Acquisitions & Developments: November 2021

3 minute read
  • Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Vantage at Powdersville, a 288-unit multifamily asset in Greenville, S.C. The three-story, garden-style property is located off the Interstate 85 and South Carolina Highway 153 interchange, which provides access to Downtown Greenville. Interstate 185, a highway that loops around the entire Greenville metro, is close by. Constructed in 2019 on 23 acres, apartments at Vantage at Powdersville have 9-foot ceilings and full-size washers and dryers. The average unit size is 840 square feet. Community amenities include garages, carports, storage units and a resort-style swimming pool.
  • Zidan Management Group, an Indianapolis-based multifamily property management company, has expanded its Midwest portfolio yet again with the addition of The Annex of New Albany, a garden-style 141-unit apartment community located in New Albany, Ind., a suburb situated along the Ohio River, just miles from Louisville, Ky. The Annex of New Albany benefits from its access to Indiana University Southeast, a 180-acre campus with a student body of 5,000, as well as major employers including UPS and Ford Motor Company. This is the fourth multifamily real estate asset added to ZMG’s portfolio since April 2021. ZMG recently added Barton Farms, a 262-unit community and Bexley Village, a 276-unit community, both in Greenwood, Ind., as well as Camelot East, a 492-unit community located in Fairfield, Ohio.
  • CGI+ Real Estate Investment Strategies has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, Fla., to Versity Investments. Originally completed in 2016, the community, which was then known as Sola at Celebration, suffered from construction defects and was vacated in 2017. CGI+ acquired the vacant community in 2019. Astoria at Celebration features a mix of luxury one-, two- and three-bedroom apartment homes located in six, four-story Art Deco-inspired residential buildings, around a centralized clubhouse and pool area. The apartment homes feature 9-foot ceilings, fully equipped island kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washer and dryer and large walk-in closets.
  • Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford, Conn. This is the third transaction the IPA Northeast team has closed in Stamford since January 2021. Together, the three closings total 682 units. Built in 1940, the six-building property is located on seven acres at the crossroads of Bedford and Grove streets near access to Interstate 95 and the Merritt Parkway. The Stamford and Glenbrook train stations are a mile from the community and Midtown Manhattan is 30 miles away. Hoyt Bedford’s Georgian-style five-story buildings are interconnected by oak and beech tree-lined courtyards. The buildings each have 57-60 units and over 35 covered parking spaces. The average unit size is 927 square feet.
  • Pensam has acquired 1900 at Canterfield, a 260-unit stabilized multifamily community located in West Dundee, Ill. Built in 2018, the property is located half a mile north of Interstate 90. 1900 at Canterfield consists of 18 buildings spanning 23.6 acres. Each apartment home at 1900 at Canterfield features a large balcony or patio, direct-access entry, and 9-foot ceilings. Amenities at 1900 at Canterfield include a clubhouse featuring a large clubroom, fitness center, conference room, leasing center, covered outdoor lounge area and a swimming pool with a sundeck.
  • LYND continues its robust investment activity in South Florida with the acquisition of Parc Place Apartments, a 234-unit garden-style apartment community in Miami. Built in 1972, Parc Place features one-, two- and three-bedroom units with an average size of 737 square feet. While the property has undergone some renovation over the years, LYND plans a significant rehab of both living spaces and common areas. This is the second LYND acquisition in South Florida in 2021. On March 17, it bought a 280-unit garden-style apartment community in Margate.