NEWTON, MASS. AND ATLANTA — The RMR Group, an alternative asset management company based in Newton, has purchased the multifamily platform of Carroll, a multifamily investment firm based in Atlanta. RMR has acquired 100 percent of the equity interests of MPC Holdings (Carroll) in an $80 million, all-cash transaction. Founded in 2004, Carroll provides asset and property management services to 81 multifamily properties comprising more than 28,000 units that are primarily located across the Sun Belt. Carroll had approximately 700 employees as of first-quarter 2023. The acquisition will add $7 billion in assets under management (AUM) to RMR, which had $37.3 billion in AUM as of first-quarter 2023. Carroll will retain existing general partner co-investments and promote fees derived from those investments. The Carroll acquisition will give RMR a foothold in the multifamily sector for the first time and will include the company’s property management division, Arium Living. RMR acquires properties for four publicly traded REITs: Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust and Industrial Logistics Properties Trust.
LAUREL, MD. — Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, a suburb of Baltimore. The undisclosed seller sold the value-add property to Excelsa US Real Estate II LP and an Excelsa co-investment vehicle for $105.5 million. The buyer assumed an in-place, interest-only loan on the property that was underwritten with a fixed 3.4 percent interest rate and has six years of term left. Excelsa supplemented the loan with a fixed-rate, interest-only loan with a similar maturity date that has a weighted average interest rate of 3.7 percent. The company also plans to make $4.4 million in capital improvements to Concord Park at Russett, including a new roof, HVAC systems, new signage, parking garage repairs, new kitchen appliances and hardwood flooring, among other improvements. Existing community amenities include a resort-style swimming pool, clubhouse with a fireplace, business center, theater room, fitness center, yoga and HIIT training studio, library and a business lounge.
MERRILLVILLE, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $74.6 million Freddie Mac loan for the acquisition of Lakes at 8201 in Merrillville, a city in Northwest Indiana. Built between 1992 and 1993, the 628-unit garden-style multifamily property consists of 20 buildings as well as an office and clubhouse. John Ward and Joseph Tinti of KBREC arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Loan terms were not provided.
KENOSHA, WIS. — MLG Capital has purchased Market Square, a 330-unit apartment community in Kenosha. The purchase price and seller were undisclosed. Located at 3100 Market Lane, the property was built in 2017 and 2019. The acquisition marks MLG’s first in Kenosha and brings the firm’s total number of units owned in Wisconsin to more than 3,300. This is the 64th property acquired as part of MLG’s Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 8220 W. 16th Place in Lakewood, just west of Denver. The property traded for $3.6 million, or $202,777 per unit. Built in 1959, the interior-hallway building features three one-bedroom/one-bath units and 15 two-bedroom/one-bath units. Robert Lawson of Pinnacle represented the undisclosed sellers, while Charlie Mitelhaus and Andrew Monette of Pinnacle represented the undisclosed buyers in the deal.
— By Robert Gallegos, Senior Vice President, The Mogharebi Group — New Mexico is rapidly becoming an important multifamily market for both investors and developers as the state experiences explosive job and population growth, which is expected to continue on an upward trajectory over the next five to 10 years. While Albuquerque remains the most targeted multifamily market in the state, it is worth noting that the tertiary market of Santa Teresa — near El Paso and the Mexico border — is becoming a hotbed for multifamily investment. Santa Teresa is a key inland port serving as a strategic focal point for intermodal shipments in the Southwestern U.S., with more than 6 million square feet of industrial space in use and nearly 1 million square feet under construction. As more jobs flood into New Mexico, the demand for quality rental housing will continue to far outstrip supply. With a population of more than half a million people and counting, it is no wonder Albuquerque is seeing the bulk of investment activity. The city has drawn an influx of new residents thanks to its diverse economy, relatively affordable cost of living and quality of life. According to Numbeo, one of the largest cost-of-living …
TAYLOR, TEXAS — Forman Capital, a direct lender based in Florida, has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes. The 64-unit multifamily project will be located in Taylor, about 35 miles northwest of Austin. The borrower, Townbridge Capital, plans to develop three- and four-bedroom townhomes that will range in size from 1,500 to 1,900 square feet. Residences will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline was not disclosed.
ST. CHARLES, MO. — CRG has opened Chapter at The Streets, a 245-unit luxury apartment community in the St. Louis suburb of St. Charles. The five-story property is located at 333 Mulholland Drive. Chapter at The Streets offers studio, one- and two-bedroom floor plans ranging in size from 504 to 1,141 square feet. Monthly rents range from $1,475 to $2,390. Amenities include a fitness center, resident lounge, coworking space, pet grooming station, pool, sun deck and grilling stations. The community offers AT&T wireless connectivity in all common areas. Aligning with CRG’s mission to incorporate neighborhood-inspired artwork into its developments, Chapter at The Streets features a mural along the building’s parking garage co-designed by Media-Objectives and artist Wylie Caudill. The mural references the history and location of St. Charles. The project is situated within The Streets of St. Charles mixed-use development, which spans 27 acres and features numerous retail, restaurant and entertainment offerings, including an eight-screen AMC movie theater. The Streets also houses office space, two hotels and public spaces. Residents of Chapter at The Streets also enjoy direct access to the 240-mile Katy Trail. The project team included Chicago-based Humphreys & Partners Architects and Chesterfield, Mo.-based Brinkmann Constructors. St. Louis-based …
WEST ST. PAUL, MINN. — JLL Capital Markets has provided a $34.6 million Fannie Mae loan for the refinancing of Savor Apartments in West St. Paul. The 200-unit, mid-rise apartment complex was built in 2022. Amenities include an entertainment suite, community room, game room, coffee bar, rooftop lounge and sky deck, fitness center and work-from-home suites. Scott Streiff and Scott Loving of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Roers Cos.