Multifamily

Berkadia Brokers Sale of 412-Unit Hanover Tysons Apartments in Northern Virginia

by John Nelson January 16, 2025

TYSONS, VA. — Berkadia has brokered the sale of Hanover Tysons, a 412-unit multifamily community located at 1500 Westbranch Drive in Tysons, about 15 miles west of Washington, D.C. Chicago-based Mesirow Financial purchased the property from Hanover Co. and PCCP for an undisclosed price. The buyer has rebranded the community as The Jones at Tysons. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia represented the sellers in the transaction. Situated adjacent to Tysons Galleria and Tysons Corner Center, the apartment community features studio, one-, two- and three-bedroom floor plans, as well as a resort-style pool, greenspace courtyard, fitness center, resident clubhouse and a theater room.

January 16, 2025

Alabama Loans Multifamily Southeast

BWE Provides $42.3M Agency Loan for Apartment Community in Auburn

by John Nelson January 16, 2025

AUBURN, ALA. — BWE has provided a $42.3 million Fannie Mae loan for The Glenn, a 270-unit garden-style apartment community located at 2568 E. Glenn Ave. in Auburn. The property comprises 14 residential buildings and offers studio, one-, two- and three-bedroom apartments, as well as a fitness center, beach-entry pool, grilling areas, pet park and a business center. Paul Harbor, Caleb Carter and Libby Davis of BWE originated the loan on behalf of the borrower, an undisclosed development firm based in Georgia. The borrower will use proceeds of the 10-year loan, which features a 35-year amortization schedule, to pay off construction debt obtained before The Glenn opened in 2022.

January 16, 2025

Acquisitions Development Hawaii Hospitality Mixed-Use Multifamily Restaurant Retail Western

New Age Ko Olina Buys Two Oceanfront Development Lots in Kapolei, Hawaii

by Amy Works January 16, 2025

KAPOLEI, HAWAII — Los Angeles-based New Age Ko Olina has acquired two oceanfront lots near the Ko Olina master-planned development in Honolulu from Oceanwide Resort HI LLC for an undisclosed price. CBRE’s Matt Bittick and Henry Bose represented the seller, while Powell & Aucello represented the buyer in the deal. The first lot, adjacent to Aulani Resort, is entitled for up to 1.5 million square feet of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 square feet of retail space, 1,200-seating restaurant options, an aquarium and pools, and open to two of Ko Olina’s beach lagoons. The second lot is entitled for up to 990,000 square feet of developable area with no more than 850 units and opens to two beach lagoons and the Pacific Ocean. The approvals for the lot provide for a hotel, branded residential and timeshare. Ko Olina is an oceanfront master-planned development on the west coast of Oahu. Situated on more than 642 acres, the property offers four beach lagoons connected by more than a mile-and-a-half of seaside paths, the Ko Olina Golf Club and Ko Olina Marina, …

January 16, 2025

Arizona Development Multifamily Western

McShane Completes Construction of 310-Unit Northbend Multifamily Community in Tempe, Arizona

by Amy Works January 16, 2025

TEMPE, ARIZ. — On behalf of Banyan Residential and Milhaus, McShane Construction Co. has completed Northbend, an apartment property in Tempe. Situated on 11 acres, Northbend features 310 apartments spread across three residential buildings and 8,000 square feet of amenity space, including a 4,300-square-foot clubhouse. Units offer open-concept floor plans with nine-foot ceilings and large windows, large kitchen islands, quartz countertops, stainless steel appliances, wood-style flooring, keyless entry systems, in-unit washers/dryers and walk-in closets. Select units offer courtyard, pool or city views and private patios or balconies. Additionally, the property offers some live-work units providing separate “storefront” style entrances for small business owners. Community amenities include a resort-style pool and sun deck, a fully equipped fitness center and yoga studio, a trading post with outdoor equipment loans and outdoor spaces, including a courtyard with fire pits, an entertainment lawn and a dog park. Designed by Todd & Associates, the garden-style buildings integrate wood frame construction with façades of stucco, thin brick and wood-look metal lattice.

January 16, 2025

Acquisitions California Multifamily Western

Reliant Group Sells Apartment Property in Sacramento for $52.5M

by Amy Works January 16, 2025

SACRAMENTO, CALIF. — Reliant Group has completed the sale of The Lofts, an apartment property in Sacramento’s Natomas submarket. Jackson Square Properties acquired the asset for $52.3 million. Located at 3351 Duckhorn Drive, The Lofts offers 188 one- and two-bedroom units, with more than 40 percent including loft-style floor plans. Select units feature attached direct-access garages, nine-foot vaulted ceilings, dual-pane windows and luxury flooring. Community amenities include a swimming pool, hot tub, fitness center, an outdoor barbecue and entertainment center and a playground. Marc Ross of CBRE represented the seller in the deal. Ryan Greer and Trevor Breaux of CBRE Capital Markets Debt & Structured Finance arranged financing on behalf of the buyer.

January 16, 2025

Loans Multifamily Oregon Seniors Housing Western

JLL Arranges $40M in Acquisition Financing for Three Seniors Housing Communities in Oregon

by Amy Works January 16, 2025

EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.

January 16, 2025

Acquisitions Michigan Midwest Multifamily

Marquette Cos., DRA Advisors Sell 520-Unit Apartment Community in Ann Arbor

by Kristin Harlow January 16, 2025

ANN ARBOR, MICH. — Marquette Cos. and a fund managed by DRA Advisors have sold The Haven at Ann Arbor, a 520-unit apartment community in Ann Arbor. Abacus Capital Group, a New York-based real estate investment firm, purchased the asset for an undisclosed price. Marquette purchased The Haven in 2017 when it was known as Village Green of Ann Arbor and undertook a $13 million revitalization project that included extensive exterior improvements and unit interior renovations. Marquette also renovated the amenities and improved site operations. At the time of sale, The Haven was 95 percent occupied. Located about a 15-minute drive from the University of Michigan, the property features studio, one- and two-bedroom units ranging from 650 to 1,075 square feet. Amenities include a clubhouse with resident lounge, three fitness centers, an outdoor pool with terrace, enclosed dog park, tennis courts, nature trails and an onsite car washing station.

January 16, 2025

Development Loans Midwest Mixed-Use Multifamily Ohio

BGL Real Estate Advisors Arranges Development Financing for Two Multifamily Projects Near Cleveland

by Kristin Harlow January 16, 2025

BRECKSVILLE AND VERMILION, OHIO — Browns Gibbons Lang & Co. (BGL) Real Estate Advisors has arranged development financing for Valor Acres in Brecksville, a southern suburb of Cleveland, and The Bluffs at WaterWood Resort in Vermilion, about 42 miles west of Cleveland. The borrower was DiGeronimo Cos. Fifth Third Bank & First Commonwealth Bank provided the financing for Valor Acres, a mixed-use development incorporating 44,000 square feet of Class A office space, 221 luxury apartment units, 70,000 square feet of retail and entertainment space, an onsite safety station and 700-space parking garage. The project is being developed on the former site of the U.S. Department of Veterans Affairs Brecksville hospital. Valor Acres is also home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters. DiGeronimo closed on Phase I of the project, which included a multifamily building as well as for-rent townhomes, in December 2021. The developer closed on the for-sale townhomes, attached loft homes, memorial park and clubhouse in June 2023. BGL also served as the financial advisor for those transactions. In addition to senior construction debt from Fifth Third Bank, the project received transformational mixed-use development tax credits, Cleveland-Cuyahoga County Port Authority incentives and …

January 16, 2025

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates Sale of 423-Unit Midpointe Apartments in Chicago

by Kristin Harlow January 16, 2025

CHICAGO — Berkadia has negotiated the sale of Midpointe Apartments in Chicago for an undisclosed price. The 423-unit, garden-style multifamily property was built in 1973 and extensively upgraded over the last 10 years. Amenities include an outdoor pool, fitness center, dog park, fire pit and outdoor gas grilling areas. Ralph DePasquale of Berkadia represented the seller, an institutional investor. An affiliate of California-based Turner Impact Capital was the buyer.

January 16, 2025

Midwest Minnesota Multifamily

Kiser Group Expands into Minneapolis-St. Paul Market with New Multifamily Brokerage Office

by Kristin Harlow January 16, 2025

MINNEAPOLIS — Kiser Group has expanded into Minnesota by partnering with multifamily broker Robert Dulin to open a new multifamily brokerage office. The firm maintains brokers focused on Illinois, Indiana, Michigan, Ohio and Wisconsin, and this latest expansion broadens the company’s reach across the Midwest. Kiser Group’s transaction volume is in excess of $6 billion in multifamily investment sales since its inception in 2005. Dulin, formerly a director at Cushman & Wakefield, brings 15 years of multifamily brokerage experience to his role as executive director for Kiser’s Minneapolis-St. Paul operations.

January 16, 2025

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