Multifamily

SLIB Arranges $15.5M Sale of HOLI Senior Living Community in Hillsboro, Oregon

by Amy Works September 9, 2021

HILLSBORO, ORE. — Senior Living Investment Brokerage has negotiated the sale of HOLI Senior Living, a 72-unit assisted living and memory care community in Hillsboro, a suburb of Portland. The community was built in 2019, totaling 39,460 square feet on 2.1 acres. The seller was a local developer and operator, with this being its only seniors housing asset. A private equity firm from Texas bought the property for $15.5 million and installed a Pacific Northwest-based operator. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction. “HOLI Senior Living is a well-built new community located in the western suburbs of Portland,” says Punzel. “The lease-up has been excellent throughout COVID and the new owners plan to continue to build on its reputation in the marketplace.”

September 9, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates Sale of 38-Unit Brooks Square Apartments in Spokane Valley, Washington

by Amy Works September 9, 2021

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Brooks Square, a multifamily property located in Spokane Valley. The asset traded for $4.5 million. The names of the seller and buyer were not released. Located at 10211 E. Main Ave., Brooks Square features 38 apartments in a mix of 26 one-bedroom units and 12 two-bedroom units. Community amenities include a clubhouse, laundry room, covered parking and pool. The property was built in 1972 and fully occupied at the time of sale. The transaction also included a parcel of land adjacent to the apartment complex that currently has a three-bedroom house. The buyer plans to develop the parcel into additional apartment units. Georgie Christensen-Riley and Joshua Reynolds of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Joel Deis, also of Marcus & Millichap, assisted in the closing.

September 9, 2021

Loans Midwest Minnesota Multifamily

D2 Capital Advisors Arranges $11.5M Bridge Loan for Minneapolis Multifamily Property

by Kristin Harlow September 9, 2021

MINNEAPOLIS — D2 Capital Advisors has arranged an $11.5 million bridge loan for LH44, a 36-unit multifamily property located at 2618 W. 44th St. in Minneapolis. The luxury community is located in the Linden Hills neighborhood and features direct access to Lake Harriet. The property was 72 percent occupied at the time of loan closing. Jack Cortese and David Frankel of D2 arranged the loan with a New York-based debt fund. The loan proceeds provided cash-out to the borrowers, while also fully retiring the existing construction debt. The borrower has retained Josh Talberg of JLL to market the property for sale.

September 9, 2021

Acquisitions Multifamily Texas

Darwin German Sells 288-Unit Brookside Apartments in Arlington

by Taylor Williams September 9, 2021

ARLINGTON, TEXAS — Dallas-based Darwin German Real Estate Investments has sold Brookside Apartments, a 288-unit multifamily community in Arlington. According to Apartments.com, the property was built in 1983 and offers one- and two-bedroom units ranging in size from 650 to 990 square feet. Amenities include a pool, clubhouse, business center, fitness center, a playground and outdoor grilling stations. The buyer and sales price were not disclosed.

September 9, 2021

Development Loans Multifamily Northeast Pennsylvania

Pacific Western Funds $30M Construction Loan for Philadelphia Multifamily Development

by Taylor Williams September 9, 2021

PHILADELPHIA — Pacific Western Bank has funded a $30 million construction loan for a 142-unit multifamily development in the East Falls neighborhood of Philadelphia. Amenities will include a pool, fitness center, wellness room, resident lounge, game room and private workspaces. The property will also house 10,450 square feet of ground-floor retail space. Gregg Wallace of AMA Financial placed the debt on behalf of the developer, a joint venture between Philadelphia-based Method Co. and Cimbra Partners. Completion is slated for the middle of 2023.

September 9, 2021

Development Loans Multifamily New York Northeast

ACRES Capital Provides $31.5M Construction Loan for Multifamily Project in Yonkers, New York

by Taylor Williams September 9, 2021

YONKERS, N.Y. — ACRES Capital has provided a $31.5 million construction loan for a 126-unit multifamily project located at 56 Prospect St. in Yonkers, a northern suburb of New York City. Units will feature modern appliance packages, high-end finishes and private balconies in select units, and amenities will include a rooftop terrace, courtyard and 130 parking spaces. Completion is slated for July 2023. Marty Reasoner of ACRES Capital provided the 30-month loan, and Andrew Milbank of Berko & Associates arranged the debt. The borrower was Melville, N.Y.-based Regency Apartment Ventures.

September 9, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers Sale of 69-Unit Apartment Building in Queens

by Taylor Williams September 9, 2021

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 69-unit apartment building located at 31-20 54th St. in Queens. The property consists of 48 one-bedroom units, 13 two-bedroom residences, seven studios and one commercial space. Shaun Riney, Mark Zarrella, Dylan Walsh and Sean Fopeano of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller. The agents also secured the buyer. Both parties involved in the transaction requested anonymity.

September 9, 2021

Florida Healthcare Seniors Housing Southeast Top Stories

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan September 9, 2021

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

September 9, 2021

Industrial Iowa Market Reports Midwest Midwest Market Reports Multifamily Single-Family Rental

Resilience, Growth in Cedar Rapids is Unparalleled

by Kristin Harlow September 9, 2021

By Scott Olson, Skogman Commercial On Aug. 10, 2020, eastern Iowa was hit with a derecho. This is the Spanish word for a widespread, long-lived, straight-line windstorm that is associated with a fast-moving group of several thunderstorms. Winds in southwest Cedar Rapids were estimated to be 140 miles per hour with the entire city of 75 square miles sustaining major damage. The statistics are staggering: • Cedar Rapids lost 669,000 mature trees, about 70 percent of its urban canopy. The storm left at least 4.5 million cubic yards of debris. Stacked 35 feet tall and wide, it would extend a whopping 24 miles. • 6,000 homes and properties were damaged. As repairs and reconstruction got underway, the city issued 25,000 building permits in fiscal-year 2021, more than double the number in a typical year. • City government buildings suffered $20 million in damage, while the business community reported losses totaling $170 million. About $70 million of that was the result of derecho-related shutdowns or power outages. • The state cumulatively sustained $11.5 billion in damage, according to the National Oceanic and Atmospheric Administration, which calls the Aug. 10 derecho “the costliest thunderstorm in U.S. history.” However, as evidenced in the …

September 9, 2021

Acquisitions Georgia Multifamily Southeast

FCP Purchases Three Apartment Communities in Metro Atlanta for $116M

by Julia Sanders September 8, 2021

CHEVY CHASE, MD. — FCP, a Chevy Chase, Md.-based real estate investment firm, has purchased three metro Atlanta apartment communities for $116 million. The three properties are Springdale Glen, Sierra Forest and Hawthorne at Sugarloaf apartment communities in Clarkston, Mableton and Lawrenceville, respectively. Shelton McNally Real Estate Partners was the seller for Springdale Glen apartments and MSC Investments was the seller for Sierra Forest. The seller for Hawthorne at Sugarloaf was not disclosed. Built in 1973, Springdale Glen features 276 one-, two- and three-bedroom units. Located at 3800 Brockett Trail in Clarkston, the garden-style and workforce community is located about 2.9 miles from Interstate 285. Community amenities include a pool, playground and a dog park. The property was about 92 percent occupied at the time of sale. Located at 6660 Mableton Parkway SE in Mableton, Sierra Forest includes 272 one-, two- and three-bedroom apartments just off Interstate 20. Built in 1973, the workforce housing property is situated close to the Fulton Industrial Corridor and is 12.6 miles from downtown Atlanta. Community amenities include a grilling area, playground and a property manager onsite. The property was roughly 91 percent occupied at the time of sale. Built in 2007, Hawthorne at Sugarloaf …

September 8, 2021

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