Multifamily

Associated Bank Arranges $37.8M Loan for Renovation of Chicago Apartment Tower

by Kristin Harlow December 18, 2020

CHICAGO — Associated Bank has arranged a $37.8 million loan for the renovation of an 18-story apartment tower located at 1926 W. Harrison St. in Chicago. The building is situated within the Illinois Medical District and near the Rush University Medical Center. The borrowers, Marquette Cos. and Kayne Anderson Real Estate, will renovate 272 units and make improvements to the fitness center, coworking space, rooftop deck and dog run. Completion is slated for August 2021. Associated Bank served as lead arranger and administrative agent, working with Wheaton Bank & Trust. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.

December 18, 2020

Acquisitions Indiana Midwest Multifamily

Berkadia Arranges Sale of 354-Unit Apartment Property in Indianapolis

by Kristin Harlow December 18, 2020

INDIANAPOLIS — Berkadia has arranged the sale of Aberdeen Apartments in Indianapolis for an undisclosed price. The 354-unit multifamily property is located at 8680 Walnut Grove Drive near the Indianapolis International Airport. Amenities include a pool, fitness center, clubhouse, and a basketball, tennis and sand volleyball court. Alex Blagojevich and Chris Bruzas of Berkadia represented the seller, Indiana-based Samaritan Cos., which made significant capital improvements to the property over the past few years. Barratt Asset Management, also based in Indiana, was the buyer.

December 18, 2020

Development Midwest Missouri Multifamily

HDA Architects Completes Design of 184-Unit Multifamily Development in St. Louis

by Kristin Harlow December 18, 2020

ST. LOUIS — HDA Architects, a Green Street company, has completed the design of a 184-unit multifamily development in downtown St. Louis. The proposed project would be built at 1801 Washington Ave. and include 7,300 square feet of ground-floor retail space as well as a 220-stall parking garage. Plans call for a mix of studios and one-bedroom units. Project costs are estimated at $32 million and construction is expected to begin in the second or third quarter of 2021. King Realty is the developer.

December 18, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Sells Two Multifamily Properties in Tucson to Bridge Investment Group for $90.2M

by Amy Works December 18, 2020

TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Both properties are located on West Linda Vista Boulevard in Northwest Tucson. Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet. Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.

December 18, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $13.8M Sale of Apartment Complex in Methuen, Massachusetts

by Taylor Williams December 18, 2020

METHUEN, MASS. — CBRE has negotiated the $13.8 million sale of Mill Falls Apartments, a 97-unit mixed-income apartment complex in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The building was originally constructed in 1826 as a cotton mill and was redeveloped into a multifamily property in 2001. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Methuen Mills LP, an affiliate of Silver Street Development Corp, in the transaction. The team also procured the buyer, Standard Communities.

December 18, 2020

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

by Amy Works December 18, 2020

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Colliers Brokers Sale of Prescott Lakes Age-Restricted Apartments in Arizona

by Amy Works December 18, 2020

PRESCOTT, ARIZ. — Colliers International has arranged the sale of Prescott Lakes, an age-restricted apartment community in Prescott. CA Prescott Lakes Owner LLC acquired the asset from BAZV Prescott Lakes LLC for an undisclosed price. Restricted to residents age 55 or older, the 99,972-square-foot Prescott Lakes features 128 condominium-style one- and two-bedroom apartments. Built in 2003 on four acres, the community includes a dog park, fitness center, game room, media center, pool, spa, outdoor entertainment veranda and fully furnished guest suites. Cindy Cooke, Brad Cooke, Matt Roach, Chris Roach and Tim Dulany of Colliers International handled the transaction.

December 18, 2020

Affordable Housing Conference Coverage Features Multifamily Southeast Southeast Feature Archive

Southeast Enjoys Outsized Multifamily Demand Due to Stellar Job Growth, InterFace Panelists Concur

by John Nelson December 18, 2020

The pace at which global corporations are expanding in the Sun Belt is extraordinary. To name just a few companies generating headlines, Amazon is making a sizable investment at its HQ2 in Northern Virginia and new office tower at Nashville, a number of life sciences and pharmaceutical firms are opening in Raleigh-Durham, Microsoft recently executed a full-building lease and commitment of 1,500 jobs in Atlanta and Oracle and Tesla are relocating to Austin, Texas. Researchers believe this corporate migration is a direct contributor to the region’s multifamily demand. Adam Couch, market analyst of asset optimization at RealPage Inc., said that after experiencing a decade of job creation wiped out in March and April, the region is now leading the charge in the economic recovery, which directly benefits the apartment sector. “For the Southeast, after suffering big losses, we’re in recovery mode now,” said Couch. “Local markets are best performing in places like Salt Lake City, Texas, Denver and Atlanta, where [job growth] is only 2 to 3 percent below February levels. The comeback in [multifamily] leasing was concentrated in some of these Sun Belt areas.” Dallas-Fort Worth, Atlanta and Houston led the nation in terms of apartment demand in the …

December 18, 2020

Affordable Housing Multifamily Texas Video Webinar Western

Webinar: What is the Outlook for the Affordable Housing Sector in Texas?

by Sarah Daniels December 17, 2020

On Dec. 15, Texas Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in Texas?” Listen to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are Texas experts addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Biden administration’s likely approach to affordable housing & opportunity zones Cap rates & interest rates Pandemic effects on affordable & workforce housing Revisions to underwriting practices Fannie and Freddie’s influence? Panel Two: Developer Insight Expanding markets Affordable Housing Tax Credit Coalition and bond cap constraints Collections Reserve requirements Barriers to workforce & affordable housing Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. M&T Realty Capital Corp.: M&T Realty Capital Corporation® is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial properties, including affordable and market-rate multifamily, seniors housing, healthcare facilities, and office, industrial and retail properties. Newmark: Newmark’s integrated platform delivers seamlessly …

December 17, 2020

Acquisitions Alabama Multifamily Southeast Student Housing

Preiss, JV Partner Acquire 600-Bed Student Housing Community Near Auburn University

by Alex Tostado December 17, 2020

AUBURN, ALA. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired a 600-bed, cottage-style student housing community from Aspen Heights, a student housing developer based in Austin, Texas. The sales price was not disclosed. The community — rebranded The Collective at Auburn — serves students attending Auburn University in Alabama. Capital improvements are planned for the property, including a complete redesign of its clubhouse and amenity areas, new exterior paint, the addition of more in-unit furniture and the installation of LED lighting and water-saving devices. According to Donna Preiss, founder and CEO of The Preiss Co., upgrades will be handled in phases to ensure minimal resident disruption. Communal amenities include a pool, hot tub, outdoor fireplace, volleyball court, clubhouse, computer lab, study lounge, movie theater, game room and a fitness center. The property is 95 percent preleased for the fall 2021 semester.

December 17, 2020

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