Author

Channing Hamilton

Town Hall Terrace, a brick federal-style multifamily property.
Investment SalesNew YorkNewsNortheastSeniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

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The Atlee, a multifamily building around a pool.
Investment SalesNewsTexas

Brixton Capital Acquires The Atlee in San Antonio

by Channing Hamilton

OLMOS PARK, TEXAS — Brixton Capital has acquired The Atlee, a 144-unit community in San Antonio suburb of Olmos Park. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. The community is 97 percent leased and is managed by San Antonio-based United Apartment Group. The Atlee offers one-, two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, dog park and a courtyard. Brixton plans to renovate the clubhouse and leasing office, the dog park, the courtyard and the pool area. …

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Build-to-RentFloridaInvestment SalesNewsSoutheast

Resibuilt Acquires 190-Unit BTR Development Site Near Tampa

by Channing Hamilton

WESLEY CHAPEL, FLA. — Resibuilt has acquired GroveParc Townhomes, a 48-acre development site in the northeast Tampa suburb of Wesley Chapel. Max La Cava, Zach Nolan and Manny de Zarraga of JLL Capital Markets represented the seller, an investment group from south Florida called Blue Pointe Builders. Resibuilt will build a 190-unit BTR community called GroveParc Townhomes, which will offer three- and four-bedroom townhomes with garages. GroveParc Townhomes is expected to be completed in January 2025.

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The development site for Pinnacle at Tropical Pointe.
Affordable HousingDevelopmentFloridaNewsSoutheast

Pinnacle Secures $72.3 Million in Financing for Pinnacle at Tropical Pointe Near Miami

by Channing Hamilton

PRINCETON, FLA. — Pinnacle has secured $72.3 million in financing for the construction of Pinnacle at Tropical Pointe in the southern Miami suburb of Princeton. The Florida Housing Finance Corp., Miami-Dade County Surtax and HOME provided a blend of low-income housing tax credits to the development. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity. Citibank provided a permanent loan of $20 million. According to Pinnacle, Miami-Dade County also allocated $1 million to the project to mitigate rising construction costs. Pinnacle at Tropical …

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A 3D render of Atlantic at Alamo, a cream and brown multifamily complex.
DevelopmentInvestment SalesMarket ReportsTexas

Investors Bank on San Antonio’s Economic Growth 

by Channing Hamilton

A global recession may come to define 2023, but in San Antonio, investors are still bullish — provided they’re ready to play the long game. The region’s economic growth prospects, they say, inspire confidence the market will make it to the other side of 2023 with the rising rents and property values investors have come to know and love still intact. San Antonio is a young city with a budding job market and rapidly rising population. These favorable characteristics are spurring demand for apartments in the metro, which is touted …

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Scout off Sunset, a Spanish colonial-style multifamily building in Hollywood.
CaliforniaInvestment SalesNewsWestern

Phoenix Group Acquires Scout Off Sunset in Hollywood

by Channing Hamilton

LOS ANGELES — London-based Phoenix Group has acquired Scout off Sunset, a 136-unit property in the central Los Angeles neighborhood of Hollywood. Built in 1989, Scout off Sunset rises three stories and offers amenities such as a swimming pool, fitness center, laundry facilities and two levels of underground parking. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, an undisclosed institutional asset manager, and procured the buyer.

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City Line Apartments, a half-brick half-siding multifamily community.
Investment SalesNewsSoutheastVirginia

Community Preservation Partners Purchases City Line Apartments in Newport News, Virginia, for $30.1 Million

by Channing Hamilton

NEWPORT NEWS, VA. — Community Preservation Partners (CPP) has purchased City Line Apartments for $30.1 million. City Line Apartments is a 200-unit affordable community in Newport News, which is 20 miles northwest of Norfolk, Virginia.  CPP plans to invest $11 million in renovations to the property, including a new roof and the addition of a computer room, library, playground, fitness center, BBQ area and community garden. Units will receive updated appliances, vinyl plank flooring and HVAC units. Construction is expected to be completed by the end of 2023. Paragon Construction …

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Spring Apartments, a white apartment complex with green and red accents around a pool.
ArizonaInvestment SalesNewsWestern

Rise48 Equity Acquires Spring Apartments in Phoenix For $42 Million

by Channing Hamilton

PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans.  Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint …

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A white single-family home with black accents.
Build-to-RentIndustry VoicesMidwestNortheastSoutheastTexasWestern

Why Build-to-Rent is a Win-Win Situation for Renters, Investors

by Channing Hamilton

— By Adam Wolfson, CEO and CIO, Wolfson Development Co. — The nation’s decades-long housing shortage and the recent rise of the build-to-rent (BTR) sector are inextricably linked. Although some may debate that one is caused by the other — or at least made worse —  the important point is that the BTR industry was born out of the housing crisis. The socioeconomic implication of homebuying versus renting may inspire an interesting debate, but it’s not germane to the essential fact that the United States does not have enough housing to …

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A 3D render of the Quill by Alta, a multifamily complex in Baltimore.
DevelopmentMarylandNewsNortheast

Wood Partners Breaks Ground On The Quill by Alta in Baltimore

by Channing Hamilton

BALTIMORE — Atlanta-based developer Wood Partners has broken ground on The Quill by Alta, a 270-unit community in Baltimore’s Federal Hill district. The Quill by Alta will offer studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a tanning deck, an outdoor entertainment area, a gaming area, a dog park and a rooftop lounge. The development serves as phase two of Wood Partners’ Alta Federal Hill project, which was built in 2021. The Quill by Alta will open next year, with preleasing slated for the first half …

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