Multifamily

NHP Foundation Receives $53M Financing for Renovation of Affordable Housing Property in Chicago

by Kristin Harlow February 8, 2019

CHICAGO — The NHP Foundation has received $53 million for the renovation of the 90-year-old Mark Twain Hotel, a single-room occupancy property in Chicago that the organization acquired in 2016. Single-room occupancy is a form of housing that is typically aimed at residents with low incomes who rent small, furnished rooms. Upon renovation, the property will include 148 studio apartments and seven retail stores. The $53 million recapitalization was made possible by Bellwether Enterprise, Chicago Community Loan Fund, city of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority and NHP. The Mark Twain Hotel was originally built in 1932 and was added to the National Register of Historic Places in 2017. Renovation plans call for the addition of private kitchenettes, a new elevator, new plumbing and electrical work, a roof deck, handicap accessibility and restoration of the building’s façade and common areas. Upgrades will also be made to the building’s ground-floor retail space. Upon completion, the residential units will be income-restricted. The development team includes Weese Langley Weese Architects Ltd. and Linn-Mathes Inc. Heartland Housing Property Management is the property manager. Completion is slated for the end of this year.

February 8, 2019

Acquisitions Indiana Midwest Multifamily

Emma Capital Purchases Two Apartment Properties in Indianapolis for $38.5M

by Kristin Harlow February 8, 2019

INDIANAPOLIS — Emma Capital Investments Inc. has acquired Courts I and Courts II in Indianapolis for $38.5 million. Courts I is a 148-unit apartment property located at 2000 W. 79th St. and Courts II is a 336-unit community located at 8002 Harcourt Road. The properties were built in 1967 and 1973, respectively. The buildings, which are adjacent to each other, are currently being operated as one property. However, Emma Capital intends to run each of the communities separately. Each property features a swimming pool, playground, pet park and fitness center. The seller was not disclosed.

February 8, 2019

Acquisitions Midwest Minnesota Multifamily Seniors Housing

New Perspective Senior Living Acquires Facility in Minnetonka, Minnesota

by Kristin Harlow February 8, 2019

MINNETONKA, MINN. — New Perspective Senior Living has acquired a new community in Minnetonka. Now known as New Perspective-Carlson Parkway, the 89,883-square-foot, three-story community is located at 500 Carlson Parkway. The facility features 87 assisted living units and 45 memory care apartments. As part of the acquisition, Eden Prairie-based New Perspective is planning a multi-million-dollar renovation. The seller was not disclosed. The property, built in 1999, was formerly known as Brookdale Minnetonka Carlson Parkway.

February 8, 2019

California Multifamily Top Stories Western

Hankey Investment, Jamison Properties Break Ground on $300M Residential Tower in Los Angeles’ Koreatown

by Kristin Harlow February 8, 2019

LOS ANGELES — Hankey Investment Co. LP and Jamison Properties LP have broken ground on a $300 million residential tower in Koreatown, a submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the unnamed development will rise 25 stories. The project will include 644 apartment units and a 1,000-space parking podium. Floor plans will range from studios to three-bedroom units, as well as two-story penthouses. Monthly rents will range from $2,000 to $10,000. A one-acre amenity deck will house a gym, clubhouse, pool, spa, business center, dog park and zen garden. The project will also include 15,000 square feet of ground-floor retail space. The building’s design features a unique floor shape as to avoid casting shade on two nearby parks, as well as providing unobstructed views of downtown Los Angeles and the Hollywood Hills. “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location,” says W. Scott Dobbins, president of Hankey. The project team also includes Large Architecture, Dianna Wong Architecture + Interior Design, AECOM and Wilshire Construction. Completion is slated for early 2021. — Kristin Hiller

February 8, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $50.1M Sale of Apartment Community near Tampa Bay

by Alex Tostado February 7, 2019

CLEARWATER, FLA. — Berkadia has brokered the $50.1 million sale of Estates at Countryside, a 320-unit apartment community located at 2652 N. McMullen Booth Road in Clearwater. The buyer, an affiliate of Insula Cos., plans to improve the property’s energy and water usage. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged a $37.2 million, 10-year, floating-rate loan through Freddie Mac’s Green Up program on behalf of Insula Cos. Built in 1990, the property is situated about 21 miles from downtown Tampa on the other side of Old Tampa Bay. Estates at Countryside comprises one-, two- and three-bedroom apartments with vaulted ceilings, sunrooms, walk-in closets and washer/dryer units. Community amenities include a fitness center, spa, pool and a playground. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. The seller was not disclosed.

February 7, 2019

Acquisitions Multifamily South Carolina Southeast

JLL Arranges $49M Sale of New Multifamily Property in Metro Charlotte

by Alex Tostado February 7, 2019

FORT MILL, S.C. — JLL has arranged the $49 million sale of Beckett Farms, a 280-unit apartment community located at 1111 Gennett Circle in Fort Mill, a suburb of Charlotte in South Carolina. PRG Real Estate purchased the asset from the developer, Miller-Valentine Group. Built along Interstate 77 in 2018, Beckett Farms features a clubhouse, fire pits, pocket parks and play lawns, fitness center and a saltwater/mineral pool with sun shelves and private cabanas. Units average 1,026 square feet and include wood-style flooring, patios and balconies, large closets, granite countertops and stainless steel appliances.

February 7, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $21M Refinancing of Apartment Property in Omaha

by Kristin Harlow February 7, 2019

OMAHA, NEB. — NorthMarq Capital has arranged a $21 million Freddie Mac loan for the refinancing of Tranquility Pointe Apartments in Omaha. The 230-unit apartment property is located at 4202 N. 126th Court. Amenities include a fitness center, pool, playground, basketball court and storage space. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.

February 7, 2019

California Development Multifamily Retail Western

Shea Properties, Ivanhoé Cambridge Begin Construction of Mixed-Use Property in San Jose

by Amy Works February 7, 2019

SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.

February 7, 2019

Development Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Open 71,000 SF Seniors Housing Community in Santa Fe

by Amy Works February 7, 2019

SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have opened MorningStar Assisted Living & Memory Care of Santa Fe. The 71,000-square-foot senior living community adds 56 assisted living units and 29 memory care units to the Santa Fe market. Nearly one-fifth of the city’s population is 65 or older, according to the developers. Construction of the community began in August 2017. The development represents the second MorningStar Senior Living community in the state. MorningStar and Confluent opened the MorningStar of Albuquerque community in 2016 and are building a third New Mexico community scheduled to open in Rio Rancho in spring 2019. The Santa Fe project represents the ninth completed joint venture between affiliates of Denver-based senior living developer, owner and operator MorningStar, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Rosemann & Associates was the architect on the project while New Mexico-based Bradbury Stamm Construction served as general contractor. Confluent is the project owner and MorningStar serves as the operator.

February 7, 2019

Market Reports Michigan Midwest Midwest Market Reports Multifamily

National Investors Begin to Take Interest in Detroit Market

by Kristin Harlow February 7, 2019

In 2018, the Detroit real estate market had a banner year for transactions, new developments and big headlines. Chief among these was Ford Motor Co.’s acquisition of the vacant Michigan Central Station, a major media event that attracted attention from all over the world. Other notable news stories predominantly revolved around Quicken Loans founder Dan Gilbert and his Bedrock Real Estate Services. In 2018 alone, Bedrock delivered the 129-key Shinola Hotel, began construction on the 847,000-square-foot Monroe Blocks and laid the foundation for the 912-foot tall Hudson’s tower. The combined costs of these projects exceed $2 billion. From a brokerage standpoint, it also was a successful year. Q10|Lutz Financial Services, a Birmingham-based commercial mortgage banking firm, had its best year on record. Similarly, Farmington Hills-based Friedman Real Estate’s investment sales division had transaction volume of a half-billion dollars, according to the firm’s manager of opportunities, Jared Friedman. Some highlights and market insights into the Great Lakes State’s commercial real estate market are below. Multifamily redevelopment Downtown Detroit has received most of the notable press this cycle, in particular for the flock of millennials and young professionals who up-ended trends and brought their skinny jeans and electric scooter habits to …

February 7, 2019

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