CHARLOTTE, N.C. — Lucern Capital Partners has sold Thompson Place Apartments in Charlotte for $8.35 million. The buyer was not disclosed. According to Apartments.com, the property was built in 1998. Units come in one-, two-, three- and four-bedroom floor plans. Amenities include a playground, pet play area and picnic spaces. Lucern Capital Partners previously acquired Thompson Place Apartments from a long-term family ownership group. The company executed a value-add plan for the community during its hold period.
AUSTIN, TEXAS — Draper and Kramer Inc. has acquired Griffis at Riata, a 307-unit property located in Austin’s tech district. Griffis at Riata was built in 2017 on a 16.9-acre site adjacent to Apple’s Austin corporate campus on Parmer Lane. The community comprises 195 one-bedroom and 112 two-bedroom apartments across 17 buildings. Amenities include co-working spaces, a resident lounge, two fitness centers, a pet spa and dog park. At the time of purchase, the property was 95 percent leased. Draper and Kramer will rebrand the community as “DK Riata.”
DULUTH, MINN. — JLL Capital Markets has arranged the $8.5 million sale of Canal Park Square, a historic mixed-use redevelopment project in the Canal Park neighborhood of Duluth. Devon Dvorak, Mox Gunderson, Dan Linnel, Josh Talberg and Adam Haydon led the JLL Capital Markets Investment Sales and Advisory team that represented the seller, Sherman Associates. The buyer was not disclosed. Canal Park Square was originally constructed in 1886 and was redeveloped in 2015, which converted the office space on the second floor into apartments. The property now offers 29 apartments and …
AUSTIN, TEXAS — SPI Advisory has purchased Parkview Terraces, a 244-unit community in Austin, for an undisclosed price. This acquisition marks SPI Advisory’s eight property under management in the Austin metropolitan area. Parkview Terraces was built in 2009 and was previously known as Cortland Southpark Terraces. According to Apartments.com, units come in one-, two- and three-bedroom floor plans. Amenities include a fitness center, package lockers, a business center, outdoor lounges, a clubhouse and valet trash services.
LYNNWOOD, WASH. — Institutional Property Advisors has arranged the sale of Augusta Glen, a 121-unit community in the Seattle suburb of Lynwood. Interstate Equities Corp. acquired the asset from APIC Inc. for $28.3 million. Augusta Glen was built in 1991 on 6.8 acres. The community offers one-, two- and three-bedroom units averaging 925 square feet in size. Amenities include a fitness center and a seasonal outdoor pool.
ELIZABETH, N.J. — The Kislak Co. Inc. has negotiated the $4.1 million sale of two properties in Elizabeth, a city in northern New Jersey. The portfolio includes 20 units across two three-story residential buildings. Both buildings rise three stories, and one includes two commercial spaces. Don Baxter and Michael Salomon of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak procured the buyer. Both parties requested anonymity.
Sometimes Las Vegas’ reputation precedes it — and that can be a good or bad attribute. “Everyone remembers 2008,” says Taylor Sims, executive director of the Multifamily Advisory Group at Cushman & Wakefield. Home prices in Las Vegas plunged by 60 percent during the Great Recession, nearly twice the national rate, according to news affiliate KTNV. The University of Nevada, Las Vegas (UNLV) notes the unemployment rate peaked at 14.5 percent in October 2010. Like Sims, Michael Albanese, a multifamily specialist at NAI Vegas, knows the rest of the world …
MYRTLE BEACH, S.C. — Harbor Group International has purchased Artisan Carolina Forest, a 276-unit community in Myrtle Beach, for $64.4 million. Northmarq’s John Currin and Andrea Howard brokered the transaction. Artisan Carolina Forest was built in 2022. The community offers amenities such as a pool with a TV lounge and cabanas, a dog park, EV charging stations, a fitness center with a yoga room and co-working spaces.
JEFFERSONVILLE, IND. — Marcus & Millichap has arranged the $51 million sale of Villas of Jeffersonville, a 264-unit complex in the Louisville, Kentucky-suburb of Jeffersonville. David Badgett of Marcus & Millichap represented the seller, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction. Villas of Jeffersonville was built in 2020. According to the property website, amenities include a clubhouse, fitness center, playground, dog park, pet spa, a pool, picnic area, volleyball court, …
HONOLULU — A public-private partnership consisting of Standard Communities, Stanford Carr Development, the State of Hawaii, the U.S. Department of Housing and Urban Development, the City of Honolulu and the Hawaii Housing Finance & Development Corp. has acquired Maunakea, a 379-unit affordable community in Honolulu. According to Standard Communities, this is the largest FHA deal and largest Project-Based Section 8 transaction in Hawaii state history. The deal extends the affordability of all units at the property for 20 years. Maunakea was built in 1977 and renovated in 2000. Units come …