Construction Maison

Lloyd Jones Capital has acquired Seabrook, Texas-based Regatta Bay Apartments . The seller was FRBH Regatta Bay LLC . No financial terms were disclosed. Finlay Management , the operations group at Lloyd Jones Capital , will serve as the property manager . PRESS RELEASE MIAMI, Fla. – Lloyd Jones Capital , a Miami- based multifamily investment firm , has purchased the Regatta Bay Apartments from FRBH Regatta Bay , LLC. The property is located at 2555 Repsdorph Road in Seabrook, Texas, 30 minutes southeast of Houston. The acquisition adds 240 units to the Lloyd Jones portfolio of approximately 4,000 units spread over Texas, Florida, and the Southeast. Says Chris Finlay, chairman/CEO of Lloyd Jones Capital , “This is a well-maintained, core-plus property that we intend to hold for several years. We expect it to provide a steady, long- term cash flow for our investors.” Built in 2003, the property offers one-, two-, and three- bedroom apartments ; garages; and a modern, updated club...

Rhodium Capital Advisors Acquires 14 - Building Connecticut Portfolio With Firm Capital Partners for $30.5 Million. Press Release - updated: Aug 17, 2017 New York, NY, August 16, 2017 (Newswire.com) - ​ Rhodium Capital Advisors today announced the acquisition of 462 apartment units in the Cambridge district of Bridgeport, Connecticut for $30.5 million. The portfolio consists of one 179-unit complex and thirteen buildings (clustered in four areas around the city) with an average of 22 units each. The properties are located at: 2209-2225 Main St., 1465 East Main St ., 340 Putnam St., 299 Berkshire Ave., 644-654 Park St., 30 Granfield Ave., 80 Granfield Ave., 85 Price St., 1575 Iranistan Ave., 898-930 Norman St., 1421 Fairfield Ave., 850 Hancock Ave., 1054 Hancock Ave. and 1590 Barnum Ave. Rhodium’s business plan for the portfolio involves spending approximately $1 million on building- wide capital improvements and $1.6 million to upgrade and modernize the apartment units. This acq...

By: Kevin McQuaid | Commercial Real Estate Editor August 25, 2017 A pair of Southwest Florida apartment complexes have sold for a combined $137.6 million, a sign that investors’ fever for rental projects remains high in Lee and Collier counties . In one deal, Los Angeles- based TruAmerica Multifamily and MSD Capital L.P. — an investment vehicle for Dell Computer founder Michael Dell ’s family — purchased the Sienna at Vista Lake in Fort Myers for $66 million. The 640-unit complex, which was constructed as two separate complexes in 1990 but combined 20 years later, contains 32 garden- style apartment buildings . The 3701 Winkler Ave. community features a pair of clubhouses, as well as amenities like swimming pools, fitness centers, basketball and tennis courts and jogging trails. TruAmerica and MSD are expected to invest about $6 million into upgrading the Sienna at Vista Lake, including new unit lighting, appliances, fixtures, countertops, cabinet fronts and washers and dryers, ov...

Local investors beware: Central Pennsylvania is on the map for outside groups looking for higher returns. Last month, The Solomon Organization , a New Jersey-based operator of multifamily properties, closed on a $25.7 million purchase of the newly built Ivy Ridge Apartments in Swatara Township . That price — $117,913 per unit — is the highest in the Harrisburg market this year. It also marked the company's first foray into the Harrisburg area after landing in Lancaster County six years ago. It owns six communities in Lancaster County and more than 1,200 units. "Two years ago, you said 'Harrisburg' and people would just hang up the phone," said Zachary Pierce, director of the National Multi Housing Group in Philadelphia for Marcus & Millichap Real Estate Investment Services . Outside investors were interested only in primary markets such as New York City and Washington, D.C., and maybe Philadelphia, he said. But as prices have shot up in those prime areas, th...

Blackstone Group has sold a big apartment complex in west suburban Lombard for $67.4 million, notching a solid gain about two years after buying it. The New York private equity firm sold Clover Creek , a 504-unit property at 830 Foxworth Blvd., to JRK Holdings, a Los Angeles- based investment firm , according to DuPage County property records . The price, which amounts to $134,000 a unit, is 24 percent higher than the $54. 1 million Blackstone paid for the complex in March 2015. Rising rents and occupancies have pushed up suburban apartment values the past several years, allowing investors to cash out of properties at higher prices than they paid. But that alone doesn't explain the jump at Clover Creek. BOOSTING VALUE Blackstone increased the value of the complex by renovating a bunch of its apartments. Then it raised rents on the rehabbed apartments, boosting the property's income and justifying the higher price. After fixing up 72 apartments at Clover Creek, it hiked rent...

Praxis Capital has acquired Clarkston, Georgia-based Birch Run Apartments , an 198-unit property for an undisclosed sum. However, Praxis is planning on investing $3 million to renovate and upgrade the property. PRESS RELEASE SANTA ROSA, Calif., Aug. 22, 2017 /PRNewswire/ — San Francisco area based Praxis Capital , Inc. is pleased to announce that it has acquired the 198-unit Class B Birch Run Apartments in Clarkston, Georgia. This is the company’s first acquisition in the Atlanta metro. Praxis plans to build a portfolio of approximately 2,000 units in this market. The Praxis executive team , possessing more than $6.3 billion of transactional experience in the multifamily sector, including institutional management of more than 90, 000 apartment units , seeks to build a large portfolio of Class B/C workforce housing, consistently unlocking embedded value in multifamily real estate . Praxis also looks to expand its relationships with Family Office and Institutional JV Equity sources ...

Call it the rise of the secondary markets. The Solomon Organization LLC , a New Jersey- based operator of multifamily assets, has closed on the purchase of the newly built Ivy Ridge Apartments in Swatara Township, according to a news release from California-based Marcus & Millichap Real Estate Investment Services , the firm that brokered the deal. The 218-unit complex, which is near the Harrisburg Mall and was developed by Lower Paxton Township - based Triple Crown Corp . Inc., sold for $25.7 million, or $117,913 per unit, the highest in the Harrisburg market this year, according to Marcus & Millichap. “The marketing process for this asset went very quickly due to the demand for quality assets and the increased returns that can be achieved in a secondary market,” said Zachary Pierce, one of the directors of the firm’s National Multi Housing Group in Philadelphia. The firm has sold about a dozen properties representing more than 1,000 units in Central Pennsylvania in recent ...

QUINCY, MA - From Callahan Construction and the City of Quincy: Hines, Callahan Construction Managers and Quincy Mayor Thomas P. Koch helped launch a public boardwalk celebration at Meriel Marina Bay , Quincy’s newest waterfront apartment community , on Saturday, August 12, 2017. The event commemorated the expansion of the Marina Bay boardwalk with a ribbon-cutting led by Quincy Mayor Thomas P. Koch, followed by a free boardwalk festival adjacent to Meriel Marina Bay offering fun and entertainment for all ages. “Our city has experienced an ongoing positive evolution across all neighborhoods over the last number of years with the steady addition of new businesses and residents proud to call Quincy home ,” said Quincy Mayor Thomas P. Koch. “Marina Bay has particularly continued to thrive as a destination where residents and visitors alike come to live, work and play, and I’m thrilled to see the continued growth of this community with the expansion of the boardwalk through the ...

Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director, MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s execution of the loan was one the best the client had experienced.” “This transaction highlights how our proprietary preferred correspondent agreement with PGIM ...

LOS ANGELES, CA - JRK Property Holdings has acquired Clover Creek , a 504- unit apartment community in suburban Chicago in a transaction brokered by HFF.Built in 1986, Clover Creek is located in Lombard, IL, a premier suburban Chicago submarket in the heart of DuPage County, 30 minutes west of downtown Chicago.   Clover Creek also benefits from its proximity to the Illinois Technology and Research Corridor (ITRC), one of the principal economic centers in suburban Chicago and the home to the headquarters of seven Fortune 1,000 companies.   Clover Creek is located 10 miles west of the ITRC along I-88.  Clover Creek offers a variety of one-, two- and three- bedroom floor plans in seven, four-story and two, two-story buildings on a low-density 34-acre site.   Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park, and clubhouse with Internet café, fitness center and business center.  With approximately 60% of units still in origina...

We offer our predictions on communities that will rank among the city's most desirable in 2026. Plus a look at developers who are working to make those visions a reality. February 18, 2016 (page 7 of 7) 8 developers with insight who are rethinking our urban neighborhoods   BY DEBRA SMIT G reat neighborhoods — with ample green space , commerce and good housing stock — empower their residents to grow and prosper. Developers are key when it comes to weaving together the physical threads of a community, particularly in urban neighborhoods frayed by years of blight and decay. These are among the developers who are working to revitalize some of the city’s most challenged neighborhoods, striving to be restorers of streets in which to dwell. All have one eye, certainly, on the bottom line. Still, they are well aware of expectations that they give measured consideration to quality of life in the neighborhoods in which they build.   Wi...