Multifamily

Marcus & Millichap Brokers $23.8M Sale of Ashley Terrace Apartments in Vancouver, Washington

by Amy Works August 16, 2021

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of Ashley Terrace, a multifamily property located at 4500 Nicholson Road in Vancouver. Next Wave Investors LLC acquired the asset from an undisclosed seller for $23.8 million. Built in 1993, Ashley Terrace features 118 apartments in a mix of one-, two- and three-bedroom layouts, a clubhouse, fitness center, pool and tennis court. Next Wave plans to implement a renovation program including new appliances, lighting, plumbing, solid-surface flooring in most rooms, new carpet in bedrooms and upgraded kitchens, as well as repairs and maintenance to the exterior and common areas. Khari Gates and Georgie Christensen-Riley of Marcus & Millichap represented the buyer. Marcus & Millichap also represented the seller in the deal.

August 16, 2021

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s South End Remains ‘Go-To’ Submarket for Young Renters

by John Nelson August 16, 2021

Charlotte’s South End district has firmly established itself as one of the most dynamic millennial urban submarkets in the Sun Belt. It is increasingly on par with the most thriving areas in other growth cities such as Atlanta, Austin and Nashville and is becoming a 24-hour neighborhood with dining, nightlife and high-end jobs. Charlotte is one of the few cities in the region that has both a true city center as well as a relevant mass transit system. The city’s LYNX Blue Line, which runs from Interstate 485 to the University of North Carolina at Charlotte’s main campus, has proven to be very meaningful for the local multifamily market. LYNX was the catalyst driving South End’s emergence and gives the neighborhood its own heartbeat as renters can commute to Uptown for work or UNC Charlotte for class. Developers are taking note with several apartment projects and mixed-use developments underway in the area, including Broadstone Queen City and Haven South End. As South End has grown into a more dynamic district, Charlotte is becoming an even more attractive destination for recent college grads who are looking to work in the city’s established financial sector, as well as for firms like Lending …

August 16, 2021

California Loans Seniors Housing Western

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Madison Pettway August 13, 2021

ROLLING HILLS ESTATES, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story 65,000-square-foot seniors housing community to be operated by Cadence Living. The financing was provided by a large regional bank.

August 13, 2021

Colorado Multifamily Western

Berkadia Arranges $18M Apartment Property Sale in Loveland, Colorado

by Madison Pettway August 13, 2021

LOVELAND, COLO. — Berkadia has negotiated the sale of The Gallery Flats, a mid-rise multifamily property in Loveland, about 50 miles north of Denver. The property sold for $18 million, or $273,485 per unit, the highest price per unit ever achieved for a multifamily asset in Loveland. Built in 2014 and located at 585 N. Lincoln Ave., The Gallery Flats comprises 66 units and features high ceilings, washers/dryers, energy-efficient appliances, plank flooring, a media room, clubhouse, ﬁtness center, controlled access, barbecue/picnic area and bike storage.Berkadia’s Nick Steele, John Laratta and Tyler King led the transaction on behalf of the undisclosed seller. No buyer information was provided.

August 13, 2021

Loans Multifamily Utah Western

Greystone Provides $9M Loan to Refinance 56-Unit Multifamily Property in Ogden, Utah

by Madison Pettway August 13, 2021

OGDEN, UTAH — Greystone has provided a $9 million loan through Fannie Mae for the refinancing of a newly constructed 56-unit multifamily property in Ogden, located about 40 miles north of Salt Lake City. Lorie Hanson and Shana Daby originated the financing on behalf of Knox on 12th Street LLC. The non-recourse loan carries a 12-year term, a fixed interest rate, four years of interest-only payments and a 30-year amortization period. Construction of the mid-rise, two-building Knox on 12th Street Apartments was completed in 2020. The property is located near the area’s shopping, entertainment and dining establishments, and is close to major arteries that lead to I-15 and Salt Lake City. The development features one- and two-bedroom units with in-unit washers and dryers, walk-in closets and private outdoor spaces. The community also offers 24-hour secure access and on-site parking.

August 13, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of Four Multifamily Properties Totaling 1,103 Units in San Antonio, Houston

by Taylor Williams August 13, 2021

SAN ANTONIO AND HOUSTON — Newmark has negotiated the sale of four multifamily properties totaling 1,103 units that are located within the major medical centers of San Antonio and Houston. Broadstone Oak Hills and Hawthorne House are proximate to the South Texas Medical Center in San Antonio, and 5755 Hermann Park and Equinox are located within the Texas Medical Center in Houston. Alliance Residential sold Broadstone Oak Hills, Hawthorne House and Equinox, and M-M Properties sold 5755 Hermann Park. River Rock Capital purchased the San Antonio properties, and Sun Holdings bought the Houston communities. Patton Jones, Matt Michelson, Zach Springer, David Mitchell and Thomas Alleman of Newmark brokered the deals.

August 13, 2021

Acquisitions Maryland Multifamily Southeast

Peak Management Acquires Ruxton Towers Apartments Near Baltimore for $35.6M

by Julia Sanders August 13, 2021

TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction. Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. More than half of the residential units were recently renovated with stainless steel appliances, espresso or oak cabinetry, granite countertops and vinyl or ceramic tile flooring. Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces. Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. The apartment community is located less than three miles …

August 13, 2021

Acquisitions Multifamily Texas

Thompson Realty, Trez Capital Sell 194-Unit Apartment Community in Metro Dallas

by Taylor Williams August 13, 2021

DESOTO, TEXAS — Thompson Realty Capital and equity partner Trez Capital have sold The Beacon on Westmoreland, a 194-unit apartment community that is situated on 10.4 acres in the southern Dallas suburb of DeSoto. The Class A property’s unit mix consists of 124 one-bedroom units, 58 two-bedroom units and 12 three-bedroom units that range in size from approximately 550 to 1,180 square feet. Amenities include a pool, fitness center, dog park, playground and a walking trail. Construction began in 2019. The buyer was not disclosed.

August 13, 2021

Development Multifamily New Jersey Northeast

Accurate Builders & Developers Completes 256-Unit Apartment Complex in Raritan, New Jersey

by Taylor Williams August 13, 2021

RARITAN, N.J. — New Jersey-based Accurate Builders & Developers has completed Crossings at Raritan Station, a 256-unit apartment complex in Raritan, located in the northern-central part of the Garden State. Designed by Devereaux and Associates, the transit-oriented property features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and modern espresso cabinets. Private balconies are also available in select residences. Amenities include a coffee bar, fitness center, tennis court, basketball court, dog park, meditation garden, outdoor grilling areas and Amazon package lockers. Monthly rental rates start at $1,892 for a studio unit. Leasing of the initial 113-unit phase began in May.

August 13, 2021

Loans Multifamily New York Northeast Seniors Housing

Axiom Capital Arranges $17.4M Loan for Refinancing of Independent Living Property in Upstate New York

by Taylor Williams August 13, 2021

SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate. The locally based borrower has owned and operated the facility since its construction.

August 13, 2021

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