Multifamily

Why Seniors Housing Acquisitions Activity Could Thrive in 2025

by Taylor Williams February 18, 2025

By Hayden Spiess To say that the seniors housing sector has encountered strong headwinds over the past few years would be an understatement. The property sector was uniquely impacted by the COVID-19 pandemic. It scarcely had a chance to recover and enjoy rebounding occupancy before being faced with the reality of heightened interest rates. Amid all the challenges, industry professionals adopted a motivational yet pragmatic mantra and strategy: “Stay Alive Until ’25.” Now that 2025 has arrived, the sentiment among seniors housing investors is one of growing optimism. Brokers and investors alike say that more favorable conditions are leading to an uptick in transaction activity, even as some debt difficulties linger. Azhar Jameeli, managing director of investments at IRA Capital and head of the firm’s seniors housing segment, is particularly bullish on the current prospects for the sector. “I don’t think that the opportunity has ever been better than what it is today,” asserts Jameeli, who has multiple decades of experience in seniors housing and cites the supply-demand balance as one of the main sources of his confidence. Data from MSCI supports this optimism. U.S. property and portfolio sales totaled $13.2 billion in 2024, up from $10.9 billion the prior …

February 18, 2025

Acquisitions Multifamily Texas

Investor Buys College Station Apartment Complex for $40.8M

by Taylor Williams February 17, 2025

COLLEGE STATION, TEXAS — An investor doing business as 950 TL Midtown LLC has purchased an apartment complex located about seven miles from the Texas A&M University campus in College Station for $40.8 million. The number of units at Nine50 Town Lake at Midtown was not disclosed, but the property’s residences come in one-, two- and three-bedroom floor plans and range in size from 527 to 1,371 square feet. Amenities include a pool, outdoor grilling kitchen, fitness center, business center, dog park, Wi-Fi café and a game lounge with shuffleboard and a billiards table. The seller was also not disclosed.

February 17, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $3.3M Sale of Parkside Commons Apartments in Trenton

by Taylor Williams February 17, 2025

TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.3 million sale of Parkview Commons, a 33-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.

February 17, 2025

Acquisitions Multifamily Southeast Virginia

KLNB Arranges $56.8M Sale of Multifamily Community in Charlottesville, Virginia

by John Nelson February 17, 2025

CHARLOTTESVILLE, VA. — KLNB Multifamily Capital Markets Group has arranged the $56.8 million sale of Barracks West Apartments & Townhomes, a 324-unit apartment community in Charlottesville. Rawles Wilcox and Jared Emery of KLNB represented the seller, Willow Creek Partners, in the transaction. The buyer, Northern Virginia-based West End Capital Group, plans to renovate the common area amenities and living spaces with new package lockers, grilling stations, a pet park and clubhouse. Situated just three miles from Charlottesville’s downtown district, Barracks West features a mix of one-, two- and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 square feet. Current amenities at the property include a swimming pool, picnic and park areas, fitness center and a playground.

February 17, 2025

Acquisitions California Multifamily Western

MJW Investments Acquires Coventry Square Apartments in Upland, California for $21M

by Amy Works February 17, 2025

UPLAND, CALIF. — MJW Investments has purchased Coventry Square Apartments, located at 1012 W. Arrow Highway in Upland, from the Tsang & Chan family for $21 million. Endri Hoxha of Coldwell Banker Commercial Realty and Philip Batlin of Marcus & Millichap represented the buyer, while Sarah Hillhouse of Coldwell Banker Commercial Realty represented the seller in the deal. Constructed in 1990, Coventry Square includes 92 two-bedroom/two-bath apartments with enclosed patios and in-unit washers/dryers. The approximately 1,178-square-foot apartments are spread across 46 single-story buildings, totaling 68,400 square feet. The community features 92 carport parking spaces, a central pool with community activities and park-like grounds with mature trees and landscapes.

February 17, 2025

Acquisitions Illinois Midwest Multifamily

Laramar Group Acquires Apartment Complex in Suburban Chicago for $72.1M

by Kristin Harlow February 17, 2025

DOWNERS GROVE, ILL. — Laramar Group has acquired ReNew Downers Grove, a 294-unit apartment complex in the Chicago suburb of Downers Grove, for $72.1 million. An affiliate of FPA Multifamily was the seller. The 17-year-old property features a pool, sun deck, fitness center and lounge. Laramar is expected to make unit upgrades. The 16-acre complex was just over 6 percent vacant at the time of sale. Kevin Girard, Mark Stern, Zachary Kaufman and Betsy Romenesko of JLL represented the seller. JLL also provided a $46.9 million Freddie Mac loan for the acquisition.

February 17, 2025

Affordable Housing Indiana Loans Midwest Multifamily

BWE Secures $6.3M for Renovation of 54-Unit Affordable Housing Property in Arcadia, Indiana

by Kristin Harlow February 17, 2025

ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.

February 17, 2025

Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

Coastal Ridge Begins Construction on 277-Unit Build-to-Rent Community Near Tampa

by John Nelson February 14, 2025

SAN ANTONIO, FLA. — Coastal Ridge has broken ground on Stillwell Pasco Station, a 277-unit build-to-rent community located in San Antonio, about 30 miles north of Tampa. The development will feature a mix of one-, two and three-bedroom homes measuring up to 1,300 square feet. The single-bedroom units will be designed as attached duplex-style homes, while the two- and three-bedroom houses will be detached. The carriage-style units will feature private one-car garages. Amenities will include a 5,000-square-foot clubhouse and fitness center, lounge, game room, resort-style pool, fire pits, grilling areas, outdoor walking trails and dog parks. BBL is serving as the general contractor, the project architect is KTGY, the engineering and landscape architect is Kimley-Horn and the interior designer is HPA. The first homes are slated for completion in early 2026.

February 14, 2025

Acquisitions California Multifamily Western

Clear Capital Sells 125-Unit Multifamily Community in Ontario, California for $46.3M

by Amy Works February 14, 2025

ONTARIO, CALIF. — Clear Capital has completed the disposition of Rancho Vista Apartments in Ontario to Convenient Holdings for $46.3 million, or $370,200 per unit. Built in 1984, the community offers 125 two- and three-bedroom apartments, averaging 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the primary bedrooms, central conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sundecks, a children’s park and on-site maintenance. Additionally, the previous owner installed a solar panel electric system that offsets residents’ energy bills. Alexander Garcia Jr., Kyle Pinkalla, Chris Zorbas, Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

February 14, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

BWE Arranges $20M in Permanent Financing for Active Adult Community in Metro Minneapolis

by Kristin Harlow February 14, 2025

CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.

February 14, 2025

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