- CGI+ Real Estate Investment Strategies has closed on the acquisition of a 275-unit community in the Orlando, Fla., submarket of Oviedo. Park Place is a garden-style apartment community offering a mix of one-, two- and three-bedroom floor plans. The community is close to many of Orlando’s primary employment centers including the University of Central Florida, Central Florida Research Park and the Quadrangle Office Park. Located at 940 City Plaza Way, Park Place was completed in 2015 as part of the Park Town Center development, a 108-acre master-planned town center that includes retail, restaurants, a community park, amphitheater and cultural center—all centered around a one-acre lake. In a separate and unrelated transaction, CGI+ sold Cane Island, a 168-unit multifamily community in nearby Kissimmee.
- Newmark announced the sale of Second and B Street, a newly constructed, 41-unit multifamily mixed-use development in downtown San Rafael, Calif., just north of San Francisco. Completed in June 2021, the building was 75% leased and occupied at sale closing. Developed by San Rafael-based Monahan-Parker and Monahan-Pacific, the elegant, four-story building features spacious one- and two-bedroom residential units with high-end interior finishes, controlled-access ground floor parking and 2,500 square feet of retail space. All residents have access to shared rooftop amenities including a large common area, kitchen, barbeque, and deck with dramatic views of Mount Tamalpais, downtown San Rafael and the San Francisco Bay. Second and B Street is the first luxury apartment development of scale in downtown San Rafael and helps meet the strong demand for transit-oriented, upscale rental housing and affordable housing.
- Decron Properties continues to build its metro Phoenix portfolio with its acquisition of Arrowhead Ranch by Baron, a 256-unit community located in Glendale. With the addition of Arrowhead Ranch, Decron has now acquired 1,352 units in the Phoenix MSA over the last eight months among five properties in the submarkets of Tempe, Chandler and Glendale. Built in 1996, the community, which will be rebranded as The Lakes at Arrowhead Ranch, is located on a low-density site at 20250 North 57th Avenue in the master planned community of Arrowhead Ranch. The traditional garden-style community offers a mix of one-, two- and three-bedroom apartment homes that feature upscale amenities in both the units and the common areas.
- Asset Living announced it has acquired JMG Realty. With the addition of JMG, Asset Living expands its footprint into the Southeast by adding 20,000-plus multifamily units and a new corporate office in Atlanta. With over two decades of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent real estate properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. This acquisition is an investment in Asset Living’s multifamily, affordable and build-to-rent portfolios from both a growth and geographical expansion perspective. The change will also bring new opportunities and resources to JMG employees, who will also have access to new tools and technologies to best serve clients.
- West Shore LLC announced its expansion into a new market with the acquisition of The Pointe at Five Oaks, a new construction luxury apartment community situated on 29 acres of rolling countryside in Lebanon, Tenn. This is West Shore’s third property in Tennessee, adding to its two properties in Knoxville. The Pointe at Five Oaks community offers custom one- and two-bedroom floor plans with loft apartment options—some with attached, private garages. The 312 apartment homes are beautifully designed with quality finishes, gourmet kitchens and stainless steel appliances, with each unit featuring a private outdoor patio or balcony. The community offers an unparalleled selection of amenities in a dynamic location, including two state-of-the-art fitness facilities and an expansive clubhouse and business center. Outdoor grilling stations with al fresco dining areas and fire pits all overlook the resort-like saltwater pool.
- DB Capital Management has purchased its third property in Texas in the last two months with its acquisition of Lantana Trace, a 112-unit multifamily community in Austin, Texas. Since entering Texas in 2018, DB Capital has grown its local portfolio to approximately 1,500 units with assets in Austin. Lantana Trace is a vintage garden-style community with 112 one- and two-bedroom apartment homes spread out across 10, two-story residential buildings. DB Capital will begin a capital improvement program on upgrades that will include adding stone countertops, designer flooring, stainless steel appliances, tile backsplashes and upgraded plumbing, lighting and hardware. The enhancements will allow the property to compete with similar renovated vintage properties in the area.
- Alliance Residential Company has purchased 2.53 acres at 230 Martin Luther King Jr. SE Drive in Atlanta to develop Broadstone Metal Works, a 278-unit apartment community adjacent to Georgia State University’s soccer facility. Designed by Dynamik Design, Broadstone Metal Works will welcome its first residents in summer 2023. Broadstone Metal Works will be a five-story building with a mix of studio, one-, two- and three-bedroom apartments averaging 790 square feet. Apartments will feature 9-foot ceilings, stainless steel appliances, custom cabinetry and hardwood flooring. Luxury amenities will include a rooftop resort-style pool, co-working space, entertainment clubroom and first-class fitness center. Amenities and select apartment homes will also benefit from uninterrupted downtown views.
- Haven Realty Capital has closed on the first phase of the acquisition of Dartford Townhomes, a 57-unit build-to-rent community located in the Nashville, Tenn., suburb of Spring Hill. Haven expects to acquire the remaining homes in phases over the next eight months. Each of the 1,680-square-foot two-story townhomes will include three bedrooms, two-and-a-half baths, private rear-yard and patio, and an enclosed one-car garage. The modern kitchen design includes stainless steel appliances, granite counter tops, a walk-in pantry and peninsula bar. The large, 250-square-foot master bedroom features an in-suite bathroom and two walk-in closets.
Acquisitions & Developments: July 2022
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