Multifamily

Senior Resource Group Opens 232-Unit Seniors Housing Community at The Domain in Austin

by John Nelson January 2, 2020

AUSTIN, TEXAS — Senior Resource Group (SRG) has opened Maravilla at The Domain, the company’s first community in Texas. The project is located in the heart of the residential area of The Domain, a high-density mixed-use development in the North Burnet neighborhood of Austin. The seniors housing community comprises an 11-story south tower, six-story central tower and seven-story north tower, with subterranean parking, courtyards and a swimming pool. The 370,000-square-foot development offers 144 independent living, 54 assisted living and 34 memory care units. Residents have begun moving into Maravilla’s independent living apartments located in the central and south towers, and will start moving into the assisted living and memory care residences in the north tower this month.

January 2, 2020

Development Massachusetts Multifamily Northeast

Callahan Construction Breaks Ground on 331-Unit Apartment Complex in Lynn, Massachusetts

by Alex Patton January 2, 2020

LYNN, MASS. — Callahan Construction Managers has broken ground on Breakwater, a 331-unit apartment complex in Lynn, a northern suburb of Boston. A joint venture of The Dolben Co. and Minco Corp. is developing the two-building waterfront apartment complex on the site of the former Beacon-Bel Chevrolet lot, which had stood vacant for 35 years. Amenities will include a fitness center, game room, pet wash, outdoor firepit and direct access to the waterfront. HDS Architecture is designing the complex.

January 2, 2020

Loans Maine Multifamily Northeast Student Housing

Tremont Mortgage Provides $18.1 Million Refinancing for 576-Bed Student Housing Community Near University of Maine

by Alex Patton January 2, 2020

ORONO, MAINE — Tremont Mortgage Trust has provided an $18.1 million loan for the refinancing of Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating-rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. Originally built in 2006, the community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.

January 2, 2020

Development Multifamily Southeast Virginia

PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia

by Alex Tostado January 2, 2020

ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet. The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C. Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.

January 2, 2020

Loans Midwest Multifamily Ohio Seniors Housing

Cambridge Provides $24M in HUD Loans to Refinance Two Ohio Skilled Nursing Facilities

by Kristin Harlow January 2, 2020

LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.

January 2, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $4.2M Sale of Apartment Property in Minnesota

by Kristin Harlow January 2, 2020

MANKATO, MINN. — Marcus & Millichap has negotiated the $4.2 million sale of The Edge in Mankato in southern Minnesota. The 48-unit apartment property is located at 1902 Warren St. Built in 1967, the asset features 24 one-bedroom units and 24 two-bedroom units. Chris Collins, Evan Miller and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the private buyer.

January 2, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $5.6M Sale of East Highland Apartments in Seattle

by Amy Works January 2, 2020

SEATTLE — Kidder Mathews has arranged the sale of East Highland Apartments, a two-building multifamily asset located at 1903-1907 E. Highland Drive in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the property for $5.6 million, or $467,000 per unit. Constructed in 1928, East Highland Apartments features 12 units. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews’ Seattle office represented the seller in the deal.

January 2, 2020

Features Multifamily

Healthy Occupancy Hinges on Winning the Apartment Amenities Arms Race

by Taylor Williams January 1, 2020

When deciding where to live, the choice isn’t always a matter of finding the newest property on the market. Oftentimes it comes down to which property can most effectively meet and exceed your expectations as a renter. For example, these two “blind” multifamily rental listings identified below are within the same five-mile radius in Upstate New York. They’re both firmly in the luxury rental space and offer in-unit washers and dryers and dishwashers. In other words, they’re practically identical in terms of location and necessities. Can you guess which of the two commands a higher rental price and much more interest from renters? Property A: Built in 2018, average unit size of 1,180 square feet, two bedrooms, two bathrooms, community fitness center, dog park, private patio. Property B: Built in 2010, average unit size of 1,395 square feet, two bedrooms, two bathrooms, community fitness center, dog park, shared outdoor and indoor spaces. If you guessed property B, you’re right. You’re also probably wondering if you’ve heard the full story about that rental property and its amenities. That community fitness center? It’s filled with new equipment from Wellbeats and Peloton. That dog park? It’s a full-on playground for pets, with agility …

January 1, 2020

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C. a Hotspot for Multifamily Investors, Lenders as Absorption Ticks Up

by Alex Tostado December 30, 2019

Driven by increasing high-paying jobs, billions of dollars in public and private investment and healthy population growth, the Washington, D.C., metro area boasts a dynamic multifamily market with rebounding rent growth and stabilizing occupancy rates. Washington, D.C., gained 20,500 jobs in June and another 13,000 jobs in July, according to the District of Columbia Department of Employment Services. Additionally, D.C.’s population topped 700,000 for the first time since 1975. The Washington metropolitan area’s total population has climbed to more than 6 million, and more households mean more demand for apartments. These strong fundamentals have led to increased rent growth in the apartment sector. D.C.’s average net asking rate is $1,990 — up 1.7 percent, making it the sixth-fastest rent growth in the United States, according to Reis. The net asking rate increased for 10 consecutive quarters. Between now and year-end 2020, asking rents are expected to climb 2.5 percent and 3.6 percent by year-end 2021, Reis notes. The District’s apartment occupancy rate is currently 94 percent. In nearby suburban Maryland, rents rose 1.2 percent, and in Northern Virginia, 1.4 percent. Demand, supply in balance Although there was concern over an influx of new construction, multifamily product has been well-absorbed. The …

December 30, 2019

Acquisitions Multifamily Nevada Western

Marcus & Millichap Arranges $26M Sale of 348-Unit Multifamily Portfolio in Las Vegas

by Amy Works December 24, 2019

LAS VEGAS — Marcus & Millichap has brokered the sale of Town & Country I & II, two apartment communities located in Las Vegas. An undisclosed buyer acquired the assets for $26 million. The name of the seller was not released. Michael Shaffner and Michael LaBar of Marcus & Millichap’s Las Vegas office represented the buyer in the deal. Located at 4311 Boulder Highway, Town & Country I features 143 units, while Town & Country II, located at 5390 Boulder Highway, offers 205 units. The Town & Country Manor brand caters to the weekly/monthly tenant profile on the Boulder strip corridor and offers fully furnished one-bedroom suites, full kitchens with microwaves and walk-in closets.

December 24, 2019

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