Multifamily

PEM Real Estate Sells Multifamily Community in Mobile for $28M

by Alex Tostado March 18, 2020

MOBILE, ALA. — PEM Real Estate Group has sold Arlington Park, a 252-unit multifamily community in Mobile, for $28 million. The property was built in 2001 and offers one-, two- and three-bedroom floor plans. Communal amenities include a saltwater pool, outdoor kitchen, game room, car care center, fitness center and a dog park. Arlington Park is situated at 7070 Grelot Road, 15 miles west of downtown Mobile. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Scottsdale, Ariz.-based seller in the transaction. Dallas-based Saxony Capital Management acquired the property.

March 18, 2020

Loans Multifamily Northeast Pennsylvania

Arbor Provides $3.4M Fannie Mae Refinancing Loan for Multifamily Asset in Kingston, Pennsylvania

by Alex Patton March 18, 2020

KINGSTON, PA. — Arbor Realty Trust Inc. has provided a $3.4 million Fannie Mae loan for the refinancing of Chapin Apartments, a 60-unit multifamily property in Kingston, located approximately 65 miles north of Allentown. The loan has a seven-year term and a 30-year amortization schedule. Chapin Apartments is a garden-style community that is located at 151 East Walnut St and features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. Ryan Duff of Arbor originated the loan.

March 18, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers Sale of 117-Unit Multifamily Portfolio in Marquette, Michigan

by Kristin Harlow March 18, 2020

MARQUETTE, MICH. — Greystone Bel Real Estate Advisors has brokered the sale of a two-property multifamily portfolio totaling 117 units in Marquette, which is located in the state’s Upper Peninsula. The portfolio includes Northwoods and Ridgeview Apartments. Austin Hull of Greystone Bel brokered the transaction. The sales price was undisclosed. An out-of-state buyer purchased the properties from an undisclosed seller. Built between 2004 and 2011, Northwoods consists of three buildings totaling 48 units on 3.5 acres. Ridgeview is a 69-unit property built in 2002. It includes 10 buildings on four acres.

March 18, 2020

Acquisitions California Multifamily Western

Matthews Real Estate Investment Arranges $108M Sale of Apartment Portfolio in California

by Amy Works March 18, 2020

CARSON AND LOMITA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a 17-property multifamily portfolio in Southern California. The portfolio was sold in two parts with 15 assets, totaling 185 units, sold in a private transaction. A two-property portfolio, totaling 55 units located at 21818 Figueroa Street in Carson, Calif., and 25829 Viana Ave. in Lomita, Calif., was acquired separately. El Segundo, Calif.-based NextGen Apartments acquired the properties from a private seller for $108 million. David Harrington and Michael Astorian of Matthews Real Estate Investment Services brokered the sale.

March 18, 2020

Acquisitions California Multifamily Western

Colliers Negotiates $90M Sale of Seven-Property Multifamily Portfolio in San Francisco

by Amy Works March 18, 2020

SAN FRANCISCO — Colliers International has arranged the sale of a seven-property multifamily portfolio in San Francisco. An undisclosed buyer acquired the properties for $90 million. Totaling 124,260 square feet, the portfolio includes 643 Divisadero Street; 1128, 956 and 901 Valencia Street; 970 and 954 Geart Street; and 704 Bush Street. The portfolio offers a total of 176 residential units. James Devincenti and Brad Lagomarsino of Colliers, along with Eve Myers, Joseph Smolen, Mark Petersen, Jeffrey Weber and Will Purcell of Eastdil-Secured, handled the transaction.

March 18, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $6.7M Sale of Summer Place Apartments in Las Vegas

by Amy Works March 18, 2020

LAS VEGAS — Northcap Commercial has arranged the sale of Summer Place Apartments, a multifamily property located in Las Vegas. Summer Place Apartments LLC sold the asset to an undisclosed buyer for $6.7 million, or $60,268 per unit. Built in 1979, the 112-unit property is located at 27 N. 28th St. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial handled the transaction.

March 18, 2020

Acquisitions Georgia Multifamily Southeast

Dunross Capital Purchases Two Adjacent Apartment Complexes Totaling 486 Units in Metro Atlanta

by Alex Tostado March 17, 2020

DECATUR, GA. — Dunross Capital has purchased Spring Valley Apartments and Park at Candler, two adjacent multifamily communities in Decatur. The New York City-based buyer plans to implement $7 million worth of interior and exterior renovations at both properties. Park at Candler comprises 236 units and offers one- through four-bedroom floor plans. Communal amenities include a fitness center, pool, playground and a tennis court. The property was built in 1971 and is situated at 2571 Candler Road, eight miles east of downtown Atlanta. The other property, Spring Valley Apartments, is a 250-unit complex located directly across the street from Park Candler. Spring Valley offers one-two- and three-bedroom floor plans. Communal amenities include a pool, laundry facilities, green spaces and a clubroom. Additional details of the transaction were not disclosed.

March 17, 2020

Acquisitions Development Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield | Thalhimer Negotiates $3.8M Sale of Development Site in Richmond

by Alex Tostado March 17, 2020

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to Chicago-based development firm CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care units. The property is situated at 601 N. Parham Road, 10 miles west of downtown Richmond. David Smith of Cushman & Wakefield | Thalhimer represented the buyer, which will also operate the property, in the transaction. Temple Beth El was formed in November 1931 and is located in downtown Richmond.

March 17, 2020

Acquisitions Development Multifamily Southeast Tennessee

Capstone Arranges Sale of 33-Acre Plot in Nashville for Planned Multifamily Development

by Alex Tostado March 17, 2020

NASHVILLE, TENN. — Capstone Land Sales has arranged the $3.5 million sale of a 33-acre plot in Nashville’s Cane Ridge neighborhood. The buyer, Tampa-based 2nd Wave Development, plans to construct a 300-unit multifamily community on the site. The developer plans to break ground this summer. Further details of the community were not released. Adam Klenk, Austin Heithcock, Tyler Mayo and Jonathan Hawks of Capstone represented the buyer in the transaction. An undisclosed local family sold the land.

March 17, 2020

Acquisitions Multifamily Seniors Housing Texas

JLL Brokers Sale of 384-Unit Gardens at Spring Shadows Senior Living Community in Houston

by Taylor Williams March 17, 2020

HOUSTON — JLL has brokered the sale of The Gardens at Spring Shadows, a 384-unit independent living community that is situated on 11.4 acres at 10100 Kempwood Drive in Houston. Units average 740 square feet and feature open floor plans with upgraded features like plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers. Amenities include two pools, a salon, library, putting green, a dog park and various social areas. Chris Young, Joey Rippel and Bailey Crowell of JLL represented the seller in the transaction. Mark Brandenburg and Chad Russell of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Ready Capital. Both parties involved in the transaction requested anonymity.

March 17, 2020

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