Multifamily

Nauset Construction Completes 93-Unit Multifamily Project in Cambridge, Massachusetts

by Taylor Williams August 3, 2021

CAMBRIDGE, MASS. — Nauset Construction, a locally based design-build firm, has completed 77 Park, a 93-unit multifamily project located in the Alewife area of Cambridge. Designed by Piatt Architects, the transit-served property rises four stories and spans 96,000 square feet. Units feature studio, one- and two-bedroom floor plans ranging in size from 595 to 1,265 square feet. Amenities include a terrace with grilling stations, a café with a full kitchen, multimedia room, sky lounge, fitness center and a dog washing and grooming station. Rents start at $2,200 per month for a studio unit.

August 3, 2021

Arkansas Development Southeast Student Housing

Aspen Heights, Platform Ventures Open 202-Unit Student Housing Community Near University of Arkansas

by John Nelson August 3, 2021

FAYETTEVILLE, ARK. — Aspen Fayetteville, a 202-unit student housing community located less than one mile from the University of Arkansas campus in Fayetteville, has opened ahead of schedule. Austin, Texas-based student housing developer and owner Aspen Heights developed the property and will manage it on behalf of the owner, an entity affiliated with Platform Ventures. Located on Beechwood Avenue, Aspen Fayetteville offers a mix of two-, three- and four-bedroom units that are fully furnished by Gus Design Group. Shared amenities include an indoor and outdoor fitness center, resort-style swimming pool, hot tub, lounge and study rooms, a fire pit and grilling station.

August 3, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 310-Unit Infinity at the Rim Apartments in San Antonio

by Taylor Williams August 2, 2021

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Infinity at the Rim, a 310-unit apartment community in San Antonio. Built in 2018, the mid-rise property is located on a five-acre site within The Rim, a 1.8 million-square-foot mixed-use development on the city’s northwest side. Units feature studio, one-, two- and three-bedroom floor plans with an average size of 997 square feet. Amenities include a rooftop terrace, infinity pool and an outdoor amphitheater. Will Balthrope and Drew Garza of IPA represented the seller, Florida-based DeBartolo Development, in the transaction and procured the Maryland-based buyer.

August 2, 2021

Acquisitions California Multifamily Western

IPA Arranges $74.1M Sale of The Dylan Multifamily Property in Oceanside, California

by Amy Works August 2, 2021

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan, a multifamily property located in Oceanside. 29th Street Capital sold the asset to 550 Los Arbolitos Owner LLC for $74.1 million, or $356,250 per unit. Built in 1973, The Dylan features 208 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools, two spas, a gym and a business center. Christopher Zorbas, Alexander Garcia Jr. and Tyler Martin of IPA represented the seller and procured the buyer in the deal.

August 2, 2021

Acquisitions California Multifamily Western

Mogharebi Group Brokers $18M Sale of Country Club Apartments in San Bernardino, California

by Amy Works August 2, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club Apartments is a two-story community comprising 71,428 square feet of rentable space. The complex is situated on a 5.4-acre site. Country Club Apartments features two-bedroom floor plans with an average size of 903 square feet.

August 2, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 24-Unit Vida Nueva Apartments in Tucson

by Amy Works August 2, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Vida Nueva Apartments, a multifamily property in Tucson. Equilibrium Villas Vida Blue LLC acquired the asset from Seajak Properties for $1.2 million. Located at 3525 N. Stone Ave., the 28,228-square-foot property features 24 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

August 2, 2021

Connecticut Loans Massachusetts Multifamily Northeast Seniors Housing

Ziegler Arranges $85.5M Bond Financing for Three Senior Living Properties in New England

by Taylor Williams August 2, 2021

CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.

August 2, 2021

Acquisitions Georgia Mixed-Use Multifamily Southeast

Kaplan Residential Sells Mixed-Use Apartment Community in Metro Atlanta for $59.2M

by John Nelson August 2, 2021

SANDY SPRINGS, GA. — Kaplan Residential, a multifamily developer with offices in Atlanta and Miami, has sold Square One, a 203-unit mixed-use multifamily community in Sandy Springs. Atlanta-based Audubon purchased Square One for $59.2 million. Located at 6050 Roswell Road, Square One encompasses studios starting from 620 square feet to two-bedroom units spanning 1,361 square feet. Unit interiors feature stainless steel appliances, full-size washers and dryers, nine- and 10-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms and walk-in closets. Community amenities include a rooftop bar and pool, coffee bar, onsite dog park, preferred parking for energy-efficient cars and a fitness center. The property also includes 10,000 square feet of retail space on the ground level leased to a wax salon, nail salon, gym and Vietnamese restaurant. George Morgan and Candy Morgan of George S. Morgan Development Co. Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted architectural firm Niles Bolton Associates to design the shared amenity spaces, units and overall structure. Robert Stickel of Cushman & Wakefield represented the buyer in the transaction. Steven Kennedy of Seyfarth Shaw represented the seller. Kaplan Residential opened the five-story property, which sits at the corner …

August 2, 2021

Affordable Housing District of Columbia Multifamily Southeast

NMHC Opposes Late Push by Congress to Extend CDC’s Eviction Moratorium

by John Nelson August 2, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has issued a statement in strong opposition to legislation being considered by Congress to create a national eviction moratorium through the end of the year. The legislation would extend the Centers for Disease Control and Prevention’s (CDC) residential eviction ban, which was created in September 2020 and extended three times before expiring on Saturday, Aug. 1. The House of Representatives, which is currently on its scheduled August recess, was unable to pass new legislation before the eviction moratorium deadline. The Senate will begin its August recess next week. NMHC led a coalition of national real estate trade groups in sending a letter urging Congress to focus instead on accelerating the distribution of nearly $50 billion in federal Emergency Rental Assistance Program (ERAP) funds that were provided by Congress earlier this year. The NMHC states that the eviction moratorium jeopardizes the financial stability of housing providers and is not constructive in supporting the continued affordability and availability of housing. The Washington, D.C.-based trade association supports federal programs as a means to help provide renter relief benefits, which it cites as helping millions of Americans pay their rent amid the COVID-19 pandemic.

August 2, 2021

Indiana Loans Lument Midwest Multifamily

Lument Provides $50.4M Acquisition Loan for Apartment Community in Carmel, Indiana

by Kristin Harlow August 2, 2021

CARMEL, IND. — Lument has provided a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit apartment community in the Indianapolis suburb of Carmel. The seller purchased the property in 2004 and completed a $19.7 million renovation in 2016. The new owner plans to complete more than $5 million in additional renovations. Gramercy was originally built in 1967 and consists of 34 two-story buildings. Amenities include a fitness center, pool, sports court, dog parks and playgrounds. Occupancy has averaged 94 percent since March 2020. Xavier Salinas of Lument originated the 10-year loan, which features three years of interest-only payments, an adjustable interest rate and a 30-year amortization schedule. The buyer and seller were not disclosed.

August 2, 2021

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