Author

Channing Hamilton

A 3D render of Eastrail Flats, a modern rustic style multifamily building.
DevelopmentFinanceNewsWashingtonWestern

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

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MidwestNewsOhioPeople News

Coastal Ridge Hires Mark Yale as Chief Financial Officer

by Channing Hamilton

COLUMBUS, OHIO — Coastal Ridge Real Estate has appointed Mark Yale as chief financial officer (CFO). Yale will work at Coastal Ridge’s headquarters in Columbus and will be responsible for guiding the overall financial performance of the company. Yale previously served as Washington Prime Group’s Executive Vice President and CFO. In this role, he was responsible for financial management and oversaw accounting, finance, investor relations, treasury, tax and information services. Yale additionally served as the CFO of Glimcher Realty Trust prior to its acquisition by Washington Prime Group in 2015.

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Villa Gardens, a collection of grey two-story buildings with blue doors.
Investment SalesNewsTexas

KeyCity Capital Acquires Villa Gardens in Metro Dallas

by Channing Hamilton

FARMERS BRANCH, TEXAS — KeyCity Capital has acquired Villa Gardens, a 142-unit complex in the northern Dallas suburb of Farmers Branch, from Catalyst Equity. According to Apartments.com, Villa Gardens was built in 1969 and offers studio, one-, two- and three-bedroom apartments. KeyCity Capital assumed a five-year, four percent fixed-rate Fannie Mac loan, and plans to renovate units as they turn over. Greysteel’s Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren arranged the transaction on behalf of the buyer and seller.

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Cedar Broad Apartments, a brick multifamily building in Richmond, Virginia.
FloridaInvestment SalesNewsSoutheastVirginia

Bonaventure Acquires Three Properties in Virginia and Florida

by Channing Hamilton

ALEXANDRIA, VA. — Alexandria-based Bonaventure has acquired three properties in Virginia and Florida through an affiliated private REIT. Bonaventure purchased each property in a separate UPREIT transaction. Built in 2011, Cedar Broad Apartments comprises 204 units across four stories in Richmond, Virginia. Constructed in 2015, East Beach Marina Apartments is a 137-unit waterfront community in Norfolk, Virginia. Shadetree Apartments was built in 2009 and is a 260-unit garden-style property in Ruskin, Florida, which is a southern suburb of Tampa, Florida. The sellers of the assets were not disclosed.

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A 3D render of Altra Kendall, a white multifamily community behind a pond with a fountain.
Company NewsFloridaGeorgiaNewsOperationsSoutheast

Altman, RAM Partners Form Property Management Partnership

by Channing Hamilton

FORT LAUDERDALE, FLA. — Altman Management Co. (AMC), a subsidiary of Fort Lauderdale-based The Altman Cos., has formed a partnership with RAM Partners. RAM Partners is a full-service third-party residential property management company based in Atlanta. RAM Partners will provide support to AMC’s property marketing, training, business systems and revenue management teams, as well as the firm’s ancillary services department. AMC will continue to handle resident-facing functions such as leasing and property management. AMC currently manages more than 27,000 units across 105 communities.

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Orchard at Hilltop, a three-building multifamily building atop a hill.
FeaturesOperationsSoutheastVirginia

NAA Survey Respondents Overwhelmingly Say Rent Control Policies Affect Investment, Development Plans

by Channing Hamilton

ARLINGTON, VA. — More than 70 percent of housing providers say that rent control policies impact their investment and development plans, according to a newly released survey from the National Apartment Association (NAA). In addition, two-thirds of respondents say they would not consider investing in markets with strict rent control policies. The survey — which examined the consequences of rent control policies in cities across America — was conducted by NDP Analytics and commissioned by NAA. From December 2022 to February 2023, NDP conducted 24 interviews with housing providers and developers …

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The Independent, a brown and white multifamily building with green assets.
CaliforniaInvestment SalesNewsWestern

DiversyFund Purchases The Independent in Sand City, California for $20 Million

by Channing Hamilton

SAND CITY, CALIF. — San Diego-based DiversyFund has purchased The Independent in Sand City, which is just outside of Monterey, California, from an undisclosed seller. Cushman & Wakefield’s Northern California Multifamily Advisory Group brokered the $20 million deal. The Independent was built in 2008 and renovated in 2014 to convert office space on the second floor into additional apartments. The property now offers 61 units and 11,000 square feet of vacant commercial space. Amenities include a courtyard, garage parking and carports.

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A 3D render of Three Light, an urban contemporary style high-rise building.
Affordable HousingDevelopmentMidwestMissouriNews

The Cordish Cos. Tops Out $140 Million Three Light Luxury Apartments in Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — The Cordish Cos., along with JE Dunn Construction Co., has placed the final support beam in the Three Light Luxury Apartments development, a $140 million complex in Kansas City’s Power & Light District. The building rises 25 stories with 288 units. Twenty percent of units are already leased. Three Light offers a seven-story parking garage with 472 spaces, as well as 7,600 square feet of ground level retail space. Twenty percent of units will be set aside for residents earning at or below 80 percent of …

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Investment SalesNewsTexas

Newmark Arranges San Antonio Value-Add Transaction

by Channing Hamilton

SAN ANTONIO — The Bascom Group has sold The Redland in the North Central area of San Antonio to Ilan Investments. Newmark brokered the sale, with Patton Jones, Matt Michelson and Andrew Dickson representing the seller. The Redland was built in 2007 and includes 276 units in one-, two- and three-bedroom floor plans that average 1,004 square feet. Amenities include a clubhouse, a fitness center, resort-style pool and two dog parks. The Redland was 93 percent occupied at the time of sale. Houston-based Ilan Investments has been focused on a …

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A 3D render of The Garrison, a blue multifamily building with brown accents.
ColoradoDevelopmentNewsWestern

Thompson Thrift Will Deliver Colorado Springs Project in 2024

by Channing Hamilton

FOUNTAIN, COLO. — Thompson Thrift will develop The Garrison, a garden-style community in the southern Colorado Springs suburb of Fountain. The development will consist of 336 units across 10 three-story buildings on a 22-acre site. The Garrison offers one-, two- and three-bedroom floor plans, up to 1,369 square feet, with features such as Alexa-compatible smart hubs and property-wide Wi-Fi. Amenities include a clubhouse, resort-style pool, 24-hour fitness center, a community grilling area and a dog park. The Garrison is expected to open in late 2024. Thompson Thrift has built or …

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