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Acquisitions & Developments

Acquisitions & Developments
July 2021

Developer, owner and operator Milhaus is expanding into Arizona with Milhaus North Tempe. Milhaus’ first Arizona development will showcase an impressive collection of studios, one-, two-, three- and four-bedroom homes in its first phase and will total 621 units when the project is complete. The community will offer luxury amenities including grill stations, an outdoor spa and a dog park overlooking Downtown Tempe.

Owner-operator American Landmark Apartments announced it has acquired Pine Creek Ranch, a 240-unit multifamily community in The Woodlands community just north of Houston. The property will be renamed Stone Creek at the Woodlands and will undergo a $2.7 million capital improvements project. This is the firm’s 41st Texas property and their 17th in the Houston metro area.

Wingspan Development Group and Batson-Cook Development Company have broken ground on Hub13, a 34-acre, garden-style multifamily community in Oak Creek, Wis., just south of Milwaukee. The joint-venture partnership is delivering 300 apartment homes across nine two- and three-story residential buildings. Hub13 will feature resort-style amenities and border an 11.2-acre nature preserve with wetlands.

Titan Development has broken ground on their Allaso Journal Center, a 175,000-square-foot, Class-A multifamily project within Albuquerque’s Journal Center district. The 3.9-acre project is expected to be completed by the fourth quarter of 2022, and will feature the four-story Allaso Journal Center, with resort-style amenities—pool, spa, cabanas, grills—and 158 market-rate residential units. The units will include high-quality finishes, 9- and 10-foot ceilings typical of luxury apartments, elevators for convenient access and private roof decks with mountain views.

Equus Capital Partners, Ltd. announced an affiliate has acquired Bucking Horse Apartments, a 322-unit Class-A apartment community located in Fort Collins, Colo. The apartment community was built in 2018, and boasts a mix of one-, two- and three-bedroom apartment homes. Amenities at the property include the Ranch House Community Clubhouse featuring a chef- inspired demonstration kitchen, fireplace lounge area, movie theater and state-of-the-art fitness center and yoga studio.

TruAmerica Multifamily has added nearly 1,000 apartment homes to its national multifamily portfolio after closing on two garden-style communities in Nashville, Tenn., and Phoenix in separate transactions totaling $196 million. The firm acquired The Urban, a 435-apartment home community, its second purchase in Phoenix this year after acquiring The Bella, a 200-unit,garden-style community, in January.

TruAmerica also acquired Viera Cool Springs, a 468-unit property built in 1987. Viera Cool Springs is TruAmerica’s second investment in the Nashville metro area. The real estate investment firm entered the market in January with the acquisition of Southpoint at Stones River, a 410-unit community in Hermitage.

TruAmerica plans to make targeted, accretive improvements to the interiors and exteriors of both properties to keep the properties on par with the competitive set in both markets while still keeping rents within reach of the majority of renters.

Investment and asset management firm Camino Verde Group has acquired Sherwood Palms, a multifamily property in the Convention Center District of Las Vegas. The apartment community is the fourth that it has acquired in this neighborhood. Originally built in 1963, the 24-unit property features two levels of two-bedroom and three-bedroom floor plans up to 1,000 square feet. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

Real estate investment firm ZMR Capital continues to build its Dallas multifamily portfolio following the acquisition of Chimney Hill, a 240-unit gated community in the north Dallas submarket of Richardson. Since entering the Dallas market in 2019, ZMR (formerly Berkshire Property Holdings) has increased its local multifamily holdings to approximately 1,100 units. In September 2020, the firm acquired a two-property, 568-unit portfolio in Richardson. Chimney Hill features a mix of one-, two- and three-bedroom floorplans housed in 11 two-story residential buildings.

TerraCap Management LLC, a privately held investment firm, announced the acquisition of Versol Apartments in Bonita Springs, Fla. The 240-unit property was built in 2020 and is currently 100% leased. Versol Residences features spacious one-, two- and three-bedroom units with average unit sizes just under 1,100 square feet. Milhaus was retained as property manager.

Community Preservation Partners (CPP), a national affordable housing developer, announced the acquisition of Bedford Manor Apartments in Shelbyville, Tenn. Built in 1968, the 108-unit multifamily community will be remodeled, as well as have extensive exterior improvements and security enhancements. CPP also plans to provide residential services such as health and wellness classes, financial literacy and food programs. Construction is expected to finish in January 2022. The 10-builidng community consists of 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units.