Apartment Choice

The Crest at Sugarloaf, Lawrenceville, Ga. PPD Holdings Investment Group refinanced loans for two of its multifamily properties in Greater Atlanta. The company also received preliminary loan approval for the construction of two apartment communities in southwest Florida. The credit facilities total $111 million. A $28 million loan on The Crest at Sugarloaf, a 540-unit property in Lawrenceville, Ga., was originated by The Guardian Life Insurance Co. Another $19 million loan were obtained from PPM America for The Crest at Berkeley Lake, a 382- unit apartment community in Duluth, Ga. PPD Holdings is in the process of refinancing The Crest at Laurel Canyon, a 350-unit in Canton, Ga. Pending construction loans A $34 million HUD 221(d)(4) loan for the construction of a 200-unit, Class A apartment community in Naples, Fla., is pending approval . The development will be named The Crest at Naples. PPD also anticipates finalizing construction financing for a 264-unit community in Bonita Spr...

SAN CLEMENTE, Calif. – National Community Renaissance , one of the nation’s largest nonprofit community builders, and the City of San Clemente hosted a Grand Opening of the highly anticipated Las Palmas Village Apartments on Wednesday, March 2. Las Palmas provides 18 units of much- needed workforce housing for very low-income families in south Orange County . Located near San Clemente’s historic downtown, the community matches the city’s “ Spanish Village by the Sea” design style and will feature an onsite community resource center with computer stations, private underground parking , an outdoor courtyard garden area and private patios and balconies in select units. A 19th unit will be for the on-site manager. The community also will feature on-site economic mobility assistance through the Hope through Housing Foundation. “Las Palmas exemplifies a successful partnership with National Community Renaissance and others,” said Mayor Bob Baker . “I am proud that the City of San Clem...

TH Real Estate, a subsidiary of TIAA, purchased The Atlantic at East Delray, a 228- unit community in Delray Beach, Fla. PS Vinings Owner LLC , a partnership between Pollack Shores and an affiliate of Heitman LLC, sold the property. According to the Daily Business Review , the asset traded for $54.3 million. Executive Managing Directors Avery Klann and Hampton Beebe, Director Jonathan Senn , Transaction Manager Matthew Scarola and Vice Chairmen Dick Donnellan and Marc deBaptiste, all from ARA Newmark, represented the sellers in the transaction. Located at 650 Lavers Circle, the Southeast Florida community is just east of Interstate 95 and close to retail options, the beach and the primary entertainment strip in Delray Beach, Atlantic Avenue. The property’s location provides access to major employment centers in both West Palm Beach and Boca Raton. Featuring luxury one-, two- and three- bedroom apartments , the 1996- built property includes various amenities, such as: A sand vo...

LEWISTON — The city is seeking a large federal grant that would address housing and other issues in the poorest areas of downtown Lewiston , and neighborhood advocates say the funds could go a long way toward implementing goals they've had for years.  If successful in its bid, Lewiston could receive $1.3 million from the U.S. Department of Housing & Urban Development and what's known as a  Choice Neighborhood Planning and Action Grant. The city council approved the application last week, and will commit $237,500 in local Community Development Block Grant funds during implementation if the grant is successful.  The city hopes the funding can lead to long-term changes in the downtown neighborhood , where nearly half of residents live below the federal poverty level . According to 2015 census figures, the median family incomes in downtown census tracts 201 and 203, are $12,417 and $16,047, respectively.  The main purpose of the funds is to plan and execute major housing...

Aug. 23--DANBURY -- A high- profile apartment complex has hit the market in the city, just as another apartment community with a large price tag has been sold. 1 Kennedy Flats, a 374-unit complex in downtown Danbury built in 2016, is on the market for an undisclosed price, according to the real estate website LoopNet .com. Real estate firm CBRE is the exclusive adviser in the sale, according to the website. An official with Greystar, the owner and developer of 1 Kennedy Flats, confirmed the news and said putting the complex on the market shortly after building it was part of the business plan. "It depends on the capital partner, but often times that's how we develop," Daniel Lee, Greystar's senior director of development for New England said. "It turned out great. It's a beautiful property and people really enjoy living there. I think it's a good addition to Main Street and we're very happy with the results." The news of Kennedy Flats bein...

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New York- based Somerset Partners LLC has purchased Dogwood Creek , a 278- unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC , a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York- based DRA Advisors LLC , sold the community at a rate of $93,525 per unit—translating to a grand total of $26 million, reports the Memphis Business Journal . Built in 1997, the Class A garden style apartment complex had a 97 percent occupancy at the time of purchase and consists of one-, two- and three-bedroom units with an average surface area of 985 square feet. The property will undergo a value- add interior renovation led by Somerset Partners . Somerset Partners is a private investment firm with a portfolio of both commercial and multifamily properties and investments of over $1.6 billion since 2000. Seller G & I V Dogwood Creek was represented by the Memphis division of CBRE. In other multifamily news, Hunter...

Full Circle Communities is bringing much- needed affordable senior housing to Richmond, Ill. Creekview Apartments, a 25-unit community, opened its doors to low-income seniors 55 and older. Novak Construction served as the general contractor of the $ 6 million project . Located at 5615 Liberty St., the new 22,000-square- foot community features one- and two-bedroom apartments for $866 and $1,039, respectively. Property amenities include a computer lab, library, community room and an on- site property management office . Full Circle Communities also provides concierge amenities, including transportation services , case management , medical screenings and health and fitness resources. A natural wetlands buffer and generous landscaping with walking trails provide for an environmentally-friendly outdoor setting ENERGY STAR Certification The three-story facility is ENERGY STAR Certified and features include high -efficiency heating, cooling and ventilation systems , comprehensive wat...

Shares 355 By Amy Wenk and Maria Saporta As published in the Atlanta Business Chronicle on August 4, 2017 An Atlanta developer is planning an innovative co-working space along one of Atlanta’s most historic streets — a project that’s already lured high- profile investors including top Home Depot executives . Historic preservation developer Gene Kansas in front of the 135 Auburn Ave. building, which he and a group of investors have acquired to turn into a “Constellations” project on the second floor (Photo by Maria Saporta) Gene Kansas Commercial Real Estate plans to open Constellations, a $2 million project that will offer “culturally-inspired” workspace with the hope of bringing together great minds who care about making a difference in the city. It’s coming to the second floor of the circa-1910 former Southern School Book Depository at 135 Auburn Ave., a building that was designed by famed Atlanta architect Neel Reid . Constellations will replace the Southern Education Foundati...

DALLAS, TX - Pinnacle, one of the nation's leading multifamily management firms , announced today it has been awarded the management of Towns of Riverside, a 436- unit apartment community in Grand Prairie, Texas. Centrally located at 2803 Riverside Parkway, the property is set along the Highway 360 corridor between Riverside Golf Club and Great Southwest Industrial Park . The Class A community has convenient access to the Dallas/Fort Worth metropolitan area via major traffic arteries and is within minutes of a dense employment hub , DFW International Airport , the University of Texas at Arlington and world-class shopping, entertainment and healthcare."Pinnacle, in conjunction with ownership, is highly focused on elevating the resident experience at this community by making interior and exterior property upgrades to align this asset at the top of its submarket," explains Regional Vice President Toni Rials . "Post renovation, residents will enjoy updated kitchens ,...

Oxford at Sonterra Apartments in San Antonio, Texas offers spacious one, two, and three bedroom apartment homes . Located in the beautiful Stone Oak area , our apartment community is right off Loop 1604 with easy access to great shopping, dining, and entertainment. In our community, you will discover endless convenience , superior location, and modern style. With an impressive selection of ten unique floor plans , our apartment homes include highly -appointed amenities such as expansive, oval garden tubs , black kitchen appliances , and large walk-in closets. Our resort- style community amenities that will help you relax and re-energize. Take a dip in our Mediterranean-style pool, squeeze in a workout in our fully equipped fitness center , or enjoy the lush scenery of our golf course views. Comfort, tranquility, and convenience are all awaiting you at Oxford at Sonterra Apartments. Community Amenities Fully-Equipped Business Center Conference Room...

Autumn Creek Apartments in East Amherst has been sold for $15.5 million to a group of investors who own other luxury apartment complexes in the region. The investors acquired the 228-unit community on North French Road , west of Transit Road. It was sold by an affiliate of Legacy Development, which developed the property several years ago. The buyers also own Windsong Place Apartments in Amherst, Renaissance Place Apartments in Amherst, Green Lake Apartments in Orchard Park and StoneGate of Clarence, a senior community. Autumn Creek Apartments consists of 48 one- bedroom apartments and 180 two- bedroom apartments . Bruce Wisbaum, a local developer who is among the investors who make up Autumn Creek Apartments LLC , said he was drawn by the property's large units, its buildings' layout and its location in a growing area that includes CrossPoint Business Park . "It's a very competitive environment to try to acquire apartments ," he said. The new owners are ma...

Largest Luxury Apartment Community Opens with City's Top Technology and Ultra-Premium Amenities" src="https://mma.prnewswire.com/media/546197/Country_Club_Towers_II_and_III.jpg" width="300" height="300" style="border: 0px;" /> DENVER , Aug. 17, 2017 /PRNewswire/ Country Club Towers II & III, a Broe Group development ,opened today to its first residents, bringing a million square feet of premier luxury living to Denver . The iconic two-building structure, located at Bayaud and Downing, is five minutes from everywhere, surrounded by Denver's Wash Park, the Cherry Creek neighborhood , downtown Denver and Country Club. "With Denver area housing inventory at record lows, consumers are choosing the benefits of luxury apartment communities without the commitments and risks of home ownership ," said Walter Armer , vice president of development for the Broe Real Estate Group . " Country Club Towers II & II...

Developers want to build apartments on a vacant plot of land off Ann Arbor-Saline Road, which was once planned to be a motel and restaurant building. Lizzy Alfs | AnnArbor.com Pittsfield Township Planning Commission will consider plans Thursday night for a proposed apartment complex behind the Oak Valley Centre on Ann Arbor-Saline Road. The Oak Valley Apartments project — proposed for a vacant piece of land behind the northern portion of the shopping center anchored by Target — calls to construct 16 buildings with 192 total apartment units . The plans were submitted to the township in late 2012 by a group of business partners who also own the northern section of the shopping center. Planning Commission considered the plans in March and asked the developers to make several changes, including reorienting two buildings on the site to better protect a wetland. A concept image for the proposed Oak Valley Apartments on Ann Arbor-Saline Road. Alexander V. Bogaerts & Associates Th...

SAN FRANCISCO, CA - Calvera Partners , a California- based private real estate investment firm , sold pksl (pronounced “pixel”), a 37- unit apartment building located at 1090 Sunnyvale Saratoga Rd. in Sunnyvale, CA, for $15.7 million ($424,000 per unit), an 89% increase over the building’s acquisition price of $8.325 million in January 2014.Home base to the original tech darlings Atari , AMD and Yahoo, the pksl project was the transformation of a 1960s- era apartment complex , formerly known as Crestview Terrace. With a mission to reposition underperforming properties with creative and authentic brands, high value tenant amenities, and modern design, pksl underwent a major transformation. “This community underwent the most significant physical change of any property we’ve owned,” said David Saxe, managing principal at Calvera Partners . “It was in disrepair when we took ownership and needed a major renovation and image upgrade. We spent more than $2.5 million renovating t...