CHARLOTTE, N.C. — Vertex Investments has acquired Flats at 87Ten, a 96-unit property in Charlotte’s University City neighborhood, from Lucern Capital Partners for $9.7 million. Northmarq’s Ron Corrao, Eric Liebich, Matt Weinstein and Dane Lozier arranged the sale, representing the seller in the deal. The asset was originally developed in 2000 as a TownePlace Suites extended stay hotel and was redeveloped, by Lucern, as multifamily in 2023.
RANDOLPH, N.J. — Woodmont Properties and Canoe Brook Development have launched leasing for WoodBrook at Randolph, a 199-unit community in Randolph, 40 miles west of Manhattan. The codevelopers broke ground in March 2024. WoodBrook at Randolph consists of a four-story, mid-rise building that houses 97 traditional units. The remaining residences are in townhome-style buildings. Amenities include coworking spaces, a resort-style pool, a game den with a sports simulator and a fitness center and yoga room.
LAKELAND, FLA. — TrimCor has sold Bridgewater Grand, a 300-unit property in Lakeland, to Hamilton Point Investments for an undisclosed amount. Managing Director David Etchison, Senior Managing Directors Cole Whitaker and Jason Stanton and Director Mary Beale of Berkadia Central & North Florida led the transaction on behalf of the seller. The property was 95 percent occupied on July 10, the date of the sale. Lakeland is located midway between Tampa and Orlando. Bridgewater Grand was developed in 2020 and is a three-story, garden-style community on 31 acres overlooking a …
OAKWOOD, GA. — Joint venture partners RSN Property Group and Monday Properties have acquired Audubon Crest, a 126-unit, garden-style community in Oakwood, 50 miles northeast of Atlanta. The new owners have rebranded the asset Alessia Gardens and are planning unit upgrades. The deal marks the partnership’s fourth acquisition in the past eight months. Amenities at the property include a pool, a dog park, green space and a car-washing station.
SAN ANTONIO — Platte Canyon Capital (PCC), in partnership with an unnamed Los Angeles-based institutional real estate investment manager, has acquired Allure Apartments in an off-market transaction. The 268-unit community in San Antonio was developed in phases on 11.5 acres, with the first 116 units constructed in 1984 and another 152 delivered in 2017. The property is in the Westover Hills submarket and includes one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, clubhouse, playground and grilling areas. PCC is planning a $4.7 million capital improvement program …
PHOENIX — NexMetro has opened Avilla Vista Norte in Phoenix. The 191-unit build-to-rent community is NexMetro’s 22nd development in metro Phoenix, with four additional projects currently under construction in the area. Avilla Vista Norte offers one-, two- and three-bedroom detached, single-level homes with private backyards and front porches. Amenities at the gated community include storage units, covered parking areas, an electric-vehicle charging station, a resort-style pool and spa, outdoor kitchen and lounge areas, a dog park and dog-washing station, walking paths and open spaces. The community does not place breed …
By Brandi Campbell Wood Forward-thinking multifamily developers are rediscovering a housing type that predates modern zoning: accessory dwelling units (ADUs). An ADU is defined as a smaller, independent residential unit located on the same lot as a detached single-family home, according to the American Planning Association, a nonprofit organization that supports the field of urban and regional planning. What was once commonplace in early 20th-century developments — garden cottages, cluster housing and secondary units within larger properties — is experiencing a renaissance driven by new policy opportunities and compelling financial …
MINNEAPOLIS — Waterton has acquired 365 Nicollet, a 370-unit, 30-story property in Minneapolis from joint venture owners Opus Development Co. and Corebridge Real Estate Investors. The sales price was $111.5 million, according to the Minneapolis/St. Paul Business Journal. Constructed, designed and developed by Opus in 2018, 365 Nicollet’s unit mix includes studios and one-, two- and three-bedroom apartments as well as 50 penthouse units with a higher-end appliance package and hardwood floors. Amenities at 365 Nicollet include a fitness center and yoga studio, a sauna, an outdoor pool with a …
WHEATON, Ill. — Banner Real Estate Group has secured $124 million in debt and equity and broken ground on The Faywell in Wheaton, 30 miles west of Chicago. The financing includes an $84 million construction loan from PNC Bank and approximately $40 million in joint venture equity, according to Crain’s Chicago Business. The 2.6-acre development site is an assemblage of 13 parcels and involved seven separate sellers. The deal took about five years to put together. The site is adjacent to the Metra Union Pacific West station with service to downtown …
EL PASO, TEXAS, AND ATLANTA — Hunt Cos. Inc., an El Paso-based holding company with a focus on real estate, infrastructure and financial services, has acquired a majority stake in Carter, an Atlanta-based real estate investment and development firm. The companies have partnered on past development projects, including Prospect Lake Wire, a mixed-use development completed in 2024 in Lakeland, Florida, and The DeSOTA, an apartment community in Sarasota, Florida, completed in 2018. With this change, Bob Peterson, long-time chief executive officer and chairman of Carter, has announced his retirement. Following …
