Acquisitions & Developments: May 2022
April 28, 2022
Updated April 28, 2022
- West Shore LLC continues to expand with the acquisition of The Sovereign, a luxury apartment community in Fort Worth, Texas. This is West Shore’s fifth acquisition in Texas, having previously acquired properties in College Station. The 322-unit community features one-, two- and three-bedroom apartments with upscale amenities and high-end features. The pet-friendly community offers an onsite dog park, auto detailing center and luxury clubhouse. Residents can enjoy the resort-style pool, outdoor kitchen, cabana lounge, premier fitness center and many other amenities.
- Marcus & Millichap announced the sale of The Vistas of Port Jefferson, a 244-unit, age 55-plus community in Port Jefferson Station, N.Y. Built in 2019 on 27 acres, the 30-building community is located on the North Shore of Suffolk County in Long Island. The unit mix is 36 one-bedroom flat units, 144 two-bedroom flat units and 64 two-bedroom townhouses. The gated-access community’s amenities include a pool, clubhouse, fitness center, pond and walking and biking trails. Apartments have in-home washers and dryers, double-pane windows and security systems. Fifteen percent of the units are affordable housing for area residents making between 30%-80% of the area median income.
- Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Delano, a 265-unit property in Mesa, Ariz. Delano occupies nearly 528 linear feet of street frontage along Gilbert Road and is accessible from both the Loop 202 and U.S. 60 freeways. Access to the Valley Metro light rail is one mile away. Built in 1980 on approximately 20 acres, Delano is a single-story, low-density community of 14 units per acre. Resident amenities include a contemporary fitness center with vaulted ceilings, a resort-style swimming pool with shade sails, a dog park and an outdoor lounge with extensive landscaping, seating and bistro lighting. Apartments have stackable washers and dryers, wood-style vinyl flooring and private patios.
- American Landmark Apartments has acquired Celsius Apartment Homes, a 449-unit community located in the Wedgewood submarket of Charlotte, N.C. This is American Landmark’s eighth property under management in the Charlotte area, and it intends to invest in capital improvements to the property. Built in 2009, Celsius is located at 10051 Perimeter Station Drive. One-, two- and three-bedroom apartments feature high ceilings, gourmet kitchens with granite countertops, 42-inch custom cabinetry and stainless steel appliances, an in-unit washer/dryer and a private balcony. American Landmark will upgrade kitchens, plumbing and lighting, and provide upgrades to the amenities.
- Allied Orion Group has been selected to manage Wellstone at Bridgeport—an off-base, military and executive housing community in Lakewood, Wash.—for The Accend Companies, adding 208 units to its growing nationwide portfolio and expanding its footprint to the Pacific Northwest. Wellstone at Bridgeport is close to McChord AFB, Camp Murray Washington and Fort Lewis. The pet-friendly community offers affordable luxury housing options that cater to the unique needs of military service members and executives, including flexible leasing terms ranging from one month to 15 months as well as shared living options with separate leases. Wellstone at Bridgeport offers one- and two-bedroom unfurnished, partially furnished or fully furnished options with in-unit amenities such as memory foam mattresses, 55-inch flatscreen smart TVs, upscale furniture, kitchen housewares and linens. Community amenities include a state-of-the-art fitness center, business center, community lounge, resort-style heated swimming pool, playground, picnic and grilling area, bike storage and reservable garages and carports. Apartments feature open kitchens with islands, stainless steel appliances, USB charging ports, 9-foot ceilings, wood-style plank flooring, plush carpeting in bedrooms, in-home washer/dryer, private balconies/patios, walk-in closets and a view of Mt. Rainer and lush greenery from some apartment homes.
- WinnCompanies announced it has received the financing commitments needed to acquire and renovate The Stone Mill, built 176 years ago by the founder of Lawrence, Mass., into 86 apartments serving families and individuals across a range of income levels. The adaptive reuse project will preserve, restore and transform the 149,220-square-foot structure erected by the city’s namesake, Abbot Lawrence, on the edge of what is now the downtown business district. The Stone Mill project will bring badly needed affordable housing to the city. Nearly 70 of the apartments will be available to residents with income at or below 60% of area median income (AMI), including 11 units for households earning below 30% of AMI. The remaining 17 apartments will be rented at market rates. The completed project will include 28 two-bedroom/two-bath units and eight three-bedroom/two-bath units. The history of the mill begins in 1845 when Abbot Lawrence purchased rural farmland on the banks of the Merrimack River with the vision of harnessing water to power textile mills. The Essex Company Machine Shop – known today as The Stone Mill – was the first building erected along the canal for the purpose of manufacturing tools, mill machinery, water turbines and millwork for the planned textile factories that would fuel America’s Industrial Revolution. By 1853, the fast-growing community was incorporated as a city with Lawrence as its namesake. He later served in Congress and as U.S. Ambassador to Great Britain. The project will be WinnDevelopment’s third adaptive reuse development to revive a historic mill in Lawrence.
- Brixton Capital has acquired Mason Park, a multifamily community in the greater Houston metro, from Hilltop Residential. Located at 222 Mason Creek Drive in Katy, the 312-unit apartment community was built in 2008 and comprises 13 acres of land. Mason Park provides a Class A residential setting for residents with excellent access to the major job centers of Katy, the Energy Corridor and Northwest Houston. The Katy area is home to one of the top school systems in Texas and abundant lifestyle amenities. United Apartment Group will manage the property on behalf of the ownership and assisted in the due diligence, including analysis of property operations and identifying property enhancements.
- Greystar announced it has closed on the land and is in the planning process for Album Huntersville, one of few active adult apartment home communities in the Charlotte, N.C., metro. Preleasing begins in July 2022, but construction began in October 2021 and is finishing in spring of 2023. The community is close to three golf courses, and nearby Lake Norman offers boating and water-sport opportunities, which makes it an attractive option for active adults who are looking to downsize. The nearby single-family homes enable them to stay close to their family as well. Floor plans come in one- and two-bedroom layouts that give residents the perfect amount of space to suit their needs. Each apartment home also features designer finishes as well as complete home maintenance and an experienced onsite team. Album residences feature hand-selected amenities inside and out while complementing every aspect of an active adult’s life. Apartment homes have modern features, finishes and design with plenty of room to unwind.
- The property management division of Tempo Properties Inc. of Bloomington, Ind., has been acquired by Granite Management based in West Lafayette, Ind. Tempo is a third-party property management company serving undergrad students of Indiana University along with graduate students and professionals. Since its purchase in 2012, Tempo has grown to over 900 beds. Although West Lafayette is still the “home office” for Granite, expansion has led to more than 10,000 beds over eight states stretching from Wisconsin to Louisiana and Missouri to Virginia. Granite focuses largely on student housing, although a sub-brand TRU living serves the grad student, young professional and market-rate segments.
- Pierce Education Properties, L.P. has acquired The Madison, a best-in-class student housing community in Ames, Iowa. Pierce Education Properties will handle in-house property management and leasing. The Madison is a 9.9-acre, Class A student housing community serving Iowa State University. The community offers 144 units and 540 beds in three- and four-bedroom configurations. Offering the largest floorplans in Ames, each unit features 9-foot ceilings, private balconies or patios, large closets, full-size kitchens, in-unit washer/dryers, high-speed internet and some fully furnished units. Among the amenities are a 24-hour fitness center, clubhouse, resort-style pool and hot tub, sand volleyball court and a computer lab and free printing.