Multifamily

Newmark Arranges $533M Refinancing for Sun Belt Multifamily Portfolio

by Hayden Spiess October 24, 2024

NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower. Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore. According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing. Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million. — Hayden Spiess

October 24, 2024

Acquisitions Multifamily Southeast Virginia

Milestone Acquires Two Apartment Communities in Fredericksburg, Virginia Totaling 676 Units

by John Nelson October 23, 2024

FREDERICKSBURG, VA. — The Milestone Group has acquired two apartment communities in Fredericksburg totaling 676 units. The communities include Kensington Crossing (476 units) and Magnolia Falls (200 units). The seller and sales price were not disclosed. Milestone assumed the existing loans for both communities and plans to upgrade common areas and amenities. The previous owner fully renovated the interiors at both Kensington Crossing and Magnolia Falls.

October 23, 2024

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 352-Unit Lux on Main Apartments in Carrollton, Texas

by Taylor Williams October 23, 2024

CARROLLTON, TEXAS — Cushman & Wakefield has brokered the sale of Lux on Main, a 352-unit apartment community located in the northern Dallas metro of Carrollton. Built in 2019, the property offers studio, one- and two-bedroom units. Amenities include a pool, wellness center, resident lounge and a business center, as well as 4,095 square feet of fully leased retail space. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Nimes Real Estate, in the transaction. RPM Living purchased the asset for an undisclosed price.

October 23, 2024

Acquisitions Midwest Minnesota Multifamily

Colliers Negotiates Sale of 424-Unit Multifamily Portfolio in Downtown Minneapolis for $32.5M

by Kristin Harlow October 23, 2024

MINNEAPOLIS — Colliers has negotiated the sale of a two-property multifamily portfolio totaling 424 units in the Loring Park neighborhood of downtown Minneapolis for $32.5 million. The properties are located at 215 and 330 Oak Grove St. They feature newly renovated one- and two-bedroom units. Amenities include a patio, garden, resident lounge, fitness center, laundry room, package room and garage parking. Both assets are more than 80 percent leased. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Laramar Group. Grove Estates was the buyer.

October 23, 2024

Acquisitions California Multifamily Western

Pacific Urban Investors Purchases 201-Unit Arioso Multifamily Community in Silicon Valley

by Amy Works October 23, 2024

CUPERTINO, CALIF. — Palo Alto, Calif.-based Pacific Urban Investors has purchased Arioso, an apartment property in the Silicon Valley city of Cupertino. Los Angeles-based CIM Group sold the community for an undisclosed price. Built in 1998, the three-story podium-style community offers 201 one- and two-bedroom floor plans, averaging 1,015 square feet. Community amenities include a leasing office, fitness center, business center, swimming pool and a spa. Arioso’s monthly rental rates range from $3,351 to $10,185, according to Apartments.com.

October 23, 2024

California Development Multifamily Seniors Housing Western

Ryan Cos., Cogir Open 158-Unit Seniors Housing Community in Torrance, California

by Amy Works October 23, 2024

TORRANCE, CALIF. — Ryan Cos. and Cogir Senior Living have open Cogir of South Bay, a seniors housing property located at 21507 Hawthorne Blvd. in Torrance. Situated two miles from the beach, the four-story community offers 158 independent living and assisted living residences. Onsite amenities include multiple dining venues, a bistro, fitness center, theater, salon, art room and an outdoor amenity deck with a pool. Ryan Cos. served as builder for the project.

October 23, 2024

California Loans Multifamily Western

PSRS Arranges $6.5M Refinancing for Parkway Plaza Multifamily Property in La Mesa, California

by Amy Works October 23, 2024

LA MESA, CALIF. — PSRS has arranged $6.5 million in permanent financing for Parkway Plaza, a multifamily property in La Mesa. Parkway Plaza offers 65 studio, one-, two- and three-bedroom apartments, a swimming pool, sun deck, laundry room and onsite property management. David Smyle and Daniel de Leon of PSRS secured the non-recourse, 30 percent loan-to-value refinancing with a seven-year term and 30-year amortization schedule for the undisclosed borrower through a bank execution.

October 23, 2024

Development Multifamily New Jersey Northeast

KRE Group Completes 285-Unit Beacon Hill Apartments in Marlboro, New Jersey

by Taylor Williams October 23, 2024

MARLBORO, N.J. — New Jersey-based developer KRE Group has completed Beacon Hill, a 285-unit apartment community in the Northern New Jersey community of Marlboro. Beacon Hill consists of 14 three-story buildings on a 47-acre site. Units come exclusively in two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, tile backsplashes, individual washers and dryers and private outdoor terraces. Amenities include a pool, playground, outdoor grilling and dining stations, bocce ball courts and a dog park. More than 200 leases have already been signed at Beacon Hill, with rents starting at about $3,200 per month.

October 23, 2024

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Negotiates $6.6M Sale of Jersey City Apartment Building

by Taylor Williams October 23, 2024

JERSEY CITY, N.J. — Locally based brokerage firm Redwood Realty Advisors has negotiated the $6.6 million sale of Common on Pine, a 16-unit apartment building in Jersey City. Common on Pine was completed earlier this year and offer amenities such as a fitness center and a rooftop lounge, as well as one ground-floor commercial space. Steve Matovski of Redwood represented the seller, an entity doing business as 327 Communipaw LLC, in the transaction and procured the undisclosed buyer.

October 23, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $4M Sale of Boston Multifamily Portfolio

by Taylor Williams October 23, 2024

BOSTON — Marcus & Millichap has brokered the $4 million sale of a 12-unit multifamily portfolio in the Dorchester area of Boston. The Fuller Street Portfolio comprises two six-unit buildings at 46-48 and 301-305 Fuller St. and a vacant buildable lot. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 23, 2024

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