Multifamily

AHIB Arranges $2.5M Sale on Section 8 Public Housing Community in Macclenny, Florida

by Julia Sanders March 11, 2021

MACCLENNY, FLA. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the sale of Baker Manor Apartments at 680 S 6th St. in Macclenny for just over $2.5 million. Kyle Shoemaker of AHIB represented both the California-based purchaser, The Grey Rock Group, and the undisclosed seller to complete the transaction. Built in 1974, the 50-unit Baker Manor features 12 one-bedroom, 26 two-bedroom and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room and an onsite management office. Baker Manor is located close to Interstate 10. The community currently has a waiting list of approximately three years.

March 11, 2021

Development Multifamily Texas

KBS, Southern Land Complete 309-Unit Apartment High-Rise in Dallas

by Taylor Williams March 11, 2021

DALLAS — A joint venture between California-based KBS and Nashville-based Southern Land Co. has completed Novē at Knox, a 309-unit apartment high-rise building in the Knox-Henderson area of Dallas. The location at 3031 Oliver St. puts the 19-story building adjacent to the Highland Park and Turtle Creek neighborhoods. The property offers a variety of different floor plans and amenities such as a pool deck with fitness terrace, community lounge, business center, recreation room, fitness center with yoga studio, concierge service, 465-space parking garage and valet parking. Southern Land designed the property and will also manage it.

March 11, 2021

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 56-Unit Pioneer Valley Apartments in Irving

by Taylor Williams March 11, 2021

IRVING, TEXAS — Wellington Realty has arranged the sale of Pioneer Valley, an apartment complex in Irving that was built in 1983. According to Apartments.com, the property totals 56 units and offers amenities such as a clubhouse, picnic area and onsite laundry facilities. David Shaffer, Caleb Jones, Will Miller and Troy Sanders of Wellington Realty brokered the deal for the value-add property, which was 94 percent occupied at the time of sale. The buyer and seller were not disclosed.

March 11, 2021

Development Multifamily New Jersey Northeast

Woodmont Begins Leasing 443-Unit Apartment Community in West Windsor, New Jersey

by Taylor Williams March 11, 2021

WEST WINDSOR, N.J. — New Jersey-based developer Woodmont Properties has begun leasing Woodmont Way, a 443-unit multifamily community in West Windsor, located just outside of Trenton. The property offers one, two- and three-bedroom units that are all equipped with private balconies or patios. Amenities include a fitness and yoga studio, game room, golf simulator, theater room and a heated pool, as well as pickleball and bocce courts. The pet-friendly community also features a bark park and an indoor pet spa. The first move-ins are scheduled to begin this summer.

March 11, 2021

Iowa Loans Midwest Multifamily Seniors Housing

KeyBank Provides $17M HUD-Insured Loan for Refinancing of Two Assisted Living Properties in Iowa

by Kristin Harlow March 11, 2021

DAVENPORT AND MARION, IOWA — KeyBank Real Estate Capital has provided a $17 million HUD-insured loan for the refinancing of two assisted living properties in Iowa. Bickford Senior Living was the borrower. The single-story communities, Bickford of Davenport and Bickford of Marion, were both built in 1998. The Davenport facility consists of 42 beds, 35 for assisted living and seven for memory care. The Marion property comprises 38 beds, 31 for assisted living and seven for memory care. John Randolph and Grant Saunders of KeyBank structured the 232/223(f) loan, which features a fixed rate and is fully amortized over 35 years.

March 11, 2021

Arizona Multifamily Top Stories Western

Institutional Property Advisors Brokers $117M Sale of Montreux Multifamily Community in Phoenix

by Katie Sloan March 11, 2021

PHOENIX — Institutional Property Advisors (IPA) has brokered the $117 million sale of Montreux, a 335-unit luxury multifamily property located within the master-planned community of Desert Ridge in Phoenix. Montreux offers a mix of one-, two- and three-bedroom units averaging 1,058 square feet with 9-foot ceilings; sound-absorbing mechanisms that assist in mitigating sound transfer; fiber-optic high-speed internet; keyless entry; and motion sensor management. Shared amenities at the property include a clubhouse, rooftop terrace, creative workshop, game room, fitness center, dog park, two resort-style swimming pools, a business center, and tennis, bocce and pickleball courts. Completed in 2020, Montreux is located adjacent to Loop 101, State Route 51 and Interstate 17 — three of the most traveled freeways in Arizona. It is also near the corporate headquarters for Sprouts Farmers Market and offices for American Express, Vanguard, Nationwide, Axon and the Mayo Clinic Hospital. The community was 60 percent occupied at the time of sale. Steve Gebing and Cliff David of IPA represented the seller, The Statesman Group, in the transaction and procured the buyer, Pacific Development Partners. “The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a …

March 11, 2021

Affordable Housing Development Finance Insight Midwest Multifamily Northeast Southeast Texas Video Western

TD Bank: Affordable Housing — Trends and Delays

by Sarah Daniels March 11, 2021

2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …

March 11, 2021

Acquisitions Florida Multifamily Southeast

Dasmen Residential Acquires Five Apartment Properties in Orlando, Tampa for $102M

by Julia Sanders March 10, 2021

ORLANDO AND TAMPA, FLA. — New Jersey-based Dasmen Residential has acquired five apartment communities in Orlando and Tampa for a total of $102 million. Dasmen acquired the portfolio from Amzak Capital Management and The Focus Group using $15 million of equity raised from 275 investors on CrowdStreet. The CrowdStreet offering was oversubscribed, and investors on CrowdStreet pledged $22.9 million in offers in less than 18 hours. The transaction also included $33 million of total investor equity, as well as a $76.4 million Freddie Mac loan provided and serviced by Greystone. With 1,011 units total, the five apartment properties are 92 percent occupied. The names and addresses of the Orlando communities include Addington Place Apartments at 4757 Silver Star Road, Oak Hill Apartments at 4500 Silver Star Road and Oakmont Apartments at 3024 Rio Grande Ave. The properties in Tampa include Jasmine Terrace Apartments at 1250 Skipper Road and Laurel Crossings Apartments at 13101 Aarans Pond Drive. Dasmen plans to give the properties upgrades to individual units and common areas. The capital improvements will include rebranding all five communities. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers in the transaction.

March 10, 2021

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $74.9M HUD-Insured Loan for Refinancing of Multifamily Property in Ypsilanti

by Kristin Harlow March 10, 2021

YPSILANTI, MICH. — Bernard Financial Group has arranged a $74.9 million HUD-insured loan for the refinancing of a multifamily property in Ypsilanti. The loan is the largest 223(f) HUD loan in over 30 years, according to Southfield-based Bernard Financial. The borrower was LITW LLC. Dennis Bernard and Dan Duggan of Bernard Financial arranged the loan with Gershman Mortgage. Further loan terms and property details were undisclosed.

March 10, 2021

HilltopVillas-StewartVillas-Apts-Las-Vegas-NV

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $22.1M Sale of Hilltop Villas, Stewart Villas Multifamily Properties in Las Vegas

by Amy Works March 10, 2021

LAS VEGAS, NEV. — Northcap Commercial has arranged the sale of Hilltop Villas and Stewart Villas, two multifamily properties in Las Vegas. Hilltop LLC sold the assets to an undisclosed buyer for $22.1 million, or $98,009 per unit. Located at 600 N. 12th St., 600 N. 13th St., 601 N. 13th St., 2640 Marlin Ave and 2601 Stewart Ave., the properties offer a total of 226 units. The communities were built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the deal.

March 10, 2021

Newer Posts

Older Posts