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East Rutherford
Investment SalesNew JerseyNewsNortheast

Tag Investment Properties Sells New Jersey Portfolio for $94 Million

by Channing Hamilton

NEW JERSEY — Tag Investment Properties has sold a portfolio totaling 519 units throughout Bergen and Hudson counties in New Jersey for $94 million. The properties were constructed between 1920 and 1980. The unit mix includes 61 percent one-bedroom, 35 percent two-bedroom and the remaining units as studios and three-bedroom apartments. Tuli Realty acquired the properties located in East Rutherford, Cliffside Park, Palisades Park, Lyndhurst, Garfield and Jersey City, while Sher Management purchased an asset in Kearny. The portfolio was 97 percent occupied at the time of sale. Cushman & …

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ColoradoDevelopmentNewsWestern

Avanti Residential Launches Development Arm

by Channing Hamilton

DENVER — Avanti Residential, a Denver-based investor and operator, has launched a new development arm to execute round-up multifamily and build-to-rent developments across the U.S. The company appointed Kyle Henderson, who has about two decades of multifamily development experience at firms such as D.R. Horton and Wood Partners, to lead the newly established affiliate. Avanti Residential’s portfolio currently comprises 9,363 units across 40 properties in seven states: Colorado, Kansas, Missouri, Arizona, Florida, Utah and Tennessee.

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1100 Meinhard Road
Build-to-RentDevelopmentGeorgiaNewsSoutheast

Joint Venture to Develop 250-Unit Build-to-Rent Project in Port Wentworth, Georgia

by Channing Hamilton

PORT WENTWORTH, GA. — A joint venture consisting of PCCP and Advenir Azora has purchased 28 acres in Port Wentworth for the development of a 250-unit build-to-rent (BTR) community. The site is located at 1100 Meinhard Road, approximately 10 miles from the Port of Savannah, a major seaport located in Savannah, Georgia. The community will offer one- and two-bedroom duplexes, two-bedroom cottages and two- and three-bedroom townhomes. The average unit size will be 1,081 square feet. Amenities will include a 3,000-square-foot clubhouse and leasing center with a conference room, coffee …

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Investment SalesNewsTexas

TMG Arranges Sale of 52-Unit Complex in Paris, Texas

by Channing Hamilton

PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of The Gardens Apartments, a 52-unit community in Paris, roughly 115 miles northeast of Dallas. The asset was built in 1970 and expanded in 2017, and unit interiors were recently upgraded. According to Apartments.com, units come in one-, two- and three-bedroom floor plans. Yonnic Land of TMG represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

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Rosera Wesmont
Leasing & MarketingNew JerseyNewsNortheast

JCMLiving Begins Leasing 295-Unit Complex in Wood-Ridge, New Jersey

by Channing Hamilton

WOOD-RIDGE, N.J. — JCMLiving has begun leasing Rosera Wesmont, a 295-unit community in Wood-Ridge, 15 miles northwest of New York City. Rosera Wesmont offers studio, one-, two- and three-bedroom units. Residents have access to amenities such as a pool with a sundeck and landscaped courtyard; multi-level gym with a yoga studio, sauna and bar; coworking spaces, private offices and meeting rooms; and a sports simulator. The property also features 17,000 square feet of retail space, including 3,000 square feet within the building itself. Minno & Wasko Architects and Planners designed the …

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Riverwood Apartments
Investment SalesMidwestNewsWisconsin

CBRE Brokers Sale of Two Wisconsin Assets for $10.1 Million

by Channing Hamilton

MAUSTON AND RACINE, WIS. — CBRE has arranged the sale of Riverwood Apartments and Biscayne Apartments, two communities totaling 112 units, for $10.1 million. An Iowa-based multifamily investor and developer purchased the assets from an Iowa-based multifamily investor. CBRE’s Max Colby, Sean Beuche, Matson Holbrook, Patrick Gallagher and Gretchen Richards represented the seller. Riverwood Apartments is located in Mauston, 70 miles northwest of Madison, Wisconsin. The property is situated just under two miles from Decorah Lake. Built in 1994, Riverwood Apartments consists of 32 units, which come in one-, two- …

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Berkeley, California
CaliforniaLeasing & MarketingNewsOperationsWestern

RealPage Sues City of Berkeley Over Ban on Rent Pricing Software

by Channing Hamilton

BERKELEY, CALIF. — RealPage has filed a lawsuit against the city of Berkeley, California, over an impending ban on the use of rent pricing algorithms. The firm is seeking a judgment and injunction against the ordinance, which RealPage argues violates the First Amendment right to lawful speech. The company also asserts that the ordinance was adopted based on false claims regarding its revenue management software.  The Berkeley City Council voted to ban rent pricing software on March 25. The ordinance will go into effect on April 24, unless it is …

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DevelopmentMassachusettsNewsNortheast

Wood Partners Breaks Ground on 229-Unit Project in Bolton, Massachusetts

by Channing Hamilton

BOLTON, MASS. — Atlanta-based developer Wood Partners has broken ground on Alta Nashoba Valley, a 229-unit project in Bolton, roughly 45 miles west of Boston. Alta Nashoba Valley will feature a mix of one-, two- and three-bedroom units spread across four three-story buildings. Shared amenities will include a clubroom, workspaces, fitness center, private bar and dining area, dog park, playground, electrical vehicle chargers, a pet spa, pool and firepits and grilling areas. Twenty-five percent of units will be set aside as affordable housing, but income restrictions were not disclosed. The …

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Executive Rental Apartments
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers $8.1 Million Sale of Property in Hollywood, Florida 

by Channing Hamilton

HOLLYWOOD, FLA. — Marcus & Millichap has arranged the sale of Executive Rental Apartments, a 44-unit property in Hollywood, 20 miles north of Miami. The three-story building was built at 1715 North 16th Ave. in 1969. The community features an elevator, three laundry rooms and a pool. The unit mix includes one- and two-bedroom floor plans. Joseph Thomas, Alec Demetriou and Adam Marcuvitz of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller and procured the buyer. 

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The Colonial
Investment SalesMidwestNebraskaNews

Eastham Capital, Bender Cos. Acquire 258-Unit Asset in Omaha, Nebraska

by Channing Hamilton

OMAHA, NEB. — A joint venture between Eastham Capital and Bender Cos. has acquired The Colonial, a 258-unit community in Omaha. Eastham obtained a majority ownership in the deal through its current fund, Eastham Capital Fund VI LP. Bender, which has co-invested and partnered with Eastham on the project, will oversee the day-to-day management. Parker Stewart and Alex Malzone of Northmarq brokered the deal. The Colonial was built in 1967 and is currently 95 percent occupied. The average unit size is 902 square feet. Amenities include an outdoor pool, community …

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