Multifamily

Berkadia Secures Acquisition Financing for 982-Unit Apartment Community in Metro Tampa

by Julia Sanders April 5, 2022

BRANDON, FLA. — Berkadia has secured an undisclosed amount of acquisition financing for The Reserve at Brandon, a 982-unit apartment community in Brandon, about 12.9 miles from Tampa. Brad Williamson, Matt Robbins, Scott Wadler, Mitch Sinberg and Alan Dillman of Berkadia secured a loan on behalf of the borrower, Tampa-based ZMR Capital. MF1 provided a floating-rate bridge financing that is 80 percent loan-to-cost. Built between 1991 and 2002, The Reserve at Brandon offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Unit features include stainless steel appliances, faux granite countertops, a breakfast bar, wood-style vinyl flooring in the common areas, walk-in closets and patios or balconies. Community amenities include a clubhouse, fitness center, three pools with cabanas, playground, tropical landscaping, business center, coffee bar, tennis court, onsite management and 24-hour emergency management. Located at 1918 Plantation Key Circle, the property is situated 21.1 miles from Tampa International Airport.

April 5, 2022

Acquisitions Multifamily New Hampshire Northeast

CBRE Brokers $121.5M Sale of Countryside Village Apartments in Manchester, New Hampshire

by Taylor Williams April 5, 2022

MANCHESTER, N.H. — CBRE has brokered the $121.5 million sale of Countryside Village, a 448-unit apartment community located near the Massachusetts-New Hampshire border in Manchester. The sales price equates to approximately $271,000 per unit. Built in phases between 1986 and 1987, the property comprises 17 three- and four-story residential buildings and a 7,000-square-foot clubhouse. Units come in one-, two- and three-bedroom floor plans, and 20 percent of the residences were recently renovated. According to Apartments.com, amenities include a pool, fitness center, playground, basketball court, grilling stations and onsite laundry facilities. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Pennsylvania-based Merion Realty Partners, in the transaction. The trio also procured the buyer, an affiliate of Boston-based DSF Group.

April 5, 2022

Acquisitions Connecticut Multifamily Northeast

KABR Group Acquires Two Apartment Communities in Stamford for $41.3M

by Taylor Williams April 5, 2022

STAMFORD, CONN. — New Jersey-based development and investment firm KABR Group has acquired The Verano and The Moderne, two apartment communities totaling 116 units in the southern coastal Connecticut city of Stamford, for $41.3 million. Both communities feature one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include fitness centers, theater rooms, lounges and rooftop decks. Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce of JLL represented the seller, Navarino Capital Management LLC, in the transaction. KABR Group acquired the properties via a joint venture with an undisclosed private family office. Jared Kaufman of Greystone originated acquisition financing for the deal. The new ownership plans to implement value-add programs and rebrand the properties.

April 5, 2022

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $38M Sale of Multifamily Building in Montclair, New Jersey

by Taylor Williams April 5, 2022

MONTCLAIR, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $38 million sale of Hawthorne Towers, a 133-unit multifamily building in the Northern New Jersey community of Montclair. The property, which was originally built in 1962 and renovated multiple times over the years, offers studio, one- and two-bedroom units and amenities such as a pool and outdoor grilling and dining areas. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer represented the seller, Hawthorne Towers LLC, in the transaction. David Oropeza, also with Gebroe-Hammer, procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged acquisition financing.

April 5, 2022

Acquisitions Iowa Midwest Multifamily Student Housing

Pierce Education Properties Buys 540-Bed Student Housing Property Near Iowa State University

by Kristin Harlow April 5, 2022

AMES, IOWA — Pierce Education Properties has acquired The Madison, a 540-bed student housing property serving Iowa State University in Ames. The community was built in 2001 and offers 144 units in a mix of three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, clubhouse, resort-style swimming pool and hot tub, a sand volleyball court, dog park, lighted basketball courts, a computer lab, coffee bar, tanning bed and a picnic and grilling area. The seller and terms of the transaction were undisclosed. Regions Bank provided acquisition financing.

April 5, 2022

Acquisitions Midwest Minnesota Multifamily

Redwood Capital Group Acquires 375-Unit Apartment Complex in Eden Prairie, Minnesota

by Kristin Harlow April 5, 2022

EDEN PRAIRIE, MINN. — Redwood Capital Group, in a joint venture with an affiliate of Heitman LLC, has acquired ReNew Eden Prairie, a 375-unit apartment complex located at 13905 Chestnut Drive in suburban Minneapolis. The purchase price was undisclosed. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, FPA Multifamily, which completed some unit upgrades and amenity enhancements. The property was built in 1986. Amenities include three pools, basketball courts, a clubhouse, fitness center and playground.

April 5, 2022

Loans Michigan Midwest Multifamily Seniors Housing

Grandbridge Arranges $30M Recapitalization for Senior Living Campus in Jackson, Michigan

by Kristin Harlow April 5, 2022

JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.

April 5, 2022

Loans Multifamily Texas

MMCC Arranges $56M Acquisition Loan for Metro Houston Multifamily Property

by Taylor Williams April 4, 2022

CYPRESS, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $56 million bridge loan for the acquisition of Legacy at Cypress, a 422-unit multifamily property located just outside Houston on the northwest side. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, volleyball court and onsite laundry facilities. Jamie Mullin and Brandon Brown of MMCC arranged the loan. The borrower was not disclosed.

April 4, 2022

Acquisitions Multifamily Nevada Western

Avison Young Negotiates $129.7M Sale of Two Multifamily Properties in Las Vegas

by Amy Works April 4, 2022

LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit. The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the transaction.

April 4, 2022

Acquisitions Mississippi Multifamily Southeast Student Housing

Centurion Property Group Purchases Student Housing Property Near Mississippi State

by Julia Sanders April 4, 2022

STARKVILLE, MISS. — Miami-based Centurion Property Group has purchased Aspen Starkville, a 958-bed student housing community located near Mississippi State University. Built in 2014, Aspen Starkville offers two-, three-, four- and five-bedroom, cottage-style floorplans with bed-to-bath parity. Community amenities include a swimming pool, basketball court, sand volleyball court, fitness center, yoga room, game room and a movie theater. The property will be rebranded The Grand at Starkville and is set to undergo capital improvements, including the addition of a new pet park and hammock garden, updated flooring and the addition of smart TVs. Located at 2041 Blackjack Road, the property is situated 2.2 miles from Mississippi State University and three miles from downtown Starkville.

April 4, 2022

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