Multifamily

Cushman & Wakefield Secures $90M Refinancing for Multifamily Property in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Cushman & Wakefield has secured $90 million in refinancing on behalf of Arya Peachtree, a 282-unit multifamily property in Atlanta. Mike Ryan, Brian Linnihan, Blake Cohen, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the refinancing loan on behalf of the borrower, Perennial Properties Inc. Arya Peachtree offers studio, one-, two- and three-bedroom floorplans. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers and floor-to-ceiling windows. Community amenities include a pool, grills, fitness center, sport lawn, fire pit, putting green, dog spa, flexible workspace stations, bike room and controlled access parking. Additionally, the newly constructed 12-story building has 16,346 square feet of office and retail space on the first two floors. Located at 1777 Peachtree St. NE, the property is situated between Buckhead to the north and Midtown to the south with access to the Interstate 75-85 Connector.

March 25, 2022

Acquisitions Multifamily Student Housing Texas

Preiss Co. Acquires 828-Bed Student Housing Property Near Texas A&M University

by Taylor Williams March 25, 2022

COLLEGE STATION, TEXAS — The Preiss Co. has acquired University Trails College Station, an 828-bed student housing property located within walking distance of the Texas A&M University campus in College Station. The community offers a mix of one-, two-, three- and four-bedroom units that are fully furnished and feature private balconies. Shared amenities include a sand volleyball court, pool and hot tub, basketball court, two fitness centers, a business center and multiple study rooms. Preiss Co. plans to implement a value-add program.

March 25, 2022

Development Multifamily Texas

Sparrow Partners, Welltower Underway on 195-Unit Active Adult Community in Metro Austin

by Taylor Williams March 25, 2022

PFLUGERVILLE, TEXAS — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) are underway on construction of Amberlin Pflugerville, a 195-unit active adult community located on the northern outskirts of Austin. The property will feature one- and two-bedroom units for renters aged 55 and above that will range in size from 615 to 1,285 square feet. Amenities will include a pool, fitness center, game room, media lounge, community kitchen and coffee bar, dog park and pickleball and bocce ball courts. Rents will run from $1,500 to $2,500 per month. FK Architecture is designing the project. Completion is slated for this fall.

March 25, 2022

Loans Multifamily New York Northeast

Axiom Capital Arranges $13.5M Loan for Refinancing of Upstate New York Multifamily Property

by Taylor Williams March 25, 2022

SARATOGA SPRINGS, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.5 million loan for the refinancing of a 63-unit multifamily property in the upstate New York city of Saratoga Springs. The unnamed property includes 5,423 square feet of commercial space. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

March 25, 2022

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $27.6M Sale of Fairview Apartments in Aurora, Colorado

by Amy Works March 24, 2022

AURORA, COLO. — Marcus & Millichap has arranged the sale of Fairview Apartments, a multifamily property in Aurora. The asset traded for $27.6 million, or $276,000 per unit. Constructed in 1974 and renovated in 2018, Fairview Apartments features 30 three- and four-bedroom townhome units and 70 one- and two-bedroom flats. Within the last two years, all but 15 of the units have been upgraded. Situated on eight acres, the community also offers picnic and barbecue areas, playgrounds, a dog park, community garden and laundry facilities. Jason Hornik and Greg Price of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.

March 24, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Castle Lanterra Acquires 160-Unit Active Adult Community in Bonita Springs, Florida

by Julia Sanders March 24, 2022

BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.

March 24, 2022

Acquisitions Multifamily Student Housing Texas

Homestead U Acquires 797-Bed Student Housing Property Near Texas A&M University

by Taylor Williams March 24, 2022

COLLEGE STATION, TEXAS — Homestead U has acquired Aspen Heights College Station, a 797-bed student housing property located near Texas A&M University in College Station. The community was acquired in partnership with Columbus Pacific and its affiliates for an undisclosed price. The property offers cottage-style units with bed-to-bath parity across 27 acres. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, game room, computer lab and a study lounge. The seller and sales price were not disclosed.

March 24, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $12M Sale of Apartment Complex in Chicago’s Hyde Park

by Kristin Harlow March 24, 2022

CHICAGO — Interra Realty has brokered the sale of 5505 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood for $12 million. Built in 2020, the 34-unit apartment complex features a covered garage with 20 parking spaces as well as 14 surface parking spaces. Brad Feldman of Interra represented the seller, a local developer, and the local buyer, an entity doing business as 5505 S. Dorchester LLC. The buyer plans to add a rooftop deck.

March 24, 2022

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Negotiates $2.9M Sale of Indiana Multifamily Portfolio

by Kristin Harlow March 24, 2022

MERRILLVILLE, IND. — Marcus & Millichap has negotiated the $2.9 million sale of a 32-unit multifamily portfolio in Merrillville, a city in Northwest Indiana. The portfolio is spread across eight buildings, which were constructed in the late 1980s and early 1990s. Units average 1,031 square feet. The portfolio was fully leased at the time of sale. Of the 32 units, 12 are Section 8 and 20 are market-rate. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

March 24, 2022

Loans Multifamily Seniors Housing Texas

CBRE Arranges $54.4M Refinancing for The Village at Woodlands Waterway in Metro Houston

by Taylor Williams March 24, 2022

THE WOODLANDS, TEXAS — CBRE has arranged the $54.4 million refinancing of The Village at Woodlands Waterway, a seniors housing community located north of Houston. Built on 2.7 acres in 2011, the property comprises 116 independent living residences, 63 assisted living units and 28 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE arranged the three-year, nonrecourse loan, which carried a floating interest rate, through an undisclosed debt fund. The borrower was a partnership between the Saudi Economic & Development Co. and Madison Marquette.

March 24, 2022

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