Sunday, January 26, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Multifamily

Mission-Gorge-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Impact Housing, Verbena Road Holdings Obtain $112.2M in Financing for Affordable Housing Project in San Diego

by Amy Works

SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.4M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $3.4 million sale of an eight-unit apartment building located at 2501 N. Southport Ave. in Chicago’s Lincoln Park neighborhood. Originally constructed in 1907 as a funeral home, the property was redeveloped by the seller. There are four two-bedroom units and four three-bedroom layouts as well as nine onsite parking spaces. The asset was fully occupied at the time of sale. Brad Feldman of Interra represented the private local buyer. Joe Smazal, Colin O’Malley and Mark Dykstra of Interra represented the confidential seller. O’Malley had previously assisted the seller in its acquisition of the property in 2018.

Continue Reading
FacebookTwitterLinkedinEmail
Stonehill-at-West-Orange
DevelopmentMultifamilyNew JerseyNortheastOffice

BNE Real Estate Completes Office-to-Multifamily Conversion Project in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — BNE Real Estate has completed a project in West Orange, about 20 miles west of New York City, that converted a 400,000-square-foot office campus into a 423-unit apartment community. Known as Stonehill at West Orange and designed by Minno & Wasko Architects & Planners, the development features one- and two-bedroom units and 44,000 square feet of amenity space. The project also preserved 130,000 square feet of recently renovated office space that is now home to the West Orange Public Library. Rents start at approximately $2,300 per month for a one-bedroom apartment.

Continue Reading
FacebookTwitterLinkedinEmail
Summerwood
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

IPA Brokers $203M Sale of Summerwood Apartments in Santa Clara, California

by Katie Sloan

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $203 million sale of Summerwood Apartments, a 468-unit multifamily community located in the Silicon Valley community of Santa Clara.  Situated at 444 Saratoga Ave., the garden-style property offers a mix of one- and two-bedroom units. Shared amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park.  Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of IPA represented the seller, German investment firm DWS, and procured the buyer, Interstate Equities Corp., in the transaction.  Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent.  Frankfurt, Germany-based DWS is a global asset manager with over $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia.  Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, Calif.-based company’s portfolio includes two properties in Washington and 29 communities …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaSoutheastStudent Housing

Landmark Properties, Stockbridge Recapitalize Student Housing Community Near University of Central Florida

by John Nelson

ORLANDO, FLA. — Landmark Properties has partnered with Stockbridge to recapitalize The Retreat East, a 602-bed student housing development located near the University of Central Florida campus in Orlando. Landmark delivered the cottage-style property in 2021 at 1705 France Drive. The community offers four-, five- and six-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a two-story fitness center, 24-hour computer lab, group and private study lounges, a resort-style swimming pool and hot tub, grilling area, hammock and cabana grove, an outdoor gaming lawn and a clubhouse. This marks Landmark Properties’ second transaction with Stockbridge following the acquisition of The Retreat Tampa in late November.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Brokers Sale of 88-Unit Flats at Hurstbourne Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.

Continue Reading
FacebookTwitterLinkedinEmail
Forum-at-Grand-Prairie
AcquisitionsMultifamilyTexas

Cushman & Wakefield Brokers Sale of 304-Unit Forum at Grand Prairie Apartments

by Taylor Williams

GRAND PRAIRIE, TEXAS — Cushman & Wakefield has brokered the sale of Forum at Grand Prairie, a 304-unit apartment community located roughly midway between Dallas and Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Asher Hall and Grant Raymond of Cushman & Wakefield represented an undisclosed seller in the transaction. Locally based investment firm ClearWorth Capital purchased the property for an undisclosed price.

Continue Reading
FacebookTwitterLinkedinEmail
Copper-Ridge-Apts-Renton-WA
AcquisitionsMultifamilyWashingtonWestern

SCS Development Co. Sells Copper Ridge Apartments in Renton, Washington for $70.7M

by Amy Works

RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
9650-Federal-Blvd-Denver-CO.jpg
AcquisitionsColoradoMultifamilyWestern

CBRE Arranges $62M Sale of Manufactured Housing Community in Denver

by Amy Works

DENVER — CBRE has arranged the sale of Denver Cascade, a manufacturing home community in Denver. Denver Cascade LLC sold the asset to an undisclosed buyer for $62 million. Situated on 48 acres at 9650 Federal Blvd., Denver Cascade offers 382 home sites. Norm Sangalang, Erik Edwards, Jon Shay, Jez Lawson and Myles McGinnis of CBRE’s Manufactured Housing & RV Resorts team represented the seller in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Hampton-Meridian-Apache-Junction-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $56M Sale of 195-Unit Hampton Meridian Build-to-Rent Property Near Phoenix

by Amy Works

APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Hampton Meridian, a build-to-rent (BTR) community in Apache Junction. The asset traded for $56.5 million. Completed in 2023 and situated on 16 acres, Hampton Meridian offers 195 detached and attached single-family homes, averaging 1,009 square feet, featuring HercuWall construction technology, low-energy double-paned windows, full-sized washers/dryers and private backyards. The controlled-access community features a resort-style swimming pool, spa, 24-hour fitness center, paved walking trails through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge and cabanas. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts