Acquisitions & Developments: June 2022
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May 19, 2022 |

Updated June 1, 2022

10 minutes

Alfred

Resident technology company Alfred successfully expanded to North Carolina on the heels of its strategic acquisition of property management firm RKW Residential. In a phased rollout approach following the RKW acquisition, Alfred will be integrating its Alfred Operating System (AOS) in more than 2,000 apartment units in Charlotte including The Beverly and The Griff. The initial rollout of AOS is poised to optimize the living experience for apartment residents in the rapidly growing Charlotte market. These residents – and eventually those throughout RKW’s portfolio of 30,000 single-family and multifamily rentals across the Southeast – will have a single stop to support all aspects of residential living. That applies to resident management and communication, management of onsite operations and maintenance, payments, and unique community and resident wellness amenities. 

Constellation Group

Commercial real estate firm Constellation Group closed its debut multifamily investment in downtown San Antonio and second in central Texas this past year. The Miami-based firm purchased 120 Ninth Street, a Class A 220-unit apartment community located directly on the famous San Antonio River Walk. 120 Ninth Street is one of the few apartment communities located directly on the River Walk. The recently completed property features modern interior design, premium finishes and an array of community amenities including an infinity-edge pool overlooking the river, a structured parking deck, outdoor courtyard with grilling stations, lounge seating and a firepit. Constellation engaged ResProp, a tech-focused property management firm based in Austin, to oversee management and leasing of 120 Ninth Street. 

SB Real Estate Partners & The Russell Apartments

SB Real Estate Partners has acquired The Russell Apartments, a 241-unit garden-style apartment home community, marking the California-based multifamily investment firm’s entry into the Las Vegas market. The Russell Apartments, which will be rebranded as Portola on Russell, is located at 9620 W. Russell Road in West Las Vegas adjacent to Summerlin. The gated community’s one-, two- and three-bedroom apartment homes are situated in 19 two-story residential buildings surrounding a central courtyard with a clubhouse and resort-style pool area with a pool-side cabana, barbecue grills and lounge seating areas. Other community amenities include a fitness center, dog park, playground, sand volleyball court and putting green. SBREP plans to execute a capital improvement plan that will include renovating interiors, along with common area upgrades and building exterior enhancements. 

Marcus & Millichap

Marcus & Millichap announced the sale of The Hamptons Statesboro, a 237-unit, 668-bed student housing asset in Statesboro, Ga. The Hamptons Statesboro is adjacent to Georgia Southern University. Built in 2015 on 24 acres, the 71-building property has a mix of cottages and garden-style buildings. Units have 9-foot ceilings, private bathrooms, in-unit washer/dryers and Wi-Fi. The average unit size is 1,410 square feet. Community amenities include a 10,000-square-foot clubhouse with a 24-hour fitness center, tanning beds, a resort-style saltwater pool with a lazy river and spa, sand volleyball court, firepits and walking trails. 

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Palmetto Pointe, a 328-unit garden-style apartment complex built in 2021 in San Antonio. Palmetto Pointe is located just off heavily traveled Fredericksburg Road, a primary north-south artery that connects the South Texas Medical Center to USAA and the prolific Interstate Highway 10 office, retail and restaurant corridor. The three-story garden-style property has a resort-style swimming pool, poolside cabanas, tanning beds, an outdoor fireplace with multiple flat-screen televisions and covered and garage parking. Apartments have 9-foot ceilings, private patios, full-size washers and dryers, kitchen pantries and garden-style bathtubs. The average unit size is 920 square feet. 

WinnDevelopment & Argus Ellison Development

WinnDevelopment executives and the Argus Ellison Development team joined with Paterson Mayor André Sayegh and a host of New Jersey leaders to celebrate the start of construction on a new project to develop 74 units of affordable housing centered around the site of the 19th century Argus Mill in Paterson’s Great Falls Historic District. The Argus Ellison project will revitalize the historic mill building to create six affordable two-bedroom apartments; construct a new four-story apartment building nearby for 68 low- to moderate-income households; build a new parking deck in coordination with the Paterson Parking Authority; and create programming space for the Grandparents Relatives Care Resource Center (GRCRC), a Paterson nonprofit that will provide supportive services to residents. 

All 74 apartments will be tax credit eligible affordable and moderate-income housing, with 52 units targeted to families earning below 50% of Area Median Income (AMI) who hold vouchers from the Paterson Housing Authority. The remaining 22 units will be moderate-income apartments for families earning below 80% of AMI. Fifty-four of the 74 new apartments will be two-bedroom and three-bedroom units. The development will have units set aside for multi-generational households, including grandparents raising grandchildren. 

The three-story Argus Mill, a brick and wood frame structure erected in the mid-1870s, will serve as the gateway to the development and house six apartments. Built as a warehouse for a nearby textile mill, it was later used to manufacture mosquito netting and, in the 1940s, became the Argus Yarn Mill. It was added to the National Historic Register in 1986 but has been vacant for many years. 

Two other small historic structures dating back to the early 1830s, known as the Ryles and Thompson Houses, will be improved by the project. The Thompson House will continue as home to the Paterson Music Project a program of the Wharton Institute for the Performing Arts empowering children to achieve their full potential through the joyful pursuit of musical excellence. The Ryles House will provide an onsite management office. Once completed, the property will be operated by WinnResidential. 

Fogelman Properties & Walden Oaks

Fogelman Properties announced the acquisition of Walden Oaks, a 240-unit apartment community in Anderson, S.C. Built in 2007, Walden Oaks is 97% occupied and offers one-, two- and three-bedroom apartment homes. The property will undergo renovations to all interior units as well as enhancements to the fitness center, clubhouse and pool area. Additional features include large open floor plans, 9-foot ceilings and walk-in closets. Fogelman acquired Walden Oaks through a joint venture with the Dallas-based company, Thackeray Partners. The closing marks the 14th acquisition for the Fogelman-Thackeray partnership, now totaling more than 2,700 units. 

TruAmerica Multifamily

TruAmerica Multifamily made its first investments in Houston with the acquisition of a two-property multifamily portfolio totaling 652 units. The portfolio includes the 364-unit Camden Oak Crest and 288-unit Camden Park, both developed by the seller, a Houston-based Real Estate Investment Trust. The communities are located approximately 1.5 miles from each other, near the center of the popular Westchase Business District in western Houston. Both garden-style communities feature a mix of one-, two- and three-bedroom apartment homes offering resort-style amenities including a swimming pool, fitness center and picnic areas with outdoor grills. The communities, which will be rebranded as Oak Crest and Wood Park, represent TruAmerica’s first investments in Houston. Since establishing a Central U.S. headquarters office in Dallas in 2020, TruAmerica has built a multifamily portfolio in the state that includes seven communities totaling 2,200 apartment homes. 

Horizon Realty Advisors

Horizon Realty Advisors broke ground on its newest multifamily development in Eugene, Ore.: The Preserve on Goodpasture. Located in the desirable Goodpasture community, The Preserve on Goodpasture will consist of 177 luxury apartment homes comprised of a blend of one-, two- and three-bedroom residences. Apartment homes will first become available for occupancy in July. The Preserve will feature amenities including a resort-style pool and spa, fitness center and a pickleball court with adjacent outdoor grilling area and community gathering space. Electric vehicle charging stations will be plentiful throughout the property to accommodate the growing demand for electric vehicles, with access to charging at over 25% of the property’s 252 parking spaces. Each apartment home will feature stainless steel appliances, quartz countertops, air conditioning with an energy-efficient smart digital thermostat, walk-in closets in every bedroom, patios or balconies, exterior storage closets and luxury plank flooring. Covered parking will be available for each apartment unit, plus uncovered overflow parking for additional resident and guest vehicles. 

Casoro Group

Casoro Group announced the sale of five multifamily properties in the Dallas-Fort Worth market, totaling 1,070 units. The sale represents Casoro Group’s latest investment strategy to redirect capital to real estate properties focused on the knowledge worker market sector. Two of the communities that were sold are situated in Dallas, including the 216-unit Mariposa Villas and the 332-unit Vistas at Pinnacle Park. Both Class B properties were originally constructed in 2003 and feature garden-style, conventional multifamily apartments. The three additional communities are in high-growth suburbs of the Dallas-Fort Worth area and are also garden-style, Class B properties. Huntington Ridge in DeSoto was constructed in 2007 and features 198 units; the 180-unit River Oaks complex in Wylie was constructed in 2002; and the 144-unit Savoy of Garland is in Garland and was constructed in 2008. 

Alliance Residential Company

Alliance Residential Company purchased 9.23 acres at 5672 Peachtree Parkway in Peachtree Corners, Ga., to develop Broadstone Peachtree Corners, a 295-unit luxury apartment community that will include 26 for-sale townhomes. Designed by Brock Hudgins Architects, Broadstone Peachtree Corners will welcome its first residents in fall 2023. Broadstone Peachtree Corners will include a 5-story building with 295 studio and one- and two-bedroom for-rent apartments, the for-sale townhomes and an amenity hub located in a restored and converted existing office building. Broadstone Peachtree Corners apartments will feature 9-foot ceilings, stainless steel appliances, custom cabinets and wood-style flooring. The community will have both welcoming amenities and the type today’s workforce needs when working from home: A resort-style pool, clubroom, fitness center, coffee shop and a co-working lounge. 

Alliance Residential Company also has purchased 2.1 acres at 1000 N. Davidson Street in Charlotte, N.C., to develop Broadstone Craft, a 297-unit luxury apartment community. Designed by Cline Design Associates, Broadstone Craft will welcome its first residents in summer 2023. Wrapping around the popular Birdsong Brewery that inspired the “Craft” name, Broadstone Craft will include a seven-story building with studio, one- and two-bedroom apartments ranging in size from 590 to 1,240 square feet. Broadstone Craft apartments will feature quartz countertops and stainless steel appliances. This is Alliance Residential Company’s seventh recent project in Charlotte. 

JRK Property Holdings

JRK Property Holdings has acquired five garden-style apartment home communities in Florida, Texas, Louisiana and Maine, totaling more than 1,500 units. The separate transactions all closing in the fourth quarter of last year include the 266-unit Edgewater Crossing in Panama City Beach, Fla.; 301-unit The Halstead in Houston; 336-unit Heights at Hammond in Hammond, La.; and a two-property, 620-unit portfolio in South Portland, Maine. Edgewater Crossing was built in 2014 and is less than one mile from the beach. Each of the 266 apartment homes feature gourmet kitchen set-ups with stainless steel appliances, vaulted ceilings and walk-in closets. The amenity package includes a zero-entry lagoon pool with waterfalls and hot tub, a pool-side grilling area with an outdoor fireplace and a large clubhouse with fitness center and business center. 

GMH Communities

GMH Communities announced it has broken ground on The Caswell at Runnymeade, a best-in-class, 249-unit multifamily community in Newtown Square, Pa. Located just 15 miles from Philadelphia in Edgmont Township, The Caswell at Runnymeade will consist of two, four-story buildings with underground parking. The development is a joint venture partnership with AEW Capital Management, L.P., and is slated to open in spring 2023, with preleasing to begin in winter 2022. The Caswell at Runnymeade will sit just east of Ridley State Park, minutes away from Route 3 (West Chester Turnpike), Route 1 and Interstate 476, providing easy access to Philadelphia and major surrounding cities. The community will offer a variety of floor plans to cater to an array of lifestyles from one- to three-bedroom options ranging from 805 to 1,623 square feet. Apartments will contain spacious bathrooms, stainless steel appliances and smart tech features throughout. Additional in-unit features/design includes walk-in closets, energy-efficient appliances, designer showers balconies or terraces. 

Newmark

Newmark announced it has completed the sale of Tierra Santa Apartment Homes, a 274-unit, value-add multifamily community in Phoenix. Built in 1985, the two-story, gardenstyle property, located at 4620 West McDowell Road, measures 166,412 square feet and features a mix of studio, one- and two-bedroom units. Community amenities include two pools, a fitness center, covered parking, a soccer field and playground. Tierra Santa is conveniently located in proximity to many of the West Valley’s premiere entertainment and dining experiences, outdoor recreation activities and ever-expanding lifestyle amenities.