Multifamily

MG Properties Acquires Village on Main Apartments in Tacoma, Washington for $85.5M

by Amy Works August 27, 2021

TACOMA, WASH. — San Diego-based MG Properties Group has purchased Village on Main Apartments, a multifamily property located at 5020 Main St. on the Point Ruston Waterfront in Tacoma. Point Ruston Building 7 LLC, a company owned by Loren McBride Cohen, sold the asset for $85.5 million. Village on Main features 200 apartments and access to a mix of retailers, restaurants and entertainment venues in the Point Ruston Waterfront mixed-use community. Chris Ross, David Young, Corey Marx, Jordan Louie and Michael Lyford of JLL represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer.

August 27, 2021

Colorado Development Multifamily Western

PointOne Holdings, Stillwater Capital to Develop 330-Unit Spring Ranch Apartments in Colorado Springs

by Amy Works August 27, 2021

COLORADO SPRINGS, COLO. — PointOne Holdings has partnered with Stillwater Capital to develop Spring Ranch Apartments, a multifamily community located in Colorado Springs. Totaling 330 units, Spring Ranch will feature a three-acre quad located between the main two buildings that will feature a pool, outdoor kitchens and fire pits, walking gardens and views of the Rocky Mountains. The property will also offer a fitness center and co-working facilities for residents. The joint venture recently closed on the site acquisition and financing for the project. Construction is slated to begin in the near future, with the first units scheduled for delivery in spring 2023.

August 27, 2021

Development Multifamily Northeast Pennsylvania

Larken Associates Begins Renovation of 224-Unit Apartment Community in York, Pennsylvania

by Taylor Williams August 27, 2021

YORK, PA. — New Jersey-based Larken Associates has begun renovations of The View at Mackenzi, a 224-unit apartment community in York. As part of the project, the company will add a community pool, an outdoor grilling area and a new clubhouse, with completion slated for early 2022. Units at the property feature two-bedroom floor plans and individual washers and dryers. Select units also offer stainless steel appliances, island breakfast bars and private balconies/patios. Existing amenities include a fitness center, walking trails, a dog park and package concierge services. Larken Associates acquired The View at Mackenzi in 2020.

August 27, 2021

Acquisitions Multifamily New York Northeast

Alpha Realty Negotiates $11.8M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams August 27, 2021

NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $11.8 million sale of a portfolio of three multifamily properties in Brooklyn’s Boerum Hill neighborhood. The portfolio consists of 10 multifamily units and five retail spaces. The properties are located at 348 Atlantic Ave., 336 State St. and 75 Hoyt St. Lev Mavashev and Daniel Aminov of Alpha Realty represented the seller, an investment fund that was looking to liquidate its Brooklyn holdings, and procured the buyer, a European investment firm. Both parties requested anonymity.

August 27, 2021

Features Multifamily Seniors Housing Southeast

In Seniors Housing, Investment Decisions Should Be Based on Trusted Partners, Say InterFace Panelists

by Julia Sanders August 27, 2021

ATLANTA — The beginning of the COVID-19 pandemic made everyone question the future, and for investors and owners in the seniors housing business sector, things were rocky. The National Investment Center for Seniors Housing and Care reported the occupancy rate in seniors housing facilities decreased 680 basis points in 2020 to record lows. In 2021, there has been a renewed confidence in the economy as people return to working in an office and many Americans have been fully vaccinated against COVID-19. Additionally, occupancy rates in seniors housing properties have continued to rise. Now that things seem to be getting marginally better, the question many investors may be asking themselves is if they should buy, sell or hold assets in the current market? At the InterFace Seniors Housing Southeast conference in Atlanta, Ga. on Wednesday, Aug. 18, a group of industry-related leaders discussed the tips and tricks to survive in today’s market, as well as their predictions for the seniors housing sector in the future, during the “Investment Panel.” In a discussion lead by Marcus Van Ameringen, vice president of business development at 12 Oaks Senior Living, many of the investors in the panel mentioned the importance of making deals with …

August 27, 2021

Acquisitions Multifamily Texas

IPA Arranges Sale of 300-Unit Celeste at La Cantera Apartments in San Antonio

by Taylor Williams August 26, 2021

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Celeste at La Cantera, a 300-unit apartment community in San Antonio. Built in 2018 by USAA Real Estate and Cambridge Development Group, the property features one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and luxe plank flooring. Amenities include a rooftop pool, fitness center and a sky lounge. Will Balthrope and Drew Garza of IPA represented the seller/developer in the transaction and procured Churchill Forge Properties as the buyer. Nate Sittema, Kristen Reilley, Grant Harris and Elliot Voreis of CBRE arranged a 12-year, $39.9 million acquisition loan through a life insurance company on behalf of the new ownership.

August 26, 2021

Development Indiana Midwest Multifamily

Standard Real Estate Investments Launches Business, Provides Equity for Indianapolis Multifamily Project

by Kristin Harlow August 26, 2021

INDIANAPOLIS — Standard Real Estate Investments LP, a minority-owned real estate private equity firm focused on providing joint venture equity to developers, formally launched its business on Wednesday, Aug. 25. The company closed a majority equity investment in a 244-unit multifamily project located at 75 W. 18th St. in downtown Indianapolis. Construction recently began on the development, but a timeline for completion was not disclosed. Standard, and its Indianapolis-based joint venture partner Arrow Street Development, will build Wesley Place Apartments on the two-acre site, which is located within walking distance of the Indiana University Health Methodist Hospital. Plans call for four stories of apartments above a single-level retail and parking podium. Robert Jue and Jerome Nichols, formerly with CBRE Global Investors, are leading the new company. Standard aims to have $200 million of assets under management within 12 months through investments in four development projects.

August 26, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $16M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow August 26, 2021

ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

August 26, 2021

Acquisitions Multifamily New Jersey Northeast

Shamah Properties Buys Princeton Apartment Community for $70.3M

by Taylor Williams August 26, 2021

PRINCETON, N.J. — Commercial investment and management firm Shamah Properties has purchased Copperwood Apartments, a 153-unit multifamily community located at 300 Bunn Drive near downtown Princeton, for $70.3 million. The unit mix at the property, which was built in 2015, includes 22 one-bedroom residences, 130 two-bedroom units and one studio apartment. Amenities include outdoor exercise paths, a fitness center and outdoor grilling areas. The seller was not disclosed.

August 26, 2021

Florida Loans Multifamily Southeast

Cushman & Wakefield Secures $48.9M Construction Loan for Apartment Community in Navarre, Florida

by Julia Sanders August 26, 2021

NAVARRE, FLA. — Cushman & Wakefield has secured $48.9 million in construction financing on behalf of Atlanta-based Branch Properties LLC for Elevate Navarre Beach, a 332-unit apartment community located in Navarre. Michael Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the five-year, floating-rate loan through IberiaBank. Elevate Navarre Beach will include 11 three-story residential buildings offering one-, two- and three-bedroom floorplans with an average unit size of 894 square feet. Community amenities will include a pool, fitness center, outdoor grilling stations with private cabanas, dog park and spa and car care center. The property is slated to break ground before the end of the year, and construction is expected to be complete by late 2023. Located at 8250 Naverre Parkway, the property will be adjacent to Paradise Shoppes of Navarre, a Publix-anchored neighborhood center offering retail, restaurants and entertainment space. Elevate Navarre Beach will be situated approximately 20 miles from Pensacola Beach and 41 miles from Santa Rosa Beach.

August 26, 2021

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