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The NRP Group's Residences at Cedar Creek in Charlotte
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

The NRP Group Delivers Affordable Housing in Charlotte

by Lynn Peisner

Charlotte, N.C. — Cleveland-based The NRP Group has completed and opened Residences at Cedar Creek, a mixed-income community located about nine miles southwest of Charlotte. The 200-unit property mainly serves residents earning between 30 and 60 percent of area median income (AMI). A few units are reserved for renters earning up to 80 percent AMI. Bank of America and KeyBank provided financing for the project. The City of Charlotte also invested $2.5 million in Housing Trust Fund gap financing, and the North Carolina Housing Finance Agency provided $22 million in …

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Company NewsGeorgiaLeasing & MarketingNewsOperationsPeople NewsSoutheast

RKW Tapped to Manage Atlanta Property, Hires New Regional Manager

by Lynn Peisner

DULUTH, GA — Westplan has selected third party management firm RKW Residential to lease and manage Accent Suwanee Creek near Atlanta. The 253-unit property is made up of one-, two- and three-bedroom units. RKW also has hired Sean Shalpan, formerly a regional manager with Greystar, to support RKW’s growth throughout Georgia. RKW is headquartered in Charlotte with regional offices in Miami, Orlando, Florida, Atlanta and Raleigh, North Carolina. The company manages approximately 30,000 multifamily and build-to-rent units in eight states.

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Leasing & MarketingNewsNortheastOperationsWashington, D.C.

US Justice Department Adds Six Landlords to Rental Price-Fixing Lawsuit 

by Channing Hamilton

WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to …

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Waterstone at Cinco Ranch in Katy, Texas
FinanceNewsTexas

Northmarq Provides $25.2 Million Loan for Refinancing of Community Near Houston

by Channing Hamilton

KATY, TEXAS — Northmarq has provided a $25.2 million Freddie Mac loan for the refinancing of Waterstone at Cinco Ranch, a 206-unit complex located in Katy, roughly 30 miles west of downtown Houston. According to Apartments.com, the property was built in 2013 and offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.

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610 West Apartments in Brooklyn Park, Minnesota
Investment SalesMidwestMinnesotaNews

Spyglass Capital Partners Acquires 610 West Apartments in Suburban Minneapolis

by Channing Hamilton

BROOKLYN PARK, MINN. — Spyglass Capital Partners has acquired 610 West Apartments, a 480-unit community in Brooklyn Park, roughly 15 miles northwest of downtown Minneapolis. JLL Capital Markets represented the seller, The Doran Group, in the transaction. Additionally, JLL secured acquisition financing through Fannie Mae on behalf of the buyer. Josh Talberg and Joseph Peris led JLL’s investment and sales advisory team. Scott Loving, Ken Dayton and Pat McMullen of JLL secured the acquisition financing. Located at 6717 Oak Grove Parkway, 610 West Apartments consists of four buildings. The community …

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Sweetwater at Buckingham in Richardson, Texas
Investment SalesNewsTexas

DVO Real Estate Acquires 312-Unit Sweetwater at Buckingham in Richardson, Texas

by Channing Hamilton

RICHARDSON, TEXAS — DVO Real Estate has acquired Sweetwater at Buckingham in Richardson, approximately 15 miles north of Dallas. REM Finance sold the asset for an undisclosed price. The garden-style community consists of 312 apartments across three stories. The average unit size is 889 square feet. Amenities include a pool, fitness center, business center and playground. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, William Hubbard, Cameron Purse and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

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Palladium Lewisville in Lewisville, Texas
DevelopmentNewsTexas

Palladium USA Breaks Ground on $30 Million Mixed-Income Development in Dallas Suburb

by Channing Hamilton

LEWISVILLE, TEXAS — Locally based developer Palladium USA has begun construction on Palladium Lewisville, a $30 million mixed-income development in Lewisville, approximately 30 miles northwest of downtown Dallas. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project. Palladium Lewisville will consist of 90 units in one-, two- and three-bedroom floor plans. Planned amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first apartments are expected to be …

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CaliforniaInvestment SalesNewsWestern

Material Comforts Acquires Portfolio in San Fernando Valley for $85 Million

by Channing Hamilton

LOS ANGELES — Florida-based Material Comforts Inc. has acquired a portfolio of 16 parcels in California’s San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio for $85 million. The portfolio totals 596 apartments in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.

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Residences at Crosspoint in Lowell, Massachusetts
Investment SalesMassachusettsNewsNortheast

Osso Capital Purchases 240-Unit Residences at Crosspoint in Lowell, Massachusetts

by Channing Hamilton

LOWELL, MASS. — Osso Capital has acquired Residences at Crosspoint, a 240-unit property in Lowell, roughly 30 miles northwest of Boston. SMC Residences at Crosspoint Limited Partnership, a partnership created and operated by SMC Management Corp., sold the asset to Osso Capital for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the deal. Built in 2020, Residences at Crosspoint offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 863 square feet. The six-story …

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La Vista Apartments in Santa Maria, California
CaliforniaInvestment SalesNewsWestern

Kennedy Wilson Sells La Vista Apartments in Santa Maria, California, for $116 Million

by Channing Hamilton

SANTA MARIA, CALIF. — Beverly Hills, California-based investment firm Kennedy Wilson has sold La Vista Apartments, a 460-unit community in Santa Maria. Boston-based private equity firm Westview Capital purchased the asset for $116 million.  Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Built in 1979 on 31 acres, La Vista Apartments offers studio, one-, two- and three-bedroom floor plans. Each apartment features a large closet, kitchen with breakfast bar and a pantry. Select units also have vaulted …

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