Multifamily

Klingbeil Capital Buys 137-Unit Avery at TownCentre Apartments in Brentwood, California for $49.5M

by Amy Works October 21, 2021

BRENTWOOD, CALIF. — Columbus, Ohio-based Klingbeil Capital Management has purchased Avery at TownCentre, a two-story apartment community in Brentwood. ConAm sold the asset for $49.5 million. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the deal. Comprising 13 buildings, Avery at TownCentre features 137 apartments in a mix of 56 one-bedroom units, 68 two-bedroom units, 12 three-bedroom units and one studio unit. The apartments feature stainless steel appliances, granite countertops, wood-style flooring and private patios/balconies. Some units also offer vaulted ceilings and washers/dryers. Community amenities include a pool, sundeck, fitness center, playground, on-site laundry facility and covered parking.

October 21, 2021

Zen-Diamong-Valley-Senior-Living-Apts-Hemet-CA

Acquisitions California Multifamily Seniors Housing Western

IPA Brokers $23.9M Sale of Zen Diamond Valley Senior Living Apartments in Hemet, California

by Amy Works October 21, 2021

HEMET, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit active adult community in the Inland Empire city of Hemet. Investment Concepts acquired the property for $23.9 million. “One of the fastest-growing submarkets in Southern California, the Inland Empire is well suited to meet demands for seniors housing,” says Bill Roblero, vice president of investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior Living Apartments is an excellent candidate for an interior and exterior renovation program that will reposition it as a seniors housing market leader.” Roblero, Alexander Garcia Jr. and Christopher Zorbas represented the undisclosed seller.

October 21, 2021

Acquisitions Multifamily New York Northeast

HAP Investments Sells Stake in $506M Multifamily Project in Manhattan

by Taylor Williams October 21, 2021

NEW YORK CITY — HAP Investments, a New York City-based residential and commercial developer, has sold its equity stake in The Maverick, a $506 million multifamily project at 215-225 W. 28th St. in Manhattan’s Chelsea neighborhood that is nearing completion. HAP Investments sold its interest, the value of which was not disclosed, to Daiwa House Texas, a subsidiary of Japanese homebuilder Daiwa House Group and the firm’s joint venture partner on the project. The Maverick spans 312,500 square feet across two 20-story buildings and features a mix of 87 one- to four-bedroom condos and 112 rental units. Residences are furnished with custom white oak cabinetry and marble countertops, and amenities include a fitness center with a sauna, a rooftop deck and a children’s play area. The development team expects the buildings to receive temporary certificates of occupancy in January. About a quarter of the condo residences have already been sold. HAP Investments will remain onboard to manage the property.

October 21, 2021

Development Multifamily New Jersey Northeast

CHA Partners Breaks Ground on 210-Unit Royal at Bloomfield Station Apartments in New Jersey

by Taylor Williams October 21, 2021

BLOOMFIELD, N.J. — Locally based developer CHA Partners has broken ground on The Royal at Bloomfield Station, a 210-unit multifamily project in Northern New Jersey. The development will also include 14 townhome units for purchase, as well as 7,000 square feet of retail/restaurant space and a 304-space parking garage. The amenity package will consist of a fitness center, business center, rooftop entertainment area, several multi-purpose event rooms and lounges, pet spa and an automated package handling system. The first units are expected to be available for occupancy in mid-2023.

October 21, 2021

Affordable Housing Loans Multifamily New Jersey Northeast Seniors Housing

Berkadia Provides $26M Refinancing for Affordable Seniors Housing Property in Northern New Jersey

by Taylor Williams October 21, 2021

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

October 21, 2021

Development Illinois Midwest Multifamily

Greystar Breaks Ground on its First High-Rise Apartment Tower in Downtown Chicago

by Kristin Harlow October 21, 2021

CHICAGO — Greystar has broken ground on its first high-rise apartment development in downtown Chicago. Located at 166 N. Aberdeen St., the 20-story building will include 223 units, 23 of which will be designated as affordable housing. Plans call for a third-floor amenity level with a 5,650-square-foot outdoor deck that will include a pool, lawn and lounge areas as well as access to the coworking and fitness area. An outdoor lounge on the 14th floor will offer views of the Chicago skyline. Completion is slated for March 2023. SCB is the project architect. Associated Bank arranged a $59.7 million loan for the project through ServisFirst Bank and Old Second National Bank.

October 21, 2021

Development Midwest Multifamily Wisconsin

M&R Development Opens 270-Unit Luxury Apartment Complex in Madison, Wisconsin

by Kristin Harlow October 21, 2021

MADISON, WIS. — M&R Development has opened Elevate, a 270-unit luxury apartment complex located at 5022 American Parkway in Madison. Elevate marks M&R’s second apartment project to open in Wisconsin this year, following the completion of 42 Hundred On The Lake in St. Francis this summer. Units at the four-story Elevate measure 590 to 1,254 square feet. Monthly rents range from $1,205 to $3,199. The centerpiece of the community is a two-story clubhouse, complete with an outdoor pool, grilling stations, fire pit and lounge seating. Inside, the clubhouse includes an entertainment kitchen, coffee bar, fitness center, yoga room, business center, pet washing station and package room. The project team included Stevens Construction and Poole & Poole Architecture. M&R co-developed Elevate with Campbell Capital Group LLC. RMK Management is overseeing leasing and property management.

October 21, 2021

Colorado Loans Multifamily Top Stories Walker & Dunlop Western

Walker & Dunlop Arranges $134M Sale of Multifamily Property in Metro Denver

by Katie Sloan October 21, 2021

LITTLETON, COLO. — Walker & Dunlop (NYSE: WD) has arranged the $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton. Built in 2002, the garden-style community was marketed as a value-add investment. The property offers a mix of one-, two- and three-bedroom units near major employers including the Swedish Medical Center, Denver Federal Center and Lockheed Martin. The community is also located roughly 10 miles south of downtown Denver and the Denver Tech Center. Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop brokered the transaction on behalf of the seller, a partnership between Denver-based Griffis Residential and Pacific Coast Capital Partners. Trevor Fase, also of Walker & Dunlop, secured fixed-rate, interest-only acquisition financing through Fannie Mae on behalf of the buyer, Kennedy Wilson. This transaction follows a number of major multifamily deals in the Denver area during the month of October, including the sale of a five-building multifamily portfolio in Aurora; the funding of a 252-unit development and the $64.5 million sale of Mesa Verde Apartments in Arvada; and the $108.2 million acquisition of Neon Local Apartments in Denver. Griffis Residential owns a portfolio of multifamily communities across Colorado, Texas, Oregon, Washington …

October 21, 2021

Market Reports Midwest Midwest Market Reports Multifamily

How to Woo New Tenants and Keep Them Amid Booming Multifamily Market

by Kristin Harlow October 21, 2021

By Ryan Kirby, Village Green In the understatement of all understatements, the COVID-19 pandemic has changed a few things in the housing market. Supply chain disruptions, labor shortages and the astronomical rise in the price of lumber have all exacerbated the steady decline in new home construction. For more than a year, home prices have been on the rise, making purchasing a home a challenge — or even an impossibility — for many. As a result, the rental market is booming, but that’s not entirely due to COVID. In fact, the rise in rentals began taking shape long before COVID made its impact on the world. Then, new challenges and norms created by the pandemic accelerated these existing trends. Ultimately, more Americans are choosing to rent due to generational, financial and practical factors, not just situational factors related to COVID. That said, the pandemic has fundamentally changed what renters are looking for in a rental unit, and these preferences are likely to continue long after the coronavirus is a distant memory. For property managers, this means playing into the trends of what today’s renters are looking for. Keeping these renter preferences in mind won’t just make your properties more attractive …

October 21, 2021

Acquisitions Company News Loans Multifamily New York Top Stories

Cushman & Wakefield to Acquire 40 Percent Stake in Greystone’s Agency, HUD Business for $500M

by Julia Sanders October 20, 2021

NEW YORK CITY — Cushman & Wakefield (NYSE: CWK) and Greystone have announced a strategic joint venture to deliver advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40 percent stake in Greystone’s agency, HUD and servicing businesses. Greystone intends to use the capital to create new product offerings. The joint venture transaction is slated to close in the fourth quarter of 2021, subject to customary closing conditions. Greystone is a multifamily lender focused on bridge, Fannie Mae DUS, Freddie Mac Optigo and HUD loans. The joint venture will allow Cushman & Wakefield to access a broader range of debt products for property acquisition, refinancing, rehabilitation and new construction. “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac and HUD,” says Andrew McDonald, Cushman & Wakefield’s chief executive, Americas. This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services LLC, the …

October 20, 2021

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