Multifamily

Capital One Provides FHA Loans Totaling $10.3M to Refinance Two Illinois Skilled Nursing Facilities

by Amy Works September 12, 2016

ANNA AND CARBONDALE, ILL. — Capital One has provided two fixed-rate, HUD 232/223(f) loans totaling $10.3 million to refinance two skilled nursing facilities in Anna and Carbondale. Joshua Rose of Capital One originated the transaction for the borrower, a skilled nursing specialist with a portfolio of properties in Illinois and Indiana. The 70-bed facility, built in 1974, in Anna received a $5.9 million loan, while the 131-bed facility in Carbondale, which was built in 1965, received $4.4 million in financing.

September 12, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $1.7M Sale of Apartment Community in Minnesota

by Amy Works September 12, 2016

GRAND RAPIDS, MINN. — Marcus & Millichap has brokered the sale of Wannigan Apartments, an apartment community located at 1607 E. Highway 169 in Grand Rapids. A private investor acquired the property for $1.7 million. The residential community comprises a six-unit, market-rate apartment building and a 24-unit student housing complex that serves the nearby Itasca Community College. Chris Collins, Adam Haydon, Evan Miller, Dan Linnell, Josh Talberg and Mox Gunderson of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer in the deal.

September 12, 2016

Maryland Multifamily North Carolina Northeast Pennsylvania South Carolina Southeast Top Stories

Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

by Nellie Day September 12, 2016

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …

September 12, 2016

Connecticut Multifamily Northeast

Navarino Acquisition Buys Six-Property Multifamily Portfolio in Connecticut for $90M

by Amy Works September 9, 2016

FARMINGTON, ENFIELD, VERNON, ELLINGTON AND NEWINGTON, CONN. — Navarino Acquisition LLC has purchased a six-property, 741-unit multifamily portfolio located in central Connecticut. A series of Delaware limited liability companies sold the portfolio for $90 million, or $121,457 per unit. The properties are the 13-building, 186-unit Summit and Birch Hill Apartments in Farmington; the 23-building, 168-unit Fox Hill Apartments in Enfield; the 15-building, 150-unit Briar Knoll Apartments in Vernon; the six-building, 100-unit High Meadow Apartments in Ellington; the eight-building, 64-unit Bradford Commons in Newington; and six-building, 73-unit Woodbridge Apartments in Newington. Victor Nolletti, Steve Witten, Still Hunter III and Eric Pentore of Institutional Property Advisors (IPA) represented the seller, while Nolletti and Pentore also represented the buyer in the deal. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.

September 9, 2016

California Multifamily Western

Weidner Apartment Homes Buys Stonegate at Towngate for $98.5M

by Nellie Day September 9, 2016

MORENO VALLEY, CALIF. — Weidner Apartment Homes has acquired the 552-unit Stonegate at Towngate apartments in Moreno Valley for $98.5 million. The community is located at 12640 Memorial Way Drive, just southeast of the Highway 60 and Interstate 215 interchange. Stonegate at Towngate is the largest apartment community in Moreno Valley and the 12th largest asset in the Inland Empire. Berkadia’s Dean Zander and Spencer Scott represented the seller, Davlyn Investments Inc., in this transaction. Davlyn purchased the asset just after it was completed in 2007.

September 9, 2016

California Multifamily Seniors Housing Western

MBK Acquires 109-Unit Seniors Housing Community in Antioch

by Nellie Day September 9, 2016

ANTIOCH, CALIF. — MBK Senior Living has purchased The Commons at Dallas Ranch, a 109-unit assisted living and memory care community in Antioch, for an undisclosed price. The acquisition comes despite the recent resignation of the company’s president, Terry Howard, in August. The seniors housing developer and operator has commenced its search for Howard’s replacement. In the last month, MBK also assumed operations of five Capitol Seniors Housing-owned communities. Those communities include Fairview Commons in Costa Mesa, Calif., and four in metro Seattle: The Creekside, Island House, Mountainlake Terrace Plaza and Northgate Plaza. MBK Senior Living’s portfolio of owned and managed communities now includes a total of 2,465 units within 22 independent living, assisted living and memory care communities in Arizona, California, Colorado, Utah and Washington.

September 9, 2016

Multifamily Texas

Round Rock Evergreen Purchases Townhome Complex in Metro Austin

by Haisten Willis September 9, 2016

ROUND ROCK, TEXAS — Round Rock Evergreen SPE LLC has purchased Chisholm Valley and Westwind Duplexes, a townhome rental community in Round Rock, about 18 miles north of Austin. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Chisholm Valley and Westwind Duplexes offers 152 one- and two-story townhome-style units. The community is located on 76 separate parcels. The average unit size is 1,065 square feet. Exteriors are a combination of stone, siding and wood. Each duplex features private fenced backyards, single-car garages, plank faux flooring, built-in microwaves, wood-burning fireplaces, full-size washer/dryer connections, individual HVAC systems and water heaters. The duplexes are situated just north of Toll Road 45.

September 9, 2016

Florida Multifamily Southeast

Crescent Communities Opens Apartment Development in Tampa’s Westshore District

by John Nelson September 9, 2016

TAMPA, FLA. — Crescent Communities has opened Crescent Westshore, a new 374-unit luxury apartment community located at 2202 N. Lois Ave. in Tampa’s Westshore district. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.

September 9, 2016

Georgia Multifamily Southeast

Milestone Apartments REIT to Buy Community in Metro Atlanta for $47M

by John Nelson September 9, 2016

WOODSTOCK, GA. — Milestone Apartments REIT has agreed to purchase Park 9 Apartments, a 275-unit, Class A apartment community located on Ridgewalk Parkway in Woodstock, a northwest suburb of Atlanta. The property is situated near The Outlet Shoppes at Atlanta and I-575. The undisclosed seller has agreed to sell Park 9 to Milestone for $47 million. Built in 2016, Park 9 is currently 95 percent occupied with average monthly rents of approximately $1,200. The community features nine-foot ceilings, stainless steel appliances, granite countertops and direct-access garages. Amenities include a clubhouse with a cyber café, a salt-water swimming pool with beach entry and resort-style cabanas, fitness center, outdoor grilling area, bocce ball court, dog park, storage units and electric vehicle charging stations.

September 9, 2016

Indiana Midwest Multifamily

Marcus & Millichap Arranges $3.3M Sale of Apartment Property in Indianapolis

by Amy Works September 9, 2016

INDIANAPOLIS — Marcus & Millichap has brokered the sale of The Home Place Senior Apartments, an apartment property located at 6734 Millside Drive in Indianapolis. A private investor acquired the property from a limited liability company for $3.3 million. The property features 60 rental units. Darrell Johnson and Brent Silcox of Marcus & Millichap’s Indianapolis office represented the seller, while Shane Ryan McConnell of Marcus & Millichap’s Newport Beach, Calif., office represented the buyer in the transaction.

September 9, 2016

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