Multifamily

The Virginian Breaks Ground on $56.5M Landmark Renovation in Fairfax, Virginia

by Julia Sanders March 10, 2021

FAIRFAX, VA. — The Virginian Retirement Community, a senior living community in Fairfax, will break ground on an 18-month renovation schedule. Development costs are estimated at $56.5 million. The Virginian project is a collaboration between Focus Healthcare Partners LLC, Life Care Services and Allied Partners. The Virginian Retirement Community will be located at 9229 Arlington Blvd., about 17 miles from Washington, D.C. The seven-story, 367,000-square-foot building will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. The property is located on a 32-acre wooded campus near downtown Fairfax, and was acquired by an affiliate of Focus Healthcare Partners LLC in 2019. The Virginian will offer a fitness center with trainers, as well as daily exercise classes including aerobics, Tai Chi, balance and strength training and yoga. Other activities include a high-tech Golf Simulator, new indoor swimming pool with water aerobics classes and a water exercise program. The property will also include a new theater, virtual entertainment room, tech lounge, three full-service salons and four restaurants.

March 10, 2021

Acquisitions California Healthcare Multifamily Seniors Housing Western

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

by Jeff Shaw March 10, 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 10, 2021

Company News Multifamily Texas

Berkadia Adds New Multifamily Investment Sales Team in Houston

by Taylor Williams March 10, 2021

HOUSTON — Berkadia has added a new multifamily investment sales team to its Houston office with the hiring of Chris Curry, Todd Marix, Joey Rippel and Chris Young, all of whom are joining the company from JLL. The team works with a diverse client base, including institutions, private capital, developers, special servicers and government institutions across all multifamily asset classes. Berkadia’s hiring of a new Houston multifamily investment sales team from JLL follows the departure of a longstanding, eight-member team to Walker & Dunlop earlier this month.

March 10, 2021

Acquisitions Multifamily Texas

PEM Real Estate Buys 335-Unit Edge & Stone Apartments in San Antonio

by Taylor Williams March 10, 2021

SAN ANTONIO — Arizona-based PEM Real Estate Group has purchased Edge & Stone, a 335-unit, newly built apartment community in north-central San Antonio. The property sits on 22 acres and features studio, one- and two-bedroom units with quartz or granite countertops and private balconies or patios. Amenities include a pool with cabanas, outdoor grilling stations, fitness center and a dog park. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The duo also procured PEM Real Estate as the buyer.

March 10, 2021

Loans Multifamily Texas

MMCC Arranges Acquisition Loan for 415-Unit Multifamily Property in Amarillo

by Taylor Williams March 10, 2021

AMARILLO, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a bridge loan of an undisclosed amount for the acquisition of a 415-unit multifamily property in Amarillo. Jamie Safier of MMCC arranged the nonrecourse, floating-rate loan. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. The direct lender and property name were also not disclosed.

March 10, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $82M Sale of The Royce at Trumbull Apartments in Connecticut

by Taylor Williams March 10, 2021

TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.

March 10, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $3.4M Acquisition Loan for Multifamily Asset in Taunton, Massachusetts

by Taylor Williams March 10, 2021

TAUNTON, MASS. — Cornerstone Realty Capital has arranged a $3.4 million acquisition loan for a 30-unit multifamily asset in Taunton, located south of Boston. The property was built in 1987 and offers an equal mix of one- and two-bedroom units. Patrick Brady of Cornerstone arranged the loan, which was structured with a fixed interest rate, 24 months of interest-only payments and a 30-year amortization schedule. The undisclosed borrower is planning a capital improvement program.

March 10, 2021

Colorado Development Multifamily Top Stories Western

Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

by Kristin Harlow March 10, 2021

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …

March 10, 2021

Arizona Development Loans Multifamily Single-Family Rental Western

ACRES Originates $62M Construction Loan for Bungalows on Cotton Lane Multifamily Property in Glendale, Arizona

by Amy Works March 9, 2021

GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.

March 9, 2021

Acquisitions Multifamily Oregon Western

Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

by Amy Works March 9, 2021

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price. Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5. Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.

March 9, 2021

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