Multifamily

Draper and Kramer Begins Pre-Leasing 225-Unit Apartment Development in St. Louis

by Kristin Harlow April 15, 2022

ST. LOUIS — Draper and Kramer Inc. has begun pre-leasing Moda at The Hill, a 225-unit apartment development in The Hill neighborhood of St. Louis. Residents can begin moving in this summer. The four-story building offers units that range in size from 600 to 1,200 square feet. Monthly rents start at $1,270. Amenities include a fitness center, game room, coworking spaces, grilling stations, fire pits, pool and hot tub. Moda at The Hill is part of a larger 11-acre master plan led by Draper and Kramer that includes single-family homes by McBride Homes and a community park.

April 15, 2022

Loans Midwest Multifamily Northmarq Wisconsin

Northmarq Arranges $28.1M Loan for Refinancing of Multifamily Property in Janesville, Wisconsin

by Kristin Harlow April 15, 2022

JANESVILLE, WIS. — Northmarq has arranged a $28.1 million loan for the refinancing of Village Green Apartments in Janesville, about 40 miles south of Madison. The 406-unit multifamily property is located at 3121 Village Court. Mark Ebersold of Northmarq arranged the 10-year loan, which features two years of interest-only payments and a 30-year amortization schedule. A CMBS lender provided the fixed-rate loan. The borrower was undisclosed.

April 15, 2022

Acquisitions Multifamily New York Northeast

JLL Brokers Sale of 302-Unit Vitagraph Apartments in Brooklyn

by Taylor Williams April 15, 2022

NEW YORK CITY — JLL has brokered the sale of The Vitagraph, a 302-unit apartment community located in the Midwood neighborhood of Brooklyn. Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washers and dryers and private terraces. Amenities include an indoor and outdoor kids’ play area, courtyard, 24-hour doorman service, business center, fitness center and a rooftop patio. Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese of JLL represented the seller, New York City-based developer Northlink Capital, in the transaction. The buyer was a partnership between The Dermot Co., Principal Real Estate Investors and Dutch pension fund PGGM.

April 15, 2022

Acquisitions California Loans Multifamily Western

Laguna Point Properties Receives $328.8M in Acquisition Financing for Five-Property Multifamily Portfolio in Downtown Los Angeles

by Amy Works April 15, 2022

LOS ANGELES — JLL Capital Markets has arranged $328.8 million in acquisition financing for a five-property apartment portfolio in downtown Los Angeles. The borrower is Laguna Point Properties. Totaling 1,037-units, the portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent conversions to multifamily assets between 2007 and 2010. Charles Halladay, Jamie Kline and Charlie Vorscheck of JLL Capital Markets Debt Advisory team secured the three-year, floating-rate acquisition loan, which offers two 12-month extension options, through MF1 Capital. The seller was not disclosed.

April 15, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Avanath Acquires St. John’s Manor Affordable Seniors Housing Community in Costa Mesa, California

by Amy Works April 15, 2022

COSTA MESA, CALIF. — Avanath Capital Management LLC has acquired St. John’s Manor, a 36-unit affordable seniors housing community in the Orange County city of Costa Mesa, for $11.8 million. Built in 1984 and renovated in 2007, St John’s Manor is currently 100 percent occupied. This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit seniors housing community in Anaheim, and The Grove Senior, an 85-unit seniors housing community in Garden Grove. “We entered the Orange County market earlier this year, and plan to continue to be extremely bullish in the region,” says John Williams, president and CIO at Avanath. “Seniors housing is an asset class that remains particularly of interest to us as it has been one of the best performing asset types within our portfolio throughout the pandemic.” Avanath currently owns more than 13,000 units across the United States, 2,550 units of which are age-restricted senior apartments. “There is an increasing need for affordable housing for seniors, especially in high-priced areas of Orange County,” says Williams. “Baby boomers, a large percentage of whom are expected to reach retirement age by 2030, will be looking to downsize and seek quality options that are …

April 15, 2022

Arizona Development Mixed-Use Multifamily Restaurant Retail Student Housing Western

Joint Venture Breaks Ground on 1 MSF Central Station Mixed-Use Development in Downtown Phoenix

by Amy Works April 14, 2022

PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …

April 14, 2022

Arizona Development Loans Multifamily Seniors Housing Western

Greystone Arranges $140M in Financing for Expansion of Seniors Housing Community in Scottsdale, Arizona

by Amy Works April 14, 2022

SCOTTSDALE, ARIZ. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of Maravilla Scottsdale is a planned 193-unit independent living community on the same parcel as Phase I that will overlook the TPC Scottsdale Golf Course. Spread over 11 acres with multiple common area spaces, the latest phase is scheduled for completion in mid-2023. Greystone’s seniors housing capital markets team, led by Cary Tremper and Matt Miller, arranged the financing from a national bank on behalf of Senior Resource Group LLC.

April 14, 2022

Acquisitions California Multifamily Western

Bridge Investment Group Buys ReNew on Sunset Apartments in Suisun City, California for $72M

by Amy Works April 14, 2022

SUISUN CITY, CALIF. — Salt Lake City-based Bridge Investment Group has acquired ReNew on Sunset, an apartment community located in Suisun City. FPA Multifamily sold the asset for $72 million, or $321,430 per unit. Situated on more than 10 acres at 831 Pintail Drive, ReNew on Sunset features 224 apartments in a mix of 68 one-bedroom/one-bath units, 136 two-bedroom/one-bath units and 20 two-bedroom/two-bath units. During its ownership, FPA Multifamily invested more than $3 million, or $13,500 per unit, in capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation and exterior work. Community amenities include in-suite washers/dryers, a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access and covered parking. 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 transaction.

April 14, 2022

California Loans Multifamily Seniors Housing Western

JLL Arranges $21.5M in Financing for Bay Area Memory Care Portfolio

by Amy Works April 14, 2022

SUNNYVALE AND MENLO PARK, CALIF. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is located one mile from Valley Health Center and less than a mile from Highway 82. Silver Oaks offers 26 one- and two-bed units, totaling 43 beds. The property is directly across from the Menlo Park VA Medical Center and is less than a mile from Highway 101. Bercut Smith, Lauren Sackler and Ace Sudah led the JLL Capital Markets debt advisory team representing the borrower.

April 14, 2022

Georgia Loans Multifamily Southeast

Aztec Group Secures $31.8M Acquisition Loan for Apartment Community in Downtown Atlanta

by Julia Sanders April 14, 2022

ATLANTA — Aztec Group has secured $31.8 million in acquisition financing for Residences at City Center, a 182-unit apartment community in downtown Atlanta. The financing is a non-recourse, 75 percent loan-to-value loan. Brell Tarich and Charles Penan of Aztec Group secured the loan on behalf of the borrower, South Florida-based AWP Real Estate. Built in 1993, Residences at City Center is situated adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. The new ownership group plans to make significant upgrades to the apartment community.

April 14, 2022

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