Sunday , 25 September 2016
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Multifamily News Briefs from Realty News Report, a Ralph Bivins Publication

KATY, Texas — Austin-based Oden Hughes, LLC, has sold the 354-unit Parkside Grand Parkway community in Katy, Texas, to EGI International Corp. Completed in 2014, the 14-acre property is situated just west of Houston, at the southwest corner of Katy Fort Bend Road and Grand Parkway near Interstate 10.

David Mitchell, executive managing director and principal of ARA, a Houston investment advisory firm, represented Oden Hughes in the transaction. The company developed the project with Desarrollos Delta of Monterrey, Mexico.

 Oden Hughes is a multifamily company focused on the Austin, San Antonio, Dallas, Fort Worth and Houston markets

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OMNINET CAPITAL BUYS AVENIDA CROSSING MULTIFAMILY IN DALLAS

DALLAS – Avenida Crossing, a 464-unit apartment community at 9760 Scyene Road near Interstate 635 in Dallas, has been sold to Omninet Capital.

Institutional Property Advisors (IPA), a division of institutional and major private real estate investors Marcus & Millichap, announced the sale. IPA Executive Director Will Balthrope, IPA director Drew Kile, Nick Fluellen, CCIM, a senior director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Dallas and Bard Hoover, a director of the NMHG, represented the seller and procured the buyer.

Omninet currently owns properties in Dallas, Houston, Austin and San Antonio.

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CANADA-BASED PURE MULTI TO BUY BRACKENRIDGE FOR $51M

SAN ANTONIO – Pure Multi-Family REIT LP has entered into an agreement to acquire The Brackenridge at Midtown, a multifamily apartment community in San Antonio, for $51 million.

The Brackenridge was built in 2014 and consists of 282 luxury residential units averaging 852 square feet. Located just east of Broadway on Brackenridge Avenue, it is a block from Brackenridge Park.

Pure Multi is a Canadian-based real estate investment trust.

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BASCOM GROUP BUYS 436 UNITS IN DALLAS-FORT WORTH MARKET

GRAND PRAIRIE, Texas — The Bascom Group, LLC, has acquired Towns of Riverside, a 436-unit multifamily community centrally located in the Grand Prairie submarket of Dallas-Fort Worth.

Debt financing was arranged by Jamie Leachman of Newmark Grubb Knight Frank. Brian Murphy and Brian O’Boyle Jr. of ARA Newmark represented the seller in the transaction.

Based in Irvine, Calif., Bascom was founded by principals Jerry Fink, David Kim and Derek Chen. It buys and operates apartment communities in the United States.

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LONE OAK APARTMENTS NEAR AUSTIN SOLD TO PASSCO

ROUND ROCK, Texas — Passco Companies, based in Irvine, Calif., has acquired the 304-unit Lone Oak Apartments in Round Rock, Texas, near Austin. The complex, which is 92% leased, was built in 2014.

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THE ALTMAN COMPANIES BREAKS GROUND ON ALTIS LAKELINE

 AUSTINThe Altman Companies, developer of luxury apartment communities, has broken ground on its first development in Austin, the 354-unit Altís Lakeline located at 12700 Ridgeline Blvd.

The development consists of 19 two- and three-story residential buildings. Floorplans include one-, two- and three-bedroom units. The gated community has private entries and attached garages as well as private balconies and patios.

Residents will have a number of amenities, including valet door-to-door trash service, package delivery and virtual concierge services.

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JLL CAPITAL CLOSES SALE OF SILVER ROCK APARTMENTS

 SAN ANTONIOOn behalf of Harbor Group International, JLL’s Capital Markets has announced the sale of Silver Rock Apartments, located on the northwest side of San Antonio. Regional Investment and Management, LLC, purchased the 328-unit Class A, ranch-style apartment community.

Managing Director Scott LaMontagne and Senior Vice President Moses Siller led the JLL team on the transaction.

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MILESTONE ACQUIRES BROADSTONE APARTMENTS FOR $45.1M

LEWISVILLE, Texas – Milestone Apartments Real Estate Investment Trust has entered into an agreement to purchase Broadstone Vista Ridge, a 372-unit, Class A multifamily apartment community in the Lewisville submarket of Dallas, for $45.1 million.

“The acquisition will further expand Milestone’s presence in the Dallas-Fort Worth market,” said CEO Robert Landin.

Built in 2006, Broadstone is about 95% occupied. Rents average about $1,050 a month. The transaction is expected to close by Sept. 30, 2015.

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CANADIAN FIRM MAKES FIRST-TIME APARTMENT BUY IN TEXAS

ARLINGTON, Texas – CBRE Capital Markets’ Investment Properties has sold Runningbrook, a 232-unit multifamily community in the Dallas suburb of Arlington, Texas. Toronto, Canada-based Marlin Spring US Realty purchased the asset from Brookrunner LLC for an undisclosed price. This is the buyer’s first acquisition in the Dallas-Fort Worth area.

Chris Deuillet, first vice president with CBRE in Dallas, represented the seller.

The 185,224-square-foot property at 1519 Runningbrook was built in 1983. The 21-building complex was 96% occupied at the time of closing.

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U.S. APARTMENT RENTS INCREASE AGAIN DURING AUGUST

SANTA BARBARA – Apartment rent growth in the U.S. remained strong in August, according to Matrix Monthly, which reports on U.S. multifamily market trends.  Nationwide, rents rose about $7 to a record high of $1,162, matching the 6.5% year-over-year increase in July, said the publication.

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WOOD PARTNERS BREAKS GROUND FOR PHOENIX MULTIFAMILY

 PHOENIX – Atlanta-based Wood Partners, LLC, has broken ground on Alta Fillmore, a 4.1-acre, 230-unit multifamily community on Fillmore Street in downtown Phoenix. Leasing is projected to begin during the third quarter of 2016, and completion is expected by the first quarter of 2017.

The company currently owns more than 75 properties with a combined total of 21,000 units. 

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 RETAIL/APARTMENT CENTER IN WISCONSIN SELLS FOR $29M

WAUKESHA, Wisc. – Marcus & Millichap has brokered the sale of Mountain Village, a 319-unit, 274,438-square-foot luxury apartment complex/retail center in Waukesha, Wisc. Axiom Properties Inc. of Lincolnshire, Ill., closed the transaction Aug. 31.

The sale price of $29 million breaks out to $90,909 per unit and more than $105 per square foot. Matthew Whiteside, a first vice president of investments in Marcus & Millichap’s Milwaukee office, represented the seller, Waukesha, Wisc.-based Styza Family Limited Partnership, and procured the buyer.

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MULTIFAMILY NOTES FROM REALTY NEWS REPORT

 Jeff McDonough was named president of Stiles Residential Group. Based in Fort Lauderdale, Fla., Stiles operates in the Southeastern U.S.

In Austin, the 704 mixed-use project which wraps around the famous Broken Spoke country and western dance hall has been purchased by CWS Capital Partners of Newport Beach, Calif. Charles Cirar from CBRE represented the seller. The 378-unit project was developed by Denver-based Amstar and Transwestern Development Co. of Houston.

Park West, a 1,300-unit student housing project is being developed at Texas A&M University. The developer is Servitas, LLC and Weitz Co. is design-builder.

The Marcus & Millichap/IPA Dallas-Fort Worth Multifamily Summit will be held Oct. 27. … In other M&M news, Marcus & Millichap just opened a Canadian office in Ottawa.

Olympus Property acquired the 163-unit Elevation project in Chandler, Ariz. Elevation is the first property added to Olympus Property’s fifth fund, WW Olympus Property V, LLC.

The Bascom Group has acquired 52nd Marketplace, a 157-unit multifamily community located in Arvada, Colorado for $21,600,000.

Multifamily News Briefs  from Realty News Report

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