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Acquisitions & Developments: December 2021
- Real estate investment firm ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, Fla. Park Place is ZMR’s seventh investment in Florida but marks its entry into Fort Meyers, a market that annually ranks among the top three in the state for population growth. Park Place features a mix of studio, one-, two- and three-bedroom apartment homes. ZMR will launch a multi-million-dollar capital improvement plan that includes the installation of in-home washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, premium backsplash and new plank flooring.
- Universe Holdings has made its first investment on the East Coast with the acquisition of Mariners Cove, a 226-unit townhome community in Toms River, N.J. Built in 1972, and later renovated in 2013, Mariners Cove is a waterfront community located off Barnegat Bay with approximately 90% of the two-bedroom townhomes offering water views. Located at 372-1 Kettle Creek Road, the property benefits from its central location in the Tri-State area with immediate access to the Garden State Parkway. Toms River is a popular location for renters as it is within commuter’s distance to major employment centers in New Jersey, New York and Philadelphia. The property was 98% leased at closing.
- Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Level at Sixteenth, a 240-unit, mid-rise apartment community in the urban core of Phoenix. The community is south of the intersection of 16th Street and Camelback Road, immediately adjacent to State Route 51, giving residents direct access to Phoenix’s Biltmore, Midtown and Downtown neighborhoods. Level at Sixteenth’s apartment interiors have 9-plus- foot ceilings, private laundry areas and walk-in showers with ceramic tile. The average unit size is 800 square feet. A central feature of the property is its leasing office clubhouse with resident lounge, fireplace, demonstration kitchen, 8-foot multimedia video wall and billiards table.
- The Altman Companies announced the topping-off of Altís Ludlam Trail, a mixed-use, six-story apartment building in Miami-Dade. Residents of Altís Ludlam Trail will enjoy Class-A amenities including a rooftop resort-style pool, a pool deck with pavilions and BBQ grills, a rooftop clubhouse with a media room, fitness center and a coffee bar. The community will also feature workspace stations equipped with high-speed internet access, a synthetic turf gaming area, a hammock garden. Altís will be a pet-friendly community offering an indoor air-conditioned dog grooming spa where pets can indulge in a pet spa and a bark park immediately adjacent to the new Ludlam Trail to allow residents to bond and play with their dogs. Located at the newly created Bird Road development area of the Ludlam Trail Corridor District, Altís Ludlam Trail will consist of 312 ultra-luxe apartments with an average unit size of 820-square feet.
- AHS Residential is expanding its footprint beyond Florida to help meet the overwhelming demand for rental housing nationwide – starting in Atlanta. The firm broke ground on AHS Tributary, a 433-unit apartment community located in Douglasville, a suburb approximately 20 miles west of Atlanta. AHS Tributary will offer studio, one- and two-bedroom apartment homes in seven five-story buildings. Apartments will feature modern finishes, stainless steel appliances, and in-unit laundry. Built with young professionals and families in mind, AHS Tributary’s well-designed amenities include assigned parking, business center and a multipurpose clubhouse complete with a swimming pool and fitness center. In addition, the community will feature a two-story, 22,000-square-foot commercial building with a 9,000-square-foot retail space on the first floor and 13 one-bedroom lofts available for leasing on the second floor. The community is expected to be completed by the first quarter of 2023.
- MORGAN, a Houston-based leader in multifamily development, construction, acquisitions and property management, is breaking ground on a new luxury multifamily community in the Austin, Texas, area called Caroline at Georgetown. The 336-unit, three-story development consists of 16 buildings and best-in-class amenities, including a pool, dog park, clubhouse, courtyard and fitness center. Caroline at Georgetown’s design blends a contemporary Hill Country aesthetic with modern farmhouse features using Austin limestone and other materials from nearby quarries that look and feel local and natural. Caroline at Georgetown is part of a fast-growing area, with adjacent projects on all four sides. Various neighborhood amenities are nearby, including Georgetown’s historic downtown center and restaurants, the Round Rock Premium Outlets and IKEA.
- Multifamily investment firm DB Capital Management continues to build its Denver portfolio with the $31 million acquisition of Apex on the Highline, a 138-unit multifamily property in Aurora, Colo. The acquisition of Apex furthers DB Capital’s goal of building a local portfolio of 1,000 units by the end of 2022. The firm entered the market in October 2020 with the acquisition of Red Owl Apartments. Aurora continues to benefit from the migration of renters to the suburbs in search of more affordable housing options. The average asking rent in Aurora is approximately 12% below the Denver metro average, which continues to attract renters and drive down vacancy rates in the submarket. Apex was 99% occupied at closing. DB Capital plans to substantially renovate the property, which was built in 1984. Planned renovations will primarily be centered on the exterior, including new exterior paint, modernized fitness center and an upgraded pool and deck area. In addition, the company will add a basketball court, courtyard area, package lockers, and refurbished landscaping to the property. Interior renovations will include new wood plank flooring, cabinetry, new hardware, countertops, plumbing and lighting fixtures, bathroom upgrades, as well as installing washers and dryers in the remaining 28 units.
- CARROLL, a national real estate investment and management firm, announced the sale of a Houston community, ARIUM Park West – a suburban property in west Houston. The 342-unit garden community, located within five miles of Houston’s main employment bases, provides residents with access to an abundance of retail and excellent accessibility to Texas State Highway 6 and Westpark Tollway. Part of Carroll Multifamily Real Estate Fund III, CARROLL purchased the property six and a half years ago. The firm repositioned the apartment community implementing a value-add strategy, enhancing select interior units, and updating amenities, while also utilizing its world-class, in-house property management team to create efficiencies and cost savings through its ARIUM standard of service.
- MBK Rental Living announced the grand opening at The Strand, a three-story garden-style apartment community located in west Sacramento. Offering upscale living with easy access to the capital city, the community will consist of 408 apartment units with bright, open living spaces and luxurious interior finishes as well as extensive indoor and outdoor amenities. Located on more than 20 acres at Lighthouse Drive and Douglas Street within the Rivers master-planned community, The Strand elevates rental housing in the capital city by offering studio, one-, two- and three-bedroom residences with bright and spacious open-concept living areas. There are six floor plan options ranging from 562 to 1,187 square feet. Each residence features modern custom-wood cabinetry, quartz countertops, stainless steel G.E. appliances including a washer and dryer, distinctive wood-style flooring, kitchen pantries, and covered private patios. The community boasts remarkable amenities including Wi-Fi in common areas; the Resident Clubhouse with entertainer’s kitchen; two resort-style pools with cabanas; a California room with double-sided fireplace, outdoor firepits and gas grills; a spa and fully equipped fitness center; outdoor adult fitness course; and a 4,000-square-foot dog park with seating areas. Residents will also have access to EV charging stations, parcel lockers and mail room, bike racks and a dog wash.
- McShane Construction Company is underway with IBM Drive Apartments in Charlotte, N.C. The new 300-unit development is under construction on behalf of RangeWater Real Estate. The development sits on a 28-acre site and includes three multi-story wood-framed garden-style apartment buildings and a central clubhouse. In addition, residents will enjoy nearly 10,000 square feet of amenity space, including an outdoor pool and a dog park. Each well-appointed unit will feature granite and quartz countertops, luxury vinyl tile flooring and stainless steel appliances. Conveniently positioned near the intersection of West W.T. Harris Boulevard and IBM Drive, the development offers immediate access to I-85 and is just minutes from the University of North Carolina at Charlotte. Construction of IBM Drive Apartments will wrap up in March 2023.
- Haven Realty Capital has added three new dedicated rental communities to its institutional single-family rental and build-to-rent portfolio with the acquisition of housing developments currently under construction in Atlanta and Charlotte, N.C. Since October 2020, Haven, one of the most active SFR investors in the country, has invested approximately $500 million to acquire 17 communities in Georgia, the Carolinas, Arizona and Illinois, representing more than 1,500 homes. Haven has acquired two housing communities in the greater Atlanta area in the first phase of development. Located in Lawrenceville and McDonough, each 30 miles from downtown Atlanta, the two communities will total 154 homes at buildout.
- Stapleton Park in McDonough will include 76 craftsman-style single-family homes with three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. Rosemary Park at Sugarloaf in Lawrenceville will include 78 three-bedroom, two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home features granite countertops, hard surface flooring, brand new stainless-steel appliances, a modern home layout and private back yard.
- In a separate transaction, Haven has closed on the first phase of Queen City Townes, a 106-unit dedicated rental townhome community in Charlotte. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. The community is located in Charlotte’s South End, which is known for its craft breweries, music venues, art galleries, local shops and restaurants.
- Allied Orion Group has been tapped to manage Lotus Village Apartments, a 222-unit apartment community in northeast Austin. Located approximately eight miles north of downtown Austin at 300 Ferguson Drive, Lotus Village Apartments is situated close to I-35 and W. Braker Lane in the North Lamar neighborhood and is conveniently located to major employers, hospitals, parks, Austin Community College, University of Texas, and numerous retail, dining, and entertainment options. Lotus Village offers residents one-, two-, and three-bedroom apartment homes with a wide array of amenities, including a pool, fitness center, picnic areas, clubhouse with billiards, bark park, playground, business center, as well as corporate housing availability. Owned by One Real Estate Investment, Lotus Village features five floor plans, ranging from approximately 700 to 1,239 square feet of living space. Apartment features include dine-in kitchens, wood-style flooring, ceiling fans, window coverings, 9-foot ceilings, in-unit washer and dryers, optional garages, and balconies/patios.