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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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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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Company NewsMidwestMinnesotaNews

Anne Olson Replaces Mark Decker as Centerspace CEO

by Lynn Peisner

MINNEAPOLIS — Anne Olson will replace Mark Decker as chief executive officer of Centerspace (NYSE:CSR). Decker has been CEO since 2017. The board of directors appointed Olson, who is the company’s executive vice president, chief operating officer and general counsel. With Olson’s title change, she will also become a member of the Centerspace board. Decker will continue to serve on the board through the end of his current term in May and will remain an advisor to the company. Olson’s position will become official on March 31. Olson joined Centerspace …

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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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A 3D render of Kōz on Alderwood, a contemporary-style black and white multifamily building.
DevelopmentFinanceNewsWashingtonWestern

MSquared, Kōz Development Secure $54 Million for Seattle Project

by Channing Hamilton

SEATTLE — MSquared and Kōz Development have closed on financing for Kōz on Alderwood, a 200-unit mixed-income development in Seattle. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors, for a total of $54 million. Kōz on Alderwood will offer studio, one- and two-bedroom apartments. Half of the units will be set aside for households earning up to 80 percent of the area median income. Construction on the project is …

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Angelene Apartments, a multifamily building on a street corner.
CaliforniaInvestment SalesNewsWestern

Olympus Property Acquires Angelene Apartments in West Hollywood

by Channing Hamilton

WEST HOLLYWOOD, CALIF. — Fort Worth, Texas-based Olympus Property has acquired Angelene Apartments, a 179-unit, mixed-use community in West Hollywood, California. Berkadia brokered the transaction. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy represented the undisclosed institutional seller. Tucker Knight arranged acquisition financing through Freddie Mac on behalf of Olympus Property. Angelene Apartments was built in 2016 and offers studio, one-, two- and three-bedroom floor plans. The property is anchored by 33,500 square feet of ground-floor retail, which is currently occupied by Sprouts Farmers Market.

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Drawn plans of the Caroline Eastside Apartments.
DevelopmentNewsTexas

Hunt Cos. Breaks Ground on The Caroline Eastside Apartments Near Dallas

by Channing Hamilton

RICHARDSON, TEXAS — Hunt Cos. has broken ground on The Caroline Eastside Apartments, a 384-unit apartment building in Richardson, 14 miles north of Dallas. Hunt Cos. is partnering with the U.S. Department of Housing and Urban Development to finance the project. Walker & Dunlop also served as a lender. The building was designed by HEDK Architects and will be built by KWA Construction. ZRS Management will be responsible for leasing and management of the property. Preleasing for the community will begin in in the fourth quarter of 2023, with first move-ins …

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