Acquisitions and Developments: March 2022
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February 22, 2022 |

Updated March 4, 2022

7 minutes

Institutional Property Advisors, a division of Marcus & Millichap, has sold Alta LeftBank, a two-property multifamily asset totaling 589 units in the West 7th Street District of Fort Worth, Texas. The communities are The Lofts at Alta LeftBank, a 260-unit community and 329-unit The Flats at Alta LeftBank. Residents of Alta LeftBank are a quarter mile from downtown Fort Worth and close to Montgomery Plaza, Crocket Row and the Near Southside Medical District. Both communities were constructed on 44 acres in 2018. Amenities include social lounges, a demonstration kitchen, resort-style climate-controlled hallways, 24-hour fitness centers and swimming pools. Apartments have full-size washers and dryers and select units have 12-foot ceilings, direct-access garages and hardwood floors. 

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Marcus & Millichap announced the sale and acquisition financing of Territory at Greenhouse, a 288-unit luxury apartment complex in Houston. Located in West Houston’s Energy Corridor, Territory at Greenhouse is less than five minutes from Interstate 10, Beltway 8 and Grand Parkway. The community is a 13-building, garden-style property with an outdoor amphitheater and a resort-style pool. The property’s one-, two- and three-bedroom apartments have engineered wood flooring, in-unit washers and dryers and private balconies. 

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Avanath Capital Management, LLC has acquired Acton Courtyard, a 71-unit mixed-use affordable housing community with 7,013 square feet of ground-floor retail, located in Berkeley, Calif. Built in 2003, Acton Courtyard consists of one five-story building containing four studios, eight one-bedroom units, 58 two-bedroom units and a manager’s unit. In-unit amenities include balconies with city views, maple shaker cabinets with brass hardware, laminate countertops, dishwashers, microwaves, gas ranges, built-in bathroom shelving, ceiling fans, spacious closets and cable and internet included. Common-area amenities at the pet-friendly community include a rooftop deck with expansive views, a large courtyard, laundry facilities, underground and assigned parking, car lifts and controlled access.  

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Christopher Todd Communities sold two of their Phoenix metro single-story rental communities. Christopher Todd Communities At Estrella Commons, a 286-home community located in Goodyear and the 222-home Christopher Todd Communities On Happy Valley in Peoria were purchased by an affiliate of The Inland Real Estate Group of Companies, Inc., the firm’s sixth and seventh acquisition of build-to-rent communities developed and owned by Christopher Todd Communities. The private, smart-gated and walkable communities are comprised of single-story, pet-friendly smart homes. The keyless door entry makes it easy to come and go with minimal touching of materials, and the private backyards give people the space to be socially distant yet maintain a sense of connection. Resort-style amenities such as a pool with ramadas, fitness center, event lawn and parks are part of each community. 

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Dominium announced the closing of The Commons, a pro-bono project furthering the mission to provide high-quality affordable housing to its communities across the U.S. In partnership with nonprofit co-developers, the 50-unit apartment community will aid homeless individuals and families in the Colorado Springs, Colo., area. The Commons will be managed by Rocky Mountain Communities, a nonprofit that has been helping families since 1992 and currently owns and manages 1,500 apartment homes in Colorado. Co-development partner Homeward Pikes Peak has been serving the Colorado Springs community for over 15 years. Located at 3745 Marion Drive, the project will serve those who are experiencing homelessness with wrap-around, onsite social services. These services will be led by Homeward Pike Peak, along with contributions from Catholic Charities and Diversus Health Services. 

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TruAmerica Multifamily has doubled its portfolio in Texas with the acquisition of The Heights and Mission Ranch apartments. The two Dallas-area properties, acquired in separate transactions total more than 500 apartment homes and represent the Los Angeles-based value add multifamily investment firm’s third and fourth investments in Texas since entering the market in December 2020. Mission Ranch Apartments is a 295-unit Class B property of one-, two- and three-bedroom apartment homes. The Heights is a 35-acre property of 162 single-family townhomes and 84 apartments. Mission Ranch Apartments is located at 901 US Highway 80 East in Mesquite. The Heights is located at 1901 NE Green Oaks Blvd in Arlington. Both properties are conveniently located near shopping and employment hubs in the Dallas-Fort Worth area. Mission Ranch is near I-80, with easy access to downtown and North Dallas, while The Heights is situated almost exactly between downtown Dallas and downtown Fort Worth. 

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American Landmark announced it has entered into a joint venture partnership with BentallGreenOak to acquire Parc at Murfreesboro. Located in Murfreesboro, Tenn., a suburb of Nashville, the newly built 359-unit community was acquired off-market and is located at 3237 Memorial Drive. Parc at Murfreesboro was completed in 2021 and offers one-, two- and three-bedroom floor plans with top-of-the-line unit features, including luxurious gourmet kitchens with granite countertops, shaker cabinets with brushed nickel pulls and Whirlpool appliances. Each apartment home also has its own washer/dryer, wood-style flooring, and smart home thermostats, door locks and lighting fixtures. Community amenities include a resort-style swimming pool with cabanas and a fire pit; fitness center with virtual fitness training; a yoga lawn/zen area; electric vehicle charging stations; a well-appointed pet park and dog wash station; and detached garages are available. 

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American Landmark acquired a 338-unit apartment community built in 2019 in the Autumnwood submarket of Charlotte, N.C. The property has been renamed 8 Metro Station – a nod to its location along Charlotte’s Blue Rail light rail system – and is the firm’s seventh property under management in the Charlotte metro area. Built in 2019, 8 Metro Station is located at 5025 Wembley Central Lane and includes one- and two-bedroom apartments along with three-bedroom, one-car garage townhomes. Apartments feature 10-foot ceilings, granite countertops, stainless steel appliances, hardwood-style flooring, in-unit washer/dryer, oversized walk-in closets and a balcony. Community amenities feature a resort-style swimming pool, outdoor grilling area, clubroom/lounge, high endurance fitness studio with Peloton bikes, cybercafé, car care station, self-service bike shop and storage, elevators, 24-hour package concierge, electric car charging stations, bark park and pet spa and valet trash. 

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Decron Properties continues its rapid expansion into the Phoenix market with its acquisition of Broadstone Grand, a 300-unit multifamily community in Tempe. Located at 1003 W Washington St., Broadstone Grand is part of “The Grand at Papago Park Center,” a 60-acre planned community that includes 3.2 million square feet of office, hotel, retail and restaurant space. Hiking and biking paths throughout the property give residents easy access to miles of trails in the nearby Papago Park and Tempe Town Lake. Built in 2020, the Class A community is comprised of one-, two- and three-bedroom floor plans. Residences feature granite countertops, nine-foot ceilings, full-size washer/dryers, wood-style flooring, stainless steel appliances, tile backsplash, and modern cabinetry. Broadstone Grand sits adjacent to the Loop 202 freeway providing residents with immediate access to the region’s major employment centers from downtown Phoenix and the Central Corridor to downtown Tempe and Chandler. 

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Thayer Manca Residential has purchased Woodbury Apartments, their newest multifamily property in Olympia, Wash. TMR plans to renovate the community with a full redesign of the clubhouse, fitness center, pool area and sport court, as well as a dynamic marketing rebrand. Significant high-end apartment interior renovations are planned for all 127 units. Woodbury Apartments is currently the third property in the South Puget Sound region for TMR. Another benefit is a planned, 86.25-acre, community park that will be developed directly across the street from the community. Upon completion, the park will feature multiple playfields, a dog park, walking trails, pickleball courts and children’s play areas.   

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Intercontinental Real Estate Corporation, in a joint venture with Security Properties, has acquired Broadleaf Apartments, a 244-unit Class B+ garden-style apartment community located in the Pocket neighborhood of Sacramento, Calif. The off-market transaction represents a recapitalization of the 11-acre gated community which was originally acquired in 2019 by Security Properties, which will continue as operating partner. Constructed in 2006, Broadleaf’s one- and two-bedroom apartment homes are housed in 11 two- and three-story residential buildings that surround a 5,200 square-foot clubhouse and resort style pool and spa. Apartment homes range in size from 790 to 1,240 square feet and boast an above-market average unit size of 1,041 square feet. Each unit features 9-foot ceilings and dedicated in-unit laundry rooms. Common area amenities include a fitness center, game room, fireside lounge, picnic area with grill, children’s playground and community garden.

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RMK Management Corp. has been selected by First Equity Group LLC to oversee property management for 10 N. Main, a new five-story, 97-unit luxury apartment building in downtown Mount Prospect, Ill. 10 N. Main offers studio, one-, two- and three-bedroom apartments, with one to two baths, measuring 598 to 1,353 square feet. Residences include large custom closets, wide-plank flooring throughout, quartz countertops, in-unit washer and dryer and energy efficient stainless appliances. Most apartments include a balcony or terrace. Building amenities at 10 N. Main include a coffee bar and package area in the main lobby; a fully equipped fitness center; and a library and billiards lounge with two flat-screen TVs, multiple seating areas and a catering kitchen for hosting larger gatherings. The building’s roof deck includes a fire pit, grill area, lounge chairs and dining areas. The pet-friendly community also offers a bike storage room and both covered and uncovered assigned parking. 

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