Multifamily

Ytech Sells Multifamily Community in Metro Miami for $78M

by Alex Tostado January 5, 2021

MIAMI GARDENS, FLA. — Ytech has sold Lake House Apartments, a 491-unit multifamily community in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic area. Lake House Apartments is situated at 2601 NW 207th St., less than one mile from Hard Rock Stadium, home of the NFL’s Miami Dolphins and the Miami Hurricanes. The community was originally built in 1970 and spans 33 acres. Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller in the transaction.

January 5, 2021

Acquisitions Multifamily North Carolina Southeast

PointOne Holdings, Hathaway Development Divest of Apartment Complex in Metro Raleigh for $65.1M

by Alex Tostado January 5, 2021

HOLLY SPRINGS, N.C. — PointOne Holdings and Hathaway Development have sold The Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, for $65.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, grilling areas, pool, package concierge service, fitness center, business center and a clubhouse. The asset is situated at 1101 Club Exchange Drive, 20 miles southwest of downtown Raleigh. The buyer was Myers Apartment Group.

January 5, 2021

Acquisitions Multifamily Seniors Housing Texas

Draper & Kramer Acquires 121-Unit Seniors Housing Community in Metro Dallas

by Taylor Williams January 4, 2021

MCKINNEY, TEXAS — Chicago-based Draper & Kramer has acquired Adriatica Senior Living, a 121-unit community located in the northern Dallas suburb of McKinney. The property was built in 2017 and features one- and two-bedroom units that range in size from 806 to 1,370 square feet. Amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and a game room. The seller was not disclosed.

January 4, 2021

Acquisitions Multifamily New York Northeast

PEBB Enterprises, Sagamore Hill Buy 188,109 SF Shopping Center on Long Island

by Taylor Williams January 4, 2021

PORT WASHINGTON, N.Y. — A partnership between South Florida-based PEBB Enterprises and New York-based Sagamore Hill Partners has purchased Soundview Marketplace, a 188,109-square-foot shopping center located in the Long Island hamlet of Port Washington. The 11-acre property was built in phases between 1962 and 1977 and houses tenants such as T.J. Maxx, Target, Walgreens and Ace Hardware. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.

January 4, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Brokers Sale of 384-Unit Avalon Somerset Apartments in New Jersey

by Taylor Williams January 4, 2021

SOMERSET, N.J. — JLL has brokered the sale of Avalon Somerset, a 384-unit apartment community in the Northern New Jersey community of Somerset. Built in 2013, the property features one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include a pool, fitness center, resident lounge and a playground. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was a joint venture between Harbor Group International and Azure Partners. Jamie Leachman, Matthew Pizzolato, Amit Kakar and Thomas Didio Jr. of JLL arranged the financing on behalf of the new ownership. The loan was structured with a 10-year term and a floating interest rate.

January 4, 2021

Acquisitions Arizona Multifamily Western

TM Equities Buys Multifamily Community Near Phoenix from Watermark Residential for $84.3M

by Amy Works January 4, 2021

GILBERT, ARIZ. — Salt Lake City-based TM Equities has purchased Watermark at Gilbert Place, an apartment property located at 4454 E. Ray Road in Gilbert. Watermark Residential sold the asset for $84.3 million. Watermark at Gateway Place features 25 two-story, wood-frame buildings with direct-access garages. The 250-unit property is a Big House design property, a concept created by Humphreys and Partners Architects, which features the privacy, space and convenience of a single-family home without mortgage and maintenance. Each one-, two- and three-bedroom apartment includes a private front door, gourmet bar-kitchen, granite countertops, walk-in closets, garden tub, in-unit washer and dryer, and private balcony or patio. Community amenities include a resort-style swimming pool, clubhouses, fire pits, gas grilling stations, dog park and a 24-hour fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.

January 4, 2021

Acquisitions Multifamily Oregon Western

BPM Real Estate Group Sells Sunset Summit Apartments in Portland to Prime Residential for $80.7M

by Amy Works January 4, 2021

PORTLAND, ORE. — BPM Real Estate Group has completed the disposition of Sunset Summit, a multifamily community located in the West Hills neighborhood of Portland. Prime Residential acquired the property for $80.7 million, or $309,387 per unit. Situated on 31 acres, the 261-unit Sunset Summit was built in 1989 and renovated in 2014. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.

January 4, 2021

Acquisitions California Multifamily Western

Advanced Real Estate Acquires Two-Property Multifamily Portfolio in Southern California for $72M

by Amy Works January 4, 2021

WESTMINSTER AND ANAHEIM, CALIF. — Advanced Real Estate has purchased a two-property apartment portfolio located in Westminster and Anaheim. The 245-unit transaction was valued at $72 million. The properties are The Edward, a 128-unit community in Westminster formerly known as Hollybrook, and The Lincoln on Grand, a 117-unit property in Anaheim formerly known as Rancho Vista. Built in the early 1970s, both properties offer garden-style apartments, swimming pools and fitness centers. The buyer plans to renovate both assets, including new roofs, windows, siding, landscape, hardscape, new cabinets, counter, fixtures and paint. Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office represented the undisclosed seller in the deal. Commercial Bank of California provided an acquisition loan for the buyer.

January 4, 2021

Kansas Loans Midwest Multifamily

Berkadia Arranges $12.4M Acquisition Loan for Multifamily Asset in Wichita

by Kristin Harlow January 4, 2021

WICHITA, KAN. — Berkadia has arranged a $12.4 million Fannie Mae loan for the acquisition of Angel Fire/Southern Shores, a 138-unit multifamily property in Wichita. The complex is located at 3701 W. Angel St. and features two-, three- and four-bedroom floor plans. John Schorgl of Berkadia secured the financing on behalf of the borrower, Kansas City-based Worcester Investments. The 10-year loan features an interest rate under 3.5 percent, a 30-year amortization schedule and three years of interest-only payments.

January 4, 2021

Features Multifamily Seniors Housing

Seniors Housing Struggles Will Continue Through Mid-2021, Say InterFace Panelists

by Jeff Shaw January 4, 2021

With two approved vaccines to combat COVID-19, the end of the pandemic is visible on the horizon. However, some seniors housing experts say it may be the third quarter of 2021 before the sector starts to see the turnaround take hold. “We have a much clearer picture of what the post-COVID world will look like,” said Adam Heavenrich, managing director of Heavenrich & Company. “The COVID world of 2020 will hopefully look drastically different from the post-COVID world of 2021.” The comments came during a panel titled “Investment Update: Should Today’s Investor Buy, Sell or Hold?” during France Media’s InterFace Seniors Housing Investment, Development & Operations conference, held virtually in early December. Heavenrich moderated the panel, which included Kevin Carden, senior vice president of acquisitions, REDICO/American House; Joe Weisenburger, senior vice president and relationship manager, Welltower; Isaac Dole, founder and CEO, Birchwood Health Care Partners; and Curtis King, senior vice president, HJ Sims. King noted that, while the vaccine is certainly good news, turnaround properties and new construction can expect occupancy woes to continue for the near future. “We’re saying 2021 is still going to be a very tough year,” said King. “Pre-vaccination news, we were out there lending, looking …

January 4, 2021

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