Multifamily

Azure Partners Completes Sale of 219-Unit Apartment Property in Newark, New Jersey

by Amy Works July 25, 2017

NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.

July 25, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

by Amy Works July 25, 2017

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.

July 25, 2017

Loans Multifamily Oregon Seniors Housing Western

Capital One Closes $12M HUD Refinancing for 128-Bed Skilled Nursing Facility Near Portland

by Nellie Day July 25, 2017

GRESHAM, ORE. — Capital One has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility in the Portland suburb of Gresham. Regency Gresham was built in 1960 and expanded in 1976. The owners recently converted four-person rooms and semi-private rooms to private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building’s infrastructure, improve common area appearance, and enable additional therapy services. Joshua Rosen originated the transaction.

July 25, 2017

Multifamily Southeast Virginia

ARA Newmark Closes $100.5M Sale of Multifamily Portfolio in Metro D.C.

by Camren Skelton July 25, 2017

FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.

July 25, 2017

Florida Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges $30M Sale of Seniors Housing Community Near Miami

by Camren Skelton July 25, 2017

CUTLER BAY, FLA. — Marcus & Millichap has brokered the $30 million sale of Cabana Club, a 332-unit, Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, roughly 20 miles south of Miami. The independent living community features a pool, fitness center and a clubhouse. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a New York-based investment group, and procured the undisclosed buyer.

July 25, 2017

Multifamily Texas

Lee Development to Build 35-Story Apartment Tower in Austin

by Taylor Williams July 25, 2017

AUSTIN, TEXAS — Lee Development & Construction is building 48 East Avenue, a 35-story apartment tower in Austin’s Rainey Street District. The property will offer 250 units averaging approximately 850 square feet per unit, a pool, fitness center and a coffee bar. The project will also deliver 3,000 square feet of retail space and a 10-story parking garage. A timetable for delivery has not yet been established.

July 25, 2017

Market Reports Multifamily Washington Western Western Market Reports

Tech Growth Fuels Apartment Market All Around Puget Sound

by Camren Skelton July 25, 2017

From the hottest commercial submarkets, such as Downtown Seattle’s South Lake Union neighborhood, to far-flung suburbs like Lynnwood, the Puget Sound multifamily market has been firing on all cylinders lately. A major reason for this is the huge growth in tech employment throughout the Puget Sound region. Tech employment in the region has grown almost 87 percent since 2001, and more than 80 tech-based companies have opened engineering offices in Seattle in the past five years. Demand for engineering and creative talent has pushed salaries up. Salaries for tech workers in Seattle are 9 percent higher than the national average. Seattle offers the highest salaries in the nation for positions like vice president of engineering ($253,488) and director of product ($228,482). Demand for talent is also having a major impact on demand for apartments. In South Lake Union, where vacancy is 3.5 percent, demand among renters for apartment units continues to be strong. This is driving tremendous interest among multifamily investors. Newly built, high-quality properties like the 282-unit Radius apartment community lease up very quickly. A joint venture between Kennedy Wilson and Lefrak purchased the just-completed asset in February for $141 million. Radius is a prime example of the quality …

July 25, 2017

Features Multifamily Seniors Housing Top Stories

Seniors Housing Developers Find Big Opportunities in Small Markets

by Taylor Williams July 25, 2017

The high-profile cities that line both coasts aren’t the only places where the development of new seniors housing product is proving to be a smart investment. Less populated areas are also welcoming new communities that are designed and operated just like those facilities opening in popular urban markets. But seizing opportunities in smaller markets is a different ballgame than it is in high-density areas. A smaller list of prospects and a shorter supply of qualified talent are among the drawbacks. Still, many owners find that the pros outweigh the cons. They cite pent-up demand for newer, more modern product, lower land costs, quicker permitting and faster lease-ups among the perks of a small market. And these less populous areas are gaining in popularity among many investors. The National Investment Center for Seniors Housing & Care (NIC) tracks 31 markets that make up the largest metropolitan areas in the United States. It also tracks 68 secondary markets. NIC defines a secondary market the same way the U.S. Office of Management and Budget (OMB) does. The OMB divides smaller economic areas into core-based statistical areas (CBSAs), each of which consists of a county or counties that share an urbanized area of at …

July 25, 2017

Multifamily Oregon Western

JLL Income Property Trust Purchases Jory Trail at the Grove Apartments in Portland for $75M

by Nellie Day July 24, 2017

PORTLAND, ORE. — JLL Income Property Trust has purchased the 324-unit Jory Trail at the Grove apartment complex in Portland for $75 million. The Class A community is situated along Interstate 5 in the submarket of Wilsonville. Jory Trail is situated near major employers like Xerox, Mentor Graphics, Rockwell Collins and Tyco. The acquisition is in line with JLL’s strategy to invest in high-quality apartment assets in strong-performing areas that boast a combination of top incomes and school districts.

July 24, 2017

Colorado Multifamily Western

Granite Capital Group Acquires Brooklyn Park Rowhouses in Fort Collins for $27.8M

by Nellie Day July 24, 2017

FORT COLLINS, COLO. — Granite Capital Group has acquired the 105-unit Brooklyn Park Rowhouses in Fort Collins for $27.8 million. The community is located at 2758 Iowa Drive. Brooklyn Park was built between 2007 and 2008. It is fully leased and is located near Harmony Technology Park. Nick and Jacob Steele of Marcus & Millichap represented the seller in this transaction.

July 24, 2017

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