Multifamily

Marcus & Millichap Arranges $19.1M Sale of Multifamily Community in D.C.

by Alex Tostado August 7, 2020

WASHINGTON, D.C. — Marcus & Millichap has arranged the $19.1 million sale of Griffin Apartments at Petworth Metro, a 49-unit multifamily community in Washington, D.C.’s Petworth neighborhood. The property, which was built in 2011, offers one- and two-bedroom floor plans. Communal amenities include bike storage, an Amazon Hub package delivery system and 24-hour maintenance services. The property is situated at 3801 Georgia Ave. NW, one block from the Petworth Metro Station and three miles north of downtown D.C. Christian Barreiro and Marty Zupancic of Marcus & Millichap brokered the transaction between the seller, Donatelli Development, and the buyer, Virginia-based Viking Capital.

August 7, 2020

Acquisitions California Multifamily Western

CBRE Negotiates $2.6M Sale of Inland Empire Multifamily Community in California

by Amy Works August 7, 2020

FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.

August 7, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $19.2M Sale of Multifamily Portfolio in Bergen County, New Jersey

by Taylor Williams August 7, 2020

RIDGEFIELD PARK, CLIFFSIDE PARK AND LEONIA, N.J. — Kislak Co. has negotiated the $19.2 million sale of an 85-unit multifamily portfolio in Bergen County, located just west of New York City. The portfolio includes The Madison, a 36-unit property in Ridgefield Park; The Manor, a 34-unit complex in Cliffside Park; and a 15-unit building in Leonia. Novel Property Ventures sold the portfolio, which was fully occupied at the time of sale, to Titanium Capital Partners. Robert Squires and Don Baxter of Kislak brokered the deal.

August 7, 2020

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $5.5M Agency Loan for Refinancing of Multifamily Asset in Lowell, Massachusetts

by Taylor Williams August 7, 2020

LOWELL, MASS. — NorthMarq has arranged a $5.5 million Freddie Mac loan for the refinancing of Mill Falls Apartments, a 72-unit multifamily asset in Lowell, located north of Boston near the Massachusetts-New Hampshire border. The property features one- and two-bedroom units. Robert Ranieri of NorthMarq arranged the 10-year loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.

August 7, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Kendal Completes 60-Unit Seniors Housing Expansion Project in West Chester, Pennsylvania

by Taylor Williams August 7, 2020

WEST CHESTER, PA. — Pennsylvania-based Kendal Corp. has completed construction of Preston, an expansion of its Barclay Friends seniors housing community in West Chester, approximately 25 miles west of Philadelphia. Preston features 60 new apartments, including 20 for memory care services, across 61,000 square feet. The building was named after Dr. Ann Preston, a 19th century Quaker activist who was one of the first women in America to become a medical doctor.

August 7, 2020

Development Multifamily Texas

Gardner Capital Completes 96-Unit Provision at North Valentine Apartments Near Fort Worth

by Taylor Williams August 7, 2020

HURST, TEXAS — Gardner Capital, a family-owned private equity firm focused on the multifamily sector, has completed Provision at North Valentine, a 96-unit apartment community located in the northeastern Fort Worth suburb of Hurst. The property features one- and two-bedroom floor plans with granite countertops, breakfast bars and individual washers and dryers. Amenities include a pool, fitness center, onsite laundry facilities, outdoor grilling areas and a playground. Rents for one-bedroom units range from $361 to $789 per month, while rents for two-bedroom units range from $429 to $942 per month.

August 7, 2020

Acquisitions Midwest Multifamily Nebraska

Berkadia Arranges Sale of 314-Unit Multifamily Property in Omaha

by Kristin Harlow August 7, 2020

OMAHA, NEB. — Berkadia has arranged the sale of Steeplechase on Maple, a 314-unit multifamily property in Omaha. The sales price was undisclosed. Located at 14949 Manderson Plaza, the community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool, outdoor area, sundeck, clubhouse and playground. Alex Blagojevich, Michael Sullivan, Ralph DePasquale and Parker Stewart of Berkadia represented the seller, Illinois-based Redwood Capital Group. Colorado-based Centennial Capital Partners purchased the asset.

August 7, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Bellwether Enterprise Arranges $20.5M in Financing for Preservation of Nine Affordable Housing Properties in Chicago

by Kristin Harlow August 6, 2020

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has arranged $20.5 million in financing for the rehabilitation and preservation of nine affordable housing properties in the West Town and Humboldt Park neighborhoods of Chicago. The nine properties are collectively known as Victory Apartments and span 107 units. Victor Agusta of Bellwether arranged an FHA loan on behalf of the borrower, Bickerdike Redevelopment Corp. The financing also included tax-exempt bonds, a 4 percent low-income housing tax credit and a subordinate mortgage from the Illinois Housing Development Authority. The existing Section 8 Housing Assistance Payments contract was renewed for 20 years.

August 6, 2020

Arizona Loans Multifamily Utah Western

Hunt Real Estate Capital Funds $41.4M in Fannie Mae Loans for Manufactured Housing Communities in Arizona, Utah

by Amy Works August 6, 2020

TEMPE, ARIZ., AND UINTAH AND ROY, UTAH — Hunt Real Estate Capital has funded three Fannie Mae conventional loans, totaling $41.4 million, to refinance three manufactured home communities in Arizona and Utah. All three transactions lowered interest rates for the borrower and provided cash-out options. The three communities, which are 100 percent mission driven and share the same management company, include: Tempe Cascade Mobile Home Estates, a 273-site property built in 1971 in Tempe Cottonwood Estates, an 83-site community developed in 1976 in Uintah Midland MHC, a 224-site first developed in 1938 and redeveloped in 1973 in Roy The loans for Tempe Cascade Mobile Home Estates and Cottonwood Estates share the same terms: a fixed interest rate and seven-year term. The Midland MHC loan features a fixed interest rate, 10-year term and two years of interest-only payments. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the transactions.

August 6, 2020

Acquisitions Multifamily Utah Western

DB Capital Management Sells Edgewood Park Apartments in Salt Lake City for $15.5M

by Amy Works August 6, 2020

SALT LAKE CITY — Playa Vista, Calif.-based DB Capital Management has completed the disposition of Edgewood Park, a multifamily community located in Salt Lake City’s Cottonwood Heights submarket. A private investor acquired the property for $15.5 million. The seller originally purchased the asset in September 2018 for $11 million and immediately implemented an interior and exterior renovation program that included quartz countertops, stainless steel appliances and vinyl-plank flooring, as well as an updated leasing office and pool area. Additionally, DB Capital enhanced the community amenities with a fire pit, barbecue area and dog park, as well as the addition of managed high-speed internet for the residents. Greg Barratt of Berkadia represented the seller, while Greg Pavich of Colliers International represented the buyer in the deal.

August 6, 2020

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