NEW BRAUNFELS, TEXAS — SPI Advisory has acquired Hawthorne Riverside, a 164-unit complex in the northwest San Antonio suburb of New Braunfels. The seller and sales price were not disclosed. Built in 1995, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, cybercafé, pet park, resident clubhouse, business center and outdoor grilling and dining stations. SPI Advisory plans to implement a value-add program and rebrand the property as Riverbend Apartments.
SCOTTSDALE, ARIZ. — Newcastle Properties has sold Acacia Creek Village, a shopping center in Scottsdale, to an affiliate of the Trammel Crow Co. for $15 million. The purchaser plans to demolish the existing shopping center to construct a $100 million mixed-use project. The new property will include 215 residential units on 4.2 acres of land. A development timeline for the planned project has not been disclosed.
ST. PAUL, MINN. — Marcus & Millichap has brokered the $5 million sale of Phalen Shores, a 53-unit property in St. Paul. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, neither of which were disclosed. Phalen Shores was built in 1987. The five-story building features a fitness center, outdoor spaces and an underground heated garage.
PLAINFIELD, N.J. — Paramount Assets, a Newark-based property ownership, management and development firm that specializes in restoring historic buildings and urban redevelopment projects, has opened Frontier Flats in downtown Plainfield. The building is the redevelopment of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.
SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has purchased Falkland Chase, a garden-style community in Silver Spring, from JBG Smith. The property currently offers 170 units that are affordable to households earning between 60 and 65 percent of the area median income (AMI). APAH plans to redevelop the Falkland Chase in phases, with the first phase slated to break ground in 2026. At full build-out, the redevelopment will add 1,250 new units to the property. Units will come in one-, two- and three-bedroom layouts. Montgomery County provided …
DAVENPORT, FLA. — Sovereign Properties and Invest Capital Group have opened the first phase of Atlantica at Town Center, a 360-unit complex in Davenport. The property is currently 60 percent leased. Units come in one-, two- and three-bedroom floor plans ranging from 683 square feet to 1,435 square feet in size. Amenities include a pool with cabanas, outdoor kitchen, fitness center, pet park, dog spa, yoga studio, clubhouse, package lockers, storage units and on-site security. The developers expect to break ground on phase two of the project later this year. …
PHOENIX, GLENDALE AND TOLLESON, ARIZ. — Sunstone Two Tree, a vertically integrated operator and developer based in Westlake Village, California, plans to develop three build-to-rent (BTR) communities in Arizona. Altogether, the three developments are slated to cost $195 million to construct and will add 551 single-family rental units to metro Phoenix. Sunstone Two Tree acquired a 29-acre lot at the southeast corner of Northern Pkwy. and N. Sarival Ave. in Glendale. The company will develop a 320-unit project on the site in partnership with Richmond, Virginia-based Capital Square. The community will include 102 …
GREENSBORO, N.C. — Capstone Cos. has arranged the $13.5 million sale of Cottage Gardens, a 176-unit community located in Greensboro. The community was built in 1960. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer.
CHARLOTTE, N.C — Land Advisors Organization has brokered the sale of an approximately 4.5-acre site in the historic North Davidson district of Charlotte. NRP Properties LLC acquired the parcel from Triple Crown LLC for $11.2 million. Hayes Faulkenberry and Forde Britt of Land Advisors Organization represented the seller in the transaction. NRP Properties, in partnership with Canyon Partners Real Estate, will develop a 392-unit complex called Abernathy Lofts on the site. Amenities will include a pool, community outdoor area with grilling stations, co-working spaces, a fitness center and dog park. …
ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has acquired Mountain View II and III, two affordable properties that share a contiguous block in Albuquerque, for $22.8 million. CPP will renovate the two garden-style communities and operate the assets as one development called Mountain View Apartments. The seller was not disclosed. Mountain View II was built in 1967 and Mountain View III was built in 1968. In total, Mountain View Apartments offers 241 units across multiple two-story buildings and townhouses. Units come in studio, one-, two- and three-bedroom floor plans. Amenities …