RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit community located at 4037 Lamplighter Drive in Richmond. Belmont Hills features one-, two- and three-bedroom units. Amenities include a pool, dog park, fitness center, clubhouse and a business center. A joint venture led by Levco Management acquired the property from Weinstein Properties for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller in the deal. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing …
SPICEWOOD, TEXAS — Wasatch Premier Properties has acquired 58 acres within the Thomas Ranch master-planned community in Spicewood, about 35 miles west of Austin. The new owner plans to develop a 600-unit complex on the parcel of land. The seller was Areté Collective, the master developer of Thomas Ranch. Plans for the project call for 100 townhomes and 500 apartments. Townhome units will come in two- and three-bedroom layouts that range in size from 1,400 to 1,700 square feet. Apartments will come in one-, two- and three-bedroom floor plans ranging …
CHULA VISTA, CALIF. — JLL Capital Markets has arranged the $116 million sale of — and $71.8 million in acquisition financing for — Pulse Millenia, a 273-unit community in the San Diego suburb of Chula Vista. JLL represented the seller, Northwestern Mutual, in the deal. JLL also worked on behalf of the new owner to secure a seven-year, fixed-rate loan through Freddie Mac Multifamily. Built in 2016, Pulse Millenia was the first community to be constructed as part of the $4 billion Millenia, a master planned development in Chula Vista’s …
The average effective rent in the Dallas-Fort Worth apartment market declined by 0.5 percent between the third quarter of 2022 and the third quarter of this year, the first drop in rent since late 2021, according to Newmark. Whether this is a blip on the radar screen or an inflection point remains to be seen. Oversupply is contributing to the drop in rents. Newmark reports that developers opened 25,386 new units in the past 12 months as of the third quarter of 2023, compared with 8,742 units absorbed during the …
HOUSTON — Sueba USA Cos. has opened San Palmas, a four-story community in Houston’s west region. San Palmas is located at 15915 Kingfield Drive. The property offers 370 units in studio to three-bedroom floor plans. Apartments range in size from 480 to 2,196 square feet. Amenities include an athletic club, pickle ball court, dog park, pool, coworking lounge, coffee station, social areas, gated access and a conference center with catering kitchen.
HOUSTON — Sunstone Two Tree has purchased The Villas Del Paseo, a 384-unit asset in Houston, from Comunidad Partners for $28.9 million. Mark Saunders with Newmark represented the seller. The Villas Del Paseo was originally built in 1978. Sunstone Two Tree plans to spend $10.5 million on renovations to the community. The new owner will update all units with new flooring, lighting fixtures and cabinetry, as well as hard-surface counters and stainless steel appliances. Exterior renovations will include new paint, a full roof replacement, improved landscaping and signage, additional exterior …
ALLENDALE, N.J. — The Hampshire Cos. has opened The Vale in Allendale, about 30 miles north of New York City. The community features 70 apartments in one- and two-bedroom floor plans. Of the total unit count, six units are set aside as affordable housing. Three units are designated for first responders. Amenities include a 9,460-square-foot courtyard, clubroom, storage, lounge and gym. The project was designed by DMR Architects.
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit property in Chicago’s River West neighborhood. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee represented the seller, an institutional investor, in the deal. The buyer was a Chicago-based company. Mondial River West was built in 2009 and rises 15 stories. The building is located at 910 West Huron Street and is in proximity to downtown Chicago’s core employment hubs, including Fulton Market, West Loop, Loop, River North and Goose Island.
ST. PAUL, MINN. — JLL has negotiated the sale of and acquisition financing for The Cosmopolitan Apartments, a 258-unit community located in St. Paul’s historic Lowertown neighborhood. Bigos Management acquired the property from AEW Capital Management for an undisclosed price. JLL represented the seller in the deal. Will Tansey of Felhaber Larson law firm represented the buyer. The Cosmopolitan Apartments was originally constructed as the Finch, Van Slyck and McConville Dry Goods Company building in 1911. The building was converted into apartments in 1989, and has since undergone $8 million …
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 237-unit property located at 1500 Noble Ave. in The Bronx. The asset traded hands for $26 million. Neither the buyer nor the seller was disclosed. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Gabriel Elyaszadeh of Ariel represented the seller in the deal. The building rises 17 stories on a five-acre site, and features a unit mix of 50 one-bedrooms, 136 two-bedrooms and 51 three-bedrooms.