KANSAS CITY, MO – Cohen-Esrey Apartment Investors, a unit of Overland Park-based Cohen-Esrey, LLC, has bought five market-rate apartment properties totaling 1,490-units in Olathe, KS, Dallas, TX, Ft. Worth, TX, Marietta, GA and North Port, FL. 

The firm also sold a property in Erie, PA. Last fall, Cohen-Esrey bought The Edge Apartments at 12251 South Strang Line Road in Olathe, and has renamed the 352-unit property, Jefferson on the Lake. The firm closed on Lofton Place, a 258-unit property in Ft. Worth in April 2019, as well as the 372-unit South Pointe Apartments in Dallas. Other acquisitions include the 196-unit Hamptons at East Cobb in the Atlanta suburb of Marietta, and the 312-unit Lakes at North Port, in the Sarasota, FL, suburb of North Port. 

These five acquisitions bring the owned-portfolio of Cohen-Esrey Apartment Investors to 5,045-units in 17 properties. Other markets include San Antonio, Memphis, Oklahoma City, Lincoln, NE, Columbus, OH and Atlanta, GA. In Erie, PA, Cohen-Esrey sold the Boston Store Apartments, a 125-unit historic downtown building it bought in 2012. The total value of the six transactions exceeds $184 million. The firm has another 350-unit property under contract with an expected closing in October 2019. Counting properties sold in recent years, Cohen-Esrey has bought 6,252-units at a total cost of more than $550 million.

Cohen-Esrey has been accelerating its apartment acquisition efforts since 2016, targeting larger metropolitan areas with strong job and population growth. Assets have been constructed from the mid-1980s to 2010 and generally require some level of physical improvements and repositioning. Often, amenities are enhanced along with unit interiors including kitchens, flooring and bathrooms. 

Ryan Huffman is the managing director for Cohen-Esrey Apartment Investors and said, “Demographic trends continue to drive demand for apartments across the country. As Baby Boomers retire, many are moving into apartments. And Millennials are choosing to live in apartments longer than previous generations. These two massive age cohorts are making significant pressure on rental housing stock and the industry has been unable to keep pace with the demand.”

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GARLAND, TX -Wood Partners, a national leader in multi-family real estate development and acquisition, announced the groundbreaking of its newest luxury residential community, Alta Spring Creek in Garland, Texas.

Located at 6310 Naaman Forest Blvd., the new community will be located a small drive from some of the highest-growth economic hubs in the entire Dallas-Ft. Worth region. Alta Spring Creek will place residents minutes from CityLine – now home to regional headquarters for both State Farm and Raytheon – as well as the Telecom Corridor that boasts an unparalleled concentration of manufacturing, telecommunications, healthcare and financial services establishments.

“The Dallas team of Wood Partners is excited to break ground on 225 units at Alta Spring Creek in the 190 corridor submarket just a few miles east of CityLine. This community will provide a reasonably priced option without sacrificing the quality or amenity spaces that our prospective residents in this area have come to expect,” said Ryan Miller, Development Director for Wood Partners. “Located on just under nine acres, Alta Spring Creek will offer an abundance of open space, towering trees and rolling topography.”

In addition to the close proximity to a number of areas of job activity, Alta Spring Creek’s location in the 190 Corridor will provide residents with numerous restaurant, bar and retail options at nearby Firewheel Town Center. The area is home to a number of grocery options as well, with Whole Foods, Kroger, Tom Thumb and Aldi nearby.

Alta Spring Creek, once completed, will total 225 units in a mix of 1-, 2- and 3-bedroom floor plans. The premier apartment homes will feature refined finishes that will help differentiate the community from others in this submarket. The units, which will include stainless steel appliances, granite countertops, upgraded fixtures and in-unit washer and dryer, will provide an A-class living experience for residents and their families.

As part of a robust set of amenities, Alta Spring Creek will include a number of community-building spaces, maximizing the indoor-outdoor lifestyle that the Dallas area provides. A spacious fitness center will feature Precor equipment and dedicated yoga and crossfit studio. The large, resort-style pool area will have tanning ledges, outdoor fire pits and grilling areas. A part of Spring Creek, which runs along the property, offers an area for numerous outdoor activities and events while providing a calming natural backdrop for residents to relax and recharge.

Alta Spring Creek is expected to both start pre-leasing and open in the second quarter of 2020. It joins a list of 16 properties managed by Wood Partners in Texas, 12 of which are in the Dallas-Ft. Worth area with three more, including Alta Spring Creek, in development.

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KAPOLEI, HI – Highridge Costa will hold a groundbreaking ceremony on August 28 for the second phase of the $130 million Kulana Hale Mixed-Use affordable senior and multifamily apartment community in Kapolei. Hawaii Governor David Ige, state and local officials, community leaders and development team members will attend.

Kulana Hale Phase II will feature a 13-tale tower with approximately 2,300 square feet of ground floor retail space and 143 affordable units for low-income families. The tower will be built over a two-level concrete podium structure that will be connected to the first phase to form a larger parking structure and podium deck. Among the first high-rise residential projects in Kapolei, Kulana Hale will offer unobstructed mountain and ocean views to its residents, all of whom will earn 60 percent or less of area median income (AMI). This phase will be paired with a Phase I tower that will provide much-needed housing for seniors, with a total of 154 affordable apartment units.

Located at 1020 Wakea Street, the project consists of three phases located on a single three-acre block. Phases I and II will include two residential towers with ground floor retail, while Phase III will include single-tale retail space. Phases I and II are being built to a LEED equivalent standard, representing the development team’s commitment to sustainable communities.

Highridge Costa of Los Angeles and Coastal Rim Properties of Honolulu, owned by Franco Mola, are developing Kulana Hale jointly with the help of non-profit Hawaiian Community Development Board. The project was designed by SVA Architects and is being built by Hawaiian Dredging Construction Company.

The development’s second phase is being financed with a combination of tax-exempt bonds, tax credit equity, and a $17.9 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corporation (HHFDC). Citibank will be the construction lender and Royal Bank of Canada will be the tax credit investor.

“My administration has been working hard to expand affordable rental housing options across the state for seniors and families who struggle to find homes they can afford. Kulana Hale is a fantastic example of using state funding to attract private investment in our communities,” said Governor David Ige.

“RBC Capital Markets is delighted to partner with Highridge Costa Housing Partners and to celebrate breaking ground at the Kulana Hale Phase II development in Kapolei, Hawaii,” a company statement said. “This is RBC’s first LIHTC investment in Hawaii, and we want to thank the Hawaii Housing Finance & Development Corporation for its support in this vital development for the community.”

“It has been a long journey, and I want to thank our partners, specifically, the Hawaii Housing Finance and Development Corporation and the Department of Plotting and Permitting, for all their efforts to help process and approve this complex project. We would not be here without the help of our local government agencies and our community leaders,” said Coastal Rim Properties, Inc. President and Owner Franco Mola.

“For over 25 years Highridge Costa has been making quality new affordable senior and family housing in partnership with states throughout the U.S., including Hawaii. We are very excited and proud to announce the groundbreaking of the second phase in our newest mixed-use affordable senior and multifamily community, Kulana Hale in Kapolei, Hawaii, developed in partnership with the Hawaii Housing Finance and Development Corporation. Kulana Hale will enrich the lives of future residents living with low and very low incomes while being an asset that both the State of Hawaii and Highridge Costa will be proud of for years to come,” said Michael Costa, President and CEO of Highridge Costa.

“On behalf of myself and the entire Highridge Costa team, I want to thank the myriad of contributors who came together to make this exciting community a reality. Such achievements are only possible when individuals and organizations across the private and public sectors are motivated to bring real change and improvement to the communities in which they live and work,” said Mohannad H. Mohanna, President and Managing Member of Highridge Costa Development.

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