The 234 Apartment

A Macon apartment development sitting on 50 acres with a pond in the center of the site has been sold to an Atlanta company. Kenilworth Manor, formerly known as Crystal Lake Apartments , on Crystal Lake Circle , has been bought by Crown Bay Group , according to a news release. The company has already change the name back to Crystal Lake Apartments . “This is a very interesting property and we are very excited to bring it back to a high standard,” Crown Bay CEO Steve Firestone said in an email. Work on the properties has already begun and “some big improvements” should be seen soon, he said. Kenilworth Manor is comprised of an 11- story apartment block , a five- story midrise block as well as a mix of two- story garden apartments , townhouses and “even a cluster of odd cubed-shaped single-story houses,” the release said. “This was built as a cutting edge dynamic community project at the time, but has gone into some disrepair over the years.” The buildings are surrounded by trees wit...

Multifamily sales totaled $147 million in the Buffalo area market in 2016, up from $127 in 2015 and again above the $ 100 million dollar level achieved each of the last five years.  The investment market is most active in suburban garden apartment complexes . Private locally based principals were active as both buyers and sellers with prices at all-time high per unit valuations . These older apartment properties comprise the majority of the existing inventory and are often fully occupied with rising rents. From a tenant perspective they are often the best housing available at a given price. Located in dense residential neighborhoods , they are near employment, shopping, entertainment and within desirable suburban school districts . It would be impossible to duplicate them today in the same locations with the same rent structure and consequently they have little competition in their price range. This drives the rent growth that attracts investors. In April of 2017, RENTCafe’s surve...

Midtown West Development " src="https://media.atre.yardi.com/1/11100/images/Gothams-Midtown-West-Development-.jpg?w=270&h=129" alt="" width="270" height="129" /> Gotham's Midtown West Development New York— Gotham Organization Inc. has commenced construction on a $ 520 million development in Manhattan’s Midtown West district . The four-building complex will span from West 44 th to West 45 th Street and from 10 th to 11 th Avenues. The mixed-use project will have over 1,200 units available for rent. “Through an innovative partnership with the City of New York, Gotham Organization is proud to take the lead on a development that changes the face of Midtown West,” says David Picket, president of Gotham Organization . “This bold investment in our City’s future will create hundreds of new jobs, generate millions of dollars in revenue for the construction industry, contribute toward the building of a new primary school and provide ...

A pair of North Charleston apartment complexes recently changed hands . Miami-based real estate investment firm Monument Capital Management , an A-Rod Corp. company, recently acquired the 222-unit Plantation Flats apartments at 2181 Dunlap St. behind the former HHGregg store off Rivers Avenue. The purchase price for the 15-acre complex was $21.6 million, according to Charleston County property records . The previous four owners — Alba Florida Rentals SPE, Alba Florida Investments SPE , JPM Naples SPE and Summit Place SPE  — paid $14 million for the apartments in 2015, records show. They also announced plans to invest $2 million in the property. +1  Alston Arms Apartments (copy)" class="img-responsive lazyload full" width="1848" height="1121" /> Alston Arms Apartments in North Charleston recently sold for $12.1 million to a New Jersey company. Leroy Burnell/Staff Meanwhile, the 160-unit Alston Arms Apartments at 2410 Alston Ave . off ...

A developer wants to demolish a 50-year-old apartment complex near Terrace and Rural roads to construct a multi-use building that would include 260 new apartment units . (Photo: Parker Leavitt/The Republic) Story Highlights University Village , built in the early 1960s, is set to be demolished near ASU The developer wants to replace the complex with a new student-housing community University Village 2 .0 would include 260 units and a small amount of commercial space An apartment community built in the early 1960s near Arizona State University will likely be demolished next summer to make way for a new five-story complex along Tempe’s light-rail corridor. Legacy Partners Residential , which manages University Village near Terrace and Rural roads, wants to build 260 apartments and a small amount of retail space on the five-acre property, according to city records. The neighborhood just east of ASU’s Tempe campus is home to several aging apartment complex es — built roughly 50 years ag...

USC's Board of Trustees approved a $ 460 million construction project on Friday that will bring eight new residence halls to south campus by 2024. The Campus Village project , originally proposed in 2015, will replace the existing Bates Towers , Cliff Apartments and Carolina Gardens housing facilities and construct new buildings on the sites of the Bates and Benson building parking lots . As the project was developed through a public-private partnership with Memphis- based collegiate property developer EdR , USC will not have to pay to build or operate any part of the Campus Village development . In addition, USC will not become liable for any debt related to the project. In all, the three-phase project will bring 3,750 beds to south campus over the next seven years. With Whaley Street running directly through the land earmarked for the project, the university intends to make Campus Village an "aesthetically pleasing, pedestrian-friendly area that blends well with nearby ...

Summit Ridge has been sold in an $ 9 million deal . Courtesy Steele Properties   Denver's Steele Properties has purchased Summit Ridge Apartments , a 200- unit Project Based Section 8 Apartment complex , in a $ 9 million deal . Summit said it will relieve $37,000 per unit in hard cost rehabilitation . The renovations will include new roofs, new exterior doors, siding repairs and attic insulation. The complex will also get hard wired smoke and carbon monoxide detectors . A new playground will also be installed. The units will get upgrades in plumbing, electrical, paint, flooring and doors.  The property was built in 1974 and consists of 24 two-story walk-up garden-style buildings. It has one-, two- and three- bedroom apartments and townhomes on 19.4 acres at 149 Haversham Drive in Center Point.  The Alabama Housing Finance Authority is allocating Low Income Housing Tax Credits funds to finance the project. It's funded through FHA financing provided by PNC Bank. Citi Communi...

NEW YORK, NY -   Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $12. 2 MM Fannie Mae facility to refinance the Copper Creek Apartments in Evansville, Indiana. Copper Creek Apartments is a Class A garden style multifamily facility that comprises 16, two- and three-story buildings with a combined total of 291 units.  The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012.  Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector . The borrower is a single asset, Indiana limited partnership that is led by a well- established property owner in this tertiary market, and a l...

NEW YORK, NY - Torchlight Investors today announced it has provided a $36.0 million first mortgage for Monterone Canyon Creek Apartments in Austin, Texas. The loan will be held in the portfolio of Torchlight Debt Opportunity Fund IV – the seventh opportunistic/value- add fund launched by Torchlight to target commercial real estate debt investments . The 27-building, 332-unit, Class-A garden- style apartment complex was built on 28 acres in the Ranch Road area of northwest Austin.  The gated complex offers one to four bedroom units and townhomes ranging in size from 711 to 1,924 square feet.  The units offer a modern kitchen appliance package , jacuzzi bathtub, washer/dryer connections, patios and balconies, and attached garages.  The property offers abundant lifestyle amenities including a two-story clubhouse with an on-site leasing and management office, business center with conference facilities, game room, theater room, fitness center, espresso and wine bar, concier...

Briarcliff Development Co. plans a ribbon cutting Tuesday on its $42. 5 million apartment complex that has added 340 high- end residential units to the Northland. The Landing at Briarcliff, which accepted its first tenants in September and now is 55 percent leased, has nine residential buildings, a club house, and a stand-alone fitness facility. “The fitness center is a real plus,” said Richie Benninghoven, the development company ’s president. “We may give a tenant a free session with a personal trainer or a massage as an incentive for signing a lease.” Other tenant incentives include a large, heated, outdoor saltwater pool , pet-friendly buildings, community garden plots , and — something that’s proved popular — the ability to paint accent walls in the units. The company allows one living room wall and one wall in each bedroom to be painted according to tenant choice, choosing from a provided palette of bright red, slate gray, navy blue and yellow. “Slate gray is winning,” Benn...