Multifamily

The Breakers Resort in Denver Sells for $350M

by Nellie Day October 7, 2016

DENVER — BH Equities LLC, Pensam Residential and Wafra Capital Partners have acquired the Breakers Resort apartment community in Denver for $350 million. The community is located at 9099 E. Mississippi Ave. The Breakers is the largest physical asset in metro Denver, according to the buyers. It includes a nearly 190-acre site that spans 1,523 units among six villages, a privately owned lake and a 26,000-square-foot recreation center situated within minutes of downtown Denver and Cherry Creek. Koelbel and Co. and the Bascom Group developed the property. The new owners plan to implement a capital improvement program that will include re-purposing several individual community clubhouses, as well as improvements to the Catamaran Club, Riviera Cafe and the Marina. The Breakers’ sale is among the largest multifamily transactions in the U.S. this year, second only to a sale in Manhattan, according to Jeff Hawks of ARA Newmark, which brokered the sale. The deal will restructure ownership and allow Koelbel and Co. to maintain its involvement as a minority owner. Berkadia arranged Freddie Mac acquisition financing for the deal.

October 7, 2016

Kansas Midwest Multifamily Seniors Housing

Senior Lifestyle, CA Senior Living to Develop 116-Unit Seniors Housing Community in Overland Park, Kansas

by Amy Works October 7, 2016

OVERLAND PARK, KAN. — Senior Living and CA Senior Living are developing The Sheridan at Overland Park, an assisted living and memory care community in Overland Park. As part of the CityPlace mixed-use development, the community will feature 116 studio, one- and two-bedroom apartment homes, including assisted living and memory care units, ranging in size from 315 square feet to 920 square feet. The property will feature a bistro dining and gathering spot, chef-prepared meals, wellness monitoring, best-in-class memory care and 24-hour access to licensed care staff. The community is slated to open in early 2017. CA Senior Living is the senior housing investment and development division of Chicago-based CA Ventures.

October 7, 2016

Midwest Multifamily Wisconsin

Brookfield Corners Tops Off Two Apartment Buildings in Brookfield, Wisconsin

by Amy Works October 7, 2016

BROOKFIELD, WIS. — Brookfield Corners LLC has topped off Dempsey Place and Garrison Court, two apartment buildings that are part of The Corners, a $220 million mixed-use lifestyle redevelopment project on West Bluemound Road in Brookfield. With a combined total of 244 apartment homes, the buildings are situated above 400,000 square feet of shopping and dining space. The properties offer a mix of studio, one-bedroom, two-bedroom and two-bedroom/den layouts, as well as fitness rooms, social rooms, a movie screening room and outdoor terrace with fire pit. Initial occupancy of the apartments is slated for mid-2017, and the retail portion of The Corners is scheduled to open in spring 2017. Mandel Property Services is the residential leasing and management company for The Corners.

October 7, 2016

Illinois Midwest Multifamily Student Housing

Foresite Realty Partners Brokers Sale of Student Housing Community in Carbondale, Illinois

by Amy Works October 7, 2016

CARBONDALE, ILL. — Foresite Realty Partners has arranged the sale of St. Germain Square, a student housing rental community in Carbondale. The four-building property features 122 units in a mix of studio, one-bedroom and two-bedroom layouts. Donald Shapiro of Foresite Realty Advisors and Kristen Keehnast of Foresite Realty Partners represented the undisclosed seller in the transaction. The name of the buyer and the acquisition price were not released.

October 7, 2016

Illinois Midwest Multifamily

@properties Commercial Facilitates $3.1M Sale of Multifamily Building in Chicago’s Rogers Park

by Amy Works October 7, 2016

CHICAGO — @properties Commercial has brokered the sale of a multifamily property located at 6900 N. Sheridan Road in the Rogers Park neighborhood of Chicago. A private limited liability company acquired the property for $3.1 million, or $525,000 per unit. Restored and renovated in 2013, the six-unit property was 100 percent occupied at the time of sale. The building features a mix of two-, three- and four-bedroom apartments. Kevin Rocio of @properties represented the seller, a private limited liability company, in the transaction.

October 7, 2016

Florida Multifamily Southeast Top Stories Washington Western

Avanath Capital Management Buys Workforce Housing in Florida, Seattle for $84.8M

by Jeff Shaw October 7, 2016

FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million. Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction. “Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.” Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner. Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and …

October 7, 2016

Illinois Loans Midwest Multifamily

American Street Capital Arranges $3.8M in Financing for Multifamily Property in Hazel Crest, Illinois

by Amy Works October 6, 2016

HAZEL CREST, ILL. — American Street Capital has arranged $3.8 million in financing for Homewood Court, a multifamily property located in Hazel Crest, a southwest suburb of Chicago. The loan features a 20-year term and was funded through the Freddie Mac Small Balance Program. Built in 1988, the 90-unit property consists of 15 buildings and offers a mix of one- and two-bedroom units. Igor Zhizhin of American Street Capital originated the loan for the undisclosed borrower.

October 6, 2016

Connecticut Loans Multifamily Northeast

Capital One Closes $32.5M Loan for Apartment Building in New Haven, Connecticut

by Amy Works October 6, 2016

NEW HAVEN, CONN. — Capital One has provided a $32.5 million fixed-rate loan under Fannie Mae’s near-stabilization program to Cooper Church LLC. The borrower used the funds to refinance The Union, a 137-unit apartment building in New Haven. Paul Kesicki of Capital One’s Commercial Real Estate Group originated the transaction. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and 9.5 years of yield maintenance.

October 6, 2016

Mixed-Use Multifamily New York Northeast Office Retail

IPA Facilitates $29.3M Sale of Mixed-Use Property in Queens

by Amy Works October 6, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

October 6, 2016

California Multifamily Western

R&V Management Corp. Acquires Oak Springs Ranch Near Temecula for $78.5M

by Nellie Day October 6, 2016

WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.

October 6, 2016

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