Multifamily

Ogden Capital Sells Paradise Palms Multifamily Community in Phoenix for $36.5M

by Amy Works August 11, 2022

PHOENIX — Ogden Capital Partners has completed the disposition of Paradise Palms, a value-add apartment property located in Phoenix’s Biltmore/Uptown submarket. An undisclosed buyer acquired the asset for $36.5 million. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller in the deal. Constructed in 1959, Paradise Palms features 130 garden-style apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include onsite maintenance and property management, two resort-style pools, a pet play area, storage space, grills and a picnic area. Ralph Haver designed the property, which is located at 1517 E. Colter St.

August 11, 2022

Development Midwest Missouri Multifamily

Holland Construction Services Completes $22M Luxury Apartment Building in Midtown St. Louis

by Kristin Harlow August 11, 2022

ST. LOUIS — Holland Construction Services has completed Mill Creek Flats Luxury Apartments, a $22 million apartment building in Midtown St. Louis. Located near SSM Health’s new hospital campus and St. Louis University, the six-story building features 105 units, a two-story parking garage and 10,000 square feet of retail space. Amenities include a fitness center, rooftop pool and pet spa. Pier Property Group was the developer. The project marks the latest addition to Pier’s Steelcote Square District, a more than $100 million investment in Midtown St. Louis. Monthly rent prices have not yet been released.

August 11, 2022

Indiana Loans Midwest Multifamily

Berkadia Provides $16.8M Acquisition Loan for Indiana Apartment Community

by Kristin Harlow August 11, 2022

ELKHART, IND. — Berkadia has provided a $16.8 million Fannie Mae loan for the acquisition of Walnut Trails in Elkhart. Built in 1991, the 210-unit, garden-style apartment community is located at 3530 E. Lake Drive North. Amenities include a pool, business center and clubhouse. John Schorgl of Berkadia originated the 10-year loan on behalf of the borrower, California-based Revitate Cherry Tree.

August 11, 2022

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project

by Kristin Harlow August 11, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, conference room, community room, playground, outdoor promenade and patio space with grills. Reuter Walton Development was the borrower for the 40-year loan. Income restrictions for the units were not provided.

August 11, 2022

Development Florida Multifamily Southeast

Middleburg, Parse Capital to Develop 300-Unit Mosby Citrus Ridge Apartments in Central Florida

by John Nelson August 11, 2022

DAVENPORT, FLA. — A joint venture between Middleburg Communities and Parse Capital has broken ground on Mosby Citrus Ridge, a 300-unit multifamily community located at 100 Orlando Breeze Circle in Davenport. As part of the joint venture arrangement, Middleburg will serve as development manager and Parse Capital, a subsidiary of The Wolff Co., will serve as an investment partner. Situated along Highway 27 and I-4, Mosby Citrus Ridge will consist of five four-story residential buildings and feature a saltwater pool, fitness center, outdoor pavilions with fire pits and grilling stations and a yoga lawn. The community will offer one-, two- and three-bedroom floor plans. Middleburg and Parse Capital expect to complete the property by May 2024.

August 11, 2022

Development Kentucky Loans Multifamily Southeast

Thorofare Capital Provides $28M Construction Loan for NuLu Yards Apartments in Louisville

by John Nelson August 10, 2022

LOUISVILLE, KY. — Thorofare Capital Inc., a Los Angeles-based affiliate of investment manager Callodine Group, has provided $28 million in construction financing for NuLu Yards, a 189-unit multifamily project in Louisville. The Class A property will anchor a larger mixed-use development in the NuLu neighborhood of Louisville. The borrower, Weyland Ventures, is also developing the first Tempo by Hilton adjacent to NuLu Yards, as well as a structured parking deck. David Perlman, Jacob Yi and Paul Kim of Thorofare Capital originated the financing. Wave Capital Partners arranged the loan on behalf of the borrower. The construction timeline was not released.

August 10, 2022

Acquisitions Arkansas Southeast Student Housing

Rittenhouse Realty, Triad Negotiate $15M Sale of Student Housing Community Near University of Arkansas

by John Nelson August 10, 2022

FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.

August 10, 2022

Acquisitions Multifamily Texas

Sunsail Capital, ZaneCRE Acquire 350-Unit Multifamily Property in Metro Houston

by Taylor Williams August 10, 2022

HUMBLE, TEXAS — A partnership between New York-based Sunsail Capital and Dallas-based ZaneCRE has acquired Sarah at Lake Houston, a 350-unit multifamily property located in the northern Houston suburb of Humble. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multi-sport simulator, business and conference center, dog park and a biergarten. Zack Springer of Newmark brokered the transaction. Purvesh Gosalia, also with Newmark, arranged acquisition financing on behalf of the joint venture.

August 10, 2022

Acquisitions Multifamily Washington Western

MIG Real Estate Acquires Cedar Rim Apartments in Newcastle, Washington for $52.9M

by Amy Works August 10, 2022

NEWCASTLE, WASH. — Newport Beach, Calif.-based MIG Real Estate has purchased Cedar Rim Apartments, a multifamily property in the Seattle suburb of Newcastle, for $52.9 million. The name of the seller was not released. Located at 7920 110th Ave. SE, Cedar Rim features 104 two-bedroom apartments with keyless door locks, smart thermostats, stainless steel appliances, in-unit washers/dryers and large windows with views of Lake Washington. Built in 1981, the community 13 four-story buildings on 4.4 acres. The property was renovated between 2006 and 2008 with new roofs and improvements to the common areas and amenity spaces. Additionally, most of the unit interiors were renovated during the same timeframe. MIG plans to paint the exterior, improve the common areas, finish renovations on the classic units and enhance renovated units to the same high-quality scope. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, brokered both sides of the transaction. Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance arranged acquisition financing for the buyer.

August 10, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 206-Unit Workforce Housing Community in Metro Houston

by Taylor Williams August 10, 2022

TOMBALL, TEXAS — Berkadia has negotiated the sale of Bridgewater Apartments, a 206-unit workforce housing community in the northern Houston suburb of Tomball. Built in phases between 1979 and 1982, Bridgewater Apartments contains one- and two-bedroom units ranging in size from 670 to 944 square feet. The amenity package comprises a resident kitchen, clubroom, business center, pool, picnic areas with grilling stations, an enclosed pet park and open green spaces. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Houston-based Sentinel Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing on behalf of the buyer, a partnership between Tranquility Capital, Abundance Equity Partners and Rubio Investors.

August 10, 2022

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