COLUMBUS, OHIO — Coastal Ridge Real Estate has appointed Mark Yale as chief financial officer (CFO). Yale will work at Coastal Ridge’s headquarters in Columbus and will be responsible for guiding the overall financial performance of the company. Yale previously served as Washington Prime Group’s Executive Vice President and CFO. In this role, he was responsible for financial management and oversaw accounting, finance, investor relations, treasury, tax and information services. Yale additionally served as the CFO of Glimcher Realty Trust prior to its acquisition by Washington Prime Group in 2015.
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.
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.
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.
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 …
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 …
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 …
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 …
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 …
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.