Multifamily

The Bascom Group Buys Casanova Grove Apartments in Monterey for $16.7M

by Nellie Day September 21, 2017

MONTEREY, CALIF. — The Bascom Group has purchased the 76-unit Casanova Grove Apartments in Monterey for $16.7 million. The community is located at 930 Casanova Ave. Casanova Grove is less than two miles from the Pacific Ocean with the Pacific Coast Highway just a mile away. The group plans to implement a renovation plan, which will include amenity upgrades, exterior redesigns and interior renovations. Anthony Lugo represented Bascom, while Erich Pryor and Thomas Sherlock of Talonvest Capital arranged the acquisition loan from NXT Capital.

September 21, 2017

California Multifamily Western

Universe Holdings Acquires 52-Unit Apartment Complex in Los Angeles for $12.6M

by Nellie Day September 21, 2017

LOS ANGELES — Universe Holdings has acquired the 52-unit Nob Hill Towers apartment complex in Los Angeles for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. Universe Holdings will upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include new lighting, paint and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area. Kitty Wallace and her team represented both the buyer and seller, Dobson Meadows Partnership, in this transaction.

September 21, 2017

Midwest Multifamily Ohio

Joint Venture Breaks Ground on Luxury Apartment Complex in Centerville, Ohio

by Kristin Harlow September 21, 2017

CENTERVILLE, OHIO — A joint venture between Mills Development and Hills Properties has broken ground on Allure Luxury Apartments, a seven-building apartment property in Centerville. The 312-unit community is located at 350 Arden Way adjacent to Cross Pointe Shopping Center. Amenities will include a two-story fitness center, executive conference room, cyber café, pool and bark park. Hills Properties will manage the property. First move-ins are slated for late 2018.

September 21, 2017

Multifamily New Jersey Northeast

Manhattan Building Co. Develops 377-Unit Apartment Building in Jersey City

by Amy Works September 21, 2017

JERSEY CITY, N.J. — Manhattan Building Co. is developing SoHo Lofts, a rental multifamily property located at 273 16th St. in Jersey City’s SoHo West district. Slated for delivery this October, the two-building property features 377 rental units housed in 13-story and 20-story towers, which are connected by a five-story podium. SoHo Lofts is the second phase of the larger SoHo West neighborhood concept that Manhattan Building Co. is developing. The first phase, The Cast Iron Lofts Collection, features 387 apartments and 20,000 square feet of retail space. SoHo Lofts will feature one-, two-, three- and four-bedroom apartments, as well as a limited number of private townhome rentals. On-site amenities include an infinity-edge pool, private cabanas, surround-sound media room, Zen garden, clubroom, attended lobby, arcade lounge, 10-person sauna and enclosed parking garage. City Homes and Gardens is directing the marketing program at SoHo Lofts, which has begun pre-leasing.

September 21, 2017

Loans Multifamily New Hampshire Northeast

Cornerstone Realty Capital Arranges $37.7M Construction Loan for Apartment Community in New Hampshire

by Amy Works September 21, 2017

SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel appliances, in-unit laundry and a private balcony or patio. The community will feature a mix of studio, one-bedroom/one-bath units and two-bedroom/two-bath units ranging from 567 square feet to 1,088 square feet.

September 21, 2017

Multifamily New Jersey Northeast

David Lloyds Opens First Phase of PARK Residential Community in Roselle, New Jersey

by Amy Works September 21, 2017

ROSELLE, N.J. — Developer David Lloyds has opened the first phase of PARK, a residential property located at 417 Raritan Road at the former Roselle Golf Club in Roselle. The first phase of the property includes a 9,000-square-foot clubhouse and 190 rental units, which are already 52 percent leased. The clubhouse features a state-of-the-art gym, pet spa, movie theater, billiards room, resort-style pool, outdoor entertainment area, dog park, bocce court and three-mile fitness trail. The one- and two-bedroom apartments feature granite countertops, in-unit washers/dryers, nine-foot ceilings, central air conditioning and gas heat, gas stoves and high-speed internet. Situated on 60 acres, PARK will be built in five phases over eight years and bring 932 apartment units to Roselle.

September 21, 2017

Multifamily New York Northeast

Westbeth Artists Housing Breaks Ground on $40M Renovation Project for Manhattan Multifamily Property

by Amy Works September 21, 2017

NEW YORK CITY — Westbeth Artists Housing, the New York City Department of Housing Preservation and Development and the Community Preservation Corp. has broken ground on a $40 million renovation project for Westbeth Artists Housing, a multifamily property located in Manhattan’s Greenwich Village. Located at the former Bell Laboratories campus, the property features 384 affordable homes, as well as commercial spaces, for artists. The $40 million project will repair damages from Hurricane Sandy, including raising boilers above flood level; upgrading cellar windows and critical doorways to prevent flooding; and installing a new emergency generator, submersible domestic water pumps and submersible sump pumps. Additionally, the renovations will preserve the building’s historic status and remove lead paint and asbestos from the basement and outside surfaces. Funding for the project comes from federal Community Development Block Grant Disaster Recovery funds, administered by the HPD Multifamily Storm Recovery and Resiliency Program.

September 21, 2017

California Multifamily Seniors Housing Western

Sabra to Acquire Minority Interest in 183-Property Enlivant Portfolio for $371M

by Nellie Day September 20, 2017

IRVINE, CALIF. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has agreed to acquire a 49 percent equity interest in entities that collectively own 183 seniors housing communities, all of which are operated by Enlivant. The transaction values the portfolio at $1.62 billion and Sabra’s investment at $371 million. Enlivant is owned by funds managed by private equity firm TPG, which will remain the 51 percent majority owner. Sabra noted, however, that it plans to eventually move toward full ownership of the portfolio over the next three years. The portfolio’s 8,280 units are spread across 20 states and are nearly all private pay. The properties are currently 82 percent occupied. This is an increase from 60 percent in 2013, when TPG acquired troubled operator Assisted Living Concepts and installed Enlivant as the new operator of the portfolio. Sabra, a publicly traded REIT based in Irvine, noted that the acquisition will help diversify its tenant portfolio. Following the transaction, the amount of private-pay seniors housing in Sabra’s portfolio will rise from 16.8 percent to 24.3 percent, while its skilled nursing exposure will fall from 71.1 percent to 64.7 percent. Enlivant is the 10th largest operator of seniors housing in the United …

September 20, 2017

Loans Multifamily Texas

HFF Arranges $121.6M Loan for Redevelopment of Apartment Tower in Houston

by Taylor Williams September 20, 2017

HOUSTON — HFF has arranged a $121.6 million floating-rate bridge loan for the redevelopment of The Star, a multifamily development located in downtown Houston. Upon completion, the property will feature 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space and 672 parking spaces. Steve Heldenfels and Matthew Putterman of HFF arranged the loan through TPG RE Finance Trust on behalf of the borrower, Provident Realty Advisors.

September 20, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $76.5M Sale of Three Multifamily Assets in Metro Atlanta

by Camren Skelton September 20, 2017

NORCROSS AND PEACHTREE CORNERS, GA. — Cushman & Wakefield has arranged the $76.5 million sale of three apartment communities in Gwinnett County near Atlanta. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the seller, Audubon Communities, in the transaction. Sabra Property Management acquired Bella, a 318-unit community in Norcross; Hathaway Development LLC acquired Center at Peachtree Corners, a 272-unit community in Peachtree Corners; and Zavala Properties acquired Summit at Dawson, a 162-unit community also in Norcross. Each property has a full suite of modern amenities and features oversized floor plans.

September 20, 2017

Newer Posts

Older Posts