Multifamily

Cushman & Wakefield Arranges Sale of 237-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 18, 2021

SPRINGDALE, ARK. — Cushman & Wakefield has facilitated the sale of Towne Park at Har-ber, a 237-unit apartment community located in Springdale. Martin Bynum and Craig Hey of Cushman & Wakefield represented the Little Rock-based seller, BSR REIT, in the transaction. Block Funds bought the property for $31.7 million, according to the seller. Constructed in 2016, Towne Park at Har-ber is located at 257 Arborside Road, 68 miles from Fort Smith Regional Airport. Amenities include swimming pool with sun deck, fully equipped fitness center and a community clubhouse.

February 18, 2021

Affordable Housing Alabama Development Loans Multifamily Southeast

Bellwether Provides $11.6M HUD-Insured Loan for Affordable Housing Community in Dothan, Alabama

by Julia Sanders February 18, 2021

DOTHAN, ALA. — Bellwether Enterprise Real Estate Capital LLC has provided an $11.6 million HUD 221(d)(4) loan for the rehabilitation of an affordable housing community in Dothan. The 50-unit public housing property, Capstone at Kinsey Cove, is located at 1121 Kinsey Road. Jon Killough of Bellwether Enterprise’s Alabama office originated the loan on behalf of the borrower, an affiliate of The Banyan Foundation. The financing is part of HUD’s Rental Assistance Demonstration (RAD) program, which allows housing authorities to access private capital to meet capital needs while also protecting long-term affordability. Capstone at Kinsey Cove includes a one-story office building and a one-story maintenance structure. Community amenities include a community room, business and computer lab, central laundry facility, playground, picnic area, off-street surface parking and onsite management. In addition to the HUD loan, the transaction’s capital stack includes 4 percent Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James Tax Credit Funds and subordinate loans provided by the Housing Authority of the City of Dothan. The rehabilitation total development cost will be $158,000 per unit. Upon rehabilitation, units will receive dishwashers, microwaves and vinyl plank flooring. The estimated completion date of the renovations is July 2022.

February 18, 2021

Acquisitions Multifamily Texas

MLG Capital Purchases 328-Unit Heights at Harper’s Preserve Apartments in Conroe, Texas

by Taylor Williams February 18, 2021

CONROE, TEXAS — Wisconsin-based investment firm MLG Capital has purchased Heights at Harper’s Preserve, a 328-unit apartment property located within the Harper’s Preserve master-planned community in Conroe, about 40 miles north of Houston. Heights at Harper’s Preserve offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge and a complimentary breakfast and coffee bar. MLG Capital now owns approximately 10,700 apartments in Texas. The seller was not disclosed.

February 18, 2021

Development Multifamily New Jersey Northeast

Mill Creek Breaks Ground on 295-Unit Modera Montville Apartments in New Jersey

by Taylor Williams February 18, 2021

MONTVILLE, N.J. — Mill Creek Residential has broken ground on Modera Montville, a 295-unit apartment community that will be located about 35 miles west of New York City. The community will offer one-, two- and three-bedroom units that will feature stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities will include a resident lounge, business center, fitness center, coffee bar, game room, outdoor grilling areas and a rooftop deck. The first move-ins are expected to begin in 2023.

February 18, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 238-Unit Apartment Community in Stamford, Connecticut

by Taylor Williams February 18, 2021

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of eaves Stamford, a 238-unit apartment community in southern Connecticut. The property consists of three residential buildings and 3,600 square feet of commercial space within the city’s Glenbrook neighborhood. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, AvalonBay Communities, and the buyer, Cue Residential, in the transaction.

February 18, 2021

Regina-Community-Nursing-Center-Norristown

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 121-Bed Skilled Nursing Facility in Norristown, Pennsylvania

by Taylor Williams February 18, 2021

NORRISTOWN, PA. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, located about 12 miles northwest of Philadelphia. Built in 1980, the property is located within a 10-mile radius to nine short-term acute care hospitals. Tryko Partners plans to undertake a $3.5 million investment in physical plant renovations and specialty programming enhancements and to rebrand the property as Markley Rehabilitation & Healthcare Center.

February 18, 2021

Acquisitions Multifamily New York Northeast

Avison Young Brokers $7.5M Sale of Two Manhattan Multifamily Properties

by Taylor Williams February 18, 2021

NEW YORK CITY — Avison Young has brokered the sale of two four-story multifamily properties in Manhattan’s East Village neighborhood for a combined $7.5 million. The four-unit property at 349 E. 13th St. sold for $3.5 million, and the five-unit building at 405 E. 6th St. went for $4 million. Brandon Polakoff of Avison Young represented the undisclosed seller and the California-based 1031 exchange buyer in the transaction.

February 18, 2021

Loans Midwest Multifamily South Dakota

Tzadik Properties Receives $115M in Loans for Refinancing of South Dakota Multifamily Portfolios

by Kristin Harlow February 18, 2021

SIOUX FALLS AND RAPID CITY, S.D. — Tzadik Properties LLC has received more than $115 million in loans for the refinancing of portions of its multifamily portfolios in Sioux Falls and Rapid City. Tzadik’s Lucas Grassano handled the processing and Michael Davalos oversaw the lender sourcing. The refinancings are part of the company’s business plan to move from short-term loans to long-term, lower-cost debt. Greystone provided financing for a 707-unit portfolio and a 439-unit portfolio in Sioux Falls. Under the new terms, Tzadik replaced bridge loans that charged a 6 percent interest rate with long-term loans at a 3.17 percent interest rate. Additionally, Tzadik assigned $4.5 million of the proceeds for capital improvements. Merchants Bank provided financing for two more portfolios in Sioux Falls, including 459 units across four properties, as well as a 261-unit portfolio in Rapid City. Under these terms, Tzadik replaced bridge loans that carried a 6 percent interest rate with long-term loans at a 3.5 percent interest rate. Tzadik entered the South Dakota market in 2018 with 721 units and now owns and operates 2,206 units across the market.

February 18, 2021

Development Midwest Minnesota Multifamily

Lyon Contracting Underway on 110-Unit Apartment Complex Near Minneapolis

by Kristin Harlow February 18, 2021

BURNSVILLE, MINN. — Lyon Contracting Inc. is underway on construction of The Overlook on Crystal Lake, a 110-unit apartment complex in Burnsville, about 15 miles south of Minneapolis. Northland Real Estate Group LLC is the project developer. Units will range from 600-square-foot studios to 1,500-square-foot three-bedrooms. Amenities will include a rooftop patio, community room, fitness room and workspaces. The project sits on a three-acre site adjacent to Crystal Lake and directly across from Buck Hill Ski Area. Construction began in January and is expected to be completed in 14 months. Venture Capital Mortgage arranged the debt and equity for the project. Additional project team members include The Cole Group, Civil Site Group and Great Lakes Management Co.

February 18, 2021

Acquisitions Arizona Multifamily Western

Apartment Ventures Acquires Village at Aspen Place Multifamily Property in Flagstaff for $64.5M

by Amy Works February 18, 2021

FLAGSTAFF, ARIZ. — Apartment Ventures NNC has purchased Village at Aspen Place, a Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5 million. Built in 2015, the property features 222 apartments. The transaction is Apartment Ventures’ fourth Southwest institutional-level acquisition in as many years, bringing its Southwest portfolio close to 1,000 units. The name of the seller was not released.

February 18, 2021

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