Multifamily

Missouri Valley REIT Acquires 696 Apartment Units in Greater Wichita, Kan.

by Christina Cannon September 18, 2015

WICHITA, KAN. — NAI Martens has brokered the sale of five apartment properties totaling 696 units in the Wichita area for an undisclosed price. Missouri Valley REIT Inc., a private real estate investment trust, was the buyer and Olderbak Enterprises South LLC was the seller. The acquisition was Missouri Valley REIT’s largest to date. The acquisition included Eastgate Apartments, High Point East Apartments and Morgan’s Landing in Wichita; Springcreek Apartments in Derby, Kan., and Northridge Crossing in McPherson, Kan. The purchase of all five properties is a continuation of the REIT’s strategy to invest in Class B multifamily assets in the Midwest and Upper Midwest. Nathan Farha and Jeff Englert of NAI Martens brokered the transaction. The name Missouri Valley REIT stems from its strategy of investing in markets that are substantially similar to cities where universities in the Missouri Valley Conference are located. These communities are generally in regions with a stable, growing economy.

September 18, 2015

Loans Multifamily Southeast Student Housing Virginia

Berkadia Arranges $48M Loan for Student Housing Property Near Virginia Tech

by John Nelson September 18, 2015

BLACKSBURG, VA. — Berkadia has arranged a $48 million loan for The Edge Apartment Homes, a newly constructed student housing property near Virginia Tech in Blacksburg. John M.R. Reed of Berkadia secured the 20-year, fixed-rate loan on behalf of the borrower, Related Properties I LLC, an affiliate of SAS Builders Inc., through a life insurance company. The fully occupied, 252-unit property features two-, three- and four-bedroom apartments and townhomes. Units are fully furnished and contain a washer and dryer. Amenities at the student housing community include high-speed internet, a fitness center, yoga room, student center, heated swimming pool, picnic area and a two-story clubhouse.

September 18, 2015

Multifamily South Carolina Southeast

Spencer/Hines Brokers $14.3M Sale of Apartment Community in Columbia

by John Nelson September 18, 2015

COLUMBIA, S.C. — Spencer/Hines Properties has brokered the $14.3 million sale of Bentley at Broad River Apartments, a 272-unit complex situated on 17.6 acres in Columbia. Scott Manhoff and Craig Jacobs of Spencer/Hines represented the seller, Intermark Bentley LLC, in the sale. The buyer was Salt Lake City-based RealSource Property Consulting LLC.

September 18, 2015

Multifamily Seniors Housing Texas

Tradition-Lovers Lane Seniors Housing Community Opens in Dallas

by Haisten Willis September 17, 2015

DALLAS — Tradition Senior Living (TSL) has opened The Tradition-Lovers Lane Community, including independent living, assisted living and memory care, at 5850 E. Lovers Lane in Dallas. The complex is a rental community with no buy-in fee. The 7.5-acre campus includes the 202-unit independent living building and the 109-unit assisted living and memory care property fronting Milton Street. Jonathan Perlman is founder and CEO of Tradition Senior Living, which is developing, marketing and managing the project. Houston architects Meeks + Partners designed the independent living building, and Dallas architects D2 Architecture designed the assisted living and memory care property. The community will include a physical and occupational therapy center, a therapy pool with an underwater treadmill, nursing, a multi-sensory room and medication management. The Tradition-Lovers Lane is the second community developed by TSL.

September 17, 2015

Massachusetts Multifamily Northeast

Prudential Real Estate Investors Buys Residential Tower in Cambridge

by Amy Works September 17, 2015

CAMBRIDGE, MASS. — Prudential Real Estate Investors has acquired Twenty|20, a newly developed residential tower in Cambridge. Canyon Partners Real Estate LLC, through its Canyon-Johnson Urban Funds, sold the property for an undisclosed price. Built to LEED Silver specifications, the 335-unit apartment tower is part of the NorthPoint development site, a 42-acre master-planned development project transforming a former rail yard into a mixed-use, transit-oriented community. Apartments include high-end finishes, energy-efficient appliances and oversized windows. Common area amenities include a rooftop terrace with panoramic views, a 3,000-square-foot fitness center and yoga sundeck, an open-air courtyard and an indoor basketball court.

September 17, 2015

Loans Michigan Midwest Multifamily

Love Funding Provides $8.5M in Loans for Age-Restricted Apartments in Haslett, Mich.

by Christina Cannon September 17, 2015

HASLETT, MICH. — Love Funding recently provided three loans totaling $8.5 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett targeting persons age 62 and above. Located about nine miles east of Lansing, the three communities serve low-income residents and are all part of the same development, Grange Acres, a 363-unit complex that was built from 1972 to 1982. Grange Acres Non-Profit Housing Corporation owns the properties. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Part of the loan proceeds will be used to pay for needed repairs and to fund replacement reserves.

September 17, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Three Multifamily Properties for $1.56M in Chicago

by Christina Cannon September 17, 2015

CHICAGO — Interra Realty has brokered the $1.56 million sale of three multifamily properties located in the Woodland and Washington Park neighborhoods of Chicago. Ted Stratman and Dan Byrne of Interra represented both the seller and buyer for all transactions. A six-unit property at 5910 S. Martin Luther King Drive sold for $440,000. The building, which had previously been converted to individual condos, features large three-bedroom, one-and-a-half bath units and has rear parking for all six units. Another six-unit property, located at 6427 S. Drexel Ave., sold for $510,000. The property was completely rehabbed within the last few months and was 100 percent occupied at the time of sale. Lastly, an eight-unit building located at 5156 S. Indiana Ave. sold for $490,000. Six of the units have been rehabbed. Stratman and Byrne negotiated a post-closing construction contract on behalf of the buyer to rehab the other two garden-style units and capitalize on the building’s upside potential.

September 17, 2015

Multifamily Student Housing Washington Western

Capstone, Harrison Street Open Cornish Commons Student Housing in Seattle

by Nellie Day September 17, 2015

SEATTLE — Capstone Development Partners and Harrison Street Real Estate Capital have opened Cornish Commons, a $49 million, 432-bed student housing development located on the Cornish College campus in downtown Seattle. The property features 16,854 square feet of academic space, with the first and second floors devoted to housing administrative offices, studio movement classrooms and a campus “living room.” The top floor contains amenities including a fitness center, media room, community kitchen, gaming area, lounge, laundry room, music practice rooms and a sky deck. The design and construction team for the project consisted of Ankrom Moisan Architects and Howard S. Wright Construction. Capstone Development Partners, Cornish College and Capstone On-Campus Management will manage the property.

September 17, 2015

Colorado Loans Multifamily Seniors Housing Western

CBRE Arranges $36.3M Construction Loan for CCRC Near Denver

by Nellie Day September 17, 2015

LAKEWOOD, COLO. — CBRE National Seniors Housing has secured a $36.3 million loan for the construction of The Village at Belmar, a 156-unit continuing care retirement community (CCRC) planned in Lakewood in metro Denver. The project is a joint venture between Blue Moon Capital Partners, providing the institutional equity; GH Phipps Construction Company, the general contractor and co-developer; and Ascent Living Communities, co-developer and future operator of the community. Situated on 7.6 acres, Village at Belmar will include 72 assisted living units and 24 memory care units located within a three-story, 83,000-square-foot building, along with 60 independent living units to be located in 15 buildings that are approximately 107,000 square feet. Aron Will, executive vice president of CBRE National Senior Housing, arranged the five-year, floating-rate loan with limited recourse. The loan features 36 months of interest-only payments.

September 17, 2015

Arizona Multifamily Seniors Housing Western

Sagewood in Phoenix to Add 24 Luxury Independent Living Units

by Nellie Day September 17, 2015

PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.

September 17, 2015

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