to newly constructed BFR communities such as Sidbury Station because demand is strong from residents who want a single-family home but can't afford to own. Capital Square's BFR communities help to satisfy the demand for a single-family home with amenities at an affordable price." Located at 6105 Dichondra Road, construction of Sidbury Station was completed in 2023. Developed by D.R. Horton, the nation's largest homebuilder by volume, the modern units boast a mix of three-, four- and five-bedroom detached single-family homes, averaging 1,829 square feet. The open floor plans feature high-end amenities, including granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Luxurious community amenities include a resort-style swimming pool, fitness center, clubhouse, sport court, playground and professional landscaping. Sidbury Station enjoys a prime position on the state's coast within the Wilmington, NC, metropolitan statistical area. The Wilmington area offers a high quality of life characterized by a mild coastal climate, abundant outdoor recreational opportunities and a strong sense of community. The area includes opportunities to boat, fish and golf year-round, as well as family-friendly attractions, top-rated schools and a variety of dining options. Infrastructure plays a pivotal role in Wilmington's economic vitality. The Wilmington International Airport facilitates regional and national connectivity, supporting business travel and tourism, and the Port of Wilmington, one of the busiest ports on the U.S. East Coast, enhances the region's global trade capabilities by handling a diverse range of cargo and contributing significantly to the local economy. The region's tourism sector, fueled by its pristine beaches and historic attractions, generated over $1 billion in revenue as of 2022, attracting millions of visitors seeking leisure and recreation opportunities. The healthcare industry is another cornerstone, supported by major medical facilities and a growing demand for healthcare services. "Wilmington has experienced a 30% growth in jobs since 2020, led by healthcare, government and education, while the population is expected to grow by approximately 3% annually," said Whitson Huffman, co-chief executive officer. "Limited supply in the area has provided Capital Square with the strategic advantage to drive occupancy and rental growth. Sidbury Station is one of only four purpose-built rental communities that make up less than 2% of the metro area's rental inventory, and it has already reached 95% occupancy as of June." https://www.multifamilybiz.com/news/10918/capital_square_acquires_seaboard_at_sidbury_statio... Thu, 15 Aug 2024 10:28:00 GMT 0bdce6b4-9948-4aea-b74c-4c5759228488 KANSAS CITY, MO - Hamilton Zanze, a San Francisco-based real estate investment firm that owns and operates multifamily communities nationwide, announced it has purchased Crossroads Westside, a 222-unit apartment community in downtown Kansas City, Mo. The acquisition closed on July 23. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. "We are excited to expand our presence in the Kansas City metro through the acquisition of Crossroads Westside," said David Nelson, President and Chief Investment Officer at Hamilton Zanze. "Our Kansas City properties are some of the highest-performing assets in our portfolio, and Crossroads Westside is expected to enhance that performance through its stable, above-market cash yield, resilient resident base and Mission Rock's institutional property management practices. Kansas City is a market touted for its attractive apartment supply dynamics, robust workforce and persistent occupancy, so we hope to capitalize through continued expansion in the market." Situated at 601 Avenida Cesar E Chavez, Crossroads Westside was built in 2018 and offers one- and two-bedroom apartment homes. Units range in size from 614 square feet to 1,252 square feet. Homes feature stainless steel appliances, granite countertops, designer glass tile backsplashes, ceiling fans, modern lighting, wood floors, private patios/balconies, thoughtfully designed open-concept floor plans and striking views of the surrounding area. Community amenities include a saltwater pool, dog spa, modern fitness center, expansive sundeck, private art garden, business center, co-working spaces, fire pit, arcade and entertainment lounge. Crossroads Westside is located within the historic Crossroads Art District, a charming neighborhood with a collection of boutique shops, restaurants, coffee bars, brewpubs, studios and art galleries. Residents also have easy access to Pennway Point, a new family-friendly entertainment district, and are within walking distance of the Kauffman Center for the Performing Arts and two popular shopping districts: Crown Center, which includes Hallmark's international headquarters and the renowned Hallmark Visitors Center, and Country Club Plaza. https://www.multifamilybiz.com/news/10917/hamilton_zanze_expands_growing_presence_in_kansas_... Wed, 14 Aug 2024 09:17:00 GMT 7f0bf07a-d587-42e0-b0ce-4336f0fc25c1 SAN FRANCISCO, CA - Goodegg Investments, an award-winning commercial real estate investment firm in San Francisco, California, announced the acquisition of Crowne Club Apartments, a 250-unit class B+ apartment community in Winston-Salem, North Carolina, via its Goodegg Wealth Fund II and Goodegg Growth Fund III. Crowne Club joins Encore Metro at Millenia – a 215-unit class A multifamily asset in Orlando, Florida, which the firm acquired in December 2023; as the second and final asset in Goodegg Wealth Fund II. Together, the two assets provide investors a much sought-after built-in diversification opportunity through complementary assets, business plans, and markets. Investor risk is further mitigated through the fixed rate financing placed on each asset, sheltering the investments from the interest rate volatility we've seen in recent months. Goodegg's strategic approach to selecting properties like Crowne Club and Encore Metro ensures that investors are diversified, not just geographically but also in terms of market segment, thus maximizing stability and minimizing risk. Goodegg Growth Fund III was the firm's third Regulation Crowdfunding (RegCF) offering, allowing both accredited and non-accredited investors to participate, at a much more accessible minimum investment level, giving more people the opportunity to invest in strong multifamily assets, reap the tax advantages of investing in real estate, mitigate risk, and diversify their portfolios. While it can be challenging to find solid new-acquisition multifamily opportunities in the current environment, Goodegg continues to maintain high acquisition standards and offers their investors a combination of strong multifamily and hotel investments in key growth markets around the country. Crowne Club is a 250-unit class B+ garden style apartment community completed in 1995. The asset is in excellent physical condition, with immediate value-add upside, and is located minutes from the Atrium Health Wake Forest Baptist Medical Center (19,000+ jobs) in an affluent submarket of Winston-Salem, NC. Located northeast of Charlotte and west of Raleigh-Durham, Winston-Salem has been named one of the top 10 emerging multifamily markets of 2024. The city ranked No. 10 on Forbes' list of the 25 Best Cities for Renters and No. 1 in the study's affordability category in 2024. Anchored by Wake Forest University and several large banking and medical employers, Winston-Salem offers an affordable cost of living and strong job growth, which have led to low unemployment and strong net migration rates. Combined with limited new supply (only 3 market-rate apartment communities are slated in the entire Winston-Salem market over the coming 24 months), this provides the ideal scenario for strong rent growth as demand continues to climb. "Crowne Club is a fantastic asset in an excellent emerging market, which has shown both strong growth and resilience. We're proud to add this property to our growing portfolio, which includes several other assets in the Carolinas and throughout the Sun Belt," said Goodegg Investments CEO Julie Lam. "Our investors love strong value-add assets like this one, particularly when paired with complementary assets like Encore Metro, which give them built-in diversification." https://www.multifamilybiz.com/news/10916/goodegg_investments_expands_north_carolina_footpri... Tue, 13 Aug 2024 09:59:00 GMT 216319a9-42bd-4783-9e82-11f594e49155 CHICAGO, IL - Equity Residential (NYSE: EQR) and Blackstone (NYSE: BX) announced that Equity Residential has agreed to acquire 11 apartment properties from Blackstone Real Estate strategies in separate transactions, including Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners, for approximately $964 million. The transactions, which remain subject to customary closing conditions, are expected to close in the third quarter of 2024. The properties, which are located in Equity Residential s expansion markets of Atlanta, Dallas/Ft. Worth and Denver, total 3,572 apartment units and are on average eight years old. These properties are attractive to Equity Residential s higher end renter demographic and accelerate its growth in these markets. Through its industry leading operating platform, Equity Residential expects to unlock additional opportunities and value with these properties. The portfolio consists of four properties with 1,357 apartment units in Atlanta, four properties with 1,237 apartment units in Dallas/Ft. Worth and three properties with 978 apartment units in Denver. In connection with this transaction, Equity Residential is reaffirming the earnings guidance provided in its Second Quarter 2024 Earnings Release on July 29, 2024. We are pleased to add these high-quality, well-located properties to our growing portfolios in Atlanta, Dallas/Ft. Worth and Denver at pricing that is attractive compared to replacement costs, said Alec Brackenridge, Equity Residential s Executive Vice President and Chief Investment Officer. This transaction is a significant step in our goal of generating a higher percentage of our annual net operating income from these strong growth expansion markets. We appreciate partnering with Blackstone on this mutually beneficial transaction and look forward to continuing to grow the relationship. Asim Hamid, Senior Managing Director at Blackstone Real Estate, said, This transaction represents an excellent outcome for our investors and demonstrates the strong institutional demand for high quality assets. Rental housing remains one of our highest-conviction themes, and we continue to see strong fundamentals in attractive markets. We re pleased to have worked with EQR on this transaction, who will be an excellent steward of these properties going forward. Eastdil Secured, RBC Capital Markets, LLC, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone s financial advisors. Simpson Thacher & Bartlett LLP served as Blackstone s legal counsel. Neal Gerber & Eisenberg LLP, Hogan Lovells, and Bryan Cave Leighton Paisner LLP served as Equity Residential s legal counsel. https://www.multifamilybiz.com/news/10915/equity_residential_agrees_to_acquire_eleven_apartm... Mon, 12 Aug 2024 12:03:00 GMT a8a33db5-230e-4ad2-b3c0-86b33f4163ab OCOEE, FL - Greystar, a global leader in the investment, development, and management of real estate, announced that it has broken ground on Crown Point Village in Ocoee, FL, alongside its talented joint venture partner, Wire Development. Crown Point Village, featuring Elan Crown Point, is an exciting mixed-used community located approximately 15 minutes west of Orlando's Central Business District. "We're excited that construction on Crown Point Village is underway,"Parker LeCorgne, Senior Director, Development, Greystar, said. "This milestone is the result of fantastic partnerships with Wire Development, the City of Ocoee, Orange County, Duck Pond Realty, Santander, as well as a world-class design team. Elan Crown Point is central to the city's vision for establishing a town center ambiance." The community embraces the 22-mile West Orange Trail, which runs in the middle of Elan Crown Point. The trail, which averages over 150,000 users per month, provides seamless biking, skating, running, horseback riding, canoeing, fishing and many additional recreational opportunities. The community is close to nearby local amenities including Disney World, Universal Studios, Forest Lake Golf Club, Winter Garden Village, Plant Street Market, Sea World, and Lake Apopka, to name a few. "We are creating a modern, elevated living experience," LeCorgne said. "There is an abundance of recreational opportunities for residents interested in an active, outdoor lifestyle. The amenities at Elan Crown Point will encourage social connectivity and recreation with the combination of light wood tones and sophisticated details, paired with organic and coastal elements." Elan Crown Point will feature 315 apartment residences with a mix of one-, two- and three-bedrooms, inclusive of townhome floorplans, and live-work apartments. The community will have an integrated and thoughtfully designed clubhouse within one of the elevator-serviced apartment buildings, ground-level commercial space within multiple buildings, and a retail outparcel for a compatible and community-oriented user. The design team includes FK Architecture, Beasley & Henley Interior Design, Harris Civil Engineers, Todd McCurdy Landscape Architect, and more. The community expects to deliver its first units in Fall 2025 with completion in 2026. https://www.multifamilybiz.com/news/10914/greystar_breaks_ground_on_315unit_elan_crown_point... Fri, 09 Aug 2024 09:14:00 GMT 80b8813f-0778-4c42-b97a-c06213ec36ab SEATTLE, WA - Fourth Avenue Capital purchased Alder Walk, a stabilized, newly constructed Class-A multifamily property located in Puyallup, WA. Fourth Avenue Capital now owns 19 assets across its portfolio, including five other properties in the Seattle MSA. Built in 2022, Alder Walk consists of 78 apartment units within 3 residential buildings and a clubhouse on 5.06 acres of land. The property features one- and two-bedroom floorplans averaging 843 SF. All units contain washer/dryers, and the property offers garage, carport and surface stalls. The unit interior finishes align with the newest best-in-class competitors in the local market. Unique features of the property include 10-foot ceilings throughout, ensuite bathrooms in all two-bedroom units, walk-in closets, and a robust suite of amenities including a resident clubhouse, onsite leasing office, fitness center, nature trail, playground, and outdoor BBQ area. While the property is boutique in scale, it offers residents the benefits of a larger community in an intimate natural setting. The asset is located within the Frederickson submarket which has seen explosive growth with the population up 22% since 2020. A key feature of the area is the Frederickson Employment Center, which is the largest designated industrial area in unincorporated Pierce County and designated as a regional Manufacturing and Industrial Center. With over 5.5 million SF of industrial space delivered since 2020, thousands of jobs have been created in the process. Area major blue-chip tenants include Ikea, Amazon, Best Buy, Boeing and Ace Hardware. According to Davis Vaughn, Managing Partner at Fourth Avenue Capital, "The acquisition of Alder Walk was a compelling opportunity to buy a newly constructed asset in a high-growth submarket, below replacement cost. With top-of-market finishes including 10-foot ceilings in all units, we feel the property is well positioned to capitalize on the strong employment growth in the area and create long term value for our investors." https://www.multifamilybiz.com/news/10913/fourth_avenue_capital_completes_acquisition_of_new... Thu, 08 Aug 2024 10:04:00 GMT 6e4ff9d8-b4d8-48e0-bb70-fa743f37649f VANCOUVER, WA - Vista Residential Partners, a national multifamily development firm, has broken ground on 9 acres on N 72nd Avenue in Vancouver, WA or the development of One26 Vista, a 238-unit multifamily development. Located on NE 72nd Avenue, Vancouver, WA the area has experienced rapid population growth predominantly driven by single-family development. To support the population growth, Clark County is currently constructing Curtin Creek Park, which is expected to include parking, walking trails, picnic shelters, restrooms, playground equipment and field areas. Curtin Creek Park will provide a gathering place for the community with a range of active and passive recreational opportunities. Clark County Washington has seen significant economic development due to a low tax and business-friendly environment. The lack of a corporate or individual income tax has attracted many businesses to either start or relocate to the Vancouver area. Economic development efforts have focused on technology and life sciences with leading companies. With approximately 3,000 students on its 350-acre campus, Washington State University ("WSU") is located 3.5 miles from One26 Vista. WSU supports local economic development with research and training for high-tech jobs; over 95% of the graduates remain in Clark County. The larger WSU system is one of 108 top-tier research institutions in the United States. "We think the Vancouver area has been the bright star in the Portland MSA. We expect to see continued growth and in migration to the area," says Lee Novak, Chief Development Officer of Vista Residential Partners. "We are excited to provide high quality and highly amenitized multifamily housing to the area." One26 will offer a mix of one-, two-, and three-bedroom apartment homes averaging approximately 920 square feet. Designed by LSW Architects, the garden-style apartments will have modern architecture with secure access entries. Interior finishes include high-quality stainless appliances, quartz counters, kitchen tile backsplashes, modern laminate cabinets and flooring and roller shades, as well as air conditioning. Community amenities will include a luxury clubhouse, fitness center, pool, hot tub, enclosed dog park, package concierge and more. "We're excited to partner with PCCP and Principal Asset Management to develop one of the only institutional-quality projects in the area," says Scott Hartley, chief investment officer of Vista Residential Partners. "We believe One26 Vista's modern, design-forward aesthetic will offer residents an elevated living experience." https://www.multifamilybiz.com/news/10912/vista_residential_partners_breaks_ground_on_238uni... Wed, 07 Aug 2024 10:07:00 GMT 9c231e23-2ee1-47d0-b763-3fd765596df4 ROUND ROCK, TX - Halstatt Real Estate Partners, a real estate private equity firm, announced the opening of Stillwell at Avery Centre, marking the third project to open to residents within the three-project build-for-rent portfolio in partnership with Coastal Ridge Real Estate. The portfolio encompasses 729 total units, and each development is located within a master-planned community that allows residents to benefit from existing infrastructure and lifestyle amenities. Stillwell at Avery Centre, located in Round Rock, Texas, within the Austin MSA, includes 225 homes comprised of 66 one-bedroom, 108 two-bedroom, 28 two-bedroom two-story, and 23 three-bedroom luxury single-family for rent residences. The property opened for operations in April 2024. The one-bedroom units are attached duplex-style homes, while the two- and three-bedroom units are detached single-family residences. All residences have private first floor entryways and private fenced backyards with patios and offer flexible parking options including open parking as well as covered and garage parking options. The property is near several medical and educational campuses within Avery Centre, including Texas A&M Health Science Center, Texas State University, Austin Community College, and Ascension Seton Williamson Hospital. "We are thrilled to see our vision come to life with the opening of these communities, which epitomize our commitment to creating high-quality, attainable housing in strategically chosen locations. These developments not only enhance the living experience for our residents with exceptional amenities and thoughtful design but also reflect our dedication to addressing the growing demand for diverse housing options across the country," said Steve Iannaccone, principal, Halstatt Real Estate Partners. "Partnering with Coastal Ridge Real Estate on these developments has combined our collective expertise and vision, and we look forward to the continued success of these projects and our ongoing collaboration." https://www.multifamilybiz.com/news/10911/halstatt_real_estate_partners_and_coastal_ridge_re... Tue, 06 Aug 2024 09:21:00 GMT d13f0039-ba6f-45bb-a8a1-00d1a1234d62 JACKSONVILLE, FL - Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced the development of Terrassa, a 324-unit Class A multifamily community located in the growing market of St. Augustine in St. Johns County. The company expects to begin construction in July, with completion expected in fall 2026. "St. Johns County is one of the most desirable counties to live in Florida, and is renowned for its excellent schools, strong income levels and impressive home values," said Josh Purvis, managing partner for Thompson Thrift Residential. "Securing approval for new developments is becoming increasingly challenging, but our team's proven track record and commitment to excellence have allowed us to secure a prime spot in this highly desirable county." Terrassa is part of the redevelopment of the former St. Augustine Outlets property off I-95 and will provide 324 one-, two- and three-bedroom apartment homes offering up to nearly 1,400 square feet of living space. Residents will have convenient access to the area's pristine beaches as well as a variety of local entertainment, shopping and dining options. Like all Thompson Thrift communities, Terrassa will feature superior, in-demand amenities that demonstrate the company's dedication to quality. Kitchens will include stainless steel appliances, a smooth glass-top range, side-by-side refrigerator, tile backsplashes, a pantry and hardwood-style flooring. Large walk-in closets, bathrooms with a walk-in shower, detached garages, a full-size washer and dryer and private patio, balcony or yard options add to the list of features. Additionally, certain upgraded homes will feature accent-colored island cabinetry, premium quartz countertops, a dry bar, under-cabinet lighting and deluxe closet systems with shelving. High-speed internet access will ensure seamless connectivity for residents while energy-efficient LED lighting and a smart thermostat will help residents save on energy costs. Smart light switches and door locks will provide convenience with an Alexa-compatible smart hub to easily control the devices. Community amenities will include a 24-hour fully equipped fitness center, a resort-style swimming pool, courtyards, community grilling areas, a pickleball court, an on-site dog park and pet spa with a grooming station. The 24-hour social hub will feature billiards, a coffee bar, private focus rooms and work area with a printing station. St. Augustine is the oldest city in the United States and maintains a strong Mediterranean architectural influence. The name Terrassa comes from a city in Spain, and Thompson Thrift has taken care to incorporate Mediterranean accents in its design to further connect with the community. Brian Timberman, president of Thompson Thrift Construction, added, "We are excited to break ground on another Thompson Thrift community, and our construction team looks forward to seeing this project through to on time completion." St. Johns County is the wealthiest county in Florida and one of the fastest-growing counties both in Florida and the United States. The county's population grew 40% during the past decade and is expected to add 100,000 residents by 2030. The Terrassa site is located in a very high-growth pocket of the county and will offer easy access to major employers such as Bank of America/Merrill Lynch, Saddle Creek Logistics, the St. Johns County School District, Citi and Florida Blue. https://www.multifamilybiz.com/news/10910/thompson_thrift_to_develop_324unit_terrassa_luxury... Mon, 05 Aug 2024 09:08:00 GMT 6f8d23bf-5a38-472c-8c8e-c6b9e55081cc CHARLOTTE, NC - Rise48 Equity, a leading multifamily investment group, announced their recent acquisitions of W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units) in Charlotte, NC. Both properties will be rebranded to "Rise Blue Ridge" and "Rise Matthews Pointe," respectively and are located in premium submarkets within the Charlotte MSA. These acquisitions mark a significant milestone as the company's 52nd and 53rd acquisitions since 2019 and its first two deals in the Charlotte MSA, expanding their footprint to the East Coast. Rise48 Equity has plans to revitalize W Flats Apartments and Matthews Pointe Apartments with an investment of over $7 million. Property renovations at both properties will include: Platinum-level interior upgrades: New white cabinet boxes with shaker doors, quartz countertops, subway style kitchen backsplash, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting. Transformative exterior: Fresh 3-tone paint, a new LED-backlit monument sign, and improved marketing banners. Rise48 Equity CEO and Co-Founder, Zach Haptonstall, said "We're excited to have entered the North Carolina market with these two new acquisitions. North Carolina has been a market that we've been targeting for a while due to its strong fundamentals of population growth, job growth, and strong median income relative to the affordable rents. We have strong local staff and the foundation to scale in the market for years to come. Thank you to all of our investors for partnering with us on these two great opportunities. Our Charlotte team has already started on the business plans for these two assets." https://www.multifamilybiz.com/news/10909/rise48_equity_completes_two_multifamily_acquisitio... Fri, 02 Aug 2024 10:17:00 GMT f19e2a92-c3d0-4f46-acf5-619e4280aa5c HOLLY SPRINGS, NC - Vista Residential Partners, a national multifamily development firm, has broken ground on 11.7 acres on the corner of N. Main Street and Holly Springs Road in Holly Springs, NC, for the development of Main Street Vista, a 277-unit mixed use community. Located in the heart of Holly Springs, Main Street Vista is a mixed-use development with +/- 19,000 SF of vertically integrated retail space and 11,000 SF of live-work space that will be within walking distance of downtown Holly Springs. Main Street Vista is conveniently located minutes from soon to be completed I-540 extension providing access to various job centers throughout the metro. Additionally, minutes from this site is the Holly Springs Bio-Tech Corridor which has seen recent investment to the tune of $4B and the creation of over 2,300 jobs. FujiFilm is currently under construction with the first phase of their $2B biotech campus which will be delivering within the year. Other notable names in this corridor include Catalyst, BioCampus, Amgen and Seqirus. "We are incredibly excited to start construction on this landmark development in Holly Springs," says Alex Barroso, Managing Director and Regional Partner for Vista Residential Partners. "Vista is dedicated to establishing our portfolio across the Carolinas and I cannot think of a better way to make our introduction than with this unmatched mixed-use development." Located less than 1 mile from the project is the newly opened UNC Rex Holly Springs Hospital which is home to 50 new beds and 450 employees. The community will offer a mix of one-, two-, and three-bedroom apartment homes averaging almost 1,050 square feet. Select units will also have a ground floor office space available for lease to prospective tenants who desire to work from home. Designed by architect Niles Bolton, the garden-style apartments will feature elevator served conditioned corridors, stainless steel appliances, 9-foot ceilings, quartz countertops, vinyl plank flooring, in-unit washers and dryers, and spacious balconies. Main Street Vista will also feature a luxury clubhouse, resort-style swimming pool, fitness center, a large central green area and pet park, 24/7 package concierge, and more. "Alongside our institutional capital partners, Vista is excited to deliver this high-quality, mixed-use development in Holly Springs, NC," says Scott Hartley, Chief Investment Officer at Vista Residential Partners. "Main Street Vista's finish-quality and amenity-set will set a new standard for living in the area." https://www.multifamilybiz.com/news/10908/vista_residential_partners_breaks_ground_on_277uni... Thu, 01 Aug 2024 09:17:00 GMT 62460959-57a7-42e6-993f-9e027376e7c5 DUBLIN, CA - Cityview, a premier multifamily investment management and development firm, has acquired Tralee Village Apartments in Dublin – California s fastest growing city. The three-story, 130-unit multifamily project is spread across two buildings and sits above more than 30,000 square feet of curated ground-floor retail, including eateries and service-focused shops. Tralee Village was a prime opportunity to acquire a well-located, high-quality asset in a highly sought-after submarket that has experienced significant population and employment growth since the pandemic, said Sean Burton, CEO of Cityview. With a 95% average historical occupancy and robust market fundamentals, Tralee Village fits squarely in our strategy of acquiring communities in supply constrained markets with high barriers to entry at significantly below replacement cost. Originally built in 2011, the community offers spacious one-, two- and three-bedroom floorplans featuring open concept layouts, in-unit washers and dryers, granite countertops, USB outlet ports, modern custom-wood cabinetry in two styles, central heat and air, large closets, 9-foot ceiling heights and stainless-steel appliances. Select units also feature vaulted ceilings, floor-to-ceiling windows and large balconies. Cityview is planning a comprehensive renovation of the interiors and common areas, including new unit flooring, lighting, kitchen and bathroom countertops and accessories. Tralee Village residents have full access to community amenities including ground-floor retail, a resort-style pool and spa, high-end fitness center, clubhouse, business center, courtyard and BBQ area, playground, parcel lockers, bike storage and ample garage parking. Located at 6599 Dublin Boulevard, Tralee Village is ideally located in the Tri-Valley, which is increasingly recognized as the Bay Area s premier business ecosystem. Its centrally accessible location, relatively affordable office rents and highly educated workforce continues to attract innovative start-ups and well-established companies including 10X Genomics, Chevron, Workday, Oracle, Tesla, General Electric, SAP, Snowflake, TriNet and Accenture. Combining urban conveniences with suburban comforts, Dublin is located just 35 miles east of San Francisco and features highly rated public schools, 24 community parks, nearly 800 acres of open space and a wide array of cafes, restaurants and shops. The city is currently undergoing a vast mixed-use and pedestrian-oriented transformation as the Downtown Dublin Preferred Vision comes to fruition. With a 58% population increase from 2010 to 2020, and 10,000+ new residents expected by 2033, Dublin s multifamily market is experiencing growing demand and shrinking supply, making this a prime area for investment, added Burton. We look forward to reimagining Tralee Village and elevating its design, finishes and amenities to rival new Class A communities. Conveniently situated at the intersection of I-580 and I-680, Tralee Village residents have easy access to the West Dublin/Pleasanton BART station as well as the nearby employment hubs of Silicon Valley, San Francisco, Oakland, Berkeley, Walnut Creek and the Peninsula. Jason Parr at Berkadia brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager. https://www.multifamilybiz.com/news/10907/cityview_completes_acquisition_of_130unit_tralee_v... Wed, 31 Jul 2024 11:34:00 GMT 821c8492-6fea-4d2e-b8a5-14ae0901527d