Multifamily

The-Lively-Carolina-Forest-Myrtle-Beach-SC

Passco Acquires Newly Built Multifamily Property in Myrtle Beach for $48.2M

by Amy Works October 25, 2018

MYRTLE BEACH, S.C. — Passco Cos. has purchased The Lively at Carolina Forest, an apartment property located at 107 Village Center Blvd. in Myrtle Beach. Orange Capital Advisors/CF Evans sold the property for $48.2 million. Constructed in 2017, the property features 305 units in a mix of studio, one-, two- and three-bedroom floorplans with nine- and 10-foot ceilings, quartz or granite countertops, vinyl plank wood or polished concrete flooring, stainless steel appliances, washers/dryers and walk-in closets. Onsite amenities include a standalone community “beach house” backing up to a several-acre water feature, community gardens, a fire pit, gathering area, gas grilling stations, fitness center with kids’ room, car care station, dog park, dog washing station, package attendant service, a saltwater pool and elevators. Marc Robinson, Jordan McCarley and Tai Cohen of Cushman & Wakefield represented both the buyer and seller in the deal. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Cos.

October 25, 2018

Acquisitions Kentucky Multifamily Southeast

Goldin Management Sells 192-Unit Apartment Complex in Louisville

by Amy Works October 25, 2018

LOUISVILLE, KY. — Goldin Management has sold Colonial Oaks, a multifamily development located at 5011 Southside Drive in Louisville. Patrick Kelley and Connie Kelley acquired the property for an undisclosed price. Built in 1970, Colonial Oaks features 192 units in a mix of one- and two-bedroom layouts. Brandon Wilson and Brian Devlin of Nashville-based The Kirkland Co. brokered the deal.

October 25, 2018

Loans Multifamily Texas

Natixis Originates $45M Acquisition Loan for Houston Apartment Complex

by Taylor Williams October 25, 2018

HOUSTON — French investment bank Natixis has originated a $45 million loan for the acquisition of Venue Museum District, a 224-unit multifamily complex in Houston. The Class A, mid-rise property, which is located at 5353 Fannin St., features one- and two-bedroom units and amenities such as a pool, resident lounge, fitness center and outdoor kitchen. The borrower was Hines Global Income Trust.

October 25, 2018

California Development Florida Massachusetts Multifamily Student Housing Washington Western

Capstone Development Opens Three Student Housing Communities in California, Seattle Totaling 980 Beds

by Amy Works October 25, 2018

BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …

October 25, 2018

California Loans Multifamily Western

MWest Holdings Receives $24M Acquisition Loan for Multifamily Property in San Pedro

by Amy Works October 25, 2018

SAN PEDRO, CALIF. — MWest Holdings has received a $24 million loan for the acquisition of San Pedro Bank Lofts in San Pedro. The property consists of two four-story buildings offering a total of 89 apartments. CIT Group’s Real Estate Finance division was the sole arranger for the senior loan.

October 25, 2018

Acquisitions Illinois Midwest Multifamily

FPA Multifamily Acquires 758-Unit Apartment Property in Suburban Chicago

by Kristin Harlow October 25, 2018

WHEATON, ILL. — FPA Multifamily LLC has acquired Wheaton Center, a 758-unit apartment property in the western Chicago suburb of Wheaton. The purchase price was not disclosed. Wheaton Center consists of six buildings, including two 20-story towers and four mid-rise buildings. Units average 927 square feet. Community amenities include a resort-style pool with cabanas, a fitness center, community room, conference room, pet spa, bark park and playground. The property was most recently renovated in 2017. Marty O’Connell, Sean Fogarty, Wick Kirby and Kevin Girard of HFF represented the seller, a joint venture between Draper and Kramer Inc. and Edge Principal Advisors LLC, which had purchased the property for $44.4 million in 2014, according to the Chicago Tribune.

October 25, 2018

Acquisitions Kansas Midwest Multifamily

Timberland Partners Purchases 342-Unit Multifamily Property in Shawnee, Kansas

by Kristin Harlow October 25, 2018

SHAWNEE, KAN. — Timberland Partners has purchased The Retreat of Shawnee for an undisclosed price. The 342-unit multifamily property, originally built in 1984, consists of one- and two-bedroom floor plans. Amenities include a pool, fitness center and clubhouse. Timberland will undertake a $2.6 million improvement plan to renovate units and amenities. Jeff Stingley of CBRE represented the undisclosed seller. This is the seventh and final purchase for Timberland Partners Fund VI.

October 25, 2018

Features Multifamily Seniors Housing

More Seniors Housing M&A Activity on the Horizon, According to Capital One Survey

by Kristin Harlow October 25, 2018

CHICAGO — Some 92 percent of executives from the seniors housing and long-term care industry expect the pace of mergers and acquisitions within the sector to remain the same or increase over the next 12 months, according to newly released findings in a Capital One survey. Conversely, only 8 percent expect M&A activity to decrease. Conducted in September, the e-mail survey asked professionals to provide their 12-month outlook on a number of issues in the seniors housing space. The survey netted 147 respondents. “I was a little surprised by people expecting M&A activity to increase next year. Obviously, the market has been fairly robust for a number of years,” said Chris Taylor, managing director at Capital One Healthcare, during an interview with Seniors Housing Business at the fall conference of the National Investment Center for Seniors Housing & Care (NIC). The three-day event, held Oct. 17-19 at the Sheraton Grand Chicago, attracted more than 3,100 attendees. One possible explanation for survey respondents’ optimism over M&A prospects in the year ahead, according to Taylor, is that while it’s getting more difficult for investors to acquire Class A product in light of the compressed cap rates and rising interest rate environment, they see more …

October 25, 2018

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $91.9M Bond Refinancing for Seniors Housing Community in Dallas

by Taylor Williams October 24, 2018

DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a 63-acre, nonprofit continuing care retirement community (CCRC) in Dallas. The campus is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. Proceeds of the bonds, along with trustee funds on hand were used to refund all outstanding debt, finance a project fund for pre-finance costs related to a future expansion, fund a debt service reserve and pay costs of issuance.

October 24, 2018

Development Multifamily Texas

Wood Partners Opens 361-Unit Apartment Community in Fort Worth

by Taylor Williams October 24, 2018

FORT WORTH, TEXAS — Multifamily investment and development firm Wood Partners has opened Alta Waterside, a 361-unit multifamily community in Fort Worth. The property, which features one-, two- and three-bedroom units, is located within a larger mixed-use development called Waterside, which is anchored by a Whole Foods Market and features an array of retailers. Alta Waterside’s amenities include a pool, kitchen-style bar, clubhouse, conference room, cyber lounge, fitness center and hiking trails.

October 24, 2018

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