Multifamily

Marcus & Millichap Arranges $34.4M Sale of Multifamily Community in Aurora, Colorado

by Amy Works August 18, 2022

AURORA, COLO. — Marcus & Millichap has negotiated the sale of The Fitz on 14th, an apartment property in Aurora. The community traded for $34.4 million, or $195,455 per unit. The names of the buyer and seller were not released. Constructed in 1973, Fitz on 14th features 176 apartments in a mix of 18 studios and 158 one-bedroom units with open kitchens. Community amenities include a resort-style pool, barbecue/picnic area, playground, dog park, on-site leasing office, laundry facilities and a fully equipped workout room. Jason Hornik and Greg Price of Marcus & Millichap’s Denver office represented the seller and buyer in the transaction.

August 18, 2022

Acquisitions Colorado Multifamily Western

Brinkman Real Estate Sells Windom Peak Apartments Near Denver for $24.6M

by Amy Works August 18, 2022

FEDERAL HEIGHTS, COLO. — Brinkman Real Estate has completed the disposition of Windom Peak Apartments, a multifamily property located at 120 E. Grace Place in Federal Heights. An undisclosed buyer acquired the asset for $24.6 million, or $262,234 per unit. Built in 1964, Windom Peak features 94 units spread across a mix of one-story apartment buildings and two-story townhomes offering one-, two- and three-bedroom floorplans. During Brinkman’s ownership, the company added an energy-efficient boiler, insulation to reduce energy loss on existing systems, and low-flow toilets and fixtures. Jake Young, David Potarf, Dan Woodward and Matt Barnett of Walker & Dunlop represented Brinkman in the deal.

August 18, 2022

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Seniors Housing Operators See Rapid Rise in Online Leads and Universal Workers, Say InterFace Panelists

by John Nelson August 18, 2022

By John Nelson ATLANTA — Property managers rely on various tools and methods to boost occupancy at their seniors housing facilities. One common avenue is for operators to have reliable online lead generators that connect their sales teams to potential residents and their families. Digital platforms in the seniors housing space like A Place for Mom and Grow Your Occupancy are churning out such leads for sales teams, and operators are saying that it’s a double-edged sword because they are coming in at a rapid clip. “We love the leads but we have one salesperson per community typically,” said Don Bishop, CEO of Tallahassee, Fla.-based SRI Management. “The response time is important. Some leads take a long time to prospect and work through the system. Having too many leads is a good challenge, but it is a challenge.” Bishop’s comments came during the operations panel at the ninth annual InterFace Seniors Housing Southeast, a networking and information conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business. The event was held Wednesday, Aug. 17 at the Westin Buckhead hotel in Atlanta. Pilar Carvajal, founder and CEO of Innovation Senior Living, said that her firm has been discussing creative …

August 18, 2022

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers Sale of 175-Unit Multifamily Property in Suburban Milwaukee

by Kristin Harlow August 17, 2022

BROWN DEER, WIS. — JLL Capital Markets has brokered the sale of Bevy Apartments in Brown Deer, a northern suburb of Milwaukee. The sales price was undisclosed. Built in 2020, the multifamily property features both apartments and townhomes. Units average 961 square feet and come in a variety of studio, one- two- and three-bedroom floor plans. Amenities include a fitness center, outdoor terrace, clubroom, dog park and underground parking. Wick Kirby, Amanda Friant, Jeremy Weinstock and Jaime Fink of JLL represented the seller, Fiduciary Real Estate Development Inc. JVM Realty Corp. was the buyer.

August 17, 2022

Affordable Housing Development Illinois Midwest Multifamily

McShane to Build 47-Unit Affordable Housing Adaptive Reuse Project in Aurora, Illinois

by Kristin Harlow August 17, 2022

AURORA, ILL. — McShane Construction Co. will build Fox Valley Apartments, a 47-unit affordable housing adaptive reuse project in Aurora. McShane will redevelop two historic schools and construct one new building. Housing For All LLC, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services make up the development team. The 25,000-square-foot Mary A. Todd School will be transformed into 11 apartment units and a health clinic for low-income families. The building was originally constructed in the early 1900s and most recently used for West Aurora School District’s early childhood programs until 2019. The 39,000-square-foot Lincoln Elementary School will be transformed into 14 apartment units. Originally constructed in the late 1800s, the school has sat vacant since 2007. The ground-up building will rise two stories with 22 units. At least 30 percent of the units will be reserved for renters who earn up to 30 percent of the area median income. Amenities will include a common laundry room, community room, computer lab and tenant storage. Completion is slated for October 2023.

August 17, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico

by Amy Works August 17, 2022

RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.

August 17, 2022

Acquisitions Multifamily Texas

Castle Lanterra Sells Two Multifamily Properties Totaling 570 Units in Corpus Christi

by Taylor Williams August 17, 2022

CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.

August 17, 2022

Development Multifamily Texas

Kalterra Capital to Develop 184-Unit Multifamily Project in Waxahachie, Texas

by Taylor Williams August 17, 2022

WAXAHACHIE, TEXAS — Kalterra Capital Partners will develop The Fitzgerald, a 184-unit multifamily project in Waxahachie, a southern suburb of Dallas. The seven-acre complex will be situated directly to Park Place Apartments, Kalterra’s 213-unit development that sold to North Carolina-based Rowan Properties last May. Rowan Properties also purchased The Fitzgerald during the preconstruction phase but retained Kalterra to complete the development. Kalterra expects to deliver The Fitzgerald in the second quarter of 2023.

August 17, 2022

Development Loans Multifamily New York Northeast

JLL Arranges $176M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 17, 2022

NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.

August 17, 2022

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $64.1M Acquisition Loan for Apartment Community in Tampa

by John Nelson August 17, 2022

TAMPA, FLA. — Berkadia has arranged a $64.1 million acquisition loan for Arbors at Carrollwood, a 325-unit apartment community located at 3939 Ehrlich Road in Tampa. Built in 2001 and renovated in 2019, the 15-building property is situated on 56 acres in Tampa’s Carrollwood submarket. Mitch Sinberg, Matthew Robbins, Brad Williamson and Scott Wadler of Berkadia arranged the five-year, floating-rate loan through an unnamed bank on behalf of the borrower, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management LP. Arbors at Carrollwood features one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washers/dryers and kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a resort-style pool; cabanas, fire pits and a summer kitchen; 24-hour fitness center; fenced-in bark park with agility equipment and pet spa; a renovated clubhouse with a Wi-Fi café and business center; and attached and detached garages.

August 17, 2022

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