Multifamily

Next Wave Investors Buys 88-Unit Villaggio Di Murano Multifamily Asset in Las Vegas

by Amy Works February 11, 2020

LAS VEGAS — Next Wave Investors has acquired Villaggio Di Murano, an apartment community located at 9475 W. Tompkins Ave. in Las Vegas. A Southern California-based multifamily investment group sold the asset for $14.5 million in an off-market transaction. Built in 2005, Villaggio Di Murano features 88 units in a mix of one-, two- and three-bedroom floor plans. Community amenities include a business center, fitness center, swimming pool and spa/hot tub. Next Wave plans to implement a series of capital upgrades, including exterior paint and signage, new landscaping, interior unit enhancements and pool area improvements. Additionally, the new owner plans to add new community amenities including collaborative outdoor barbecue and gathering spaces.

February 11, 2020

Acquisitions Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Sell 175-Bed Student Housing Community in Manhattan for $104 Million

by Alex Patton February 11, 2020

NEW YORK CITY — A joint venture between Pebb Capital and TriArch Real Estate Group has sold The Alabama, a 175-bed student housing community in the Greenwich Village neighborhood of Manhattan, for $104 million. The buyer in the transaction was undisclosed. Situated at 15 E. 11th St., the property serves students attending Cardozo Law School, The New School and New York University. The community offers fully furnished units with shared amenities including an attended lobby, fitness center, 24-hour business center, study and conference rooms, a 24-hour coffee bar, resident lounge and Hub by Amazon package lockers. Pebb Capital and TriArch acquired The Alabama in October 2016 for $58 million.

February 11, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Negotiates $76.6M Sale of 10-Property Seniors Housing Portfolio in Metro Miami

by Alex Tostado February 10, 2020

MIAMI — Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver. The properties in the portfolio include: Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed. Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed. Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million. Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units …

February 10, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Negotiates $47.4M Sale of Multifamily Community Near Nashville

by Alex Tostado February 10, 2020

ANTIOCH, TENN. — Capstone Apartments Partners has negotiated the $47.4 million sale of Reserve at Oakleigh, a 264-unit multifamily community in Antioch. The property was built in 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, picnic and grilling area, business center, nature trail, pet park and a car care center. Reserve at Oakleigh is located at 3562 Pin Hook Road, 18 miles southeast of downtown Nashville. Bryse Toothaker, Adam Klenk and Tyler Mayo of Capstone represented the seller, Herman & Kittie Properties, in the transaction. The Capstone team also procured the buyer, Cedar Grove Capital.

February 10, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of 84-Unit Apartment Complex in Durand, Michigan

by Kristin Harlow February 10, 2020

DURAND, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Country Village Apartments in Durand, about 40 miles northeast of Lansing. Originally constructed in 1985, the 84-unit apartment complex spans eight buildings. It is located at 8940 Monroe Road. Austin Hull of Greystone Bel brokered the transaction for an undisclosed price. The seller’s family had owned the property since its opening.

February 10, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 326-Unit Boulevard at Sonterra Apartments in San Antonio

by Taylor Williams February 10, 2020

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Boulevard at Sonterra, a 326-unit apartment community located within the Stone Oak master-planned community in San Antonio. Built on 16.8 acres in 2000, the property features one-, two- and three-bedroom units averaging 973 square feet and amenities such as a pool, fitness center, theater room, dog park, picnic area, business center and a resident clubhouse. Will Balthrope, Drew Kile, Drew Garza and Jordan Featherston of IPA represented the seller, Short Real Estate, and procured the buyer, a parternship between PCCP and Kairoi Residential.

February 10, 2020

Development Multifamily New York Northeast

Mill Creek Residential to Develop 334-Unit Apartment Community in New Rochelle, New York

by Alex Patton February 10, 2020

NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.

February 10, 2020

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $6.5M Sale of Manhattan Multifamily Property, Sesame Street Set

by Alex Patton February 10, 2020

NEW YORK CITY — Brax Realty has arranged the $6.5 million sale of an eight-unit multifamily property in the Chelsea neighborhood of Manhattan. Located at 220 W. 16th St., the property is situated near the Google corporate office between 7th and 8th avenues. The ground-floor retail space is currently being used as a production set for the upcoming season of “Sesame Street.” Alan Stenson of Brax represented the seller, a private family that owned the property for 35 years. Stenson also represented the buyer, a private investor that acquired the asset via a 1031 exchange.

February 10, 2020

Arizona Loans Multifamily Western

Ready Capital Closes $17.2M Loan for Multifamily Property in Phoenix

by Amy Works February 10, 2020

PHOENIX — Ready Capital has closed a $17.2 million, non-recourse, hybrid-rate loan that is pari passu, part fixed and part floating rate. The undisclosed sponsor used the financing for the acquisition, renovation, unit buyouts and stabilization of a 146-unit, Class B, fractured condominium property in Phoenix’s Maryvale submarket. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for the capital expenditure and future unit purchases.

February 10, 2020

Acquisitions California Multifamily Seniors Housing Western

ESI Brokers Sale of Cedar Creek Senior Living in Madera, California

by Amy Works February 10, 2020

MADERA, CALIF. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.

February 10, 2020

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