Multifamily

PSRS Arranges $22M Refinancing for Laguna Del Rey Apartments in California

by Amy Works August 15, 2022

PLAYA DEL REY, CALIF. — PSRS has arranged a $22 million cash-out refinance of Laguna Del Rey Apartments, a multifamily property in Playa del Rey. Seth Ludwick secured the non-recourse loan that features a seven-year interest-only term, which includes a six-month forward rate lock and step-down prepay after year three. The loan was financed with one of PSRS’ life insurance correspondents. Laguna Del Rey Apartments features 130 units in a variety of floor plans, common area amenities and open parking spaces.

August 15, 2022

Acquisitions California Multifamily Western

Silver Star Real Estate Buys 304-Unit Multifamily Property in Riverside, California

by Amy Works August 15, 2022

RIVERSIDE, CALIF. — CBRE has arranged the sale of Metro 3610, a value-add apartment community located at 3610 Banbury Drive in Riverside. La Palma, Calif.-based Silver Star Real Estate acquired the asset for an undisclosed price. Dean Zander and Stewart Weston of CBRE represented the undisclosed sellers in the deal. Built in 1984 on 15.2 acres, Metro 3610 features 304 apartments; two swimming pools with a spa and wading pool; tennis courts; a resident clubhouse; fitness center; and open green space with picnic areas, grilling stations and a playground. Apartments feature kitchens with a complete appliance package, air conditioning, walk-in closets and washers/dryers in two-bedroom floorplans.

August 15, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $9M Sale of Village 28 Apartment Community in Phoenix

by Amy Works August 15, 2022

PHOENIX — ABI Multifamily has arranged the sale of Village 28, a multifamily property located at 4750 N. 28th St. in Phoenix. A Washington-based seller sold the asset to a Washington-based buyer for $9 million, or $361,000 per unit. Built in 1969 and renovated in 2018, Village 28 consists of 25 garden-style, two-bedroom/one-bath units with private patios and in-unit washers/dryers. John Klocek, Patrick Burch, Mitchell Drake, Carson Griesemer and Dallin Hammond of ABI Multifamily represented both parties in the transaction.

August 15, 2022

Indiana Loans Midwest Multifamily

Eastern Union Arranges $54M in Acquisition Financing for Indianapolis Multifamily Portfolio

by Kristin Harlow August 15, 2022

INDIANAPOLIS — Eastern Union has arranged $54 million in acquisition financing for a three-property multifamily portfolio totaling 628 units in Indianapolis. Built in 1980, Lake Marina features 348 units across 28 buildings. Lake Marina Realty LLC was the seller. Country Lake Townhomes is a 184-unit property that was built in 1974. Country Lake Apartments LLC was the seller. Zidan Realty Investments sold the 96-unit Fountainview, which was constructed in 1965. Michael Muller of Eastern Union arranged the 10-year, floating-rate loan with interest-only payments for the first five years. Arbor provided the Fannie Mae loan. The borrower was undisclosed.

August 15, 2022

Alabama Loans Maryland Multifamily Southeast Top Stories Virginia

JLL Provides $262M Agency Refinancing of Southeastern Multifamily Portfolio

by Taylor Williams August 15, 2022

TAMPA, FLA. — JLL has provided $262 million in Freddie Mac loans for the refinancing of a portfolio of six Southeastern multifamily properties totaling 1,494 units. Tampa-based Carter Multifamily owns the properties, which are located in Maryland, Virginia and Alabama. The portfolio comprises all garden-style assets, including: the 326-unit Park at Kingsview Village in Germantown, Md. the 240-unit Stonecreek Club in Germantown, Md. the 336-unit Hunt Club in Gaithersburg, Md. the 220-unit Springwoods at Lake Ridge in Woodbridge, Va. the 180-unit Windsor Park in Woodbridge, Va. the 192-unit Oaks of St. Clair in Moody, Ala. Melissa Marcolini Quinn and Lee Weaver of JLL originated the debt through Freddie Mac. Each of the loans was features a seven-year term and a floating interest rate. JLL, which will service the loans, also secured $40 million in new equity as part of the larger recapitalization of the portfolio. The equity partner was not disclosed. “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, which was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” says Quinn. — Taylor Williams

August 15, 2022

Acquisitions Louisiana Multifamily Southeast

Matthews Brokers $7.3M Sale of Apartment Community in Baton Rouge

by John Nelson August 15, 2022

BATON ROUGE, LA. — Matthews Real Estate Investment Services has brokered the $7.3 million sale of Acadian Place Apartments, a 120-unit multifamily property located at 855 S. Flannery Road in Baton Rouge. John Solari of Matthews represented the undisclosed seller in the transaction. A private investor based in New York purchased the property. Acadian Place is situated within walking distance to Flannery Road Park, an elementary school, Shopper’s Value Food and multiple restaurants. According to Apartments.com, the gated property was built in 1973 and features a pool, laundry facilities, playground, clubhouse and onsite property management.

August 15, 2022

Development Florida Multifamily Southeast

Partnership to Develop $120M Apartment Community in Cape Coral, Florida

by John Nelson August 12, 2022

CAPE CORAL, FLA. — A partnership between Shoreham Capital, Bridge Investment Group and Wynkoop Financial has purchased 26 acres in the southwest Florida city of Cape Coral for the development of a $120 million apartment community. Named Siesta Lakes, the 412-unit property will include one-, two- and three-bedroom floor plans with private balconies, open living areas and high-end finishes. Community amenities will include a gym, pool, dog park, pickleball courts and a business center. The co-developers plan to break ground in the fourth quarter.

August 12, 2022

Acquisitions Mixed-Use Multifamily North Carolina Southeast

Northmarq Brokers Sale of One City Center Apartments in Downtown Durham

by John Nelson August 12, 2022

DURHAM, N.C. — Northmarq has brokered the sale of the apartments at One City Center, a 28-story mixed-use tower located at 110 Corcoran St. in downtown Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Sara Wagman of Northmarq represented the seller and developer, Austin Lawrence Partners, in the transaction. The buyer and sales price were not disclosed. Built in 2019, the property features 109 apartments, as well as a rooftop pool and hot tub, fitness center and a courtyard on the sixth floor with an al fresco dining area and fenced dog park. Individual units feature floor-to-ceiling windows, custom quartz countertops and private balconies. One City Center also features 30 for-sale condominiums, 130,000 square feet of office space and 22,000 square feet of retail space that were not part of the transaction.

August 12, 2022

Affordable Housing Development Southeast Virginia

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

by John Nelson August 12, 2022

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, library, laundry, fitness room, elevator, park areas with benches, bike racks and off-street parking, as well as an onsite leasing and management office and 6,500 square feet of commercial space on the ground floor. Virginia Housing awarded Low Income Housing Tax Credits to Woda Cooper to support financing, including equity invested by Wells Fargo. Cedar Rapids Bank & Trust also provided construction financing. The project team includes civil engineer Hoggard-Eure Associates and structural engineer Speight Marshall Francis. Holley Pointe is named after the late Dr. James Holley III, a former mayor of Portsmouth.

August 12, 2022

Acquisitions California Multifamily Western

Berkadia Negotiates $93M Sale of The Vines at Riverpark Apartment Property in Oxnard, California

by Amy Works August 12, 2022

OXNARD, CALIF. — Berkadia Institutional Solutions has arranged the sale of The Vines at Riverpark, a multifamily community in Oxnard. Champion Real Estate Co. sold the asset to Interstate Equities Corp. for $93 million, or more than $567,000 per unit, in an off-market transaction. Both the buyer and seller were based in California. Adrienne Barr of Berkadia Los Angeles and Mike Murphy of Berkadia Irvine represented the seller in the transaction. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 apartments that were originally built as two-story condominiums in 2013 and 2014. The Vines offers 136 three-bedroom, two-and-one-half bath units and 28 two-bedroom, two-bath units. Units feature private, two-car direct-access parking garages, separate water heaters, central air and heat and a front porch or balcony. Additional unit features include GE Energy Star stainless steel appliances, granite countertops and backsplashes, brushed nickel hardware and plumbing fixtures, espresso-colored cabinets with stainless steel pulls throughout the kitchens and bathrooms and vinyl wood plank flooring throughout the first floor.

August 12, 2022

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