Multifamily

Copper-Creek-Senior-Living-South-Jordan-Utah

Stellar Senior Living Acquires 103-Unit Anthology of South Jordan Seniors Housing Community in Utah

by Amy Works January 25, 2023

SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.

January 25, 2023

Development Loans Multifamily Texas

Resia Receives $96.5M in Construction Financing for Houston Multifamily Project

by Taylor Williams January 24, 2023

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has received $96.5 million in construction financing for Resia Ten Oaks, a 573-unit multifamily project in Houston. Santander Bank provided the senior loan, with Valley Bank also included among the syndicate of lenders. Additionally, Artemis Real Estate Partners provided preferred equity. Resia Ten Oaks will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a multi-purpose clubhouse. Sitework on the project began in July 2022, and full completion is scheduled for the fourth quarter of 2024.

January 24, 2023

Affordable Housing Development Multifamily Texas

Texas Inter-Faith to Develop 85-Unit Affordable Seniors Housing Project in Houston

by Taylor Williams January 24, 2023

HOUSTON — Nonprofit organization Texas Inter-Faith Housing Corp. will develop Westheimer Garden Villas, an 85-unit affordable seniors housing project in Houston. The majority of the property’s one- and two-bedroom units will be reserved for renters aged 55 and above who earn up to 30, 50, and 60 percent of the area median income. Amenities will include a community room and a fitness center. Total development costs are estimated at $23 million. Hunt Capital Partners provided $13.8 million in Low-Income Housing Tax Credit equity for the project, which is slated for a spring 2024 completion.

January 24, 2023

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 81-Unit Multifamily Property in Northeast Dallas

by Taylor Williams January 24, 2023

DALLAS — Texas-based brokerage firm Wellington Realty has arranged the sale of The Ascent at Midtown, an 81-unit multifamily property located at 6431 Ridgecrest Road in northeast Dallas. The complex was built in 1980. According to Apartments.com, Ascent at Midtown offers one- and two-bedroom units. David Shaffer, Caleb Jones, and Investment Sales Associates, Will Miller, Chase Thompson and Charles Larkam of Wellington Realty brokered the deal. The buyer and seller were not disclosed.

January 24, 2023

Affordable Housing Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $120M in Financing for Harlem Affordable Housing Portfolio

by Taylor Williams January 24, 2023

NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.

January 24, 2023

Acquisitions Development Multifamily New Jersey Northeast

Diversified Properties Acquires Land in Jefferson, New Jersey, for Multifamily Project

by Taylor Williams January 24, 2023

JEFFERSON, N.J. — Locally based developer Diversified Properties has acquired two lots totaling 9.8 acres in the Northern New Jersey community of Jefferson for the construction of a new multifamily project. Phase I of the project, which will be known as Jefferson Place, will total 32 units. Residences will be available in one- and two-bedroom floor plans and will range in size from 855 to 1,216 square feet. Amenities will include a fitness center, and an outdoor lounge with grilling and dining stations. Details of Phase II were not disclosed. John Schilp and Sigmund Schorr of NAI James E. Hanson represented Diversified Properties and the sellers of the tracts in the land deal. Sitework on Phase I will begin this spring.

January 24, 2023

Build-to-Rent Development Florida Loans Multifamily Single-Family Rental Southeast

JLL Arranges $48M in Construction Financing for Build-to-Rent Development in Central Florida

by John Nelson January 24, 2023

WILDWOOD, FLA. — JLL has arranged $48 million in construction financing for the development of Solamar Wildwood, a 243-unit build-to-rent development in Wildwood. Churchill Real Estate provided the two-year, non-recourse loan to the borrower, a partnership between TRUSOT Developments and Agador Spartacus Development (AS). Max La Cava, Kenny Cutler and Karim Khaiboullin of JLL arranged the financing on behalf of TRUSOT and AS, which are co-developing several residential projects across Florida. Situated adjacent to The Villages, a master-planned community in Central Florida for active adults, Solamar Wildwood will comprise townhomes and villas with one-, two- and three-bedroom layouts. Homes will feature semi-private backyards, surface parking and private garages. Community amenities will include a resort-style swimming pool, sun deck with cabanas, fitness studio with a yoga room, summer kitchen and a tropical clubhouse.

January 24, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $49.7M Sale of Apartment Property in Phoenix

by Amy Works January 24, 2023

PHOENIX — ABI Multifamily has arranged the sale of Dimension on 27th Apartment Homes in Phoenix. An Arizona-based seller sold the asset to a California-based buyer for $49.7 million, or $191,346 per unit. Built in 1982, the property features 23 residential buildings offering a total of 260 units in a mix of studio, one-bed/one-bath and two-bed/one-bath layouts with stainless steel appliances, vinyl wood flooring and a patios/balconies. Common area amenities include a swimming pool, playground, laundry facilities and onsite maintenance. Alon Schnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

January 24, 2023

Acquisitions California Multifamily Western

Trion Acquires Courtyard at Artisan Square Multifamily Property in Sacramento for $23.6M

by Amy Works January 24, 2023

SACRAMENTO, CALIF. — Trion Properties has purchased Courtyard at Artisan Square, an apartment community located at 1503 Fulton Ave. in Sacramento. A private seller sold the asset for $23.6 million. Constructed in 1970, the property features 104 one-, two- and three-bedroom apartments averaging 830 square feet with open floorplans. The community comprises 11 two-story residential buildings totaling more than 86,000 square feet. Current amenities include a fitness center, pool deck and high-end upgrades throughout the property. The previous owner fully renovated the property’s exterior and all unit interiors to include quartz countertops, in-unit washers/dryers, dual-pane windows, new roofs, full patio replacement, asphalt and concrete walkways.

January 24, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $11M Sale of Transit-Oriented Multifamily Property in Chicago

by Kristin Harlow January 24, 2023

CHICAGO — Interra Realty has negotiated the sale of a 36-unit, transit-oriented multifamily property in Chicago’s Fulton River district for $11 million. Located at 851 W. Grand Ave., the building features seven studios, 20 one-bedroom units and nine two-bedroom units. Amenities include a bike room, dry-cleaning pickup, tenant storage, a package room and onsite parking. Constructed in 2017, the property was 95 percent leased at the time of sale. The building is situated one block from the Chicago Transit Authority (CTA) Grand Blue Line station and is also in proximity to several CTA bus routes. David Goss, Jon Morgan and Harrison Pinkus of Interra represented the seller, Monroe Residential Partners. Brad Feldman of Interra represented the buyer, a local private investor.

January 24, 2023

Newer Posts

Older Posts