StoneRiver Co. purchased the 288-unit 198 Milltown Apartments from Zimmerman Development Co. for $66.9 million.

198 Milltown Apartments, which are located at 198 Milltown St., were built in 2020 and offer one-bedroom, two-bedroom and three-bedroom units, with sizes ranging from 700 square feet to over 1,200 square feet. The complex is just north of Interstate 40/85 on the west side of University Drive in a high-growth area near Alamance Crossing and only a few minutes from Elon University.

The apartment’s amenities include a 24-hour health club, resident lounge, pet spa and pet park,  salt-water swimming pool, outdoor social lounge and grill area, Amazon package lockers, a playground, a car care center and garages. 

The Triad Business Journal reports that the acquisition is the first investment by StoneRiver Investment Fund III, which includes institutional, family office, and high-net-worth investors, according to a press release from Berkadia. StoneRiver Investment Fund III recently held its initial equity closing and raised $81.75 million in capital commitments.

A 361-unit property in South Jacksonville sold for $69.6 million, nominally more than the seller paid for it. The Mirage on Kernan at 3601 S. Kernan Blvd. sold for $192,847 per unit. Element Property Company sold the property to Bridge Investment Group. The property last sold for $68 million in May 2022.

The multifamily asset, consisting of 26 three-story buildings, was built in 1996 on 33.9 acres. It offers two-, three- and four-bedroom apartments with two to four bathrooms, ranging from 787 to 1,320 square feet. Rents are between $1,372 and $2,373 per month.

On-site amenities include a dog park and dog wash station, outdoor kitchens, two pools, pickleball and bocce ball courts, package service, fitness center and more.

Bridge Investment Group’s website states, “We embed ourselves in our properties from the moment we acquire them, overseeing capital investment, leasing, operations, maintenance, and capital structure, as well as the enhancement of amenities and resident services.”

MRP Realty, Asana Partners and the Rockefeller Group announced the first joint venture between their firms and the final close of funding for the Brooklyn & Church redevelopment. The partnership closed with lenders on construction financing for the conversion of the former Duke Energy headquarters located at 526 S. Church Street in Charlotte. When completed, the project will consist of 460 apartments and 57,000 square feet of retail.

The first conversion of office to mixed-use in Charlotte, the 800,000-square-foot building will repurpose the 1970s office tower into loft-style apartments with ground-floor retail and a new three-story, 30,000-square-foot retail building at the corner of Church Street and Brooklyn Village Avenue. 

Brooklyn & Church will rise thirteen stories and provide modern industrial loft-style living and balconies. The building’s core and shell will be preserved, and the façade will be completely reskinned, providing new glass windows and spacious balconies.

Le Investment Group closed the sale of The Mango Tree Apartments, a 56-unit multifamily property located at 8021 Mango Ave., Fontana. The property was sold for $10,850,000, equating to $193,750 per unit.

The all-cash sale closed within 14 days at a 4.50% cap rate, with a GRM of 13.09 and a Pro Forma CAP rate of 6.86%. The property was a value-add play, with low existing rents and renovations required, presenting significant potential for increased revenue and asset appreciation. Le Investment Group represented both the seller and the buyer.

“We are proud to have successfully facilitated this transaction with such efficiency,” said Albert Le, managing partner at Le Investment Group. “This sale helps demonstrate the momentum of the current commercial real estate landscape. Investors are eager to re-enter the market after a period of hesitation, and this transaction highlights the demand for well-located, income-generating properties.”

Green River Builders and ARC Multifamily Group obtained a construction loan, allowing them to proceed with a 282-unit multifamily development in Monroe, Georgia. The $42.7 million loan is for The Jax, a garden-style apartment complex. Green River is based in Monroe, about 20 minutes east of Atlanta.

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrowers. Peachtree Group provided the two-and-a-half-year full-term, interest-only loan at approximately 74% loan-to-cost. The loan was also structured with an earnout based on completion and leasing hurdles.

Located at 200 Aycock Avenue, the project will comprise seven three-story residential buildings with one-, two-, and three-bedroom floorplans averaging 1,117 square feet. Community amenities include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging, and a breakfast/coffee concierge.

ARC Multifamily invests in multifamily properties throughout the Southeast United States. 

Echelon Resources Inc. and LBD Investments are taking over Showplace West/One Plaza Center to redevelop it into market-rate apartments and about 9,000 square feet of retail.

The eight-story, 135,000-square-foot concrete office building at 101 S. Main St. was completed in 1971. In 2019, International Market Centers donated it to Downtown High Point. It was acquired in 2011 for about $1.49 million. The former office building was recently placed on the National Register of Historic Places.

Echelon Resources specializes in redeveloping historic buildings. It says it has repurposed several former factories, mills, warehouses, schools and residential buildings.

EDB, meanwhile, focuses on urban and suburban infill mixed-use and historic redevelopment projects in the Southeast.

High Street Residential (HSR), the residential subsidiary of Trammell Crow Company, has broken ground on the Residences at Perimeter Summit. The seven-story, 350-unit mid-rise multifamily community is located in Brookhaven, Georgia. HSR paid $11.5 million for the property at 1251 Perimeter Summit Pkwy. The project is part of Perimeter Summit, a mixed-use community consisting of 1.7 million square feet of office and retail space across four buildings, a 182-room hotel, and a condo building.

The Residences at Perimeter Summit will include units from 900 square feet to mid-1,400 square feet. Unit amenities will include private balconies in select units. The project will also boast amenities such as an elevated pool, three spacious courtyards, a 1,200-square-foot speakeasy lounge, a fitness center, a clubroom, a coworking center, private conference and study rooms, a tasting room, a pet spa, and a golf simulator.
 
Cooper Carry is leading the design of the project, and New South Construction is providing construction services for the development

Penzance, along with its partner TriWest Multifamily, acquired Stoney Trace Apartments, a 380-unit multifamily community in Charlotte. Penzance purchased Stoney Trace from Bridge Investment Group for $59.8 million. Bridge purchased it in 2019 for $42.1 million.

Stoney Trace is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood. The recently renovated community amenities include a fitness facility, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

Penzance and TriWest Multifamily are planning various renovations and upgrades throughout the property. ZRS Management will serve as the property manager. Walker & Dunlop’s Blake Hockenbury and Bryan Frazier arranged acquisition financing.

Penzance, which was founded in 1996, has managed $3.9 billion worth of assets in its history.

TriWest is based in Southern California and is “focused on multifamily investments throughout the Western United States. “

Colliers‘ Minneapolis-St. Paul’s Capital Markets team of Mox Gunderson, Dan Linnell, Devon Dvorak, and Adam Haydon represented Greco in the sale of ElseWarehouse, located at 730 N. Washington Ave. in Minneapolis, to North Dakota-based Great States Development.

The transaction marks the first time that these historic warehouse apartments have ever hit the market. “This was a rare opportunity to acquire a marquee property in Minnesota’s top micro market, which is also recognized as one of the top-performing micro markets nationwide,” said Gunderson.

Located in the city’s North Loop neighborhood, ElseWarehouse boasts 100% concrete construction. The 116 residences – a variety of one-, two-, and three-bedroom units – feature 10’ plus ceilings, distinctive exposed brick accents, and floor plans averaging 907 square feet.

Greco converted the 1920s warehouse into chic abodes in 2012 – one of the first developers to embrace adaptive reuse in the coveted North Loop. “We are thrilled to announce the acquisition of this iconic property in the heart of Minneapolis’ vibrant North Loop neighborhood,” said Scott Houle, vice president of Great States Development.

Blue Heron Asset Management sold The Linden Apartments to Continental Realty (CRC) for $49.5 million. Blue Heron paid $28.5 million for the property in 2018. The apartment complex at 605 Jetton St. is just off Exit 30 of Interstate 77, near Lake Norman. The Linden is about a mile from Davidson College and downtown Davidson.

The Charlotte Business Journal reported that Blue Heron bought Langtree at Lake Norman apartments for $76 million in October 2024. The deal included 300 apartments and 48,000 square feet of ground-floor retail space.

CRC paid $96.3 million in February 2023 for Sycamore at Tyvola, which includes 288 apartments at 707 Sycamore Drive in Charlotte. In October of that year, CRC bought 1010 Dilworth Apartments for $51.9 million. That 184-unit complex at 1010 Kenilworth Ave. was acquired from PGIM Real Estate.