Acquisitions & Developments: January-February 2022

8 minute read

StreetLights Residential has partnered with Cortland to break ground on its newest project, Cortland Colburn in Celebration, Fla. Located near Walt Disney World, Celebration is a master-planned residential community with single-family terrace, bungalow, garden, cottage, village, manor and estate homes along with townhomes and condominiums. The 300 luxury apartment homes will join Mattamy Homes in the Island Village phase of Celebration. Cortland Colburn will offer several floor plans, ranging from 756 to 1,772 square feet with one-, two- and three-bedroom floor plans available. Residents will have access to various community amenities, including package lockers, storage units, a pet wash and park, and a resort-style pool deck with entertainment lounges, grilling stations and dining spaces.

Carmel Partners announced it has closed on the sale of The Henry, its landmark 403-unit luxury apartment complex at 201 Mississippi Avenue in Platt Park, Denver. Carmel was the developer, builder and owner of The Henry, which opened in October 2018 and has a current occupancy rate of 96%. The Henry’s elegant design is a modern tribute to the Prairie School design style and the Arts and Crafts era. Carmel Partners named The Henry in recognition of Henry Read, an influential Denver painter and designer, who was one of the founders of the Denver Artists’ Club in 1898. The four-acre property has both a wide range of modern amenities and luxury finishes including a nearly one-acre lush courtyard with resort-style pool and spa, alfresco dining areas, co-working space, a spacious, cutting-edge fitness center, and yoga studio. The Henry is minutes from downtown Denver, close to two light rail stations and surrounded by parks, cycling and nature trails. Residents’ bike storage is accommodated by an expansive 3,400 square foot area with workbenches and gear lockers.

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Dylan, a 208-unit apartment complex in Oceanside, Calif. Located close to downtown Oceanside and the Oceanside Pier, the property is conveniently accessible from California State Routes 76 and 78 and Interstate 5. Major employment hubs, including Palomar Airport District, Ocean Ranch Corporate Center and Camp Pendleton are nearby. San Diego State University, the University of California San Diego, Mira Costa Community College and Palomar College are within a short drive. Built in 1973, The Dylan’s unit mix is one-, two- and three-bedroom apartments. The complex’s amenity package includes two swimming pools, two spas, a gym and a business center.

TruAmerica Multifamily has increased its footprint with garden-style communities in Las Vegas; Tampa, Fla.; and Salt Lake City in three separate transactions. Combined, the communities total nearly 1,000 apartment homes and increases the firm’s portfolio to more than 45,000 units. The largest of the three communities is the 396-unit Stillwater Palms which is located in Palm Harbor, 23 miles west of Tampa. Vida is a 252-unit garden style community on 4.64 acres in Las Vegas two miles west of the Strip. Falls at Hunters Pointe is a 276-unit community located in Sandy, Utah. It is easily accessible to major shopping centers, the Interstate 15 highway, two UTA TRAX light-rail stations and The Silicon Slopes, Utah’s technology employment hub.

ATI Restoration announced the acquisition of QFB Property Restoration, a regional restoration firm with one office in Orlando, Fla. Established in 1989, ATI is the nation’s largest family-owned and operated disaster recovery services firm, operating 23 locations from coast to coast. It recently began an accelerated growth strategy, acquiring Mark 1 Restoration. QFB marks its second acquisition. A Florida native, John Burket founded QFB Property Restoration in 1992. 

Cortland has begun construction of Cortland ChampionsGate, a 355-unit project in the master-planned resort community of ChampionsGate in Orlando’s entertainment corridor. The firm’s newest ground-up development increases Cortland’s presence in the area with proximity to both Cortland Reunion and Cortland World Gateway. The community will blend two-, three- and four-story buildings featuring white stucco exteriors, bronze windows and brown barrel tile roofs. The community will also include a main courtyard wrapped on three sides by buildings, substantial hardscaping and an expansive saltwater pool, which will feature cabanas, tanning shelves and a swim-up bar.

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Preserve at Great Pond, a newly constructed, 230-unit luxury apartment complex in Windsor, Conn. Settled in 1633, Windsor is located on the Connecticut River, six miles north of Hartford, and is easily accessible from State Route 195 and Interstate 91. Penwood State Park and Talcott Mountain State Park are nearby, and shopping is a few minutes away at Day Hill Village Shoppes and North Central Square. Bradley International Airport is 10 miles away. Completed in 2020 on 12 acres, The Preserve at Great Pond has 16 floor plans and a unit mix of studios, one-, two- and three-bedroom units with views of the woods and pond. Apartments have nine-foot ceilings and balconies or patios. Community amenities include a heated pool, dog park, fitness center and electric car charging station.

CGI+ Real Estate Strategies (CGI+), in partnership with a family office, has acquired a two-property, 712-unit multifamily portfolio in Atlanta from an affiliate of FPA Multifamily in an off-market transaction. The portfolio includes The Mille Brookhaven, a 359-unit community built in 2014 and TwentyNine 24 Brookhaven, a 353-unit community built in 2009. Mille Brookhaven and TwentyNine24 offer a mix of one-, two- and three-bedroom floor plans, vaulted ceilings chef-inspired gourmet kitchens with stainless steel appliances, quartz countertops, in-unit washers and dryers, upgraded flooring, built-in workspaces and wraparound balconies and terraces.

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Uptown at Cole Park, a 179-unit multifamily asset in Dallas. The community is located off Central Expressway/U.S. Highway 75, within walking distance of the Uptown district’s restaurants, shops, bars, the Katy Trail and Cole Park. Built in 2016, the six-story community amenities include a resort-style pool, fitness center, dog park and package lockers. Apartments have stainless-steel appliances, quartz countertops, custom cabinets and private balconies, and select units have double vanities and city views. The unit mix is 86% one-bedroom units and 14% two-bedroom apartments.

Electra Capital has closed on a participating preferred equity investment in the Cypress Station Portfolio, two multifamily communities located in Houston with a total of 488 units. Strategic Realty Holdings acquired the garden-style apartment communities. The communities in the portfolio are the 252-unit Cypress Ridge Apartments and the 236-unit Highland Cross Apartments. Built in 1980, Cypress Ridge Apartments features one- and two-bedroom units ranging from 599 to 957 square feet. Community amenities include a swimming pool, clubhouse fitness center, and onsite laundry facilities. Built in 1980, Highland Cross Apartments also has one- and two-bedroom units ranging from 685 to 1,140 square feet, and similar amenities. Both communities are located in North Houston, near abundant shopping and fine dining options, and just 20 minutes from Houston’s vibrant downtown area.

Marcus & Millichap announced the sale of The Metropolitan Building, a 29,321-square foot mixed-use property in Salem, Ore., that includes 17 apartments with condo-quality finishes and over 9,500 square feet of ground and basement level creative office and retail. The Metropolitan Building is located at 150-160 Liberty St NE in the heart of downtown Salem near the State Capitol. Built in 1912, completely remodeled in 2007, the property received additional buildouts from 2019 to 2020.

West Shore LLC has achieved a portfolio milestone of owning and operating more than 10,000 units, and the firm continues to expand with the acquisition of Parkside at East Village, a brand-new Class A community near The Villages in Florida. Effective immediately, the property will be renamed Parker at East Village. West Shore owns and operates 14 other properties in Florida. The 282-unit property in Lady Lake is an elevator served, garden-style apartment community that was completed in 2020.

The Altman Companies is pleased to announce that its division Altman Management Company will now be managing New River Yacht Club in Fort Lauderdale, Fla. The luxury 26-story residential tower is located high above the New River shore in the heart of downtown Fort Lauderdale. Boasting an unparalleled location right on the New River, the New River Yacht Club is a stunning waterfront community of luxury apartment homes, featuring high-end studio, one-, two- and three-bedroom apartment residences, all with breathtaking views and modern finishes. The building provides resort-style amenities including a stunning seventh-floor covered pool, an outdoor bar, a fully equipped with summer kitchen, communal dining area and fireplace.

Valet Living announced its acquisition of NFinite Pursuit, bringing multifamily the largest in-person, live virtual and on-demand amenity offering. NFinite Pursuit is now a part of Torch Fitness by Valet Living, Valet Living’s premier fitness and event offering. This acquisition adds 200 communities and more than 85,000 residents across Texas and 10 other states where Valet Living operates to the Valet Living portfolio of more than 1.7 million residents across nearly all 50 states.

MetLife Investment Management, in partnership with StreetLights Residential, announced the topping out of the luxury apartment complex, the Mira, at Midtown Union in Atlanta. Part of the Midtown Union mixed-use development, the Mira will consist of 355 units across 26 stories. Construction began in November 2019, and the apartments are expected to begin leasing in mid-2022. Residents will have the option of either a studio or a one-, two-, or three-bedroom floor plan, ranging in size from 496 to 1,731 square feet. Numerous luxury amenities are planned, including concierge services, a coffee bar, a resident bar and lounge, conference and co-working spaces, a pet spa and an outdoor amenity deck with a pool, seating and grilling stations overlooking Midtown Atlanta.

Allied Orion Group has been selected by One Real Estate Investment (OREI) to manage The Kelston, The Avalon and Axiom Apartments in Charlotte, N.C., adding more than 750 units to its expanding portfolio in the Piedmont Region. The Kelston is an upscale, 310-unit, pet-friendly community, offering residents an easy, 20-minute commute to downtown Charlotte. A variety of floor plan options are available, ranging from one to three bedrooms. The newly renovated apartments feature wood-inspired flooring, ceiling fans, spacious closets, washer/dryer connections and private balconies or patios. The Avalon, a 240-unit community, is situated about nine miles east of downtown Charlotte. The community offers one, two and three-bedroom floor plan options with features such as wood-inspired flooring, ceiling fans, washer/dryer connections, private balconies/patios and spacious closets. Axiom Apartments is only 20 minutes east of downtown Charlotte. A pet-friendly community, The Avalon features 202 units of one- and two-bedroom floor plans. Each apartment home features energy-efficient kitchen appliances, plush carpeting, linen closets, washer/dryer connections and spacious walk-in closets.