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RNR Apartment Briefs from Around the Nation

Rendering of 28-story Catalyst apartments to be built by Marquette in downtown Houston. Architecture by Ziegler Cooper.

Rendering of 28-story Catalyst apartments to be built by Marquette in downtown Houston. Architecture by Ziegler Cooper.

HOUSTON – Marquette Cos. of Chicago will break ground this week on a 28-story apartment tower in downtown Houston on Texas Avenue between Austin and LaBranch, near the Astros’ Minute Maid Field. The project, called Catalyst, will have 361 units. Hines, Trammell Crow and Finger Cos. – and others – have projects underway in downtown Houston.

RALEIGH — Greystone acquired two apartment communities in Midtown Raleigh, Atlantic Lynn Lake and Atlantic Millbrooke for a total of $18.4 million. The properties, located two and a half miles apart, were purchased from Atlantic Pacific Companies and Greystone Property Management Corporation will manage both communities.

ATLANTA—Wood Partners broke ground on a 369-unit residential and retail development to be named 33 Peachtree. The development located in Midtown Atlanta will cost $100 million to construct and will include both high-rise and mid-rise apartment buildings and 20,000 square feet of first floor retail space. The project is slated for completion by the third quarter of 2016.

OAK PARK—Wood Partners began construction on Lake +Forest, a 21-story, 270-unit community in Oak Park. The development company says construction is expected to be complete by spring of 2016. The project, designed by Gensler, will also include 25,000 square feet of double-high retail/office space and 288 private and 300 public parking spaces. The site is the former city-owned parking structure on Forest Avenue.

LOS ANGELES—USC Casden reports increasing rents as supply for Southern California rental housing outpaces the completion of new units. The 2014 USC Casden Multifamily Forecast notes that during the one-year period, ending in June, apartment vacancies fell in all four Southern California markets. San Diego County had the lowest vacancy rate at 3.2 percent , followed by Los Angeles at 3.3 percent, Orange County at 3.6 percent (a 14 percent decrease), and the Inland Empire, where vacancies fell 30 percent to 3.8 percent.

DENVER— The Bascom Group purchased Skyline View apartments, a 112-unit community located in Aurora, for $8.45 million. This acquisition marks 31 multifamily acquisitions representing 11,744 units since Bascom entered the Colorado market in 2005. Debt financing was provided by One West Bank and arranged by Gary Mozer and Katie Rodd with George Smith Partners, Inc.

ORLANDO—Texas-based Atlas Residential purchased a 1,024-unit multifamily portfolio in Orlando for $150 million. The sale represents the largest apartment transaction in the metro Orlando area in 2014. Alexandria Park Vue, the 672-unit complex, and Crowntree Lakes, the 352-unit community, were the properties included in the sale. CBRE’s Shelton Granade, Robert Given, Luke Wickham, and Justin Basquill exclusively represented the seller in the transaction, Chicago-based Equity Residential

SAN FRANCISCO— TIAA-CREF purchased the Park Lake Apartments, the 184-unit community located in the northeastern San Francisco suburb of Walnut Creek. The property is situated on 10.5 acres and includes 96 one-bedroom and 88 two-bedroom units averaging 876 square feet each. HFF marketed the property on behalf of the seller, San Francisco-based Carmel Partners.

DENVER— Jackson Square Properties acquired Rockledge Bear Valley, the 230-unit apartments, for $26.25 million. The property was 96 percent leased at the time of the sale and includes 10 three-story buildings with one- and two-bedroom units averaging 808 square feet each. HFF represented the seller, a joint venture between ColRich Multifamily and Harbert Management Corporation.

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