Multifamily

Spieker Breaks Ground on 486-Unit Wisteria at Warner Center CCRC in Woodland Hills, California

by Jeff Shaw May 1, 2023

WOODLAND HILLS, CALIF. — Spieker Senior Development Partners has broken ground on Wisteria at Warner Center, a continuing care retirement community (CCRC) in Woodland Hills, approximately 25 miles northwest of Los Angeles. The senior living community will rise six stories on 17 acres and offer 486 units. Residential options range from one-bedroom options to penthouses of close to 3,000 square feet. Wisteria at Warner Center will offer a full continuum of care at the health center located adjacent to the community. Residents will have access to assisted living, memory care and long-term care in a skilled nursing center. KTGY architects designed the project, which W.E. O’Neil Construction is building. Completion is scheduled for 2025.

May 1, 2023

Acquisitions California Multifamily Western

Mogharebi Group Brokers $21.5M Sale of Loma Villas Apartments in San Bernardino, California

by Jeff Shaw May 1, 2023

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed, 70-unit community in San Bernardino. Loma Villas features a mix of studio, one- and two-bedroom floor plans that include enclosed patios or balconies. Amenities include a pool and spa, fitness center, dog park, and grilling and picnic areas. TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, a regional owner and developer. The buyer is a Southern California-based private investor.

May 1, 2023

The-Residences-at-Main-Trumbull-Connecticut

Connecticut Development Multifamily Northeast

Garden Communities Begins Leasing 260-Unit Apartment Property in Trumbull, Connecticut

by Taylor Williams May 1, 2023

TRUMBULL, CONN. — New Jersey-based developer Garden Communities has begun leasing The Residences at Main, a 260-unit apartment community in Trumbull, located in Connecticut’s Fairfield County. The unit mix consists of 70 one-bedroom apartments and 190 two-bedroom residences that range in size from 730 to 1,230 square feet. Amenities include a pool, fitness center, coworking lounge, package locker system and a pet park. Rents start at $2,370 per month for a one-bedroom unit.

May 1, 2023

Acquisitions Multifamily New York Northeast

Cedarbridge Management Buys Manhattan Multifamily Building for $12M

by Taylor Williams May 1, 2023

NEW YORK CITY — New Jersey-based investment firm Cedarbridge Management has purchased a 54-unit multifamily building located at 4300 Broadway in Manhattan’s Washington Heights neighborhood for $12 million. The six-story building was originally constructed in 1955 and houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Cedarbridge and the undisclosed seller in the transaction. The deal traded at a cap rate of 7 percent.

May 1, 2023

Development Multifamily New Jersey Northeast

Inspired by Somerset Development Breaks Ground on 22-Unit Multifamily Project in Long Branch, New Jersey

by Taylor Williams May 1, 2023

LONG BRANCH, N.J. — Locally based firm Inspired by Somerset Development has broken ground on a 22-unit multifamily project at the site of the former Inkwell Coffee House in the coastal New Jersey community of Long Branch. The three-story building will house one- and two-bedroom units, 800 square feet of street-level retail space, an indoor parking garage and a private rooftop deck. Construction is slated for a summer 2024 completion.

May 1, 2023

Acquisitions Georgia Multifamily Southeast

Olympus Property Purchases 203-Unit Apartment Community in Savannah

by John Nelson April 28, 2023

SAVANNAH, GA. — Olympus Property has acquired Capital Crest at Godley Station, a 203-unit apartment community located in Savannah. Built in 2017 along Benton Boulevard, the property offers 14 floor plans in one-, two- and three-bedroom layouts. Amenities at the community include a 2,500-square-foot sports club, saltwater swimming pool, poolside cabanas and fireplace, a theater, car care center, dog park, pet spa and attached and detached garage parking. The seller and purchase price were not disclosed.

April 28, 2023

Acquisitions Loans Multifamily Southeast West Virginia

KeyBank Arranges $33M Acquisition Financing for Meadow Creek Apartments in Bridgeport, West Virginia

by John Nelson April 28, 2023

BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.

April 28, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 220-Unit Indigo Apartments in Corpus Christi

by Taylor Williams April 28, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of Indigo Apartments, a 220-unit multifamily property in Corpus Christi. According to Apartments.com, the property was built in 1969 and offers studio, one-, two-, three- and four-bedroom floor plans. Amenities include a pool, fitness center, business center, playground and a dog park. Moses Siller of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

April 28, 2023

Acquisitions Multifamily Washington Western

Barcelo Homes Sells Caesars Luxury Apartments in Tacoma for $35.4M

by Jeff Shaw April 28, 2023

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. Barcelo Homes sold the 131-unit asset, which it completed development of earlier this year, for $35.4 million. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, urban one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that is popular in the Pacific Northwest. It is a junior one-bedroom floor plan that often separates the bedroom area from the living area with a smaller wall or sliding door. Amenities at Caesars Luxury Apartments include a rooftop deck with green space, a resident lounge, bike storage and maintenance room, and a parking garage with electric vehicle charging.

April 28, 2023

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $35M Sale of Crescent Park Independent Living Community in Eugene, Oregon

by Jeff Shaw April 28, 2023

EUGENE, ORE. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing.

April 28, 2023

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