Multifamily

Marcus & Millichap Brokers Sale of 220-Unit Apartment Complex in St. Charles, Illinois

by Kristin Harlow March 4, 2022

ST. CHARLES, ILL. — Marcus & Millichap has brokered the sale of Fox Run Apartments in St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The 220-unit apartment complex was built in 1971 and underwent a renovation program in 2008. Amenities include a pool, 342 parking spaces and four laundry facilities. Roughly 95 percent of the units feature updated kitchens, bathrooms and flooring. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.

March 4, 2022

Affordable Housing Development Illinois Midwest Multifamily

McShane to Build 24-Unit Affordable Housing Community for Residents with Disabilities in Waukegan, Illinois

by Kristin Harlow March 4, 2022

WAUKEGAN, ILL. — Nonprofit developer Over the Rainbow (OTR) has selected McShane Construction Co. to build Kirwan Apartments, a 24-unit affordable housing community in Waukegan. The project is designed to enable adults with physical disabilities to live independently. The development is named for Leo Kirwan, an OTR board member and advocate for accessible housing. The three-story building will feature one-bedroom residences, and amenities will include a community room, laundry facilities and 20 parking spaces. Completion is slated for January 2023. Weese Langley Weese Architects is providing architectural services. OTR apartments are specifically designed for low-income individuals with physical disabilities and come with rental subsidies.

March 4, 2022

Loans Multifamily Texas

Ready Capital Closes $20.2M Acquisition Loan for San Antonio Apartments

by Taylor Williams March 4, 2022

SAN ANTONIO — New York City-based Ready Capital has closed a $20.2 million loan for the acquisition, renovation and stabilization of an unnamed, 208-unit apartment complex in the Far West submarket of San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

March 4, 2022

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges $89M Acquisition Loan for Multifamily Property in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.

March 4, 2022

Acquisitions Affordable Housing Arizona Multifamily Western

ABI Multifamily Brokers $37.5M Sale of Vicinity Apartments in North Central Phoenix

by Amy Works March 4, 2022

PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.

March 4, 2022

Development Multifamily Washington Western

TWG Plans $50M Grata at Totem Lake Multifamily Community in Kirkland, Washington

by Amy Works March 4, 2022

KIRKLAND, WASH. — TWG has acquired a parcel at 12410 NE Totem Lake Way for the development of Grata at Totem Lake, an apartment property in Kirkland. Groundbreaking and construction are slated to start in the coming months, with completion scheduled for early 2024. The $50 million, seven-story project will feature 125 units ranging from studios to four-bedroom apartments. The development will reserve 88 apartments for residents earning up to 50 percent of the county’s area median income (AMI) and 37 apartments for those earning up to 60 percent AMI. The pet-friendly community will feature maximized ventilation systems, onsite parking, bicycle facilities and shared laundry facilities. Additionally, the property is within close proximity to a playground and a shopping center with a movie theater, Whole Foods Market, Trader Joe’s, eateries, a gym and high-capacity transit. The development will also be energy efficient with solar arrays on the building’s roofs, electric vehicle battery charging stations, specialized envelope systems to preserve energy use and green-rated appliances in units. The development is supported by the Evergreen Impact Housing Fund – housed at Seattle Foundation – which received a $50 million investment from Microsoft last year.

March 4, 2022

Features Multifamily Seniors Housing

Seniors Housing Demand Hit Record High in Second Half of 2021

by Jeff Shaw March 4, 2022

ANNAPOLIS, Md. — Demand for seniors housing hit an all-time high in the second half of 2021, signifying continued growth out of the depths of the effects of the COVID-19 pandemic, according to the National Investment Center for Seniors Housing & Care (NIC). The analysis came in the form of a blog post by Beth Mace, NIC’s chief economist. NIC is an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets through its NIC MAP Vision product. The demand was measured by absorption, with the market absorbing 21,029 units in the third and fourth quarter of 2021. “Notably, this is a clear reversal in trend from the loss of 42,129 units during the pandemic in the second, third and fourth quarters of 2020 and the first quarter of 2021,” wrote Mace. The post listed five major takeaways from the fourth-quarter 2021 data, the first of which is that occupancy has recovered 230 basis points from the low point of the pandemic, from 78.7 percent in the second quarter of 2021 to 81 percent in the fourth quarter of 2021. However, it remains 640 basis points below its pre-pandemic level of 87.4 percent. Mace noted, though, that …

March 4, 2022

California Development Multifamily Western

Dinerstein Cos. Divests of 262-Unit Millennium Gardena Multifamily Development Site in Hawthorne, California

by Amy Works March 3, 2022

HAWTHORNE, CALIF. — The Dinerstein Cos. has completed the disposition of Millennium Gardena, a fully entitled multifamily development site at 12850 Crenshaw Blvd. in the South Bay neighborhood of Hawthorne. A joint venture between Cityview and Stockbridge acquired the property for an undisclosed price. The sustainability-focused multifamily building planned for the site will be called South Bay X and feature 262 studio, one- and two-bedroom units ranging from 510 square feet to 1,197 square feet. Construction is slated to begin in fourth-quarter 2022 with a targeted delivery of early 2025. Sustainable features planned for the property include LEED Silver certification, high-performing lighting, enhanced indoor air quality and a renewable-energy-powered solar thermal water heating system. Building amenities will include a state-of-the-art fitness center, resort-style pool, spa, lanai, outdoor strength area, barbecues and open-air courtyards. Chris Benton, Anthony Muhlstein, Kevin Shannon and Ken White of Newmark represented the seller in the transaction.

March 3, 2022

Acquisitions California Multifamily Western

Matthews Brokers $10.1M Sale of Tuscania Apartment Homes in Ventura, California

by Amy Works March 3, 2022

VENTURA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Tuscania Apartment Homes, a multifamily property at 248 S. Hemlock St. in Ventura. A California-based investor sold the asset to a California-based buyer for $10.1 million. Built in 1965, Tuscania Apartment features 35 one- and two-bedroom units with select units offering ocean views. Daniel Withers, David Harrington and John Boyett of Matthews represented the seller and sourced the buyer in the deal.

March 3, 2022

Acquisitions Multifamily Texas

SWBC Sells Two Dallas-Area Apartment Communities Totaling 566 Units

by Taylor Williams March 3, 2022

ROCKWALL AND MCKINNEY, TEXAS — Locally based developer SWBC Real Estate has sold two apartment communities totaling 566 units in the Dallas area. The Royalton at Rockwall Downes is a 295-unit property located east of Dallas that SWBC built in 2021 and that offers one-bedroom, two-bedroom, and three-bedroom units with an average size of 1,006 square feet. Amenities include a resort-style pool and spa, fitness center and spin studio, dog grooming facility and a gaming center. Central Park at Craig Ranch is a 271-unit community located north of Dallas within the Craig Ranch master-planned development in McKinney that was completed by SWBC in 2019. This property offers the same types of floor plans and a similar amenity package as Royalton at Rockwall Downes. Affiliates of Lightbulb Capital Group, the family office of Los Angeles-based Jay Schuminsky, purchased both properties for undisclosed amounts. Will Balthrope, Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the deals on behalf of SWBC.

March 3, 2022

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