Multifamily

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

by Taylor Williams December 19, 2024

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.

December 19, 2024

Acquisitions California Multifamily Top Stories Western

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

by Katie Sloan December 19, 2024

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 …

December 19, 2024

Acquisitions Florida Southeast Student Housing

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

by John Nelson December 18, 2024

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.

December 18, 2024

Acquisitions Kentucky Multifamily Southeast

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

by John Nelson December 18, 2024

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.

December 18, 2024

Acquisitions Multifamily Texas

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

by Taylor Williams December 18, 2024

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.

December 18, 2024

Acquisitions Multifamily Washington Western

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

by Amy Works December 18, 2024

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.

December 18, 2024

Acquisitions Colorado Multifamily Western

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

by Amy Works December 18, 2024

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.

December 18, 2024

Acquisitions Arizona Multifamily Western

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

by Amy Works December 18, 2024

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.

December 18, 2024

Affordable Housing Development Iowa Midwest Multifamily

Annex Group to Build $55.1M Affordable Housing Community in Dubuque, Iowa

by Kristin Harlow December 18, 2024

DUBUQUE, IOWA — The Annex Group has unveiled plans to build Union at the Marina, a $55.1 million affordable housing community in Dubuque. The 201-unit property will be designated for households whose income level is at or below 70 percent of the area median income. Union at the Marina will feature two four-story buildings with one-, two- and three-bedroom units. Amenities will include a playground, community center, fitness center, picnic area and dog walking area. Completion is slated for fall 2026. Project partners include ASK Studio; Axiom Consultants; Impact Housing Indiana Corp.; the City of Dubuque, which provided acquisition grants, tax-increment financing and lift station upgrades; WNC, which provided around $21 million in total equity; and Piper Sandler, which provided more than $24 million in permanent debt financing as well as $36 million in construction financing.

December 18, 2024

Loans Multifamily New York Northeast Top Stories

M&T Realty Capital Provides $204.9M Fannie Mae Loan for Refinancing of Queens Apartment Building

by Kristin Harlow December 18, 2024

NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 584-unit apartment tower in the Long Island City area of Queens. The 26-story building at 46-10 Center Blvd. houses studio, one-, two- and three-bedroom residences and one ground-floor retail space totaling 7,733 square feet. Amenities at the property include a fitness center, multiple lounge areas, coworking space and a rooftop terrace. The building is LEED certified. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. According to Casey, the loan underwriting offered the borrower “a very competitive structure.” M&T Realty Capital Corp., a Fannie Mae DUS lender, is a wholly owned subsidiary of M&T Bank that provides financing for multifamily properties, commercial income properties and healthcare facilities. In addition to apartments, TF Cornerstone owns more than 1 million square feet of retail space throughout New York City and 2.5 million square feet of office properties in Washington, D.C., and New York City, including Carnegie Hall Tower. — Kristin Harlow and Taylor Williams

December 18, 2024

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