Multifamily

The Woda Group Opens 50-Unit Affordable Seniors Housing Property in Pennsylvania

by Amy Works October 5, 2016

LEBANON, PA. — The Woda Group Inc., as developer, has opened Kreider Commons, an affordable seniors housing development located at 631 N. Eight St. in Lebanon. An adaptive reuse of a six-story manufacturing/warehouse building, the property features 50 one- and two-bedroom rental apartments for independent seniors aged 62 or older. Additionally, the building features all new systems, two elevators, drive-up entry, on-site parking, a community room with kitchen, library, computer room, grandchild room and crafts rooms. The project team includes Kinsley Construction, Marks Thomas Architects, Steckbeck Engineering, and Woda Management and Real Estate LLC. Financing for the development was provided by PNC Bank, Pennsylvania Housing Finance Agency, Lebanon County, Pennsylvania Department of Community and Economic Development and Federal Home Loan Bank of Pittsburgh.

October 5, 2016

Arizona Multifamily Western

Aukum Management Acquires Cantera Apartments in Chandler for $46M

by Nellie Day October 5, 2016

CHANDLER, ARIZ. — Aukum Management has purchased the 288-unit Cantera apartments in Chandler for $46 million. The community is located at 2475 W. Pecos Road. Cantera was built adjacent to the Price Road Corridor, the area’s largest high-tech employment hub, in 2002. About 200 units will undergo a renovation. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch executed the transaction. The seller was Rockwood Capital.

October 5, 2016

Arizona Multifamily Student Housing Western

Western Wealth Capital Buys Multifamily Property Near ASU for $17M

by Nellie Day October 5, 2016

TEMPE, ARIZ. — Canada-based Western Wealth Capital has acquired Amber Gardens, a 164-unit multifamily community located less than one mile away from the Arizona State University campus in Tempe, for $17 million. The property — built in 1985 — features a mix of studio, one- and two-bedroom units. Amenities include two pools, a spa, 24-hour fitness center, clubhouse and laundry facilities. United Development Group was the seller in the transaction. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented the buyer.

October 5, 2016

Multifamily Texas

29SC to Convert Clear Lake Condominiums in Metro Houston to Rental Apartments

by Haisten Willis October 5, 2016

WEBSTER, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired Clear Lake Condominiums, a 284-unit multifamily community in Webster. The transaction is 29SC’s seventh acquisition in metro Houston. The firm plans to invest $2 million into renovations to upgrade unit interiors, enhance the property exterior and add or update resident amenities. The firm will rebrand the community as Barringer Square Apartments. The property is located on Galveston Road between NASA’s Johnson Space Center and Ellington Airport. Interior unit upgrades will include new stainless steel kitchen appliances, cabinets, countertops, backsplashes, flooring and fixtures. Exterior improvements will include new roofing, siding and paint, as well as façade repairs. The firm also plans to overhaul the leasing center and clubhouse, adding a playground, covered outdoor grilling areas and a dog park.

October 5, 2016

Loans Multifamily Texas

NorthMarq Capital Secures $17.6M Loan for Maxey Village Apartments in Houston

by Haisten Willis October 5, 2016

HOUSTON — NorthMarq Capital’s Denver office has secured a $17.6 million acquisition loan for Maxey Village Apartments, a multifamily community located at 666 Maxey Road in Houston. Constructed in 1974, the property consists of 409 units across 10 two-story buildings. The one- and two-bedroom floor plans range from 580 to 986 square feet. Mark Jeffries of NorthMarq Capital arranged the financing on behalf of the borrower, Angelus Capital, a private equity firm headquartered in Austin.

October 5, 2016

Georgia Seniors Housing Southeast

CBRE Arranges $50.5M Sale of Two Arbor Senior Communities in Georgia

by John Nelson October 5, 2016

PEACHTREE CITY AND MARIETTA, GA. — CBRE National Senior Housing has arranged the sale of Arbor Terrace Peachtree City and Arbor Terrace at East Cobb, two seniors housing communities located in Georgia, for $50.5 million. Arcapita Investment Management purchased the two communities, respectively located in the Atlanta suburbs of Peachtree City and Marietta, from Capitol Seniors Housing. The Arbor Co. will continue to operate the two communities. Arbor Terrace Peachtree City features 112 independent living units and 34 assisted living units. Arbor Terrace at East Cobb features 56 assisted living units and 34 memory care units. Lisa Widmier and Matthew Whitlock of CBRE represented the seller in the transaction. The firm’s Aron Will also arranged a seven-year, fixed-rate loan with 36 months of interest-only payments to fund the acquisition. The financing is secured through Freddie Mac.

October 5, 2016

Florida Loans Southeast Student Housing

NorthMarq Arranges $10.1M Refinancing of Student Housing Community Near Florida State University

by John Nelson October 5, 2016

TALLAHASSEE, FLA. — NorthMarq Capital has arranged the $10.1 million refinancing of Villa Cristina, a 226-bed student housing community located near Florida State University in Tallahassee. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule. Lee Weaver of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through Freddie Mac. The property offers a mix of one-, two- and three-bedroom units with washers and dryers. Community amenities include a resort-style pool and a computer lab.

October 5, 2016

Illinois Midwest Multifamily

Fifield Realty Corp. Opens 310-Unit NEXT Apartments in Chicago’s River North District

by Amy Works October 4, 2016

CHICAGO — Fifield Realty Corp., a subsidiary of Chicago-based developer Fifield Cos., has opened NEXT Apartments, a 28-story luxury apartment building located in Chicago’s River North district. The 310-unit property features a mix of studio, one- and two-bedroom residences, as well as two- and three-bedroom penthouses. Floor plans range from 426 to 1,727 square feet, with rents ranging from $1,790 to $6,200. Apartments feature 9-foot ceilings, oversized windows, plank flooring, quartz countertops, tile backsplashes, Groche faucets, oak-faced flat-paneled cabinets and GE stainless steel appliances, as well as private balconies and master bedroom walk-in closets in select units. On-site amenities include an outdoor pool, spa and sun terrace, a fire pit and outdoor grilling kitchens, a fitness club with indoor/outdoor yoga studio, media room with oversized television with surround sound, a Starbucks Coffee bar, gaming arcade, business center and conference room, and a bicycle kitchen with storage, supplies, tools and air pumps.

October 4, 2016

Industrial Multifamily Office Retail Texas

Engvest Commercial Realty Becomes First Dallas Affiliate for Sperry Commercial

by Haisten Willis October 4, 2016

DALLAS — Sperry Commercial Global Affiliates has announced a new franchise affiliate, Dallas-based Engvest Commercial Realty LLC. The first Dallas/Fort Worth affiliate to join Sperry Commercial, Engvest was founded by Daniel Eng to serve its clients as a full-service commercial real estate investment firm. Eng and his business partner Calvin Wong will provide leasing, acquisitions, disposition and property management services under the Sperry Commercial Global Affiliates brand. Engvest brings more than 1 million square feet of retail center listings to the platform.

October 4, 2016

California Loans Multifamily Seniors Housing Western

HFF Arranges $41.5M in Financing for Three-Property Seniors Housing Portfolio in Sacramento

by Nellie Day October 4, 2016

SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.

October 4, 2016

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