Multifamily

Toll Bros., Sundance Bay to Develop 344-Unit Apartment Community in Philadelphia

by Taylor Williams November 10, 2021

PHILADELPHIA — A joint venture between Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) and Sundance Bay, a Utah-based investment firm, will develop Broad & Noble, a 344-unit apartment community that will be located near downtown Philadelphia. The site will also house 106 underground parking spaces and 10,440 square feet of street-level retail space. Amenities will include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Wells Fargo has provided $100 million in construction financing for the 18-story project, an expected completion date of which was not disclosed.

November 10, 2021

Loans Massachusetts Multifamily Northeast

Ready Capital Closes $9.2M Loan for Refinancing of Multifamily Asset in Brewster, Massachusetts

by Taylor Williams November 10, 2021

BREWSTER, MASS. — New York City-based Ready Capital has closed a $9.2 million loan for the refinancing, renovation and stabilization of a 132-unit multifamily property in the Cape Cod community of Brewster. The undisclosed sponsor plans to convert the property from assisted living to an age-restricted community (55+ with no services). The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility to fund future capital expenditures.

November 10, 2021

Development Multifamily Texas

Casey Development Underway on 321-Unit Tacara at Dove Creek Apartments in West San Antonio

by Taylor Williams November 9, 2021

SAN ANTONIO — Locally based firm Casey Development is underway on construction of Tacara at Dove Creek, a 321-unit apartment community that will be located just outside Loop 1604 on the west side of San Antonio. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.

November 9, 2021

Acquisitions Multifamily Texas

Avid Realty, Electra Capital Buy 213-Unit Pearl at Midtown Apartments in Northeast Dallas

by Taylor Williams November 9, 2021

DALLAS — New York-based investment firm Avid Realty Partners has purchased The Pearl at Midtown, a 213-unit apartment community in northeast Dallas. Florida-based Electra Capital contributed a $7.8 million preferred equity investment to the deal. Built in 1972, the property features studio, one- and two-bedroom units ranging in size from 400 to 1,034 square feet that include private patios and balconies. The amenity package consists of a clubhouse with a lounge and game room, business center, spa/sauna, fitness center, a pool and onsite laundry facilities. The seller and sales price were not disclosed.

November 9, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Houston

by Taylor Williams November 9, 2021

HOUSTON — Walker & Dunlop has brokered the sale of The Co-Op at Med Center, a 200-unit multifamily property located within the Texas Medical Center in Houston. Units come in studio, one- and two-bedroom floor plans, and amenities include a pool, fitness center, basketball and volleyball courts, study areas, coffee bar and a dog park. Walker & Dunlop’s Scott Bray, Ryan Epstein and Jennifer Ray represented the seller, Urban Genesis, in the transaction. The buyer was an entity doing business as EAS Houston LLC, plans to implement a value-add program at the property, which was originally built as a hotel and converted to multifamily in 2018.

November 9, 2021

Acquisitions Multifamily South Carolina Southeast

Radco Sells Three Multifamily Properties in Charleston for $76M

by Julia Sanders November 9, 2021

CHARLESTON, S.C. — Atlanta-based The Radco Cos. has sold a three-property, 498-unit multifamily portfolio in Charleston to Atlanta-based Braden Fellman Group. Andrew Mays of Berkadia brokered the $76 million transaction. The three properties include Ashford Palmetto Square, Ashford Riverview and Radius West Ashley. Built in 1966, Ashford Palmetto Square is a 139-unit multifamily property with one- and two-bedroom floorplans. Community amenities include courtyards, a pool with sundeck, community garden, fire pits, bark park, laundry facilities, Amazon package lockers and a picnic area. Located at 1551 Sam Rittenberg Road, the property is situated in central Charleston with access to Highways 7, 61 and 17. Constructed in 1965, Ashford Riverview is a 161-unit multifamily property that offers one-, two- and three-bedroom units. Community amenities include landscaped courtyards, a pool with sundeck, bark park, fitness center, business center, grilling and picnic areas and laundry facilities. Located at 1478 Orange Grove Road, the property is situated in West Ashley, a residential area in Charleston. The property is near retailers and restaurants such as King Claw Juicy Seafood & Bar, Kings Sushi, Total Wine & More, El Molino Supermarket, Dollar Tree and Publix. Lastly, Radius West Ashley is a 198-unit multifamily property with one-, two-and …

November 9, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $67.1M Sale of Apartment Community in Metro Birmingham

by Julia Sanders November 9, 2021

HOOVER, ALA. — Cushman & Wakefield has arranged the sale of Riverchase Landing, a 468-unit apartment community located in Hoover, about 12.1 miles from Birmingham. Jimmy Adams, Craig Hey and Andrew Brown of Cushman & Wakefield represented the Houston-based seller, ApexOne Investment Partners, in the transaction. New York-based Kushner Cos. acquired the property for $67.1 million. Built between 1984 to 1992, Riverchase Landing offers one-, two- and three-bedroom floorplans. The property’s units feature walk-in closets, wood-style floors, gas fireplaces and vaulted ceilings. Community amenities include a clubhouse, community room, dog park, dog washing station, fitness center, grill stations, playgrounds, two pools and tennis courts. Located at 200 River Haven Circle, the apartment community has access to Interstates 65 East and 459, and is located 1.7 miles from Riverchase Galleria, a shopping center with over 145 stores.

November 9, 2021

Acquisitions Colorado Multifamily Western

Seagate Colorado Partners Divests of Arista Uptown Apartments in Broomfield, Colorado for $95M

by Amy Works November 9, 2021

BROOMFIELD, COLO. — Seagate Colorado Partners has completed the sale of Arista Uptown Apartments at 8500 Arista Place within Arista, a 200-acre, transit-oriented, master-planned community in Broomfield. Kennedy Wilson and the real estate business within Goldman Sachs Asset Management acquired the property for $95 million. Completed in 2012, the property features 272 apartments in a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings. Community amenities include a resort-style pool, clubhouse, fitness center and dog park. Dave Martin and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal. David Link and Jeff DeHarty of Northmarq’s Denver debt and equity team arranged $53 million in acquisition financing for the buyer through a long-standing life company relationship.

November 9, 2021

Acquisitions Arizona Multifamily Western

Jevan Capital Sells The Halifax Multifamily Property in Phoenix for $76M

by Amy Works November 9, 2021

PHOENIX — Jevan Capital has completed the disposition of The Halifax, an apartment community in Phoenix. Western Wealth Capital acquired the property for $76 million, or $253,333 per unit. Originally constructed in 1973, the 300-unit property underwent a large-scale reconstruction from 2018 to 2021, with apartments receiving luxury finishes, property systems being upgraded and community amenities added. The Halifax offers one-, two- and three-bedroom layouts with custom cabinetry, breakfast bars and wood-style plank flooring. Select units offer granite countertops, stainless steel appliances, kitchen pantries and walk-in closets. Community amenities include a centrally located and rebuilt swimming pool and spa, modernized leasing office, business center, fitness center, two laundry facilities, freshly installed dog park and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 9, 2021

Affordable Housing California Development Multifamily Western

RAAM Construction Breaks Ground on 151-Unit Palmdale Terrace Affordable Apartment Community in California

by Amy Works November 9, 2021

PALMDALE, CALIF. — RAAM Construction has broken ground on the construction Palmdale Terrace, an affordable multifamily property located at SW 25th Street East and East Avenue in Palmdale. The project team includes Meta Housing Corp., Western Community Housing, AMJ Construction Management and Y&M Architects. Slated for completion in May 2023, Palmdale Terrace will feature 151 apartments in a mix of one-, two- and three-bedroom layouts. All units will offer fully equipped kitchens and bathrooms. On-site amenities include community gathering areas, a shaded picnic area, a large children’s play structure and a dog park. Additionally, two units will be for on-site managers. The residences are reserved for individuals and families earning between 30 percent and 60 percent of Los Angeles County’s median income. Pacific Western Bank provided a $40.5 million construction loan for the project.

November 9, 2021

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