Multifamily

IPA Arranges Sale of 300-Unit Canterbury Cove Apartments in Orlando

by John Nelson January 9, 2023

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Canterbury Cove, a 300-unit multifamily community located in Orlando. Built in 2006, the property comprises 14 buildings with apartments in one-, two- and three-bedroom layouts, with an average unit size of 1,026 square feet. Amenities at the community include a pool, sundecks, an outdoor kitchen and grill, a fitness studio, playground, game room and lounge. Justin Basquill, Luke Wickham and Sean Williams of IPA represented the undisclosed seller, a limited liability company, and procured the buyer, a fund manager.

January 9, 2023

Acquisitions Multifamily Student Housing Texas

TSB Realty Negotiates Sale of 296-Bed Student Housing Community in Austin

by Taylor Williams January 9, 2023

AUSTIN, TEXAS — TSB Realty has negotiated the sale of 21 Rio, a 296-bed student housing community located near the University of Texas at Austin. Built in 2009, the 21-story property features one-, two- and three-bedroom units and 2,680 square feet of ground-floor retail space. Amenities include a 24-hour fitness center, rooftop pool with a sundeck, resident lounge and a convenience store. Nimes Real Estate purchased the property from a joint venture between CA Student Living and Principal Real Estate for an undisclosed price. TSB Capital Advisors also arranged acquisition financing on behalf of the buyer.

January 9, 2023

Affordable Housing Loans Multifamily Texas

Basis Multifamily Finance Provides $12.1M Agency Refinancing of East Texas Affordable Housing Property

by Taylor Williams January 9, 2023

NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $12.1 million Freddie Mac loan for the refinancing of Sunridge Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Sunridge was 93 percent occupied at the time of the loan closing.

January 9, 2023

Acquisitions Multifamily Seniors Housing Texas

Franklin Park Senior Living Sells 112-Unit Assisted Living Facility in Richardson, Texas

by Taylor Williams January 9, 2023

RICHARDSON, TEXAS — Texas-based owner-operator Franklin Park Senior Living has sold Appletree Court, a 112-unit assisted living facility in Richardson, a northeastern suburb of Dallas. The property was built in 1999 and was 90 percent occupied at the time of sale. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented Franklin Park in the transaction. The buyer was a partnership between Winterpast Capital Partners and Marcus Investments. Cushman & Wakefield also arranged acquisition financing through a regional lender for the deal.

January 9, 2023

Acquisitions Development Multifamily New York Northeast

Stav Equities Negotiates $9M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams January 9, 2023

NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $9 million sale of a multifamily development site located at 28 Herbert St. in Brooklyn’s Williamsburg neighborhood. The site is approved for the development of a 15-unit apartment building with ground-floor retail space and nine below-grade parking spots. Jacob Stavsky of Stav Equities brokered the deal in conjunction with Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors. The buyer and seller were not disclosed.

January 9, 2023

Acquisitions Georgia Multifamily Southeast

GREA Arranges Sale of 66-Unit Cielo at Lanier Apartment Community Near Atlanta

by John Nelson January 9, 2023

GAINESVILLE, GA. — Global Real Estate Advisors (GREA) has brokered the $9.1 million sale of Cielo at Lanier Apartments, a multifamily community located at 3656 Browns Bridge Road in Gainesville, roughly 50 miles northeast of Atlanta. Built in 1985, the property features 66 units in one- and two-bedroom layouts. Taylor Brown and John A. Topping Jr. of GREA represented the seller, Zavala Capital, in the transaction. Ryan Haase of Magnitude CRE Capital Advisory acquired the property and plans to continue interior renovations.

January 9, 2023

Loans Midwest Multifamily Wisconsin

Berkadia Provides $29M Acquisition Loan for Multifamily Property in Madison

by Kristin Harlow January 9, 2023

MADISON, WIS. — Berkadia has provided a $29 million Freddie Mac loan for the acquisition of Country Meadows, a 466-unit multifamily property in Madison. Located at 6840 Schroeder Road and built in 1972, the garden-style community features amenities such as a pool, sun deck and two tennis courts. Jason Bond and Joel Kirstein of Berkadia structured the 10-year loan on behalf of the borrower, Illinois-based Bender Cos.

January 9, 2023

Development Illinois Midwest Multifamily Top Stories

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by John Nelson January 9, 2023

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago. The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024. The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of I-90. Future residents will be near Chicago’s Fulton Market District, the Greektown neighborhood and Illinois Medical District. The name Coppia is Italian for “couple,” which Pizzuti says was inspired by the project having both a transit-oriented setting and the design of the façade, which features geometric figures split by contrasting glass patterns. The design-build team includes architect Goettsch Partners, general contractor Power Construction and property management firm Village Green. The community will feature studio, one-, two- and three-bedroom units with floor-to-ceiling glass and high-end finishes. Coppia will also include penthouses on the top levels, as well as ground-level retail space and contemporary art installations. Coppia’s resort-style amenities will include a …

January 9, 2023

Acquisitions Content Partner Features Loans Lument Midwest Multifamily Northeast Southeast Texas Western

How to Finance Multifamily Acquisitions Under Negative Leverage Conditions

by Sarah Daniels January 9, 2023

By Colin Grayson, Lument If you consider multifamily real estate assets to be a good investment, you are in good company. At mid-year, asset managers and private equity firms alone held an estimated $325 billion of levered dry powder set aside for this purpose, enough cash to finance nearly every acquisition closed in the United States in 2021, the highest investment sales volume on record. Despite nearly unanimous support for the asset class, however, multifamily transaction volume in the third quarter slumped year-over-year for the first time since the peak of the pandemic. The mainspring was a sharp rise in mortgage financing costs triggered by high inflation and the Federal Reserve’s commitment to raising rates to bring it under control. Generic rates for 65 percent loan-to-value (LTV) first mortgage debt stood on 5.71 percent at the end of November, representing an increase of 248 basis points since the beginning of the year. Even as financing costs soared, asset pricing changed very little. Initial net cash flow yields of transactions closed in the third quarter of 2022 averaged only 4.6 percent, according to Real Capital Analytics, an increase of 10 basis points from second-quarter 2022 levels. At the same time, cap …

January 9, 2023

Acquisitions Multifamily Texas

Security Properties Acquires 304-Unit Brightleaf at Lakeline Apartments in North Austin

by Taylor Williams January 6, 2023

AUSTIN, TEXAS — Seattle-based investment firm Security Properties has acquired Brightleaf at Lakeline, a 304-unit apartment complex in North Austin. Completed in 2022, Brightleaf at Lakeline consists of three buildings that house one- and two-bedroom units on a 12.3-acre site. Residences average 880 square feet and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, clubhouse, business lounge, outdoor grilling and dining areas and a pet park. San Antonio-based multifamily owner-operator Embrey sold the property for an undisclosed price.

January 6, 2023

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