Multifamily

IPA Brokers Sale of 288-Unit Apartment Community in Rio Grande Valley

by Taylor Williams October 23, 2017

HARLINGEN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Harlingen, a 288-unit multifamily community located at 902 S. Palm Court Drive in the Rio Grande Valley city of Harlingen. Will Balthrope, Jordan Featherston and Joey Tumminello of IPA represented the undisclosed seller and procured the buyer, Presidium. The three-story property was built in 2015 and offers amenities such as a pool, fitness and business centers, a picnic area and an Internet café with a Starbucks.

October 23, 2017

Bell Partners Venture Acquires Escape at Ken Caryl Apartments in Littleton for $64M

by Nellie Day October 23, 2017

LITTLETON, COLO. — A venture sponsored by Bell Partners has acquired the 250-unit Escape at Ken Caryl apartment community in Littleton for $64 million. The community is located at 12044 W. Ken Caryl Circle within the Ken Carl Ranch Master Association. The master-planned development features 3,800 acres of private open space, more than 25 miles of trails and The Ranch House, which includes tennis courts, outdoor 25-meter swimming pool, soccer fields, disc golf course, sand volleyball court and equestrian center. The asset is also situated near the Denver Technological Center business corridor. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, TA Realty, in this transaction.

October 23, 2017

Loans Multifamily Texas

LMI Capital Arranges $18.9M Green Loan for Apartment Community in Houston

by Taylor Williams October 23, 2017

HOUSTON — LMI Capital has arranged $18.9 million in green financing for a 370-unit apartment community located in the Woodlake/Briar Meadow area of Houston. Jamie Mullin of LMI Capital arranged the loan, which features a 4.3 percent interest rate and four years of interest-only payments. The undisclosed borrower will use proceeds from the loan for cash-out purposes.

October 23, 2017

Loans Midwest Missouri Multifamily

NorthMarq Arranges $7.6M Refinancing for Apartment Property in Arnold, Missouri

by Kristin Harlow October 23, 2017

ARNOLD, MO. — NorthMarq Capital has arranged a $7.6 million Freddie Mac loan for the refinancing of Richardson Place Apartments in Arnold, about 18 miles south of St. Louis. The 162-unit apartment property is located at 105 Richardson Place Drive. David Garfinkel of NorthMarq arranged the 10-year loan. The borrower was not disclosed.

October 23, 2017

Multifamily Seniors Housing Texas

MRC to Develop 259-Unit Seniors Housing Project in Fort Worth

by Taylor Williams October 20, 2017

FORT WORTH, TEXAS — Methodist Retirement Communities (MRC), a non-profit seniors living developer operator based in The Woodlands, will develop Stevenson Oaks, a 259-unit seniors housing property that will be situated on 19 acres in Fort Worth. The project will deliver 159 independent living units, 36 assisted living units, 24 memory support suites, 24 rehab suites and 16 skilled nursing suites. Located off Chisholm Trail Parkway at Bryant Irvin and Altamesa boulevards, the property will offer amenities such as a fitness center, auditorium and walking trails. Construction is scheduled to begin in late 2019, with 2021 the target opening date.

October 20, 2017

Florida Multifamily Southeast

M&C Properties Acquires New Multifamily Community in Orlando for $56.5M

by Camren Skelton October 20, 2017

ORLANDO, FLA. — Salt Lake City-based M&C Properties has purchased Alta at Eastmar Commons, a newly constructed, 312-unit apartment community located at 10038 Vista Laguna Drive in Orlando, for $56.5 million. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Wood Partners, in the transaction. Constructed this year, Alta at Eastmar Commons features a tech lounge with a coffee bar, sports lounge with billiards room, conference room, fitness center, cycle room, yoga studio, pet park and a pet spa. The community was 95 percent occupied at the time of sale.

October 20, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $34.4M Sale of Multifamily Property in Camden, New Jersey

by Amy Works October 20, 2017

CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record in New Jersey.

October 20, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

Georgia Multifamily Southeast

Pollack Shores to Break Ground on 200-Unit Apartment Community in Metro Atlanta

by Camren Skelton October 20, 2017

KENNESAW, GA. — Pollack Shores will break ground this month on The Barrett, a 200-unit multifamily community in Kennesaw, roughly 30 miles northwest of Atlanta. The 192,000-square-foot property will include one- to three-bedroom units ranging in size from 700 to more than 1,600 square feet. Apartment units will features granite countertops, shaker-style cabinets, stainless steel appliances and vinyl plank flooring. Community amenities will include a resort-style pool, courtyard, fitness center and a clubroom. The Barrett will be situated one mile from Town Center at Cobb, which features a mix of retail space and dining options. Dwell Design Studio is handling design for the project, and McShane Construction is the general contractor. Matrix Residential, a subsidiary of Pollack Shores, will manage the property. The first residents are expected to move in around December 2018.

October 20, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Facilitates $5.7M Sale of Apartment Community in Belmar, New Jersey

by Amy Works October 20, 2017

BELMAR, N.J. — Gebroe-Hammer Associates has arranged the sale of Silver Lake Garden Apartments, a multifamily community located at 104 Fifth Ave. in Belmar. A private investor acquired the property from Anza Inc., the original developer/owner, for $5.7 million, or $190,000 per unit. The 30-unit property features six two-bedroom and 24 one-bedroom units with updated kitchens and bathrooms. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

October 20, 2017

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