Multifamily

TMG Negotiates Sale of Willow Creek Multifamily Community in San Diego County for $8.5M

by Amy Works June 12, 2020

EL CAJON, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Willow Creek, a multifamily property located at 8410 Los Coches Road in El Cajon. A Southern California-based private investor acquired the asset for $8.5 million. The seller was a Southern California-based investor. Built in 1987, Willow Creek features 33 apartments in a mix of two- and two-bedroom floor plans spread across two three-story residential buildings totaling 31,800 rentable square feet. Units offer upgraded quartz countertops, stainless steel appliances, air conditioning, new flooring, accented painted interiors and in-unit washers/dryers. Community amenities include a swimming pool, hillside views and covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.

June 12, 2020

Development Massachusetts Multifamily Northeast

WinnCompanies to Develop $38.3M Multifamily Project in Lowell, Massachusetts

by Taylor Williams June 12, 2020

LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.

June 12, 2020

Company News Multifamily New York Northeast

Extell Development Partners With Startup Avo to Offer Residential Delivery of Products in Manhattan

by Taylor Williams June 12, 2020

NEW YORK CITY — Extell Development Co., a New York-based developer, has partnered with delivery service startup Avo to offer product delivery services as an amenity at One Manhattan Square, Extell’s 815-unit residential building in Lower Manhattan. Avo will provide residents with free, same-day delivery of a range of products including groceries, electronics, household goods and personal care items from its own online store. The service will require no minimum order size and will be facilitated through “Experience by Extell,” the developer’s in-house lifestyle management platform. Avo entered the New York market last year, primarily servicing office buildings, but has accelerated its residential partnerships during the COVID-19 outbreak.

June 12, 2020

Development Multifamily Seniors Housing Texas

Aspen Heights Breaks Ground on 150-Unit Active Adult Community in San Antonio

by Taylor Williams June 12, 2020

AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. Completion is scheduled for January 2022. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.

June 12, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Arranges Sale of Newly Built Independent Living Community Near Tampa

by Alex Tostado June 11, 2020

TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.

June 11, 2020

Acquisitions Development Florida Lee & Associates Multifamily Southeast

Lee & Associates Arranges $3M Sale of Waterfront Site in Southwest Florida for Future Multifamily Development

by Alex Tostado June 11, 2020

FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.

June 11, 2020

Acquisitions Multifamily Texas

BSR REIT Acquires Retreat at Wolf Ranch Apartments Near Austin for $51.6M

by Taylor Williams June 11, 2020

GEORGETOWN, TEXAS — Arkansas-based BSR REIT has acquired Retreat at Wolf Ranch, a 303-unit apartment community located in the northern Austin suburb of Georgetown, for $51.6 million. The garden-style property was built in 2017 and offers a pool, fitness center, package locker system and two dog parks. The seller was not disclosed. Following this transaction, BSR REIT now owns approximately 1,500 apartments in the Austin area.

June 11, 2020

Acquisitions Loans Multifamily Western Wyoming

Berkadia Secures $26M Acquisition Loan for Granite 550 Apartments in Wyoming

by Amy Works June 11, 2020

CASPER, WYO. — Berkadia has arranged the sale of Granite 550 Apartments, a garden-style multifamily community located in Casper. John Laratta and Nick Steele of Berkadia’s Denver office completed the sale on behalf of the seller, Colorado-based Mountain View Capital. The name of the buyer was not released. Additionally, Tucker Knight of Berkadia’s Houston office secured a $26 million loan for the acquisition of the property. The 10-year Freddie Mac loan features a 3.3 percent interest rate and a 30-year amortization schedule. Located at 550 Granite Peak Drive, Granite 550 Apartments features 228 units in a mix of one-, two- and three-bedroom floor plans, including in-unit washers/dryers, a patio or balcony and air conditioning. Community amenities include a fitness center, dog park and outdoor space with grilling stations.

June 11, 2020

Idaho Loans Multifamily Western

Arbor Realty Funds $1.9M Fannie Mae Financing for Arbor Court Apartments in Idaho Falls

by Amy Works June 11, 2020

IDAHO FALLS, IDAHO — Arbor Realty Trust has provided $1.9 million in financing through the Fannie Mae Small Loan program for Arbor Court Apartments in Idaho Falls. Built in 1953, the two-story, six-unit property features a playground, laundry facility and on-site parking. Geoffrey Platt of Arbor’s New York City office originated the loan for the undisclosed borrower.

June 11, 2020

Loans Multifamily Texas

Arbor Provides $1.3M Fannie Mae Loan for Refinancing of Apartment Complex in Killeen

by Taylor Williams June 11, 2020

KILLEEN, TEXAS — Arbor Realty Trust Inc. has provided a $1.3 million Fannie Mae loan for the refinancing of Girard Court, an apartment complex located in the Central Texas city of Killeen. The property was built in 2006 and features 24 units with hardwood floors, built-in bookcases, vaulted ceilings and French doors. Geoffrey Platt of Arbor Realty originated the loan as part of a $13.9 million refinancing package for a portfolio of multifamily properties totaling 256 units in seven states. The borrower was not disclosed.

June 11, 2020

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