Multifamily

Madera Residential Acquires 165-Unit Apartment Community in Dallas

by Taylor Williams November 16, 2021

DALLAS — Lubbock-based multifamily investment and development firm Madera Residential has acquired Armstrong at Knox, a 165-unit apartment community located in the Knox-Henderson area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge and a business center. Jon Wooton, Mike Bryant and Victoria Langston of CBRE arranged $47.9 million in acquisition financing through a fund sponsored by CBRE Investment Management on behalf of Madera Residential.

November 16, 2021

Acquisitions Multifamily Texas

Colliers Negotiates Sale of 144-Unit Woodstone Manor Apartment Homes in Houston

by Taylor Williams November 16, 2021

HOUSTON — Colliers has negotiated the sale of Woodstone Manor Apartment Homes, a 144-unit complex in Houston. The property, which was 98 percent occupied at the time of sale, is located at 10250 Lands End Drive on the city’s southwest side. Bob Heard, Chip Nash and Todd Stewart of Colliers represented the undisclosed seller in the deal. The buyer was Gibby’s Capital Investments.

November 16, 2021

Loans Multifamily Texas

Ready Capital Closes $23.4M Acquisition Loan for South Dallas Apartments

by Taylor Williams November 16, 2021

DALLAS — New York City-based Ready Capital has closed a $23.4 million loan for the acquisition, renovation and stabilization of an unnamed 218-unit multifamily property in South Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 16, 2021

Development Multifamily New Jersey Northeast

KRE Group Begins Leasing 507-Unit Apartment Community in Jersey City

by Taylor Williams November 16, 2021

JERSEY CITY, N.J. — Developer KRE Group has begun leasing 351 Marin, a 38-story, 507-unit apartment community in downtown Jersey City. KRE Group developed the property, which was designed by Hollwich Kushner and HLW Architects, in partnership with Northwestern Mutual. Units come in studio, one- and two-bedroom formats, and amenities include a pool, 24-hour fitness center with yoga and spin studios, outdoor grilling stations, entertainment kitchen, movie and screening room, game room and a children’s play area. Rents start at $2,650 per month for a studio apartment. Move-ins are scheduled to begin in December.

November 16, 2021

Colorado Development Loans Multifamily Western

Prime West Receives $90.4M in Financing for Claro at High Point Multifamily Development in Aurora, Colorado

by Amy Works November 16, 2021

AURORA, COLO. — Prime West has received $90.4 million in combined joint venture equity and construction financing for Claro at High Point, an apartment community located within an Opportunity Zone in Aurora. JLL Capital Markets worked on behalf of the developer and borrower to arrange Opportunity Zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team represented the developer in the financing and equity transaction. Situated within the High Point master-planned community, Claro at High Point will feature 365 apartments in a mix of one-, two- and three-bedroom floor plans with balconies or patios, central air conditioning, full-sized washers/dryers, kitchen islands and dishwashers. On-site amenities include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash and a bike repair and ski tune shop. RATIO Architects is serving as project architect and Catamount Constructors is serving as general contractor for the project. Completion is slated for summer 2023.

November 16, 2021

Acquisitions California Multifamily Western

SummerHill Apartment Communities Sells Theo Pasadena in California for $67M

by Amy Works November 16, 2021

PASADENA, CALIF. — SummerHill Apartment Communities has completed the disposition of Theo Pasadena, a multifamily property in Pasadena. Waterford Property Co. acquired the asset for $67 million, or $638,095 per unit. Built in 2020, Theo Pasadena features 105 apartments, a central courtyard with a swimming pool, fitness center, cyber lounge, co-working space, and a rooftop dog park. Apartments offer oversized, dual-pane windows, UBS charging outlets and private balconies or patios. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

November 16, 2021

California Loans Multifamily Seniors Housing Western

JLL Capital Markets Arranges $15M Refinancing for Monarch Cottages Memory Care in La Jolla, California

by Amy Works November 16, 2021

LA JOLLA, CALIF. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001. Alanna Ellis and Bercut Smith led the JLL Capital Markets debt team that represented the borrower.

November 16, 2021

Acquisitions Affordable Housing Maryland Multifamily Southeast

DCP, Jonathan Rose Cos. Acquire Workforce Housing Community in District Heights, Maryland for $164M

by Julia Sanders November 16, 2021

DISTRICT HEIGHTS, MD. — Washington, D.C.-based Dantes Community Partners (DCP), in a joint venture with New York-based Jonathan Rose Cos., has acquired The Avanti Apartments. The 930-unit workforce housing community is located in District Heights, about 10.9 miles from Washington, D.C. Dragone Realty Investments and GMF Capital sold the property to the joint venture for $164 million. CBRE represented the sellers in the transaction. Built in 1960, The Avanti includes 26 apartment buildings with a mix of one-, two- and three-bedroom apartments. The property offers 372 new units of income-restricted housing. Twenty percent of units are affordable at 50 percent of area medium income (AMI) and another 20 percent of units are affordable at 80 percent AMI. Community amenities include two swimming pools, a two-story clubhouse, pool house, fitness center, business center, dog park, playground, jogging/walking trails and a picnic area. DCP and Jonathan Rose Cos. will implement resident services and programming and invest in capital improvements to upgrade resident amenities, enhance curb appeal and drive down utility costs and consumption through targeted eco-friendly improvements. Located at 6501 Hil-Mar Drive, the property is situated five miles from the Branch Avenue Metro Station and five miles from One Town Center, the …

November 16, 2021

California Loans Multifamily Retail Western

Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works November 16, 2021

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

November 16, 2021

California Development Multifamily Seniors Housing Western

Sundt Completes 70-Unit Seniors Housing Community in Fairfield, California

by Amy Works November 16, 2021

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

November 16, 2021

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