Multifamily

Trinity Financial Breaks Ground for Washington Village Redevelopment in Norwalk, Connecticut

by Amy Works November 30, 2016

NORWALK, CONN. — Trinity Financial has broken ground for the redevelopment of Washington Village in Norwalk. The first phase of the project will result in the construction of 80 mixed-income rental residences: 40 replacement public housing units, 18 affordable tax credit units and 22 market-rate units on two vacant parcels of land at 13 and 20 Day St. in Norwalk. Upon completion, the three-phased redevelopment will replace the present 136-unit Washington Village public housing project with a 273-unit apartment complex with 50 percent of the units designated public housing. The Norwalk Housing Authority, Norwalk Redevelopment Agency and Trinity Financial are working together on the project. The $45 million first phase is slated for completion in March 2018. Dimeo Construction Co. is serving as general contractor for the first phase.

November 30, 2016

Multifamily New Mexico Seniors Housing Western

Westport, Integro Sell Montecito Santa Fe Seniors Housing Community

by Nellie Day November 30, 2016

SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.

November 30, 2016

Multifamily Texas

Bell Partners Acquires 302-Unit Multifamily Community in Austin

by Amy Works November 30, 2016

AUSTIN, TEXAS — Greensboro, N.C.-based Bell Partners has purchased Aria Steiner Ranch, a multifamily community located in Austin, for an undisclosed price. The 302-unit community has been renamed Bell Steiner Ranch and will be managed by Bell Partners. Built in 2015, the property features 22 three- and four-story garden-style buildings, more than 600 parking spaces, a clubhouse, Full Swing golf simulator, fitness facility, digital café with lounge seating, conference room, resort-style pool, lap pool, an outdoor kitchen and a fenced dog park. The one-, two- and three-bedroom apartments average 1,080 square feet and feature quartz countertops, Energy Star appliances, patios or balconies and full-size washers/dryers. The acquisition is the 34th apartment community in the company’s Texas portfolio. The name of the seller was not released.

November 30, 2016

Multifamily Texas

Marcus & Milichap Arranges Sale of 209-Unit Apartment Complex in Dallas

by Amy Works November 30, 2016

DALLAS — Marcus & Millichap has brokered the sale of Cornerstone Apartments, a multifamily property located at 9709 Starlight Road in Dallas. The 209-unit property sold for an undisclosed sum. Built in two phases in 1968 and 1972, Cornerstone Apartments features three on-site laundry facilities, two swimming pools and a gated entry. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.

November 30, 2016

Loans Multifamily Oklahoma Texas

Harborview Capital Partners Arranges $2.6M Acquisition Loan for Multifamily Property in Oklahoma City

by Amy Works November 30, 2016

OKLAHOMA CITY — Harborview Capital Partners, on behalf of a California-based client, has arranged a $2.6 million loan for the acquisition of a multifamily property in Oklahoma City. The borrower will use the Freddie Mac Small Balance loan to purchase a 68-unit multifamily community. The 10-year, fixed-rate loan features 36 months of interest-only payments. Jeff Fuchs of Harborview Capital negotiated the loan.

November 30, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of 71-Unit Apartment Building in Milaca, Minnesota

by Kristin Harlow November 30, 2016

MILACA, MINN. — Marcus & Millichap has arranged the sale of Milaca Park Apartments in Milaca, north of Minneapolis, for $3 million. The 71-unit apartment building is located at 240 2nd Ave. SW. Dan Linnell, Mox Gunderson and Josh Talberg of Marcus & Millichap’s Minneapolis office, in conjunction with Paul Davis, Andrew Daitch and Seth Barnett of Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a partnership. Dan Linnell, Mox Gunderson and Josh Talberg represented the buyer, a limited liability company. Steven Chaben of Marcus & Millichap assisted in closing the transaction.

November 30, 2016

Loans Multifamily North Carolina Southeast

KeyBank Arranges $26.5M Loan for Apartment Community in Downtown Durham

by John Nelson November 30, 2016

DURHAM, N.C. — KeyBank Real Estate Capital has arranged a $26.5 million loan for Whetstone Apartments, a 204-unit multifamily community located at 501 Willard St. in downtown Durham. The undisclosed borrower is using the loan to refinance existing debt for the property, which was built in 2014. Chris Black of KeyBank arranged the seven-year loan with 12 months of interest-only payments and a 30-year amortization schedule.

November 30, 2016

Multifamily Washington Western

Priderock Buys Arcadia Townhomes in Federal Way for $68.5M

by Jeff Shaw November 29, 2016

FEDERAL WAY, WASH. — Priderock has purchased the 309-unit Arcadia Townhomes in the Seattle submarket of Federal Way for $68.5 million. The community is located at 1300 S.W. Campus Drive. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool, hot tub, biking and walking paths. JLL’s David Young and Corey Marx represented the seller, a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, in this transaction.

November 29, 2016

Anita May Rosenstein Campus, Hollywood, Calif.

California Multifamily Western

Planning Board Approves LGBT Center Campus Expansion in LA

by Jeff Shaw November 29, 2016

LOS ANGELES — The Los Angeles City Planning Commission has unanimously approved plans for the Los Angeles LGBT Center’s new Anita May Rosenstein Campus in Hollywood. Slated for opening in early 2019, the campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground-floor retail space. Architecture firm KFA, in collaboration with design firm Leong Leong, is the architect for the development. The project will tie together The Village at Ed Gould Plaza, creating one large campus. Currently, The Village includes two theaters, two gallery spaces, offices for AIDS/LifeCycle and community meeting space. The campus expansion will also free up space at the Center’s McDonald/Wright building, which can then be fully dedicated to medical and mental health care, addiction recovery services, HIV/STD testing and treatment and other medical services. The project will now seek approval from the Los Angeles City Council. The Los Angeles LGBT Center was founded in 1969 and claims to serve more people in the LGBT community than any other organization in the …

November 29, 2016

Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $15.1M in Financing for The Palazzo in Phoenix

by Jeff Shaw November 29, 2016

PHOENIX — Cushman & Wakefield has arranged $15.1 million in acquisition and renovation financing for The Palazzo, a 359-unit continuing care retirement community in Phoenix. The renovations will modernize the community and change the unit mix among the continuum of care. The firm’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer arranged the financing on behalf of a joint venture between Westport Capital Partners and Integro Healthcare Consulting. PNC Bank provided the capital. Integro will operate the community after the acquisition.

November 29, 2016

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