Multifamily

Matthews Brokers $44.8M Sale of Loray Mill Lofts in Gastonia, North Carolina

by John Nelson September 28, 2022

GASTONIA, N.C. — Matthews Real Estate Investment Services has brokered the $44.8 million sale of Loray Mill Lofts, an adaptive reuse development located at 300 S. Firestone St. in Gastonia, a suburb of Charlotte. Originally constructed in 1902 and renovated in 2016, Loray Mill Lofts is situated on 12 acres and comprises 189 apartments and 75,000 square feet of commercial space. Atlanta-based TriBridge Residential purchased the 600,000-square-foot mixed-use property from an entity doing business as Loray Mill Redevelopment LLC. Jack Lenihan and Connor Kerns of Matthews represented the seller in the transaction.

September 28, 2022

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

Enterprise Community Development Purchases Skyland Apartments in Southeast D.C. for $25.7M

by John Nelson September 28, 2022

WASHINGTON, D.C. — Enterprise Community Development Inc., an affiliate of Enterprise Community Partners, has closed on its $25.7 million purchase of Skyland Apartments, a 224-unit community in the Randle Heights neighborhood of Southeast Washington, D.C. Originally built in 1939, the “naturally occurring affordable housing” (NOAH) community comprises one- and two-bedroom duplexes and one-bedroom flats, as well as 10,000 square feet of commercial space. Enterprise Community Development’s acquisition from W.C. Smith was executed through the District of Columbia’s Tenant Opportunity to Purchase Act, which the residents began in 2019 before being delayed by the COVID-19 pandemic. EagleBank and Capital Impact Partners provided acquisition financing. Winn Management is currently serving as property manager for Skyland Apartments. Enterprise Community Development will focus on the property’s redevelopment and rehabilitation efforts in collaboration with residents to keep rents affordable.

September 28, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Negotiates Sale of 192-Unit Aubry Hills Apartments in North Austin

by Taylor Williams September 28, 2022

AUSTIN, TEXAS — Northmarq has negotiated the sale of Aubry Hills, a 192-unit apartment complex located at 8926 N. Lamar Blvd. in North Austin. Built in 1973, the property offers units with a range of floor plans that feature balconies and washer/dryer connections. Amenities include a pool, outdoor grilling and dining areas, a clubhouse, playground and sport courts for tennis, basketball and volleyball. Zar Haro, Moses Siller, Scott Lamontagne, Bryan VanCura and Will Collier of Northmarq represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 28, 2022

Development Multifamily New York Northeast

LeCesse Development Breaks Ground on 189-Unit Multifamily Project in Malta, New York

by Taylor Williams September 28, 2022

MALTA, N.Y. — Florida-based LeCesse Development Corp. has broken ground on GrandeVille at Malta, a 189-unit multifamily project that will be located north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences will be spread across three buildings and will come in one-, two- and three-bedroom formats. Units will be furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Communal amenities will include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Completion is scheduled for next fall. Other project partners include James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank.

September 28, 2022

Development Illinois Loans Midwest Multifamily

Partnership Receives $102.2M in Construction Financing for Chicago Mixed-Use Development

by Kristin Harlow September 28, 2022

CHICAGO — A partnership between Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development has received $102.2 million in financing from MSD Partners for the construction of a mixed-use development in Chicago. Named The Saint Grand, the 21-story project will include 248 luxury apartment units, 40,000 square feet of office space and 8,000 square feet of street-level retail space. Units will feature workspaces and private outdoor areas. Amenities will include a package receiving service, coworking lounge, fitness center and outdoor pool. Office tenants will also be able to enjoy the apartment amenities. The project will replace a parking garage located at 535 N. St. Clair. Demolition is underway and construction is expected to begin before the end of the year. The office portion is slated to be ready for tenant buildouts in the third quarter of 2023, with the residential portion slated for delivery in early 2024. NORR is the project architect. Chris Knight of JLL worked on behalf of the borrower to secure the four-year loan through MSD Partners.

September 28, 2022

Development Midwest Minnesota Multifamily

Kraus-Anderson Begins Phase II Construction of Apartment Project in Hopkins, Minnesota

by Kristin Harlow September 28, 2022

HOPKINS, MINN. — Kraus-Anderson has begun construction of the second phase of an apartment project named The Hallon in Hopkins, a western suburb of Minneapolis. The project site is adjacent to the future Blake Road Metro Green Line Extension Transit station. Developed by Trilogy Real Estate Group and designed by ESG Architects, the development will ultimately comprise three buildings and 770 units. Phase I includes a seven-story building with 219 units, 256 parking stalls and street-level retail space. Completion of Phase I is slated for August 2023. Phase II will comprise a seven-story building with 250 units, 350 parking stalls and 10,000 square feet of retail space. Completion of Phase II is slated for summer 2024. A third phase is expected, but details are still pending.

September 28, 2022

Acquisitions Kansas Midwest Multifamily Northmarq

Northmarq Arranges $21.1M Sale of Multifamily Property in Shawnee, Kansas

by Kristin Harlow September 28, 2022

SHAWNEE, KAN. — Northmarq has arranged the sale of Arbor Square in Shawnee for $21.1 million. Built in 1971, the 195-unit multifamily property is located at 7613 Flint St. Gabe Tovar and Jeff Lamott of Northmarq brokered the sale. Brett Hood of Northmarq originated a $13.8 million Freddie Mac loan for the acquisition on behalf of the buyer, Quad Property Group. Axiom Equities was the seller.

September 28, 2022

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts Expansion Project at Emerald Heights CCRC in Redmond, Washington

by Amy Works September 27, 2022

REDMOND, WASH. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 square feet to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY Construction is building the expansion, which is scheduled for completion in late 2023.

September 27, 2022

Acquisitions Colorado Multifamily Western

Berkadia Brokers $21.2M Sale of Multifamily Property in Denver

by Amy Works September 27, 2022

DENVER — Berkadia has arranged the sale of 757 Grant, an apartment building in Denver. Colorado-based LCP Development sold the asset to California-based Cohen Rojas Capital Partners for $21.2 million. Nick Steele, John Laratta, Tyler King and Nat Moyer of Berkadia Denver represented the seller in the deal. Located at 757 Grant St., the property features 68 studio floor plans with in-unit washers/dryers and walk-in closets. Community amenities include a fitness center and rooftop terrace.

September 27, 2022

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of 62-Unit Harmony Hills Seniors Housing Project in Lehi, Utah

by Amy Works September 27, 2022

LEHI, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of Harmony Hills, a 62-unit assisted living facility in Lehi, located on the north bank of Utah Lake between Salt Lake City and Provo. The community was built in 2016, totaling approximately 46,000 square feet on 1.5 acres of land. The property was vacant at the time of sale. The seller was a Utah-based developer looking to exit the industry. The buyer is a Utah-based skilled nursing and short-term rehab owner-operator expanding its portfolio into assisted living. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

September 27, 2022

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