Multifamily

IPA Negotiates Sale of 392-Unit Cross Creek at Grapevine Ranch Apartments

by Taylor Williams March 16, 2021

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Cross Creek at Grapevine Ranch, a 392-unit apartment community located roughly midway between downtown Dallas and Fort Worth. Built on 35 acres in 1999, the property offers a pool, business center and an indoor basketball court. Drew Kile and Joey Tumminello of IPA represented the seller, a joint venture between an affiliate of The Carlyle Group and VCT Capital Partners, in the transaction. The duo also procured the undisclosed private buyer.

March 16, 2021

Development Multifamily Texas

Presidium Breaks Ground on 283-Unit Multifamily Project in North Austin

by Taylor Williams March 16, 2021

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Phase I of Presidium Waterford, a 283-unit multifamily project that will be located near The Domain in North Austin. Designed by Dallas-based O’Brien Architects and Atlanta-based Dwell Design Studio, the property will offer amenities such as a pool, fire pits, fitness center, office lounges and a bocce court. The first units are scheduled to be delivered in December 2022. Presidium is currently in the design stage of Phase II, which it estimates will include 350 units.

March 16, 2021

Acquisitions Michigan Midwest Multifamily

JLL Brokers $19.6M Sale of Lakeview Apartments in Kalamazoo, Michigan

by Kristin Harlow March 16, 2021

KALAMAZOO, MICH. — JLL Capital Markets has brokered the sale of Lakeview Apartments in Kalamazoo for $19.6 million. The 280-unit apartment community features a playground, pet park and community barbecue area. The property is located at 1928 Colgrove Ave. and is situated adjacent to Ascension Borgess Hospital. David Gaines, Dave MacDonald and Kyle Butler of JLL represented the seller, Florida-based Property Resource Associates. The JLL team worked closely with Ron Plichta and Tommy Bateman of Property Resource Associates. Bender Cos. was the buyer.

March 16, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Structures $13M in Construction Financing for Affordable Housing Property in Cleveland

by Kristin Harlow March 16, 2021

CLEVELAND — KeyBank has structured $13 million in construction financing for Via Sana, a 72-unit affordable housing project in Cleveland. The NRP Group LLC, The MetroHealth System and CCH Development Corp. are serving as developers. Via Sana is part of a $60 million mixed-use project being spearheaded by MetroHealth in the city’s Clark-Fulton neighborhood. Rents at the property will be offered at 15 to 75 percent below market rents. Project-based vouchers will be used for eight of the units. In addition to residences, Via Sana will include more than 5,000 square feet of commercial space as well as conference rooms and classrooms reserved for MetroHealth’s Economic Opportunity Center.

March 16, 2021

Acquisitions California Multifamily Western

JRK Property Holdings Buys Harrison Glendale Apartment Property in California for $90.7M

by Amy Works March 16, 2021

GLENDALE, CALIF. — JRK Property Holdings has acquired The Harrison Glendale, an apartment community located at 318 W. Wilson Ave. in downtown Glendale. A Las Vegas-based developer sold the asset for $90.7 million in an off-market transaction. Built in 2018, The Harrison Glendale features 164 apartments in a mix of studio, one- and two-bedroom layouts spread across two five-story LEED-certified buildings. The community offers a central courtyard with a resort-style pool, park and barbecue area. Additionally, the property features 15,100 square feet of ground-floor retail space occupied by CVS/pharmacy; a two-level, 239-stall subterranean garage; a two-level fitness center; yoga studio; club room; and dog run. The property also offers a rooftop deck with fire pits, barbecues and bar. At the time of sale, the asset was 96 percent leased. Dean Zander, Stewart Wilson and Chris Tresp of CBRE Los Angeles represented the seller in the deal. Robert Falese of Berkadia arranged acquisition financing with agency debt through Freddie Mac’s Green Advantage program for the buyer.

March 16, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Starts Construction of Two Adjacent Multifamily Communities in Simi Valley

by Amy Works March 16, 2021

SIMI VALLEY, CALIF. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive. Vintage at Sycamore will feature 99 apartments for seniors earning 50 percent to 70 percent of the area’s median household income. The property will offer one-bedroom units featuring energy-efficient appliances, a patio or balcony and laundry rooms on each of the three floors. The $32 million community will feature a clubroom, fitness center, computer center with WiFi and printers, swimming pool, an outdoor seating area with barbecues and a pet area. Completion of Vintage at Sycamore is slated for late 2021. County of Ventura, Calif., contributed a $3.5 million subsidy for the project. The Landing at Arroyo will offer 212 one-, two-, and three-bedroom apartments with stainless steel appliances, a kitchen island, in-unit washers/dryers, high-end flooring …

March 16, 2021

Acquisitions Colorado Multifamily Western

Cityview Acquires Interest in 350-Unit DECO Apartments in Denver

by Amy Works March 16, 2021

DENVER — Cityview has purchased Dinerstein Cos.’ interest in DECO, an apartment community located in the University Park region of Denver. A transit-oriented property with immediate access to light rail, the five-story development offers 350 units in a range of open floor plans. The property originally opened for leasing in fourth-quarter 2019. Westhome, Cityview’s property management division, manages the asset. Terms of the acquisition were not released. Situated on 3.5 acres, the property features a mix of studio, one-, two- and three-bedroom floor plans with to up 11-foot ceilings, vinyl wood flooring, stainless steel appliances, in-unit washers/dryers, designer cabinetry, quartz countertops, dual vanity baths, walk-in closets and keyless door entry. Community amenities include an on-site ski simulator and gear lounge equipped with ski and boot lockers, as well as space for snowboards, mountain bikes and kayaks; and a rooftop deck with outdoor seating, a fireplace, television, drink ledge and ski gondola. Additional amenities include a dog park and spa; business center with coffee bar and two-sided fireplace; co-working area with individual conference rooms; workstations; a library; mail room with automated package retrieval system; club room with commercial kitchen; and a fitness center with cardio and weight equipment, massage room and …

March 16, 2021

Acquisitions California Healthcare Seniors Housing Western

CareTrust REIT Purchases Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 16, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 16, 2021

Development Loans Multifamily Oregon Seniors Housing Western

Live Oak Provides $28.5M Construction Financing for Seniors Housing Expansion in Salem, Oregon

by Amy Works March 16, 2021

SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.

March 16, 2021

Affordable Housing Build-to-Rent Finance Insight Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels March 16, 2021

NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

March 16, 2021

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