Multifamily

Parkview Financial Provides $50M Construction Loan for Queens Multifamily Project

by Taylor Williams October 12, 2021

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $50 million construction loan for a multifamily project in the Astoria neighborhood of Queens. The 13-story building will consist of 143 condominiums and 40,034 square feet of ground-floor commercial space. The property will offer a mix of 11 studios, 48 one-bedroom apartments and 84 two-bedroom units with an average unit size of 743 square feet. Amenities will include a fitness center and a rooftop terrace. The borrower and developer, Ming Garden Realty LLC, expects to complete the project in fall 2023.

October 12, 2021

Arizona Market Reports Multifamily Single-Family Rental Western Western Market Reports

Phoenix Multifamily Continues Its Upward Trajectory

by Jeff Shaw October 12, 2021

By Drew Ricciardi, Research Manager, ABI Multifamily Research Manager Following a chaotic year that left investors on the sidelines, the Phoenix market proved resilient. In fact, it ended up witnessing one of the most significant rebounds nationally. The Phoenix multifamily market exploded with a record start for 2021 and is now considered one of the top multifamily markets in the country. Phoenix continues to see robust population increases due to job growth, quality of life, industry diversity and affordability. According to a Redfin study, the Phoenix metro market had the highest population net inflow in 2020 of all U.S. metros. Phoenix benefited from the work-from-home phenomenon due to COVID-19, which resulted in high-paid workers fleeing high-priced, high-density markets for more affordable markets offering more spacious living options. Not only are people migrating to Phoenix, but the area is becoming a prime spot for company headquarters and advanced facilities. The metro area’s educated workforce, strong talent pool, business-friendly tax environment, and affordability are all key factors. Taiwan Semiconductor Manufacturing Co. plans to invest around $35 billion in new Phoenix facilities. This is the most substantial direct foreign investment in Arizona to date. The investment will have significant ripple effects on the …

October 12, 2021

Acquisitions Illinois Midwest Multifamily

JLL Brokers $69.5M Sale of Apartment Community in Suburban Chicago

by Kristin Harlow October 11, 2021

STEGER, ILL. — JLL Capital Markets has brokered the $69.5 million sale of The New Colonies in Steger, about 35 miles south of downtown Chicago. Constructed in 1973, the garden-style apartment community includes 672 units that average 676 square feet. Amenities include a pool, dog park, fitness center and community clubhouse with a business center. David Gaines and Kyle Butler of JLL represented the seller, CiTYR. Bender Cos. was the buyer.

October 11, 2021

Acquisitions Multifamily Texas

S2 Capital Buys 1,893-Unit Multifamily Portfolio in Dallas-Fort Worth, Austin

by Taylor Williams October 11, 2021

DALLAS — Locally based investment firm S2 Capital has purchased a portfolio of four multifamily properties totaling 1,893 units, including three in the Dallas-Fort Worth (DFW) metroplex and one in Austin. The properties are: Hyde Park at Montfort in Dallas (662 units); Twin Creeks Crossing I (347 units) and Twin Creeks Crossing II in Allen (330 units); and Tintara at Canyon Creek in Austin (554 units). Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the undisclosed seller in the transaction. Jeff Erxleben, Lauren Bresky, Kevin Leamy and Loren Heikenfeld, also with NorthMarq, arranged an undisclosed amount of floating-rate debt on behalf of S2 Capital. The new ownership plans to invest in capital improvements to Tintara at Canyon Creek and Hyde Park at Montfort.

October 11, 2021

Acquisitions Multifamily Texas

Newmark Arranges Sale of 316-Unit Estates at Bee Cave Apartments in Metro Austin

by Taylor Williams October 11, 2021

BEE CAVE, TEXAS — Newmark has arranged the sale of Estates at Bee Cave, a 316-unit multifamily property in the Austin area. Units feature one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, game room, cyber lounge and a demonstration kitchen. Patton Jones and Andrew Dickson of Newmark represented the seller, Internacional, in the transaction. The buyer was an affiliate of New York City-based Abacus Capital Group.

October 11, 2021

Acquisitions Multifamily Texas

Oldham Goodwin Sells 250-Unit Multifamily Property in Portland, Texas

by Taylor Williams October 11, 2021

PORTLAND, TEXAS — Oldham Goodwin Group, a Texas-based development, management and brokerage firm, has sold Palm Bluff Place, a 250-unit multifamily property in the Corpus Christi suburb of Portland. Oldham Goodwin completed the project in 2017. Units are available in one-, two- and three-bedroom floor plans; range in size from 705 to 1,313 square feet; and feature stainless steel appliances, granite countertops and wood-style flooring. Amenities include a pool, fitness center, outdoor kitchen and grilling stations and a resident lounge/clubhouse. The buyer was an undisclosed institutional private equity group.

October 11, 2021

Acquisitions Multifamily New York Northeast

Greystar Acquires Age-Restricted Apartment Community on Long Island for $118M

by Taylor Williams October 11, 2021

PORT JEFFERSON STATION, N.Y. — South Carolina-based multifamily development and management firm Greystar has acquired The Vistas of Port Jefferson, a 244-unit, 55-plus apartment community on Long Island, for $118 million. Built in 2019, the property’s unit mix comprises 36 one-bedroom units, 144 two-bedroom units, and 64 two-bedroom townhouses. In addition, 15 percent of the residences are reserved for renters earning between 30 and 80 percent of the area median income. Amenities include a pool, clubhouse, fitness center and walking/biking trails. Benjamin Co. sold the property to Greystar for a per-unit price of roughly $483,600. Michael Tuccillo of Marcus & Millichap and Jack Bick of S. Charaton Realty brokered the deal.

October 11, 2021

Acquisitions Arizona Multifamily Student Housing Western

University Partners Purchases 943-Bed Student Housing Community Near Arizona State University

by Amy Works October 11, 2021

TEMPE, ARIZ. — University Partners has acquired Apollo Tempe, a 943-bed student housing community located near the Arizona State University campus in Tempe. Gilbane Development Co. delivered the community in 2020, which offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. The property features a rooftop oasis, ground-level outdoor swimming pools, state-of-the-art fitness centers, an outdoor lounge, two clubrooms, a basketball court, academic success centers and study lounges. Tim Bradley and Shawn Sweeney of TSB Capital Partners arranged acquisition financing on behalf of University Partners.

October 11, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates $17M Sale of Two-Property Seniors Housing Portfolio in Oregon

by Amy Works October 11, 2021

GRANTS PASS AND MEDFORD, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Bridge in Grants Pass and The Orchards in Medford. The properties are approximately 30 miles apart in the southwest corner of the state. The Bridge was constructed in 2001 and offers independent living and assisted living. The Orchards was built in 2000 and offers assisted living. The communities offer a total of 148 units in a combined 103,455 square feet across 3.6 acres of land. A local ownership group with only these two seniors housing properties sold the assets. An Oregon-based owner-operator acquired the communities for $17 million. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The new owner-operator is continuing to expand their footprint and these communities fit in well with their long-term strategic plan,” says Punzel.

October 11, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $16.7M Purchase of Multifamily Portfolio in Redding, California

by Amy Works October 11, 2021

REDDING, CALIF. — Marcus & Millichap has arranged the acquisition of an apartment portfolio located throughout Redding. OSM Investment Co. purchased the assets from a multi-generational family of investors for a combined $16.7 million. The portfolio offers a total of 162 apartments. The buyer plans to make improvements to the properties and streamline management of the portfolio. Rand Hoffman and Daniel Kapic of Marcus & Millichap secured and represented the buyer in the deal.

October 11, 2021

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