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Acquisitions & Developments August 2021

Acquisitions & Developments August 2021
September 2021
  • Walker & Dunlop, Inc. announced it completed the $55 million sale of The Estelle on behalf of Canfield Development, Inc. to an affiliate of The Green Cities Company.

The property, a 61-unit luxury multifamily community in West Los Angeles, was built in 2020 as for-sale condominiums and was converted to for-rent apartments amid the pandemic. The property boasts exceptionally large floor plans averaging 1,474 square feet and was 30% leased at the time of the sale.

In addition to its spacious units, The Estelle offers residents a resort-style living experience with a state-of-the-art fitness center, Mediterranean pool and ample green space. Situated within a mostly residential neighborhood, The Estelle features stunning views of Los Angeles while also offering convenient access to the city’s employment nodes, dining, culture, nature and retail.

  • Walker & Dunlop, Inc. has completed the sale of Indigo Station on behalf of Ram Realty Advisors to Cortland. The transaction represents the first time that the property has changed hands since its development in 2019.

Located in the Deerfield Beach submarket in northern Broward County, Fla., the 226-unit luxury apartment community is adjacent to the Deerfield Beach Tri Rail station. Indigo Station is National Green Building Standard (NGBS) certified and features an ideal mix of efficiently laid-out, luxuriously appointed studio, one- and two-bedroom apartment homes.

Community amenities include onsite shopping and dining, a heated resort-style pool, expansive sundeck, grilling and picnic areas, a group fitness center, electric car charging stations and controlled access.

  • Capital Square Apartment REIT, Inc. announced its acquisition of Sapphire at Centerpointe, a class-A, 192-unit multifamily community in Midlothian, a suburb of Richmond, Va.

Sapphire at Centerpointe was constructed in 2020 and features one-, two- and three-
bedroom units, which are currently 97% leased. Community amenities include a resort-style pool, expansive sundeck, pocket parks and a 24/7 fitness center with state-of-the-art cardio and weight training equipment. Additional amenities include quick-charge electric car charging stations, a 24/7, video-monitored package room, a fenced dog park and garage parking.

The community offers residents convenient access to a diverse employment base, as well as dining and retail options. Sapphire at Centerpointe is approximately 18 miles from downtown Richmond and the Short Pump submarket.

  • Waterford Property Company, in partnership with the California Statewide Communities Development Authority, has announced the $335 million acquisition of two Pasadena, Calif., multifamily communities: the Residences at Westgate, a 340-unit class-A community and The Hudson, a 173-unit class-A community, to provide housing affordability as part of an innovative workforce housing finance program created in 2020 by CSCDA.

The Residences at Westgate were developed in 2015. In addition to the multifamily apartment homes, the property includes 20,521 square feet of retail space. The Hudson was built in 2018. In addition to its 173 units, the property includes 11,409 square feet of retail space. Both projects are about 96% occupied.

  • 29th Street Capital (29SC), a privately-held real estate investment firm, has acquired Parq at Iliff Station, a 424-unit, class-A+ luxury apartment community located in the southeast Aurora submarket of Denver. Parq is 29SC’s 11th multifamily acquisition in the Denver area, totaling nearly 1,500 units. Haven Residential, 29SC’s in-house property management group, will manage the community.

Parq represents 29SC’s first acquisition of this size and scale, marking the firm’s entry in into the core plus market.

Built in 2018, Parq offers spacious units and luxury amenities. 29SC’s improvement plan includes new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community.

  • RockFarmer Properties, a privately owned, fully integrated vertical development and investment firm based in New York City,

announced its purchase of two adjacent gated garden-style multifamily rental communities—
98Fifty and Apex—in the Dallas metro area.

Located in Lake Highlands, Texas, Apex Apartments features 244 one- and two-bedroom homes. Built in 1979, the property comprises 13 two- and three-story buildings, 294 parking spaces, a resort-style pool with outdoor kitchens and a sundeck.

98Fifty features 196 studio, one- and two-bedroom homes. Built in 1980, the property comprises 24 two-story buildings and 315 parking spaces. Amenities at 98Fifty include a resort-style pool with outdoor kitchens, a playground, resident’s lounge, laundry facility, BBQ and picnic area.

  • Greystar Real Estate Partners, LLC has closed on the previously announced acquisition of Thackeray Partners. In October 2020, Greystar acquired 45% of Thackeray with the future option to purchase the remainder of ownership interest within two years. Greystar has closed on the remaining 55%.

Founded in 2005, Thackeray has a distinguished track record of executing attractive investments in the rental housing and industrial asset classes across five separate funds. Headquartered in Dallas, to date, the firm has closed or committed to transactions totaling over $5.9 billion, representing over 25,300 rental housing units and nearly 22 million square feet of industrial space.

  • West Shore LLC has acquired Haven on Tucker, a brand-new class-A property in Louisville, Ky. The company continues to grow its national footprint with the addition of the 370-unit apartment community. West Shore’s expanding national portfolio now includes more than 9,800 apartment homes.

Haven on Tucker provides modern, luxury living just east of downtown. The community offers state-of-the-art amenities and spacious floor plan layouts with high-end features. Each apartment has stainless steel appliances, kitchen islands and breakfast bars, crown molding, hardwood-style flooring and quartz or granite countertops. Amenities include a fully equipped fitness and wellness center complete with spin bikes, yoga room, steam room, and massage room, saltwater swimming pools, dog park and professional-grade pet spa.

  • Wood Partners has announced the grand opening of Alta Wren, the latest luxury property located in Cary, N.C. The community offers 250 multifamily residences with floorplans ranging from one-, two- and three-bedroom apartment homes, to two- and three-bedroom townhome-style residences.

Residents will find features such as hardwood-style plank flooring throughout, quartz countertops and stainless-steel appliances. Each unit is equipped with a full-size washer and dryer. Townhome-style residences, which are set to open for leasing later this year, are equipped with similar finishes with the addition of attached garages.

Alta Wren offers a saltwater pool with poolside cabanas. Additional outdoor amenities include a community fire pit, outdoor grilling area and playground.