GRAND RAPIDS, MICH. — Arbor Realty Trust Inc. has provided a $14 million Fannie Mae loan for the permanent financing of The Gateway at Belknap Apartments in Grand Rapids. Built in 2017, the apartment property features 88 units and ground-floor retail space. Michael Jehle of Arbor originated the 15-year, fixed-rate loan, which features a 30-year amortization schedule.
DETROIT — Cohn Commercial Properties has brokered the sale of El Tovar Apartments in Detroit’s Islandview neighborhood for $1.4 million. Located at 320-340 E. Grand Blvd., the apartment property consists of 72 units. The property was originally built in 1928 and is scheduled to undergo renovations. Harry Cohn and Marcel Pearl of Cohn Commercial represented both the buyer, Midwest Capital, and the seller, El Tovar Limited Dividend Housing Association LP.
Hawaii’s multifamily market continues to achieve record pricing driven by strong local investor demand and notable institutional investors of larger mega deals at $100 million or above. This market is defined by limited inventory and prohibitively expensive new construction that leaves Hawaii with stable annual vacancy rates of about 96 percent. Hawaii has seen only modest increases in annual rental rates of less than 1 percent and relatively low rents for apartments in our market that pencil out to $1.75 per square foot to $2.25 per square foot. Despite these relatively anemic financial returns, enthusiasm remains for this sector. In fact, multifamily continues to reign as the most desired asset class for local investors with monthly transaction counts in the five to seven range and the most aggressive cap rates currently averaging 3.86 percent. The pricing results for multifamily have been stunning with per-unit sales prices ranging from $250,000 to $380,000, depending on the type of construction. The multifamily market demand drivers are not anticipated to change in the near term. While the island of Oahu reports average annual new housing demand of 3,500 units, only 1,500 housing units at most are approved annually. Paul Brewbaker, former chief economist for …
RALEIGH, N.C. — A joint venture between The Preiss Co. and Nuveen Real Estate has acquired Signature 1505, a 525-bed student housing community located near North Carolina State University in Raleigh. The property offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, fitness center and 24-hour study and conference areas. Terms of the transaction and the seller were undisclosed.
DURHAM, N.C. — CBRE Capital Markets has arranged $33 million in acquisition financing to Chaucer Creek Capital LLC for 54 Station, a 264-unit apartment community that was delivered in 2018. The buyer plans to add a 24-unit building, bringing the total number of buildings to 12 and the unit count to 288. Kristen Reilly and Nate Sittema of CBRE Capital Markets’ Debt & Structured Finance team arranged a bridge loan for the borrower through MF1, a mortgage REIT focused on the multifamily sector. Amenities at 54 Station include a swimming pool, outdoor kitchens, fitness center and a fire pit with lounge seating.
BOSTON — NKF has negotiated the $123.2 million sale of Serenity, a 195-unit apartment building in Boston. Located in the Jamaica Plain neighborhood of Boston, Serenity was completed in 2017 and features a two-story, dual-entrance lobby, lounge, elevated pool deck, private courtyard and fitness center. Michael Byrne, Thomas Greeley, Casey Griffin, Devlin Man and Andrew Herald of NKF’s Boston Capital Markets team represented the seller, Longwood Group, in the transaction. The buyer was Oxford Properties Group.
ARLINGTON, TEXAS — TIC2 Holding LLC has acquired Tuscany Square Apartments, a 70-unit multifamily community in Arlington. The property features one- and two-bedroom units and amenities such as a pool, playground and outdoor grilling area. Dougherty Mortgage provided an undisclosed amount of Fannie Mae acquisition financing for the deal through a partnership with Old Capital Lending. The loan carried a 12-year term and a 30-year amortization schedule.
OKLAHOMA CITY — CBRE has negotiated the sale of a Flamingo Apartments, a 32-unit multifamily complex in Oklahoma City. Formerly known as University Manor, the property was built in 1961 and renovated in 2017. CBRE represented the seller, an affiliate of Oklahoma City-based boutique real estate development and design company, Nostalgia Shoppe. The buyer, Flamingo Holdings LLC, acquired he asset through a Freddie Mac Small Balance Loan.
WILLOWBROOK, ILL. — Essex Realty Group Inc. has brokered the $15 million sale of Waterfall Glen in Willowbrook, a southwestern suburb of Chicago. The 142-unit condominium complex, located along Mockingbird Lane, features a mix of one-, two- and three-bedroom floor plans. The property is comprised of 19 buildings on 24.2 acres. Matt Welke and Matt Feo of Essex represented the private seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer.
ALTON AND BELLEVILLE, ILL. — Strawberry Fields REIT LLC has acquired two skilled nursing facilities near the Illinois-Missouri border for $5.9 million. The properties total 361 beds and include Integrity Healthcare of Alton in Alton and Integrity Healthcare of Belleville in Belleville. Both cities are suburbs of St. Louis and are located in Illinois. Integrity Healthcare Management will continue to operate the two facilities under a master lease agreement. The average occupancy in the homes is 48 percent. Among the residents at the two skilled nursing facilities, 6 percent are Medicare patients, 88 percent are Medicaid patients and 5 percent are private pay.