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Multifamily

WaterWall-Place-Houston
AcquisitionsMultifamilyTexas

HFF Negotiates Sale of 322-Unit Apartment Community in Houston’s Uptown District

by Taylor Williams

HOUSTON — HFF has negotiated the sale of WaterWall Place, a 322-unit multifamily community located in Houston’s Uptown area. Completed in 2014, the property features one- and two-bedroom units and amenities such as a pool, fitness center, coffee bar, outdoor grilling area and private resident lounge. Todd Marix, Chris Curry and Estee Ibanez of HFF represented the seller, Hines, in the transaction. The buyer was multifamily investment and management firm HASTA Capital, which acquired the asset free and clear of existing debt. Matt Kafka and Kelly Layne of HFF arranged an undisclosed amount of fixed-rate acquisition financing for the deal through Barings Real Estate.

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LoansMultifamilyNew YorkNortheast

HKS Secures $55M Acquisition Loan for Multifamily Portfolio in Chelsea

by David Cohen

NEW YORK CITY — HKS Real Estate Advisors has secured a $55 million acquisition loan for the Chelsea Collection, an eight building multifamily portfolio in Manhattan’s Chelsea neighborhood. HKS arranged the financing on behalf of Dalan Management and Elion Partners through lender M&T Bank. The portfolio, which is located at 102-116 8th Ave., is comprised of 102 multifamily units and 10 ground-floor retail units spanning 115,046 square feet. Terms of the financing were not disclosed.

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MultifamilyNortheastPennsylvaniaSeniors Housing

CCRC in Pennsylvania Breaks Ground on 52-Unit Independent Living Expansion

by David Cohen

WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood is planning to complete The Grove in January 2020. The new buildings will contain 13 apartments each, with residences ranging from 1,400 to 1,800 square feet.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamily

Avanath Acquires Two Affordable Housing Properties in Metro Chicago for $72.2M

by Kristin Harlow

CHICAGO AND WILLOWBROOK, ILL. — Avanath Capital Management LLC has acquired two affordable housing properties in metro Chicago totaling 668 units for $72.2 million. Avanath’s institutional fund, Avanath Affordable Housing III, was used to acquire the assets. The properties include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court in Chicago. Avanath plans to upgrade amenity spaces at both properties. Sellers were not disclosed. At the Hinsdale property, 100 percent of the rents are restricted for those earning no more than 60 percent of the area median income. At the Drexel property, resident incomes are restricted per the Illinois Housing Development Authority.

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IowaLoansMidwestMultifamilyNebraska

NorthMarq Arranges $53.3M Refinancing for Five Multifamily Properties in Iowa, Nebraska

by Kristin Harlow

IOWA AND NEBRASKA — NorthMarq Capital has arranged $53.3 million for the refinancing of five multifamily properties located in Iowa and Nebraska. The properties include Park Avenue in Des Moines; Bentley and Enclave in Omaha; and Highpointe and Old Cheney in Lincoln, Neb. The five properties contain a total of 899 units. Jason Kinnison of NorthMarq arranged the five individual financings through Freddie Mac. The fixed-rate, 10-year loans feature amortization schedules of 30 years.

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LoansMidwestMultifamilyOhioSeniors Housing

Greystone Provides $15M Bridge Financing for Two Skilled Nursing Facilities in Youngstown, Ohio

by Kristin Harlow

YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.

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Welbrook-Arlington-Riverside-CA
CaliforniaLoansMultifamilySeniors HousingWestern

CBRE Provides $24.9M Refinancing for 207-Unit Seniors Housing Community in Southern California

by Amy Works

RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae. Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.

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717-E-Roser-Road-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

SVN Desert Commercial Brokers $1.3M Sale of Apartment Complex in Phoenix

by Amy Works

PHOENIX — SVN Desert Commercial Advisors has arranged the sale of a multifamily community, located at 717 E. Roeser Road in Phoenix. Luis Melendez sold the property to Shashikant Jogani with Pro Residential Services for $1.3 million, or $67,500 per unit. The 16,000-square-foot property features 20 two-bedroom apartments with individual meters for electricity. The buyer plans to implement a light renovation program to the property. Danny Lee of SVN Desert Commercial represented the seller and procured the buyer in the all-cash transaction.

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Flats-at-Perimeter-Place-Dunwood-GA
AcquisitionsGeorgiaMultifamilySoutheast

Magnolia Capital Acquires 323-Unit Multifamily Property in Atlanta’s Central Perimeter Submarket

by Amy Works

DUNWOODY, GA. — Magnolia Capital has purchased Flats at Perimeter Place, an apartment community located at 60 Perimeter Place in Dunwoody. Northwestern Mutual sold the property for an undisclosed price. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller in the deal. Situated in Atlanta’s Central Perimeter submarket, the 323-unit community features a rooftop lounge with a tennis court, grilling station and bocce ball court; resort-style swimming pool; fitness center with a yoga studio, cardio theater and fitness classes; and four electric car charging stations.

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CaliforniaMultifamilyTop StoriesWestern

Republic Urban Properties Sells Luxury Apartment Community in San Jose for $104M

by Jeff Shaw

SAN JOSE, CALIF. — Republic Urban Properties has sold Meridian at Midtown in San Jose for $104 million. The luxury apartment community includes 218 units and 14,000 square feet of ground-floor retail space. The property is situated at 1432 W. San Carlos St., less than one mile west of downtown and just north of I-280. The location is surrounded by restaurants and retail, as well as just a few blocks from a light rail station. Built in 2015, the mid-rise property offers amenities such as fitness centers, conference rooms, a resort-style pool, community lounge, dog park and playground. Retail amenities include The Breakfast Club and Starbucks. Floor plans average 875 square feet each. Scott Bales, Peter Yorck and Eric Bet of HFF arranged the sale on behalf of the seller, Republic Urban Properties LLC, a division of the Republic Family of Cos. The buyer was not disclosed. — Kristin Hiller

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