Multifamily

Newmark Brokers Sale of 240-Unit Multifamily Property in Northwest San Antonio

by Taylor Williams August 22, 2022

SAN ANTONIO — Newmark has brokered the sale of Viva Max, a 240-unit multifamily property in northwest San Antonio. Viva Max features one- and two-bedroom units with an average size of 733 square feet. The amenity package comprises a pool, clubhouse, picnic area, onsite laundry facilities, a playground and package handling services. Jim Young and Chase Easley of Newmark represented the seller in the transaction. New York-based River Rock Capital purchased the asset for an undisclosed price with plans to implement a value-add program. Viva Max was roughly 98 percent occupied at the time of sale.

August 22, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Negotiates Sale of 110-Unit Stratford Place Apartments in Victoria, Texas

by Taylor Williams August 22, 2022

VICTORIA, TEXAS — Northmarq has negotiated the sale of Stratford Place, a 110-unit apartment complex in Victoria, about 100 miles north of Corpus Christi. The property was built in 1980 and consists of 10 two-story buildings. Moses Siller, Zar Haro, Phillip Grafe and Bryan VanCura of Northmarq represented the seller, 3CM Multifamily, in the transaction. Additional terms of sale, including the name of the buyer, were not disclosed.

August 22, 2022

Acquisitions Connecticut Multifamily Northeast

Rosewood Realty Negotiates $101M Sale of Multifamily Property in Trumbull, Connecticut

by Taylor Williams August 22, 2022

TRUMBULL, CONN. — New York City-based brokerage firm Rosewood Realty Group has negotiated the $101 million sale of The Royce at Trumbull, a 339-unit multifamily property located in southern Connecticut’s Fairfield County. AvalonBay Communities originally developed the property, which houses one-, two- and three-bedroom units, in 1997. Jonathan Brody of Rosewood Realty Group represented the seller, a partnership between Sym Investments and Skywood Properties, which acquired the asset in spring 2021 for $82 million. Brody also procured the buyer, Massachusetts-based Colony Hills Capital. The Royce at Trumbull was 99 percent occupied at the time of sale.

August 22, 2022

Affordable Housing Development Massachusetts Multifamily Northeast

Reed Community Partners Completes 180-Unit Affordable Housing Project in Lawrence, Massachusetts

by Taylor Williams August 22, 2022

LAWRENCE, MASS. — Reed Community Partners has completed Pac10 Lofts, an affordable housing project that will be located in the northern Boston suburb of Lawrence. Of the 180 units, 18 are reserved for households earning 30 percent or less of the area median income (AMI); 112 earmarked for renters earning 60 percent or less of AMI; and 40 are workforce housing units for households earning up to 80 percent of AMI. The remaining 10 residences will be rented at market rates. MassHousing recently provided $40.8 million in permanent financing for the community, which the development team expects to be fully leased by the end of the year. Rogue Architecture PLLC designed the community, and LaRosa Construction Co. served as the general contractor.

August 22, 2022

Loans Multifamily Northeast Pennsylvania

Bellwether Enterprise Arranges $40M Permanent Loan for Metro Philadelphia Multifamily Property

by Taylor Williams August 22, 2022

CHERRY HILL, N.J. — Bellwether Enterprise Real Estate Capital has arranged a $40 million loan for the permanent financing of a 192-unit apartment and townhome community located outside of Philadelphia in Cherry Hill. The newly built property offers one-, two- and three-bedroom units, and amenities such as a pool, rooftop terrace, fitness center, dog park and a clubhouse with a billiards room, lounge and bar area. An undisclosed life insurance company provided the loan. The borrower was Montgomery Group.

August 22, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential Sells Villas at Mountain Vista Ranch Apartments in Surprise, Arizona for $85M

by Amy Works August 22, 2022

SURPRISE, ARIZ. — Avanti Residential has completed the disposition of Villas at Mountain Vista Ranch, an apartment property located at 16630 N. Reems Road in Surprise. An undisclosed buyer acquired the asset for $85 million. Built in 2003, Villas at Mountain Vista Ranch features 256 apartments in a mix of one-, two- and three-bedroom floor plans with an average unit size of 1,008 square feet. Apartments include in-unit washers/dryers. Onsite amenities include a pool with lounge seating and a fitness center. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction. Newmark also arranged financing for the acquisition.

August 22, 2022

Acquisitions California Multifamily Western

Berkadia Arranges $22.6M Sale of YOLO East Multifamily Property in Thousand Oaks, California

by Amy Works August 22, 2022

THOUSAND OAKS, CALIF. — Berkadia has brokered the sale of YOLO East, an apartment community in Thousand Oaks. California-based NUWI Capital sold the property to an undisclosed buyer for $22.6 million, or $502,222 per unit. Located at 1801 Los Feliz Drive, YOLO East features 45 apartments in a mix of one- and two-bedroom layouts, ranging in size from 748 square feet to 1,219 square feet. Units offer high ceilings, great rooms, gourmet kitchens with quartz countertops, stainless steel appliances, in-unit washers/dryers, and balconies or patios. Community amenities include a courtyard gathering area, barbecue area with seating, pool and community room. The property was built in 2019. Adrienne Barr of Berkadia Los Angeles represented the seller in the transaction.

August 22, 2022

Alabama Development Seniors Housing Southeast

KIRCO Opens 132-Unit Seniors Housing Community in Madison, Alabama

by John Nelson August 22, 2022

MADISON, ALA. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care seniors housing community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm and affiliate of KIRCO, completed the construction for Madison Crossings.

August 22, 2022

Affordable Housing Development Georgia Multifamily Southeast

Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta

by John Nelson August 22, 2022

ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …

August 22, 2022

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Structures $57.6M in HUD-Insured Loans for Three Skilled Nursing Facilities in Illinois

by Kristin Harlow August 22, 2022

ILLINOIS — Walker & Dunlop Inc. has structured $57.6 million in HUD-insured loans for the refinancing of three skilled nursing facilities in Illinois. Joshua Rosen of Walker & Dunlop led the origination team. The first transaction consisted of a $15.6 million loan for Avantara Park Ridge, a 154-bed community in Park Ridge. Walker & Dunlop also arranged a $28.7 million loan for Moraine Court Supportive Living, a 185-bed community in Bridgeview, and a $13.3 million loan for Aperion Care Elgin, a 101-bed property in Elgin. The borrower was undisclosed.

August 22, 2022

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