Apartment Choice

VININGS, GA --(Marketwired - June 17, 2016) - Toronto- based Sutter Hill Acquisition Corporation has acquired The District at Vinings Apartments in Metro Atlanta for $68.75 million. Sutter Hill intends to spend up to $7 million renovating the 464- unit multifamily community , which is located on almost 38 acres in the heart of the Vinings area. The transaction closed June 16 , 2016. The District at Vinings Apartments is located at 2800 Paces Ferry Rd S.E., Atlanta, 30339, less than three miles from SunTrust Park -- the new stadium for Atlanta's Major League Baseball team , the Braves -- and The Battery Atlanta, which is expected to be one of the nation's top sports, shopping and entertainment venues. The apartments are also near Home Depot headquarters , the Cobb Energy Performing Arts Center , the Cobb Galleria and quaint Vinings Village . "This is a dominant asset in a dominant location," said Sutter Hill Acquisition President and CEO Karim Kanji . "It also ...

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...

MCKINNEY, TX - MIG Real Estate , a Newport Beach, California- based real estate investment company , has completed the acquisition of Regency at Stonebridge Ranch , a 301- unit luxury townhome apartment community in McKinney, Texas." MIG Real Estate recognized Regency at Stonebridge Ranch as an exciting opportunity to invest in a market with strong population and job growth," said Greg Merage, CEO of MIG Real Estate . "Regency at Stonebridge Ranch offers a unique package of luxury amenities and value-add potential through interior upgrades in an area where multifamily housing is in high demand." Regency at Stonebridge Ranch is located at 2305 S. Custer Rd. within the larger Stonebridge Ranch master - planned community in the Dallas, Texas suburb of McKinney. Situated six miles east of McKinney's historic downtown, residents have access to shops, restaurants and the McKinney Performing Arts Center . The community's location offers proximity to near...

NEW YORK, Aug. 21, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company, announced it has provided $37,368,000 in HUD-insured financing for The Verandas Apartment Homes . The transaction was originated by Lori DiMartino, a Vice President in Greystone’s New York office. Owned by Legacy Partners since 2007, The Verandas is a 209- unit multifamily community located in West Covina, CA. The refinance enables Legacy Partners to complete substantial property renovations to most interiors and exterior amenity areas , including complete clubhouse upgrade as well as the pool, BBQ and dining spaces, and dog park. “Legacy’s ability to finance renovation funds based on future rents is one of the true benefits of this HUD refinance product , aside from the advantages of a low fixed rate , non-recourse, and 35-year term,” said Ms. DiMartino.    “We are thrilled to have refinanced this property, as the rehabilitation and resident experience is a top priori...

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...

Alston Arms Apartments in North Charleston, S.C., includes 160 two-bedroom units and is situated on 8.7 acres." /> Alston Arms Apartments in North Charleston , S.C., includes 160 two-bedroom units and is situated on 8.7 acres. NORTH CHARLESTON , S.C. — Greenville, S.C.- based SVN Blackstream has brokered the $12.1 million sale of Alston Arms Apartments , a 160- unit multifamily community in North Charleston . Joey Weinel, Jonathan Kessler and Keith Nelson of SVN Blackstream negotiated the transaction on behalf of the seller. The buyer was not disclosed. Constructed in 2007, the property comprises two-bedroom units and is situated on 8.7 acres. Tagged sales_and_leases

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...

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 ,...

RICHMOND, Va.--( BUSINESS WIRE )-- Landmark Apartment Trust , Inc. (“Landmark” or the “Company”), a multifamily real estate investment trust with assets located in select metropolitan areas throughout the Southern United States , announced today that it has entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which it will be acquired by Monument Partners, L.L.C. (“Monument”), an entity owned by affiliates of Starwood Capital Group and Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) (“Milestone”), in an all- cash transaction valued at approximately $1.9 billion, including the assumption of existing debt. Upon completion of the transaction, Landmark will become a privately held company. Pursuant to the terms of the Merger Agreement, Monument will acquire all of the outstanding common stock of Landmark and all of the outstanding common units of Landmark’s operating partnership, Landmark Apartment Trust Holdings, LP, for $8.17 per share or...

PHOENIX, AZ - Colliers International in Greater Phoenix negotiated the sale of The Park at Deer Valley apartments at 17425 N. 19th Ave., in Phoenix, for $33 million or $75,688 per unit. Executive Vice Presidents Bill Hahn , Jeff Sherman and Trevor Koskovich with Colliers’ Phoenix office represented both the buyer and seller. The seller was Bruckal Properties, Inc., of Kelowna, British Columbia, Canada. The buyer was a private investor, Billah Khan of Phoenix. Financing was arranged through Walker & Dunlop in Phoenix.Khan added The Park at Deer Valley to his portfolio of Phoenix-area assets, which includes Acacia Pointe in Glendale and Marble Creek in Phoenix. Plans call for continuing interior and exterior upgrades started by the seller, who completed more than $3 million in renovations. “This transaction is a prime example of how the combination of off-shore equity and low interest rates create strong financial returns for the buyer,” said Hahn. “Returns will continue to gro...

Ann Arbor-based real estate firm McKinley Inc . recently added another apartment complex to its extensive portfolio: Ironwood Place Apartments on Leslie Circle in Ann Arbor. McKinley purchased the 100-unit complex -- which is located off Huron Parkway on the city’s north side -- and now plans to integrate it with the neighboring 210-unit Traver Ridge Apartments . Among the plans: Operate both complexes under the Traver Ridge name, integrate the communities via walking trails and serve the residents of both complexes out of the Ironwood community center . McKinley Inc. is the new owner of Ironwood Place Apartments in Ann Arbor. Photo from mynewplace.com Both complexes have one-, two- and three- bedroom units. Rent ranges from $899 per month for a one-bedroom to $1,470 per month for a three-bedroom. McKinley CEO Albert Berriz said the occupancy levels at Ironwood are already “very strong” at upwards of 90 percent. He said because the complex is less than 10 years old, McKinley won’...

LAKE BLUFF, IL— Steadfast Income REIT Inc. announced Friday that it has purchased the 224- unit Deer Valley Apartments here for $28.6 million. The complex was built in 1991 and has average in-place rents of $1,179 per month, according to Steadfast. The garden- style community consists of 13 two- and three-story buildings and offers a mix of one- and two- bedroom apartments . About 70 percent of the units have been already renovated, and Steadfast plans to upgrade the remaining units when turning the units between residents. Amenities at each apartment include a stackable washer/dryer, secured intercom entry , large closets and private balconies or patios. Residents can also enjoy a renovated clubhouse and fitness center, pool with sundeck, business center and a picnic and barbeque area. This is the fourth property the REIT has purchased in Illinois. In 2010, it acquired Lincoln Towers in Springfield, and in 2012 it added The Moorings and Arr...

The Sierra Ridge Apartments , a 180-unit complex, in Clovis has sold to a local investor for $18.3 million. The seller was Sun Valley Pacific (Clovis) LLC of Tokyo, Japan, according to Berkadia, a commercial real estate company with an office in Fresno. Robin Kane, senior vice president , and Gordon Larkin, senior associates, negotiated the sale in February. The apartment complex was built in 1991 at 100 Fowler Avenue, just south of Tollhouse Road. The development has one-, two-, and three- bedroom floor plans with full kitchens, fireplaces, vaulted ceilings, washer and dryer hookups and garages. Community areas include a swimming pool, spa, fitness center, playground and controlled-access gates. “The multifamily market,” Kane said “is surging right now in California, which we believe will continue for the remainder of 2015.”