How To Handle Emerging Cyber Threats in the Multifamily Industry
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December 7, 2021 • Issue 39
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Carroll Acquires Two Multifamily Properties in Atlanta for $175M
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ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed.
Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and Berkshires at Lenox Park will also be managed by Carroll.
Click here for more on the properties’ renovations and rebranding.
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Intracorp Sells AmpliFi Apartments in Fullerton, California, for $168M
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Located in Fullerton, Calif., AmpliFi Apartments features 290 apartments, a pool, ground-floor retail space and a business center.
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FULLERTON, CALIF. — Intracorp has completed the sale of AmpliFi Apartments, a multifamily property located at 600 W. Commonwealth Ave. in Fullerton. An undisclosed buyer acquired the asset for $168 million.
Built in 2019, AmpliFi features 290 apartments in a mix of studio, one-, two- and three-bedroom floor plans. On-site amenities include a pool with private cabanas, outdoor fireplaces with seating areas, outdoor dining, barbecues, ground-floor retail space and a business center with private offices. The property also features a coffee bar, a clubhouse with chef-inspired kitchen, fitness center, three rooftop viewing decks, a dog park and spa.
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Waterford, CSDA Acquire Multifamily Workforce Property for $149M
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Waterford Property Company in partnership with California Statewide Community Development Authority (CSCDA) has acquired a 472-unit property in Pomona, Calif., to be converted into workforce housing.
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POMONA, CALIF. — Waterford Property Company and California Statewide Community Development Authority (CSCDA) have acquired 777 Place in Pomona for $149 million from Picerne Residential.
Waterford will lower rents for qualified new residents earning between 60 to 120 percent of the area median income (AMI) for the community’s non-income restricted units. Originally constructed in 1986, 777 Place was built with 94 “very low” income units for residents earning 50 percent of AMI, with affordability restrictions set to expire in 2025. Waterford will extend these affordability restrictions an additional 30 years, increasing the project’s “very low” income units from 94 to 157.
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JLL Negotiates $84.3M Sale of Metro Boston Apartment Community
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Eliot on Ocean in Revere, Massachusetts, totals 194 units. The property was built in 2016.
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REVERE, MASS. — JLL has negotiated the $84.3 million sale of Eliot on Ocean, a 194-unit apartment community in the eastern Boston suburb of Revere. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet.
Scott Aiese, Alex Staikos, Jackie Meagher and Hugh Doherty of JLL represented the seller, Westbrook Partners, in the transaction. Chris Phaneuf, Adam Dunn and Scott DiSciullo of JLL arranged $60.9 million in acquisition financing through Barings on behalf of the buyer, Invictus Real Estate Partners. The loan was structured with a three-year term and a floating interest rate.
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Berkadia Arranges $42.1M Sale of Multifamily Property in Largo, Florida
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LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million.
Click here for more.
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Rise48 Equity Sells Villa Serena Apartments in Phoenix to Tides Equities for $32M
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Villa Serena in Phoenix features 137 apartments, a swimming pool, business center and reserved covered parking.
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PHOENIX — Rise48 Equity has completed the disposition of Villa Serena, a multifamily community located near Interstate 17 in Phoenix. Tides Equities acquired the property for $32 million, or $233,577 per unit.
Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
Constructed in 1982 on five acres, Villa Serena features 137 apartments in a mix of one- and two-bedroom layouts, with 54 percent of the property being two-bedroom/two-bath units. All apartments include private patios or balconies with exterior storage space and washers and dryers. Community amenities include a swimming pool, business center and reserved covered parking.
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Cherry & Associates Sells Short-Term Rental Condo Development in Downtown Nashville
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The short-term rental condo project is a five-story, 56-unit property with 5,000 square feet of retail and restaurant space.
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NASHVILLE, TENN. — Cherry & Associates has sold a short-term rental condo development in downtown Nashville. The buyer and sales price were not disclosed. Construction on the property started in March 2020 and will be complete by the end of December.
Brian Merrill and Grant Hammond of Metropolitan Brokers were the brokers for the residential portion, and Nathan Frost and Elam Freeman with Ojas Partners were the brokers for the restaurant/retail space. A short-term rental is a furnished property rented to guests for usually less than a month.
The short-term rental condo project is a five-story, 56-unit property with 5,000 square feet of retail and restaurant space. The fifth floor of the property has indoor and outdoor amenity space.
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Talos Holdings Acquires Land For Three Arizona Multifamily Projects
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The luxury multifamily project in Mesa, Ariz., is one of several that North Scottsdale-based developer Talos Holdings is building in Arizona.
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SCOTTSDALE, ARIZ. — Talos Holdings LLC has acquired six acres of multifamily-entitled land in North Scottsdale and 20 acres of land within an opportunity zone in Avondale, Ariz. Talos also will begin construction on a third 345-unit Class A luxury multifamily property in Mesa, Ariz., in the first quarter of 2022. The Scottsdale-based developer plans to begin building a 350-unit multifamily project on the North Scottsdale site in spring 2023. Talos will start construction of its 407-unit development in Avondale in spring 2022.
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Southeast Multifamily & Affordable Housing Business — November/December Issue
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In this issue:
- Charlotte Multifamily Market Grows by Leaps and Bounds
- Guest Column: More States Should Adopt Affordable Housing Internet Policies
- The latest Southeast development and industry news
- Remembering Noel Khalil
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For advertising information, contact:
Scott France
404-832-8262 x 108 scott@francemediainc.com
Tracey Klasson
404-832-8262 x 121
tklasson@francemediainc.com
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— INDUSTRY VOICES —
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How To Handle Emerging Cyber Threats in the Multifamily Industry
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By Elizabeth Owens
Despite your housing organization’s best efforts to boost cybersecurity, not all incidents can be prevented. To prepare for and respond to these breakthrough attacks, your organization should develop a cyber incident response plan outlining steps to minimize losses, fix weaknesses and restore services.
At a high level, this might not sound dissimilar to a business continuity plan. Your cyber incident response plan and business continuity process should be in sync.
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Elizabeth Owens
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According to the National Institute of Standards and Technology (NIST) Computer Security Incident Handling Guide, responding to a cyberattack is a “complex undertaking that requires substantial planning and resources."
Click here to read on.
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