- Casoro Group announced the sale of three multifamily properties, totaling 692 units. The sales represent Casoro Group’s latest investment strategy to redirect capital to real estate properties focused on the knowledge worker market sector. Two of the complexes are located in the Houston area and include the 252-unit Cypress Ridge Apartments and the 236-unit Highland Cross Apartments. Both properties were originally constructed in 1980 and received significant upgrades from Casoro Group. Strategic Realty Holdings acquired the Class B, garden-style apartment properties from Casoro Group. Cypress Ridge features one- and two-bedroom floor plans ranging in size from 600 to 955 square feet, and Highland Cross features one- and two-bedroom options, but with slightly larger sizes ranging from 685 to 1,140 square feet. Both properties have similar amenity packages that include community pools, fitness centers, clubhouses and onsite laundry facilities. The third property sale included the 204-unit 5Fifty Apartments, a Class B, garden-style multifamily complex in the San Antonio area. These apartments feature one- and two-bedroom floor plans ranging from 575 to 885 square feet. Originally constructed in 1984, 5Fifty also received significant upgrades by Casoro Group prior to the sale to NorthMarq.
- Berkadia announced it has arranged financing for the acquisition of a 24-story residential tower with 323 apartment units located in the historic downtown of Fort Myers, Fla. Campo Felice was acquired by Westside Capital Group. The acquisition comes just two weeks after Westside made its debut in the Fort Myers market with the acquisition of another waterfront high-rise apartment property, the 265-unit Oasis Grand II. The two properties are located less than two miles apart along the Caloosahatchee River. Located at 2500 Edwards Drive, Campo Felice was originally built as a Sheraton hotel in 1986. It sits on a 3.24-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a WPA (1939) marina project that has 241 boat slips. In 2015, The MacFarlane Group acquired and redeveloped the property into a luxury 55+ community. The property features one- and two-bedroom apartments with floor to ceiling windows, and an array of amenities including four dining venues, a resort-style pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces.
- Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Madison at Town Center, a 130-unit apartment complex in Valencia, Calif. The Madison at Town Center boasts exceptional communal and in-unit amenities including access to its resort-style heated pool, fitness center, clubhouse, internet café and a 24-hour maintenance concierge. The community’s 16 different floor plans, ranging from one to three bedrooms, all feature lavish finishes and features such as large walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, deep soaking tubs and single vanities.
- Marcus & Millichap announced the sale of Rio Vista, a 246-unit apartment asset in the northeast suburbs of Fort Worth, Texas. Rio Vista apartments features one- and two-bedroom home-styled floor plans which include access to the plethora of communal and in-unit amenities. The community’s amenities include a spacious courtyard, playground, dog park, soccer field and two renovated, resort-style pools. The new owners are planning to make improvements to interior finishes as units turn over, making Rio Vista even more of an attractive.
- Pensam announced the acquisition of Lakeside Apartments in Wheaton, Ill., and Aspen Place Apartments in Aurora, Ill. Lakeside Apartments consists of 204 units and is located at 1750 22nd Street in Wheaton, in an affluent submarket featuring average household incomes of over $100,000. Amenities include a renovated clubhouse, leasing and fitness center, conference room, grilling stations and a large swimming pool with a sundeck and firepit. Aspen Place Apartments, located at 826 Terrace Lake Drive, is made up of 416 units, 168 of which are townhomes with attached garages. Amenities include a recently renovated clubroom, leasing and fitness center, conference room, grilling station and a large swimming pool with a sundeck.
- Envolve LLC, has completed its merger with St. Louis-based Lipton Group. Through this strategic partnership, the company will effectively add more than 2,000 units to its approximately 33,000-unit portfolio. This affords Envolve the opportunity for an increased presence in Missouri as well as future development transactions and new client services business. The Envolve/Lipton merger has created a new management platform known as “Lipton - A division of Envolve.” In addition, Envolve is expanding in the Midwest market through the acquisition of Bentwood Townhomes, a 198-unit community located in North St. Louis County.
- West Shore LLC has purchased 17 South Apartments in Charleston, S.C. Ramping up a strategic expansion effort, 17 South Apartments is the firm’s first investment in Charleston and its fifth in South Carolina. The multifamily community is made up of 220 studio, one-, and two-bedroom apartments. The luxury property is located in the desirable West Ashley neighborhood, a supremely well-positioned submarket in Charleston. The property features an abundance of sophisticated resort-style amenities including recreational areas, a fitness center with spin bikes, a modern clubhouse and an expansive swimming pool with a cabana and lounge ledge. The units are equipped with gourmet, chef-inspired kitchens, upgraded stainless steel appliances, quartz waterfall countertop islands, subway backsplash tile and hardwood-style flooring.
- Newmark Knight Frank announced it has completed the sale of 8th and Row, a newly-constructed, 35-unit, Class A townhome community in Phoenix. Roosevelt Row Arts District is home to award-winning art galleries, renowned artists, hip restaurants and a vibrant urban culture. 8th & Row comprises nine buildings spread across nearly two acres, providing an appealing low-density alternative to the podium and high-rise communities typically found in dynamic urban locations. The property is located minutes from Arizona State University’s Downtown campus, the University of Arizona College of Medicine and the Phoenix Biomedical Campus. Amenities include individual two-car garages, multiple balconies and patios and a community pool, jacuzzi, cabana and barbeque area.
- TruAmerica Multifamily has added more than 250 units to its multifamily portfolio in Massachusetts with the acquisition of the Marquee at Andover and Lux at Stoughton in two separate transactions. The 115-unit Marquee at Andover is located at 460 River Road in Andover and is three miles from 3.2 million square feet of office space. The location is also served by I-93 which provides a direct route to downtown Boston for commuters. The 154-unit Lux at Stoughton is located at 3101 Stagecoach Rd in Stoughton, a suburb located 20 miles south of Boston. It is served by I-93 and the nearby MBTA commuter rail which both provide access to downtown Boston. Stoughton boasts retail centers South Shore Plaza and University Station, as well as one of the country’s largest health care centers.
- Titan Development announced the development of Allaso Vineyards, a 111-unit Class A multifamily project located in Albuquerque, N.M. Resting along the Paseo Del Norte corridor, in the Northeast Heights neighborhood, Allaso Vineyards will offer luxurious amenities. Each apartment home will feature quartz countertops, 42-inch cabinets, stainless-steel appliances and large, open floorplans. The community will feature themed amenities highlighting New Mexico’s historic past as the oldest wine region in America, with a wine-tasting lounge and grapevines onsite. Each resident will be given a private label wine bottle upon moving into their new apartment home. Residents will enjoy a resort-style pool and spa, rooftop decks, game lawns, fire pits, shaded areas, ramadas, outdoor fitness area, elevators and walkable access to retail and grocery stores.
- Ivanhoé Cambridge has expanded its relationship with Mount Auburn Multifamily by investing $150 million of preferred equity directly into the company. As part of the investment, Ivanhoé Cambridge will join the board of Mount Auburn and gain exposure to a diversified portfolio of multifamily communities. Ivanhoé Cambridge and Mount Auburn first teamed up in June 2021 by launching a joint venture aimed at providing developers with an easy path to capitalizing projects in cities where there is a shortage of housing. Mount Auburn, with $2 billion in assets under management, intends to continue its strategy of acquiring and developing well-located multifamily communities. Mount Auburn’s investment strategy is focused on Millennial migration to secondary markets exhibiting low-cost, business friendly environments, high population growth, and low cost of living. Mount Auburn’s primary target markets are in the Sun Belt and Washington, D.C. suburbs.
Acquisitions & Developments: April 2022
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