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Acquisitions & Developments October 2021

October 2021

Virginia Beach, Va.-based real estate development firm The Breeden Company announced construction is underway on their corporate office. The $2.4 million corporate office expansion project will increase the building’s footprint by 6,558 square feet; the existing building is 14,584 square feet. The added square footage will allow for 16 more offices and new jobs. Coinciding with The Breeden Company’s corporate office expansion is the Breeden Construction Virginia Beach office expansion. Breeden Construction has added 2,200 additional square feet to their Virginia Beach office, equating to 10 additional office spaces and new jobs. Breeden Construction serves as the general contractor for The Breeden Company expansion. Construction is slated to be completed in spring 2022.

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Curve at Melrose, a four-story, 204-unit multifamily asset in the Melrose District of Phoenix. The $56.2 million sales price equates to $275,490 per unit. Steve Gebing, IPA Executive Managing Director, and IPA Executive Managing Director Cliff David represented the seller, P.B. Bell and procured the buyer, JB Partners. Constructed in 2018, The Curve at Melrose’s open-concept apartment interiors feature nine-foot ceilings, custom pendant and track lighting, full-size washers and dryers, and walk-in closets. Community amenities include a heated, resort-style swimming pool, courtyard, an underground parking garage and ground-level covered parking.

Ashcroft Capital announced its acquisition of Elliot Baymeadows (formerly Green Tree Place), a garden-style apartment community in the Royal Lakes neighborhood of southern Jacksonville, Fla. Birchstone Residential, Ashcroft Capital’s in-house property management company, has assumed management of the community. Elliot Baymeadows, which offers 352 apartment homes, boasts a convenient location just east of Interstate 95. The property was purchased through Ashcroft Capital’s new $150 million Value Add Fund, and it becomes Ashcroft’s second community in Jacksonville, joining Southside Villas. Ashcroft will perform a series of interior and exterior renovations at Elliot Baymeadows, which was originally built in 1986. The in-home renovations at Elliot Baymeadows will include the installation of quartz countertops, undermount sinks, stainless steel appliances, tile backsplashes, vinyl plank flooring, new lighting and plumbing fixtures and a refreshed color scheme.

Marcus & Millichap announced the sale of Lewis House at Kennesaw, a 132-unit apartment property in Kennesaw, Ga. The asset sold for $31.75 million, which equates to $240,530 per unit. Lewis House at Kennesaw is located immediately adjacent to several family-friendly recreational and entertainment venues, including a brand new $10 million recreation center, a new 4,400-seat amphitheater and 33-acre community park. The property features a unique “Big-House” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents.

AHC Inc. broke ground on its $39 million redevelopment project of Arlington View Terrace East, an affordable housing community located on the eastern end of Columbia Pike in Arlington, Va. The current community includes 77 apartments spread out among seven two- and three-story buildings. The Arlington View Terrace East redevelopment is demolishing the largest of the structures, which currently includes 30 homes, and replacing it with a new Energy Star Certified & EarthCraft Certified Gold structure with 77 apartments. The redevelopment will boost the number of affordable apartments to 124 at Arlington View Terrace and create several new amenities and features for residents. Residents will also enjoy a new community room, fitness room, courtyard, leasing office and parking garage. The apartments will feature attractive plank flooring, bigger and more numerous windows, new appliances and free Wi-Fi for each apartment.

Chamberlin and Associates Real Estate Management, based in Phoenix, announced the addition of 800 units to its multi-state portfolio through the acquisition of seven properties in Arizona in April. Chamberlin and Associates is creating a national multifamily footprint with over 30,000 units managed across four states. The seven property additions are: The Vibe on Thomas, Haven on Peoria, Winterhaven Terrace, Apex on Central, The Porter and two hotels to apartment renovations of The Molino 2 Hotel and The Quality Inn at Phoenix Sky Harbor Airport. The Vibe on Thomas is a 100-unit community with studio and one-bedroom apartment homes in Central Phoenix. Haven on Peoria offers 164 units in a pet-friendly community with one or two-bedroom options in Glendale. Winterhaven Terrace is in Tucson and features 96 units with spacious one- and two-bedroom floor plans. Apex on Central is in Central Phoenix and has 117 units with three options of upgraded apartment homes. The Porter is a renovated apartment community with 165 units located in the heart of Tempe.

Tapestry Development Group, in partnership with Columbia Residential, celebrated the completed $19 million development of Stride Senior Residences with a ribbon-cutting ceremony. Located within the desirable Decatur Crossing development, the five-story, 90-unit community includes 80% of units designated for seniors at or below 60% of area median income. Decatur Crossing Community Park is a 26-acre mixed-use development by Fuqua Development, located in unincorporated DeKalb County on the former brownfield site of a former automotive dealership and Scott Boulevard Baptist Church. Tapestry Development Group and Columbia Residential acquired the underlying Stride property in late December 2017 and broke ground in May 2019. Located at 651 Decatur Village Way, Stride Senior Residences is situated just 10 minutes north of downtown Decatur and well-located to DeKalb Medical Center and MARTA bus lines.

XFD Real Estate Partners, along with its joint-venture partners Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital, has acquired The Landing, a student housing community in North Carolina. The Landing is an 888-bed property located near East Carolina University campus in Greenville and offers two-, three- and four-bedroom units with bed-to-bath parity. The spacious, gated community is spread over 21 acres and offers students luxurious amenities, including three resort-style swimming pools, spa with sun deck, 24-hour fitness center, volleyball and basketball courts, group study rooms, computer lab, a dog park and more.

Transwestern Real Estate Services announces it has brokered the sale of The Den, a 552-bed student housing community at 1412 Grindstone Plaza Drive in Columbia. Serving students at the University of Missouri, The Den is a 158-unit housing community with 552 beds. The development, situated two miles from Mizzou’s south campus, includes four buildings on 9.6 acres with 560 parking spaces and an average unit size of 1,248 square feet. Completed in 2014, the property has enjoyed historically high occupancy due to its thoughtful design, features and amenities. Floorplans come fully furnished and feature spacious living areas that maximize square footage. Enhanced community features include a heated pool with expansive sundeck, a state-of-the-art clubhouse, conference rooms, outdoor entertainment spaces and an assortment of areas to play sports and games.