Multifamily

The Preserve at the Meadows Apartment Complex in Fort Collins Sells for $46.1M

by Nellie Day June 7, 2016

FORT COLLINS, COLO. — Ft. Collins Multifamily III DST has acquired The Preserve at the Meadows, a 220-unit apartment complex in Fort Collins, for $46.1 million. The community is located at 350 Riva Ridge Drive, adjacent to the MAX bus rapid transit line. Jeff Slinde and Bert Slinde of Slinde Realty represented the buyer. Jake Hallauer and Ryan Schaefer of Chrisland Real Estate Companies represented the sellers, The Preserve at the Meadows Ltd., SC Residential LLC and multiple other entities, in this transaction.

June 7, 2016

Illinois Midwest Multifamily

M&R Development, Murphy O’Brien Break Ground on 297-Unit Luxury Apartment Community Near Chicago

by Christina Cannon June 7, 2016

ITASCA, ILL. — A joint venture between M&R Development and Murphy O’Brien LLC has broken ground on The Residences at Hamilton Lakes, a 297-unit luxury apartment community adjacent to the Hamilton Lakes Business Park in Itasca, approximately 25 miles northwest of Chicago. The project, situated on 10.7 acres, is slated for completion by spring 2017. The nearby Hamilton Lakes Business Park features over 3 million square feet of office space and restaurants, as well as two hotels. The community will consist of three four-story buildings offering a mix of studio, one-, two- and three-bedroom units. The Residences at Hamilton Lakes will also feature 7,500 square feet of amenities such as an outdoor pool, media room, fitness center with studio, event space, business center, pet spa, bike repair and storage area, and a sauna and steam room. Unit amenities will include 9-foot ceilings, quartz countertops, hardwood floors, stainless steel appliances and walk-in closets.

June 7, 2016

Loans Michigan Midwest Multifamily

Pillar Originates $11.5M Acquisition Loan for 852-Site Mobile Home Community

by Christina Cannon June 7, 2016

OXFORD, MICH. — Pillar has originated an $11.5 million Freddie Mac acquisition loan for a manufactured housing community in Oxford, approximately 45 miles north of Detroit. Lake Villa Estates was built in 1973 and 1993. The property, situated on 174 acres, features 852 sites. The community is comprised of 60 percent double-wide homes and 40 percent single-wide homes. Lake Villa Estates was 58 percent occupied at time of close. Arthur Tuverson of Pillar originated the seven-year, adjustable-rate financing.

June 7, 2016

Indiana Loans Midwest Multifamily

CBRE Arranges $9.8M Refinancing for 200-Unit Multifamily Property in Indiana

by Christina Cannon June 7, 2016

KOKOMO, IND. — CBRE Group Inc. has arranged a $9.8 million loan to refinance Legends of Wildcat Creek, a 200-unit apartment complex in Kokomo, approximately 60 miles north of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the fixed-rate financing on behalf of the Diana L. Gunstra Trust. The loan features a 10-year term and 30-year amortization schedule. Legends of Wildcat Creek, located at 1762 Hogan Drive, offers one-, two- and three-bedroom units. Amenities at the property include a clubhouse, fitness center, laundry facility, swimming pool, covered parking and extra storage.

June 7, 2016

Multifamily New York Northeast Seniors Housing

Welltower, Hines to Develop 125,000 SF Assisted Living, Memory Care Community in Manhattan

by Amy Works June 7, 2016

NEW YORK CITY — Welltower Inc. and Hines have partnered to develop an assisted living and memory care community at 139 E. 56th St. in Midtown Manhattan. Designed by SLCE Architects, the as-of-right development will have retail space at its base and a senior living and memory care facility above. The 15-story, 125,000-square-foot facility will feature residential units on floors three through 14, community space throughout the property, and outdoor living space on three floors, including landscaped terraces and gardens.

June 7, 2016

Loans Multifamily New York Northeast

Walker & Dunlop Closes $17.5M Acquisition, Repositioning Loan for Multifamily Property in the Bronx

by Amy Works June 7, 2016

NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.

June 7, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of Apartment Community in Massachusetts

by Amy Works June 7, 2016

MEDFORD, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Lumiere, an infill apartment community located in Medford. An affiliate of The Guardian Life Insurance Company of America acquired the multifamily property from MV Parkways Partners, a joint venture between Criterion Property Co. and an affiliate of AIG Global Real Estate, for an undisclosed price. Opened in September 2014, the property features 33 studios, 76 one-bedroom apartments, 53 two-bedroom apartments, and a 4,600-square-foot Lookout Lounge, including a game room, kitchen and 24-hour fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the sale.

June 7, 2016

Multifamily Seniors Housing Texas

W2, Bridgewood to Develop Seniors Housing Project in Austin

by Haisten Willis June 7, 2016

AUSTIN, TEXAS — Austin-based developer W2 Real Estate Partners (W2) and joint venture seniors housing partner Bridgewood Property Co. are planning to build a 206-unit senior living project called The Village at the Triangle. The project will be located on the final site in the Triangle mixed-use development in north central Austin. Construction will begin in August and will be complete in early 2018. The Village at the Triangle will be located on a 1.5-acre site within the 30-acre Triangle development, which was first conceived in 2004 and now features more than 750 apartments, 120,000 square feet of retail, restaurant and commercial space, a rehab hospital and a three-acre park. The Village at the Triangle will feature seven floors of apartment units built above two levels of parking. Independent living, assisted living and memory care service options will be offered within the building, enabling residents to age in place. The luxury suites will range in size from efficient memory care units to independent living two-bedroom units spanning more than 1,300 square feet. The average unit size will be 882 square feet and individual units will feature private balconies and floor-to-ceiling glass windows with views of downtown Austin’s skyline and the …

June 7, 2016

Multifamily Texas

Bascom Group Acquires Apartment Community in Metro Austin

by Haisten Willis June 7, 2016

ROUND ROCK, TEXAS — The Bascom Group has acquired a multifamily asset with over 300 units in the Austin suburb of Round Rock. De’On Collins, John Brownlee and Charles Halladay of HFF arranged acquisition financing on behalf of Bascom Group. Sean Sorrell with HFF represented the seller in the transaction. The property consists of 19 residential buildings and one standalone leasing center spread across 17 acres. The unit mix is 51 percent one-bedroom units, 40 percent two-bedroom units and 9 percent three-bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, picnic areas and a pet park.

June 7, 2016

Multifamily Texas

Abby Development to Build Apartment Community in Tyler

by Haisten Willis June 7, 2016

TYLER, TEXAS — Abby Development, a developer, owner and operator of seniors housing and apartment communities, plans to develop The Abby at Tyler, a 234-unit apartment community near the intersection of Grande Boulevard and Old Jacksonville Highway in Tyler. The Abby will include amenities such as a stocked fishing lake, pool with cabana area, dog park, outdoor grilling area, landscaped courtyards and direct access garages. The Abby will offer one-, two- and three-bedroom floorplans equipped with stainless steel appliance packages, washers and dryers, granite countertops, nine-foot ceilings and outdoor patios. The Abby at Tyler is scheduled to break ground during the second quarter of 2017 and will open in the third quarter of 2018.

June 7, 2016

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