Multifamily

Olympus Property Acquires Apartment Community in Downtown St. Petersburg for $81M

by John Nelson October 30, 2024

ST. PETERSBURG, FLA. — Olympus Property has acquired 930 Central Flats, a 218-unit apartment community located in downtown St. Petersburg. The seller and sales price were not disclosed, but Tampa Bay Business Journal reports the property traded for $81 million. Developed in 2019, the six-story property is situated within the Central Avenue entertainment corridor and adjacent to the $6.5 billion Gas Plant District redevelopment. This transaction marks Olympus Property’s second acquisition in the Tampa Bay area, bringing the owner-operator’s Florida portfolio to 5,500 units. “The property’s unmatched location and upscale amenities align seamlessly with our long-term investment approach,” says Chase Bennett, chief acquisitions officer at Olympus Property.

October 30, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Mesa West Capital Provides $57M Loan for Refinancing of Seniors Housing Property in Montvale, New Jersey

by Taylor Williams October 30, 2024

MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.

October 30, 2024

Development Loans Multifamily New Mexico Western

Dwight Mortgage Trust Finances $56.3M Loan for Madera Apartments in Santa Fe

by Amy Works October 29, 2024

SANTA FE, N.M. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided $56.3 million in bridge financing for Madera Apartments in Santa Fe. Proceeds of the loan will be used to retire the sponsor’s existing construction debt and provide the borrower, Thrive Development, with capital to complete construction and lease-up of the property. Upon completion, Madera Apartments will offer 218 one-, two- and three-bedroom townhome-style apartments with patios or balconies, in-unit washers and dryers, smart home technology and walk-in closets. The community will consist of 20 two-story residential buildings, a communal clubhouse, swimming pool, pickleball court, yoga studio, fitness center, dog wash station, playground and garage parking with electric vehicle charging stations.

October 29, 2024

Acquisitions Multifamily Oregon Seniors Housing Western

Cedar Sinai Park Sells 246-Unit Seniors Housing Campus in Portland

by Amy Works October 29, 2024

PORTLAND, ORE. — Nonprofit Cedar Sinai Park has sold its namesake seniors housing campus totaling 246 units in southwest Portland. Situated within four miles of downtown Portland, the Cedar Sinai Park campus comprises Rose Schnitzer Manor, a 154-unit assisted living community; Robison Jewish Health Center, a 44-bed skilled nursing facility; and the Harold Schnitzer Center for Living, a 48-bed skilled nursing facility. Built in 2016, the Harold Schnitzer Center for Living also offers adult daycare services. Rose Schnitzer Manor was constructed in 1998 and 2002, and Robison Jewish Health Center — which is currently vacant — was built in 1956 and renovated in 2017. The property is located within three miles of two short-term, acute-care hospitals. Michael Segal, Dan Mahoney and Daniel Waldhorn of Blueprint represented Cedar Sinai Park in the sale. The seller plans to use sale proceeds to establish a new foundation to continue to serve the Portland Jewish community. An Illinois-based private investor with an Oregon-based operating partner acquired the campus for an undisclosed price.

October 29, 2024

Development Multifamily Student Housing Texas

Rael Development Breaks Ground on 192-Unit Student Housing Project in Denton

by Taylor Williams October 29, 2024

DENTON, TEXAS — Rael Development Corp. has broken ground on Charme on Eagle, a student housing project that will be located near the University of North Texas campus in Denton. Set for delivery in fall 2026, the community will offer a total of 463 beds across 192 units that will feature studio through four-bedroom configurations. Amenities will include a pool, grilling stations, speakeasy lounge and game room, private study and community spaces and a fitness center with designated spin/yoga studio. The development is Rael’s second in the Denton market, following CityParc at Fry Street.

October 29, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 186-Unit Biltmore Apartments in Arlington

by Taylor Williams October 29, 2024

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Biltmore, a 186-unit apartment complex in Arlington. The garden-style property was built in 1978 and offers one- and two-bedroom units with an average size of 765 square feet. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, Legacy REI Group, in the transaction and procured the buyer, Lynba Holdings.

October 29, 2024

Florida Loans Multifamily Southeast

CBRE Arranges Refinancing for Three Multifamily Properties in Florida Totaling $99.7M

by John Nelson October 29, 2024

LYNN HAVEN AND TALLAHASSEE, FLA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged three loans totaling $99.7 million for the refinancing for two apartment communities in Lynn Haven and one property in Tallahassee. David Borge of CBRE’s Orlando office secured three 10-year, fixed-rate, non-recourse loans on behalf of the borrower, Tallahassee-based Arbor Properties Inc. The loans included a Fannie Mae loan for Arbor Trace Apartment Homes, a 336-unit multifamily community in Lynn Haven that was built in 2007; a Fannie Mae loan for Arbor Crossing at Buck Lake, a 208-unit multifamily community in Tallahassee that was built in 2017; and a Freddie Mac loan for the construction loan take-out for Arbor Landing at Mill Bayou, a new 178-unit property in Lynn Haven. The loans had full-term interest-only payments and fixed interest rates in the mid-5s, according to CBRE.

October 29, 2024

Development Multifamily North Carolina Southeast

Spandrel Development Opens Two North Carolina Apartment Communities Totaling 562 Units

by John Nelson October 29, 2024

CHARLOTTE AND RALEIGH, N.C. — Charleston-based Spandrel Development Partners has delivered two apartment communities in North Carolina totaling 562 units. The properties include Enclave at Radius Dilworth, an eight-story multifamily high-rise in Charlotte’s Dilworth district spanning 274 units, and Mira Raleigh, a 288-unit luxury mid-rise community in the state’s capital. Enclave at Radius Dilworth is the first community to open within the Radius Dilworth development, with the other project including a 26-story high-rise called The Overlook. Spandrel’s development partners on the project include Atalaya Capital Management and Partners Group. The firm has begun leasing Enclave and plans to have first move-ins begin in the fourth quarter. Mira Raleigh is situated on the southern border of the city’s central business district, with first move-ins occurring in June. Monthly rental rates range from $1,534 to $3,153 at Enclave and $1,349 to $3,926 at Mira Raleigh, according to Apartments.com.

October 29, 2024

Loans Maryland Multifamily Southeast

Colliers Secures $24.5M Refinancing for Milford Station Multifamily Community in Metro Baltimore

by John Nelson October 29, 2024

PIKESVILLE, MD. — Colliers has secured a $24.5 million loan for the refinancing of Milford Station, a multifamily community located at 19 Warren Park Drive in Pikesville, approximately 15 miles northwest of Baltimore. Bob Beckman of Colliers arranged the non-recourse financing, which features a 30-year term and fixed interest rate of 5.1 percent, on behalf of the borrowers, Gelfund RE Opportunities and GY Properties. Milford Station totals 199 apartments within controlled-access buildings and features complimentary parking.

October 29, 2024

Affordable Housing Development Illinois Midwest Multifamily

Related Midwest Completes $46.5M Redevelopment of Poplar Place Affordable Housing Community in Springfield

by Kristin Harlow October 29, 2024

SPRINGFIELD, ILL. — Related Midwest has completed a $46.5 million redevelopment of Poplar Place, a 100-unit affordable housing community in Springfield. The property opened in 1950. Related Midwest completed the redevelopment through a collaboration with the City of Springfield, the Springfield Housing Authority and Illinois Housing Development Authority. LR Contracting Co., Related’s in-house construction arm, spearheaded the 15-month project, reducing density and fully renovating 75 buildings. The community now comprises 50 single-family and 25 duplex homes, which are fully occupied. Related also created 2.5 acres of green space for social and recreational use. Additionally, a new community center features a kitchen, management office, outdoor playground and walking paths. Financing for the project came from the Illinois Housing Development Authority, Springfield Housing Authority, Heartland Bank and Trust Co., Red Stone Equity Partners and CVS Health. Evan Lloyd Architects designed the redevelopment. Monthly rents range from $800 to $925. Qualified incomes for the income-restricted apartments range from $44,400 to $83,640.

October 29, 2024

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