Multifamily

CAF, Goldman Sachs Acquire 2,766-Unit Multifamily Portfolio in Dallas-Fort Worth

by Taylor Williams December 7, 2022

DALLAS — A partnership between a subsidiary of locally based investment firm CAF Cos. and Goldman Sachs Asset Management has acquired a portfolio of 16 multifamily properties totaling 2,766 units in Dallas-Fort Worth. The names and addresses of the properties, which are collectively known as The Obsidian Portfolio, were not disclosed, but all were constructed as market-rate projects. The new ownership plans to self-impose rent restrictions and social programming for renters at a variety of income levels. New services will include childcare, afterschool tutoring, workforce development and financial literacy. The seller was not disclosed.

December 7, 2022

Loans Seniors Housing Southeast

JLL Arranges $175M Refinancing for Seniors Housing Portfolio in the Southeast

by John Nelson December 7, 2022

DALLAS — JLL Capital Markets has arranged a $175 million refinancing for a six-property seniors housing portfolio totaling 821 units across the Southeast. The portfolio offers a mix of independent living, assisted living and memory care units. Five of the properties are recently completed and the sixth, a second phase to its adjacent sister property, is currently under construction. The properties are positioned in high-growth markets with strong demographics and forecasted growth in the senior population. The communities are near major retail, entertainment, healthcare and professional centers, as well as numerous outdoor activities such as golf courses and country clubs. Allison Holland and Jason Skalko led the JLL Capital Markets debt advisory team representing the unnamed borrower. Further details on the borrower and properties were not disclosed.

December 7, 2022

Development Multifamily Seniors Housing Texas

Ryan Cos., Castletop Capital Break Ground on 222-Unit Seniors Housing Project in Austin

by Taylor Williams December 7, 2022

AUSTIN, TEXAS — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin. Grand Living at The Grove will be located within a larger mixed-use development and will offer 186 independent and assisted living units and 36 memory care units. Residences will range in size from 450 to 1,600 square feet. Amenities will include a bistro, library, performance theater, spa, fitness center, salon, pool, therapy rooms, chapel and outdoor amenity spaces. Completion is slated for late 2024.

December 7, 2022

Affordable Housing Development Hawaii Multifamily Western

Ikaika ‘Ohana, Hunt Capital Open 89-Unit Affordable Multifamily Property in Lahaina, Hawaii

by Amy Works December 7, 2022

LAHAINA, HAWAII — Ikaika ‘Ohana and Hunt Capital Partners, in collaboration with Urban Housing Communities, have opened Kaiaulu o Kupuohi, an affordable housing community in Lahaina. Located at 258 Kupouhi St., Kaiaulu o Kupuohi features 89 apartments divided into 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units. The apartments are reserved for families earning up to 60 percent of the area median income. Onsite amenities include a community center, management, tot lot, barbecue/picnic area, laundry facilities and ample parking. Goodfellows Bros. and Maryl Group Construction served as general contractors and Design Partners served as project architect. ThirtyONe50 Management operates the asset. The total cost for Kaiaulu o Kupuochi is $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawaii state Low-Income Housing Tax Credit (LIHTC) equity for the project. Other funding sources include the Bank of Hawaii, which provided a $27.6 million construction loan and an $8.2 million construction-to-permanent loan; the Hawaii Housing Finance and Development Corp., which provided $17.1 million in Rental Housing Revolving Funds; Maui County, which provided a $6.4 million permanent loan; and Ikaika ‘Ohana, which provided a $725,952 permanent loan.

December 7, 2022

Loans Multifamily Washington Western

Northmarq Arranges $20.8M Refinancing for Carkeek Park Place Apartments in Seattle

by Amy Works December 7, 2022

SEATTLE — Northmarq has arranged the $20.8 million cash-out refinancing of Carkeek Park Place Apartments in Seattle. Stuart Oswald of Northmarq’s Seattle office secured the 35-year, fixed-rate loan using the FHA 223(f) program through the firm’s in-house HUD/FHA division. The borrower is a multi-generational family business. Carkeek Park Place is a five-story building offering 80 market-rate apartments and 15,430 square feet of ground-floor commercial space. The building is part of a larger commercial shopping center that includes a QFC grocery store, which was not part of the collateral, and strip retail space.

December 7, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates Sale of 20-Unit Apartment Building in Englewood, Colorado

by Amy Works December 7, 2022

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multifamily property located at 3444 S. Marion St. in Englewood. The asset sold for $4.2 million, or $208,000 per unit. The names of the buyer and seller were not released. Built in 1971, the building features 20 apartments. Chris Knowlton, Mark Knowlton and Jim Knowlton of Pinnacle Real Estate Advisors, Craig Branton of Cushman & Wakefield and Taylor Nelson of Land Title handled the transaction.

December 7, 2022

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Brokers Sale of 164-Unit Western Massachusetts Multifamily Portfolio

by Taylor Williams December 7, 2022

HOLYOKE AND SPRINGFIELD, MASS. — Northeast Private Client Group has brokered the sale of a portfolio of 14 buildings totaling 164 multifamily units, as well as nine commercial spaces, in Western Massachusetts. Specifically, 10 of the buildings are located in Holyoke, and four of the buildings are located in Springfield. Taylor Perun, Alex Burr and Cameron Formica of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

December 7, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.7M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow December 6, 2022

ARLINGTON HEIGHTS, ILL. — Interra Realty has brokered a condo deconversion sale in the Chicago suburb of Arlington Heights for $9.7 million. Built in 1971, the 40-unit property is located at 1 N. Chestnut Ave. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Chestnut Street Condominium Association. The duo also represented the undisclosed buyer, which plans to improve the units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

December 6, 2022

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson December 6, 2022

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

December 6, 2022

Development Florida Multifamily Southeast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson December 6, 2022

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

December 6, 2022

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