Multifamily

NKF Arranges Sale of 326-Unit Apartment Community in Austin’s Rainey Street District

by Taylor Williams May 3, 2019

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Millennium Rainey, a 326-unit multifamily community located at 91 Rainey St. in Austin. Units at the eight-story property, which was built in 2016, feature 10- to 12-foot ceilings, open kitchens and energy-efficient appliances. Amenities include a rooftop pool that overlooks downtown Austin, a fitness center and proximity to a variety of walkable retail and restaurant options. Patton Jones of NKF represented the seller, Houston-based The Dinerstein Cos., in the sale. The buyer was Camden Property Trust, a publicly traded REIT also based in Houston.

May 3, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Arbor Realty Trust Provides $7.5M Fannie Mae Loan for Community in Connecticut

by Taylor Williams May 3, 2019

HAMDEN, CONN. — Arbor Realty Trust Inc. has provided $7.5 million in Fannie Mae DUS financing for Meadow Mills Assisted Living & Memory Care in Connecticut. Located on two acres in Hamden, just north of New Haven near Long Island Sound, the property offers 60 units of assisted living and memory care. The loan includes a 10-year, fixed-rate term on a 30-year amortization schedule and will be used to refinance existing debt. Ari Short of Arbor’s New York City office originated the loan.

May 3, 2019

Loans Michigan Midwest Multifamily

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

by Kristin Harlow May 3, 2019

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. Michigan-based Ashford 180 LLC, an affiliate of MJC Cos., was the borrower.

May 3, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $1.6M Sale of Multifamily Property in Aurora, Illinois

by Kristin Harlow May 3, 2019

AURORA, ILL. — Marcus & Millichap has brokered the sale of a 24-unit multifamily property in Aurora for $1.6 million. Located at 1601-1603 Reckinger Road, the property consists of two 12-unit buildings. Randolph Taylor of Marcus & Millichap marketed the property on behalf of the local seller. The undisclosed buyer completed a 1031 tax-deferred exchange.

May 3, 2019

Acquisitions Arkansas Louisiana Multifamily Southeast

BSR Sells Four Multifamily Properties in Arkansas, Louisiana for $31.7M

by Alex Tostado May 2, 2019

LITTLE ROCK, ARK. AND SHREVEPORT, LA. — BSR REIT has sold four multifamily properties in Little Rock and Shreveport for a total of $31.7 million. The two properties in Little Rock are Briarwood Apartments, a 280-unit complex built in 1972, and Spring Valley Apartments, a 245-unit community built in 1975. The Shreveport assets are Fox Trail Apartments, a 144-unit property built in 1971, and South Pointe Apartments, a 104-unit complex built in 1972. The seller(s) was not disclosed.

May 2, 2019

California Development Multifamily Seniors Housing Western

Oakmont Prepares to Open 86,839 SF Seniors Housing Community Near Los Angeles

by Amy Works May 2, 2019

CAMARILLO, CALIF. — Oakmont Senior Living has opened a welcome center at Oakmont of Camarillo, its upcoming seniors housing community in Camarillo, approximately 60 miles northwest of Los Angeles. The 86,839-square-foot property is scheduled to open around the end of the year. When completed, the three-acre community will offer 60 assisted living and 25 memory care apartments. Ted Burgess is executive director of Oakmont of Camarillo.

May 2, 2019

Loans Maine Massachusetts Multifamily New Hampshire Northeast Seniors Housing

HFF Provides Financing for 565-Unit Seniors Housing Portfolio in New England

by Taylor Williams May 2, 2019

MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.

May 2, 2019

Development Multifamily New Jersey Northeast

JMF Properties Breaks Ground on 110-Unit Multifamily Community in Glen Ridge, New Jersey

by Taylor Williams May 2, 2019

GLEN RIDGE, N.J. — Locally based developer JMF Properties has broken ground on Clarus Glen Ridge, a 110-unit multifamily community in Glen Ridge, located northwest of Newark. The transit-served property will offer one- and two-bedroom units and an array of amenities, including a fitness center with a yoga studio, business center, library, billiards room and outdoor grilling and seating areas. JMF Properties expects to open the property in spring 2020.

May 2, 2019

Development Multifamily Texas

Northfield to Develop 85-Unit Residential Project in Dallas’ Lakewood Area

by Taylor Williams May 2, 2019

DALLAS — Local developer Northfield Development LLC will build The Drake at White Rock, an 85-unit residential project that will be located in the Lakewood area of Dallas. The property will comprise seven stories and 257,000 square feet. Amenities will include a pool, fitness center, bike and personal storage spaces and concierge services. Moss is serving as the construction manager, and GDA Architects LLC is designing the project. Construction, the contract for which is valued at $28.5 million, is slated to begin this month and wrap up in late 2020.

May 2, 2019

Development Midwest Multifamily Ohio

Casto Opens 230-Unit Apartment Building in Columbus

by Kristin Harlow May 2, 2019

COLUMBUS, OHIO — Casto, along with development partners Robert Weiler Co., Kelley Cos., Columbus Metropolitan Housing Authority and S2 Construction, has opened a 230-unit apartment building in Columbus known as River & Rich. The project also includes 30,000 square feet of retail space and a 300-space public parking garage. Roy G Biv, a nonprofit art gallery, is joining River & Rich as the marquee tenant and will open on Friday, May 3. Located in the rear of the property are three large murals created by local artists. An additional 13 murals can be found inside the building. Amenities include a clubhouse, fitness center and amenity deck. Monthly rents for one-bedroom units start at $1,209.

May 2, 2019

Newer Posts

Older Posts