Multifamily

L&B Realty Receives $90M to Refinance South Beach Marina Apartments in San Francisco

by Nellie Day August 15, 2017

SAN FRANCISCO — A state pension fund advised by L&B Realty has received $90 million to refinance the 414-unit South Beach Marina Apartments in San Francisco. The Class A community is located at 2 Townsend St. South Beach Marina Apartments was built in 1989. The mid-rise property contains five buildings and 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool, and spa and fitness center. Grandbridge Real Estate Capital originated the 12-year, interest-only loan.

August 15, 2017

Multifamily Washington Western

JRK Buys Carroll’s Creek Landing Apartments Near Seattle for $60M

by Nellie Day August 15, 2017

MARYSVILLE, WASH. — JRK Property Holdings has acquired the Carroll’s Creek Landing apartment complex in the Seattle suburb of Marysville for $60 million. The community is located at 18111 25th Ave. Carroll’s Creek was built in 2002. It features two- to four-bedroom units. Community amenties include a welcome center, basketball half-court, clubhouse with fireside lounge, and barbeque/picnic area. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Maryland-based Gateway Trident LLC, in this transaction.

August 15, 2017

Colorado Loans Multifamily Seniors Housing Western

Love Funding Secures $5.2M Refinancing for Affordable Seniors Housing Community Near Denver

by Nellie Day August 15, 2017

BROOMFIELD, COLO. — Love Funding has closed a $5.2 million refinancing for Town Centre Senior Apartments, an affordable seniors housing community in the Denver suburb of Broomfield. Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and older. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains. Love Funding’s Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The non-recourse financing will pay off two existing loans. Part of the proceeds will be used to complete repairs and fund a reserve account.

August 15, 2017

Kansas Midwest Multifamily

Passco Sells Remaining Interests in 360-Unit Apartment Community in Overland Park, Kansas for $48M

by Kristin Harlow August 15, 2017

OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.

August 15, 2017

Maryland Multifamily Southeast

Co-Developers Open Residential Component of Annapolis Junction Town Center in Maryland

by Camren Skelton August 15, 2017

ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and Armada Hoffler Properties, the developers behind Annapolis Junction Town Center, have opened the development’s multifamily component, The Residences at Annapolis Junction. The five-story, 416-unit apartment community includes a mix of studio, one- and two-bedroom units ranging in size from 520 square feet to 1,629 square feet. The LEED Gold-certified property features energy-efficient heating, ventilating and air-conditioning and central hot water systems, low-flow plumbing fixtures and Energy Star-rated appliances. Community amenities include a fitness center, media center, community kitchen, business center, pet spa and a saltwater swimming pool with cabanas, grills and gazebos. S.L. Nusbaum Realty Co. will manage the property. Annapolis Junction Town Center is a 19-acre mixed-use, transit-oriented development and is situated adjacent to the Savage Maryland Rail Commuter Rail Station roughly halfway between Baltimore and Washington, D.C. The property is approximately 25 miles northwest of the United States Naval Academy. St. John Properties is partnering with Somerset Construction to develop the office and retail space within Annapolis Junction Town Center.

August 15, 2017

Florida Multifamily Southeast

CBRE Arranges $49.5M Sale of Multifamily Property Near Orlando

by Camren Skelton August 15, 2017

KISSIMMEE, FLA. — CBRE has brokered the $49.5 million sale of Lake Tivoli Apartments, a 384-unit multifamily property located at 851 Lake Tivoli Blvd. in Kissimmee, roughly 22 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lake Tivoli Apartments LLC. Newport News, Va.-based Chandler Residential acquired the asset. The property comprises 36 two- and three-story buildings. Community amenities include a lakeside sundeck, pool, tennis, racquetball and basketball courts, clubhouse, fitness center and a spa. Lake Tivoli Apartments was 97 percent occupied at the time of sale.

August 15, 2017

Florida Loans Multifamily Southeast

KeyBank Provides $50M Bridge Loan for Apartment Community in Naples

by Camren Skelton August 15, 2017

NAPLES, FLA. — KeyBank Real Estate Capital has provided a $50 million bridge loan for the acquisition of Alvista at Laguna Bay Apartments, a 426-unit multifamily community in Naples. Alan Isenstadt of KeyBank originated the 90-day loan on behalf of the borrower, Axonic Properties LLC, a New York City-based real estate private equity firm. KeyBank plans to refinance the bridge loan through agency permanent financing. Constructed in 1990, Alvista at Laguna Bay Apartments is situated on 38 acres and comprises 28 two-story buildings. Community amenities include two pools, a fitness center, lighted tennis courts, dog park and an outdoor grilling area.

August 15, 2017

Woodfield-Valley-Forge-King-of-Prussia-PA

Loans Multifamily Northeast Pennsylvania

Phillips Realty Capital Arranges $31.3M Equity Financing for Metro Philadelphia Apartment Complex

by Amy Works August 15, 2017

KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The property will feature a 493-space parking garage, a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan for the development was approved in March 2017.

August 15, 2017

Maine Multifamily Northeast

Presidium Group, Helios Purchase 407-Unit Multifamily Portfolio in Mid-Coast Maine

by Amy Works August 14, 2017

BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.

August 14, 2017

California Multifamily Western

Allstate, TruAmerica JV Buys Eagles Point Apartment Community in Escondido for $90M

by Nellie Day August 14, 2017

SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.

August 14, 2017

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