Multifamily

Evergreen, Synergy, Chicago Housing Authority Complete $81M Affordable Seniors Housing Community

by Julia Sanders July 15, 2021

CHICAGO — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority have completed construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on the north side of Chicago. The property was previously the Ravenswood Hospital, which was built in 1974 and fell vacant in 2002. The redevelopment project cost $81 million and took a year-and-a-half to complete. Located between Damen and Ravenswood avenues, Ravenswood Senior Living is a 10-story building that is situated close to public transit, including the Damen and Montrose Brown Line stations and the Ravenswood Metra stop. The seniors housing property has 74 one-bedroom independent living apartments for Chicago Housing Authority residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services. While the two communities are in the same building, the facilities have separate entrances and operate independently from each other. Evergreen is managing the independent living community, located at 4515 N. Winchester Ave., while Asbury Healthcare will operate the supportive living community, located at 1922 W. Sunnyside Ave. The independent living portion of the property …

July 15, 2021

Acquisitions Multifamily Texas

American Landmark Acquires 368-Unit Olympus at Ross Apartments in Dallas

by Taylor Williams July 15, 2021

DALLAS — Tampa-based multifamily investment firm American Landmark has acquired Olympus at Ross, a 368-unit apartment community located in the Bryan Place neighborhood of Dallas. Built in 2015, the property offers one- and two-bedroom units with quartz countertops, keyless entry mechanisms and stainless steel appliances. Amenities include a pool, outdoor grilling area, fitness studio, social lounge, cybercafé and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Olympus Property, in the transaction. American Landmark will rebrand the property as Macallan at Ross.

July 15, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 249-Unit Apartment Community in Rowlett, Texas

by Taylor Williams July 15, 2021

ROWLETT, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Village of Rowlett, a 249-unit apartment community located on the northeastern outskirts of Dallas. The property was built in 2018. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and kitchen islands. Covered patios and enclosed yards are available in select units. Communal amenities include a pool, fitness center, business center, outdoor grilling stations and a coffee bar. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Catalyst Urban Development, in the transaction. The team also procured California-based investment firm Buchanan Street Partners as the buyer.

July 15, 2021

Polaris-Wadsworth-Station-Apts-Broomfield-CO

Colorado Development Loans Multifamily Western

JLL Arranges $50M in Construction Financing for Polaris Wadsworth Station Apartments Near Denver

by Amy Works July 15, 2021

BROOMFIELD, COLO. — JLL Capital Markets has arranged a $50 million construction loan for the development of Polaris Wadsworth Station Apartments, a multifamily property in Broomfield. The borrower and developer is Mountain View Capital. Kristian Lichtenfels of JLL Capital Markets secured the five-year, floating-rate loan with a national bank. Slated for completion in January 2023, Polaris Wadsworth Station will feature 276 one-, two- and three-bedroom units averaging 869 square feet. Apartments will feature in-unit washers/dryers, walk-in closets, smart unit packages and balconies/patios. Community amenities will include courtyards, a fitness facility and property-wide Wi-Fi.

July 15, 2021

Acquisitions Multifamily Nevada Student Housing Western

Versity Investments Buys 429-Bed Student Housing Community Near the University of Nevada, Reno for $59M

by Amy Works July 15, 2021

RENO, NEV. — Versity Investments has acquired Wolf Run, a 429-bed student housing community serving students attending the University of Nevada, Reno, for $59 million. The property consists of 17 one-, two- and three-story residential buildings alongside a two-story clubhouse and leasing office. The seller in the transaction was undisclosed. “Wolf Run proved itself in this market over a very difficult last 12 months,” says Brian Nelson, president of the Aliso Viejo, California-based company. “We believe the property’s location being two blocks from campus and fresh renovations had everything to do with its 99 percent occupancy during COVID.”

July 15, 2021

Loans Multifamily Nevada Western

Ready Capital Closes $7M Loan for Multifamily Property in Las Vegas

by Amy Works July 15, 2021

LAS VEGAS — Ready Capital has closed a $7 million loan for the acquisition, renovation and stabilization of a 120-unit, Class B apartment community located in the Paradise Valley East submarket of Las Vegas. Upon acquisition, the undisclosed borrower will convert the seniors housing property into traditional market-rate multifamily units and upgrade exteriors to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month, two extension options, flexible prepayment plan and a facility to provide future funding for capital expenditures.

July 15, 2021

Acquisitions Conference Coverage Development Features Leasing Activity Multifamily Student Housing Texas Texas & Oklahoma Feature Archive

‘Power Panel’ at InterFace Event Provides Positive Outlook for Student Housing Sector Post-COVID-19

by John Nelson July 15, 2021

Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …

July 15, 2021

Affordable Housing Development Multifamily Texas

NRP Group to Develop Two Affordable Housing Properties Totaling 666 Units in San Antonio

by Taylor Williams July 14, 2021

SAN ANTONIO — The NRP Group, a Cleveland-based developer, will build two affordable housing properties totaling 666 units in San Antonio. Seven07 Lofts will feature 318 units in one-, two-, three- and four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income (AMI). Amenities at Seven07 Lofts will include a fitness center and a pool. Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. NRP Group is co-developing the properties with the San Antonio Housing Facility Corp. Kyle Kolesar of KeyBank Community Development Lending and Investment (CDLI) secured $46.6 million in financing for Seven07 Lofts and $60.6 million in financing for Frontera Crossing on behalf of NRP Group.

July 14, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 224-Unit Summit at Landry Way Apartments in Fort Worth

by Taylor Williams July 14, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit at Landry Way, a 224-unit apartment community in Fort Worth. Built in 1978, the property sits on a 12-acre tract just off Interstate 30 near the downtown area. According to Apartments.com, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, tennis court, picnic area and onsite laundry facilities. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA collaborated with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover to represent the seller, Miami-based One Real Estate Investment, in the transaction. The team also procured the buyer, Aspen Capital Group Inc., a private equity firm based in southwest Florida, which will implement a value-add program.

July 14, 2021

Acquisitions Georgia Multifamily Southeast

Fogelman, Thackeray Purchase 150-Unit Legacy at Lanier Apartments in Gainesville, Georgia

by Julia Sanders July 14, 2021

GAINESVILLE, GA. — Fogelman Properties, in a joint venture with Dallas-based Thackeray Partners, has purchased the Legacy at Lanier apartments in Gainesville. The sales price and seller were not disclosed. Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one-, two- and three-bedroom apartment homes. The property was 98 percent occupied at the time of sale with rental rates ranging from $850 to $1,275. The new ownership will undertake community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors. Located at 1750 Columns Drive, the property is situated nine miles away from Lake Lanier. The apartment transaction marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.

July 14, 2021

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