Multifamily

Coastal Ridge, M Group Purchase Apartment Community in Birmingham for $40M

by Camren Skelton September 20, 2017

BIRMINGHAM, ALA. — Coastal Ridge Real Estate, in partnership with M Group, has acquired The Village at Lakeshore Crossings, a 264-unit apartment community located at 251 London Parkway in Birmingham, for $40 million. A Philadelphia-based private investor sold the property. Constructed in 2013, The Village at Lakeshore Crossings offers one-, two- and three-bedroom units with rents ranging from $1,067 to $1,512. Individual units feature hardwood floors, granite countertops and private porches. Community amenities include a resort-style swimming pool, outdoor kitchen with a gas grill, outdoor fire place with a lounge area, lighted tennis court, clubhouse, media room, fitness room, pet park and a pet wash station.

September 20, 2017

Multifamily Texas

Arch Street Brokers Sale of 417-Unit Apartment Community in Metro Dallas

by Taylor Williams September 20, 2017

EULESS, TEXAS — Arch Street Capital Advisors, a Connecticut-based investment advisory firm, has brokered the sale of Suite 2801, a 417-unit apartment community located in the Dallas metro of Euless. Built in 2013, the Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, a fitness center and a residential clubhouse. Arch Street represented the buyer, a joint venture between an institutional investor and Atlanta-based Cortland Partners, in the transaction

September 20, 2017

Loans Multifamily Seniors Housing Southeast Virginia

SunTrust Provides $18M Construction Loan for Seniors Housing Expansion in Culpeper, Virginia

by Camren Skelton September 20, 2017

CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building, originally built in 1951, with 54 assisted living, 32 memory care and 47 skilled nursing units. Other enhancements to the community will include an outdoor courtyard, cook-to-order dining options, an on-site clinic, chapel, on-site physical therapy, wellness gym and a health and beauty spa.

September 20, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $15M Refinancing for Apartment Property in Indianapolis

by Kristin Harlow September 20, 2017

INDIANAPOLIS — CBRE has arranged a $15 million Freddie Mac loan for the refinancing of Marina Apartments in Indianapolis. The apartment property, built in 1980, consists of 348 units. Jason Brown and Dan Gable of CBRE arranged the 10-year loan on behalf of the borrower, Zidan Management Group. The loan features a 30-year amortization schedule and a fixed interest rate of 4.2 percent.

September 20, 2017

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Cornerstone Realty Capital Arranges $38.5M in Financing for Mixed-Use Development in Boston

by Amy Works September 20, 2017

BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.

September 20, 2017

Affordable Housing Multifamily New York Northeast

WinnCompanies Completes $19.3M Rehabilitation of Affordable Housing Community in Malone, New York

by Amy Works September 20, 2017

MALONE, N.Y. — WinnCompanies has completed the $19.3 million rehabilitation of The Trails at Malone, an affordable housing community in Malone. The project included the modernization of the units’ kitchens, bathrooms, wiring, heating and cooling systems, handicapped accessibility, exteriors, community room, playgrounds, security systems and landscaping. The 128-unit property comprises 26 two-story apartment buildings totaling 116,620 square feet. Of the 128 units, 100 are low-income housing tax credit units for residents earning 60 percent of area median income (AMI) or less. The property features 38 one-bedroom, 65 two-bedroom and 25 three-bedroom units. DiMarco Construction served as general contractor and The Architectural Team provided architectural services for the project. WinnResidential is managing the community.

September 20, 2017

Multifamily New Jersey Northeast Pennsylvania

Gebroe-Hammer Associates Brokers $33.7M Sale of Two-Property Multifamily Portfolio

by Amy Works September 20, 2017

WHITEHALL, PA., AND RUNNEMEDE, N.J. — Gebroe-Hammer Associates has brokered the sale of a two-property multifamily portfolio in Whitehall and Runnemede. Joseph Brecher, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller and buyer, a private investor, in the deal. Orchard Drive Associates sold Orchard Drive Apartments, located at 1239 Washington St. in Whitehall, for $18.2 million. The buyer was a private investor. The community features 264 one- and two-bedroom units ranging from 782 square feet to 1,013 square feet. TNJ Properties acquired Presidential Courts from Presidential Associates LP for $15.5 million. Located in Runnemede, Presidential Courts features 268 garden-style apartments in a mix of one- and two-bedroom layouts. The sellers of the properties are part of the same umbrella organization, however each property operated under separate entities. The buyers of the properties are also under the same umbrella organization, but operated under separate entities.

September 20, 2017

Arizona Multifamily Seniors Housing Western

Blueprint Arranges $15.3M Sale of Two Skilled Nursing Facilities in Arizona

by Nellie Day September 19, 2017

MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.

September 19, 2017

California Multifamily Student Housing Western

UC Davis Opens Three Residence Halls, Community Building

by Nellie Day September 19, 2017

DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consisting of three residence halls and a community building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a television, game tables and three video-gaming stations for use by all Tercero residents. Olive Hall, the new community building, includes a large main lounge with a community demonstration kitchen. The $59.1 million project is part of a long-term development plan that aims to increase student beds on campus from about 9,400 in 2015 to 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall.

September 19, 2017

Arizona Multifamily Seniors Housing Western

Spectrum Debuts 159-Unit Seniors Housing Community in Phoenix

by Nellie Day September 19, 2017

PHOENIX — Spectrum Retirement Communities has opened The Enclave at Anthem Senior Living, a 159-unit independent living, assisted living and memory care community in Phoenix’s North Black Canyon Corridor. The 160,000-square-foot community is located on 6.5 acres. It is Spectrum’s fourth in the Phoenix metro area, with four more currently under construction. Spectrum both owns and operates the community. Denver-based Spectrum Retirement Communities LLC operates 36 senior living communities in 12 states from New York to Oregon totaling more than 4,200 units. The company has an additional 16 communities currently under construction.

September 19, 2017

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