Multifamily

ESI Arranges $31.5M Sale of Two Skilled Nursing Facilities in New Jersey

by David Cohen October 11, 2018

RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator will manage both communities.

October 11, 2018

Acquisitions Multifamily Southeast Virginia

HFF Arranges $90M Sale of New Multifamily Property in Northern Virginia

by Amy Works October 11, 2018

ARLINGTON, VA. — HFF has arranged the sale of 672 Flats, a newly completed multifamily community located in Arlington’s Ballston submarket. The Chevy Chase Land Co. acquired the property from a joint venture between The Penrose Group and Clark Enterprises for $90 million. Walter Coker and Brian Crivella of HFF represented the seller in the deal. The buyer purchased the property free and clear of existing debt. Jamie Leachman, Chris Hew and Nicole Brickhouse of HFF’s debt placement team arranged a 12-year, fixed-rate acquisition loan through USAA Real Estate for the buyer. The six-story community features 173 apartment units, ranging from studio to two-bedroom loft- and flat-style floorplans, with open layouts, stainless steel appliances, custom cabinetry and pantries with built-in microwaves, fixed and movable kitchen islands, hardwood-style flooring and full-sized washers/dryers. Community amenities include a resident lounge with bar, game room with billiards, poker table shuffleboard, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.

October 11, 2018

Acquisitions Loans Multifamily North Carolina Southeast

Hunt Provides $18.3M Fannie Mae Loan for Acquisition of Charlotte Multifamily Property

by Amy Works October 11, 2018

CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.

October 11, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates Two Multifamily Sales in California Totaling $32.1M

by Amy Works October 11, 2018

REDWOOD CITY, CALIF. — Levin Johnston of Marcus and Millichap has negotiated the sales of two multifamily assets located in Redwood City. The combined sales price was $32.1 million. Adam Levin and Robert Johnston of Levin Johnston handled the transactions. In the first deal, a private equity investment firm sold 180 Flats, a 48-unit apartment community in Redwood City, for $21.7 million. Built in 1964, the property features studio, one- and two-bedroom apartments with open floor plans, walk-in closets, private balconies and state-of-the-art appliances. Community amenities include two open community courtyards with barbecue areas and a new dog park. Levin Johnston represented the seller in the deal. In the second transaction, Levin Johnston arranged the $10.4 million acquisition of a 23-unit apartment community located at 3520-3540 Farm Hill Blvd. in Redwood City. Built in 1959, the property is in close proximity to local schools, dining, shopping and entertainment.

October 11, 2018

Acquisitions Georgia Multifamily Southeast Top Stories

Cortland Acquires 531-Unit Multifamily Community at The Battery Atlanta for $156M

by Katie Sloan October 11, 2018

ATLANTA — Cortland has acquired Home at The Battery Atlanta, a 531-unit multifamily community, from a joint venture between Braves Development Co. (BDC) and Pollack Shores for $156 million. Walker & Dunlop brokered the transaction. The three-building property — to be renamed Cortland at the Battery Atlanta — offers 328 one-bedroom units, 195 two-bedroom units and eight three-bedroom units. The apartments were 92 percent occupied at the time of sale. Each building offers a range of shared amenities including swimming pools; a rooftop lounge and bar; an entertainment center with billiards, shuffleboard and an open kitchen; a poolside fitness center with cardio, CrossFit and yoga components; and a cyber café. The community opened in 2017 as part of The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The master-planned development features residential, retail, office and entertainment space. “We are pleased to add Cortland to The Battery Atlanta with their strong market leadership,” says Mike Plant, president and CEO of BDC. “This is an exciting next step in our master-planned development process by selling our residential component.” Cortland, an Atlanta-based multifamily real estate investment firm, owns and manages 140 communities in the United …

October 11, 2018

Acquisitions Maryland Multifamily Southeast

AvalonBay Buys Apartment Community in Metro D.C. for $83M

by Amy Works October 10, 2018

LINTHICUM HEIGHTS, MD. — AvalonBay Communities has purchased Alexan Concorde, a multifamily property located at 811 Concorde Circle in Linthicum Heights, about 34 miles northeast of Washington, D.C. A joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group sold the asset for $83 million. Situated adjacent to Baltimore-Washington International Airport and less than one mile from the Baltimore-Washington Parkway, the property features 310 luxury apartment units in a mix of studio, one-, two- and three-bedroom layouts, averaging 973 square feet. Spread across five elevator-serviced buildings, Alexan Concorde’s units include stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets. On-site community amenities include a resort-style pool with a fire pit and grilling stations; a clubhouse with shuffleboard, billiards, outdoor ping-pong and multiple high-definition TVs; a community kitchen and workspace; an oversized fitness area with CrossFit gym and adjoining children’s mini-club; and a dog run. Walker Coker and Brian Crivella of HFF represented the seller in the deal.

October 10, 2018

Development Multifamily North Carolina Southeast Student Housing

Preiss Opens 425-Bed Student Housing Community Near East Carolina University

by Amy Works October 10, 2018

GREENVILLE, N.C. — The Preiss Co. has opened The Eastern on 10th, a 425-bed student housing community located near East Carolina University (ECU) at 2301 E. 10th St. in downtown Greenville. The ground-up, garden-style development offers studio, one-, two- and three-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, an outdoor lounge with cabanas, grilling and picnic stations, a 24-hour clubhouse and fitness center, private study rooms, a cybercafé, self-serve coffee bar and a 438-space parking lot. Preiss Co. will manage The Eastern on 10th, bringing the company’s management portfolio to 3,342 beds in the ECU market alone.

October 10, 2018

Acquisitions Mississippi Multifamily Southeast

Berkadia Negotiates Sale of 144-Unit Multifamily Property in Metro Memphis

by Amy Works October 10, 2018

HORN LAKE, MISS. — Berkadia has arranged the sale of Mallard Creek Apartments, a multifamily community located at 7197 Mallard Creek Drive in Horn Lake, a Mississippi town situated 20 miles south of Memphis. Memphis-based WI Memphis acquired the property from North Kansas City, Mo.-based Maxus Realty Trust for an undisclosed price. Built in 1998, the property features 144 units in a mix of one-, two- and three-bedroom floorplans, all equipped with modern kitchens with white appliances, faux-wood flooring, washer/dryer hookups, patios or balconies, carpeting, walk-in closets and large bathrooms with a soaking tub. Communities amenities includes a swimming pool, professional landscaping and a playground. Patrick Jordan, Michael Sullivan, David Oakley and Alex Blagojevich of Berkadia represented the seller in the deal. The transaction included the assumption of a HUD 223(a)(7) loan.

October 10, 2018

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $38M Refinancing for Multifamily Community in New Jersey

by David Cohen October 10, 2018

CINNAMINSON, N.J. — NorthMarq Capital has secured a $38 million refinancing for Camelot at Cinnaminson, a 405-unit multifamily community in Cinnaminson. The property is located at 198 Camelot Court. NorthMarq arranged the financing for the borrower, Kaplan Cos. The lender was a life insurance company. The permanent, fixed-rate loan was structured with a fully amortizing, 30-year term.

October 10, 2018

Development Midwest Missouri Multifamily Seniors Housing

Lutheran Senior Services Begins $70M Independent Living Expansion in Missouri

by Kristin Harlow October 10, 2018

TOWN AND COUNTRY, MO. — Lutheran Senior Services has started construction of an independent living expansion of Mason Point, a seniors housing community in the St. Louis suburb of Town and Country. The $70 million expansion will add 156 new units to the community, as well as new amenities. The project will include a three-story, 390,000-square-foot building with underground parking, a wellness center and an indoor pool. The new property will connect to an adjacent building that will be renovated to become a community center featuring dining venues, a media room, theater, game room, chapel, art studio, health clinic and meeting rooms. Nearly half of the new apartments have already been reserved, according to Lutheran Senior Services. BSI Constructors is the general contractor, and the project architect is Grubbs and Associates. The project is scheduled for completion in summer 2020. Lutheran Senior Services acquired the community, formerly known as Cedars of Town & Country, in February 2016. The new independent living units will convert the property into a continuing care retirement community, offering all levels of care. The additional 156 new beds will bring Mason Pointe’s total to 408 beds. This includes the existing 164 long-term care beds along with 43 …

October 10, 2018

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