Multifamily

IRA Capital Buys 160-Unit Seniors Housing Portfolio in Northern California for $106.5M

by Amy Works February 2, 2022

DUBLIN AND NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master planned community near shopping centers, restaurants and medical facilities. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” says IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors housing units over the next couple years. As part of …

February 2, 2022

Development Multifamily Utah Western

Lowe Property Group, MVE + Partners Open Dixon Place Apartment Community in Salt Lake City

by Amy Works February 2, 2022

SALT LAKE CITY — Lowe Property Group, along with MVE + Partners as designer, has opened Dixon Place, a 49,049-square-foot mixed-used multifamily property in Salt Lake City. Located at 1034 E. Elm Ave., Dixon Place features 35 one-bedroom and 24 two-bedroom units with full kitchens and bathrooms, as well as washers/dryers. The property also includes 2,200 square feet of ground-floor commercial space. Community amenities include a business lounge and conference room for remote workers, a fitness center, bike storage, Bark Park for pets, electric vehicle charging stations, a coffee bar and pool table.

February 2, 2022

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Arranges Sale of 167-Unit Seniors Housing Community in Nampa, Idaho

by Amy Works February 2, 2022

NAMPA, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Boise suburb of Nampa. The single-story community features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds. The REIT owner and operator collectively decided to divest the property, as it was the operator’s only Idaho location. Cascades Healthcare acquired the asset for an undisclosed price.

February 2, 2022

Acquisitions Affordable Housing Illinois Midwest Multifamily Top Stories

Turner Impact Capital Acquires 1,155-Unit Workforce Housing Property in Suburban Chicago for $137M

by Kristin Harlow February 2, 2022

GLENDALE HEIGHTS, ILL. — Turner Impact Capital has acquired Ellyn Crossing Apartments, a 1,155-unit workforce housing property in Glendale Heights, a western suburb of Chicago. The sales price of $137 million, as reported by Crain’s Chicago Business, and the number of units mark the biggest suburban Chicago apartment deal ever, according to research firm Real Capital Analytics. With this acquisition, Turner Impact Capital’s housing portfolio now includes nearly 2,800 units in the Chicagoland area and over 11,200 units of workforce housing in metropolitan areas across the nation. These properties serve more than 18,600 low- and moderate-income residents such as teachers, police officers and healthcare workers. These employees often earn too much to qualify for subsidized housing but too little to afford higher-cost housing near their workplaces, according to Turner Impact Capital. “As Americans face double-digit rent increases in markets nationwide, along with limited housing supply and uncertainty surrounding the pandemic, our need for housing solutions is more urgent than ever,” says Bobby Turner, CEO of Turner Impact Capital. “Our scalable investment model has uplifted communities far and wide by putting affordable, quality housing within reach for thousands of families while generating strong risk-adjusted returns for investors. The model proves that …

February 2, 2022

Features Industrial Loans Multifamily

Exclusive France Media Survey Shows Lenders Are Placing Their Bets on Multifamily, Industrial Sectors

by Taylor Williams February 2, 2022

By Matt Valley An overwhelming percentage of direct lenders and financial intermediaries believe the multifamily and industrial sectors provide the most attractive financing opportunities for the lending community today, according to France Media’s 11th annual reader forecast survey. Conversely, the hotel and office sectors offer the least attractive financing opportunities, say survey participants. More specifically, 83 percent of participants in the email survey conducted between Nov. 19 and Dec. 13 indicate that the multifamily sector provides the most attractive financing opportunities, followed by industrial (75 percent), mixed-use (25 percent), retail (17 percent), hotel (14 percent) and office (7 percent). Multiple answers were permitted for this question. On the flip side, 62 percent of respondents believe that the hotel sector provides the least attractive financing opportunities, followed by office (58 percent), retail (27 percent), multifamily (7 percent), industrial (3 percent) and mixed-use (0 percent). Despite the persistence of the COVID-19 pandemic — which as of early January had claimed the lives of more than 830,000 Americans and has hobbled the hotel, office and retail sectors for nearly two years — the real estate fundamentals of the apartment and industrial sectors have remained rock solid. Fueled by strong tenant demand, the national …

February 2, 2022

California Market Reports Multifamily Western Western Market Reports

Institutional Money, Private Investors Continue to Flock to Inland Empire Multifamily Market

by Jeff Shaw February 2, 2022

By Eric Chen, Senior Vice President, CBRE Multifamily has been a well-performing real estate segment during the past 18 months as demand for housing continues to trump supply in most of California. The Inland Empire has been the recipient of much of this demand within the Greater Los Angeles and Southern California regions due to their economic and population growth. Tenants are also in search of more affordable, quality dwellings outside the urban core. Due to the confluence of these factors, multifamily vacancies in the area are at an all-time low of less than 5 percent. This is exasperated by the fact that new developments are at the lowest level across the nation, pushing rent growth to No. 1. This dynamic is, of course, ideal for investors who seek stable, income-producing investments with potential upside and little risk of oversupply. We do expect additional apartment properties to be built in the coming year or two, which will create more investment opportunities and provide more options for tenants who are new to the region or relocating from within. Looking back on this year, we have seen a number of large institutional-sized transactions between $25 million and $100 million, with investors ranging …

February 2, 2022

Florida Loans Multifamily Southeast

JLL Provides $37M Agency Refinancing for Multifamily Portfolio in Gainesville, Florida

by Julia Sanders February 1, 2022

GAINESVILLE, FLA. — JLL Capital Markets has secured $37 million for the refinancing of a four-property, 460-unit multifamily portfolio in Gainesville. Elliott Throne, Kenny Cutler and Karim Khaiboullin of JLL worked on behalf of the borrower, American Commercial Realty, to secure the 10-year, fixed-rate Fannie Mae loans. JLL Real Estate Capital LLC, a Fannie Mae DUS lender and a wholly owned indirect subsidiary of Jones Lang LaSalle Inc., will service the loans. The properties include the 141-unit Hammocks by Butler, the 98-unit Hammocks off 6th, the 69-unit Hammocks on 34th and the 152-unit Hammocks on 20th. American Commercial Realty recently completed renovations on all four properties, including updated amenities and new floors, quartz countertops, stainless steel appliances, modern cabinetry and walk-in closets in the units. Community amenities at the portfolio include swimming pools, outdoor grilling stations and fitness centers. The four multifamily communities are located close to Interstate 75, the University of Florida and Shands Medical Center. Three of the four properties are near Butler Plaza, a shopping center development with over 150 stores and restaurants.

February 1, 2022

Development Midwest Multifamily Ohio

Milhaus Breaks Ground on $43M Apartment Development in Springdale, Ohio

by Kristin Harlow February 1, 2022

SPRINGDALE, OHIO — Milhaus has broken ground on Array, a $43 million apartment development in the Cincinnati suburb of Springdale. The 216-unit project, situated at 11911 Sheraton Lane, will include amenities such as a dog park, resident lounge, communal kitchen, pool, fitness center, conference rooms, coworking spaces and rentable office space. The project team includes architect M+A Architects, interior designer Studio 5 and engineer Bayer Becker. Completion is slated for March 2023.

February 1, 2022

Acquisitions Midwest Minnesota Multifamily

CBRE Brokers Sale of 142-Unit Luxury Multifamily Property in Duluth, Minnesota

by Kristin Harlow February 1, 2022

DULUTH, MINN. — CBRE has brokered the sale of ENDI Apartments in Duluth, a city in eastern Minnesota. The sales price was undisclosed. The 142-unit luxury multifamily property includes 13,876 square feet of retail space that is fully leased. The development is located at 2120 London Road along Lake Superior. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, Lift Bridge Partners LLC. Endi Plaza LLC was the buyer.

February 1, 2022

Colorado Development Loans Multifamily Western

Realty Capital Residential, Lang Partners Receive $54.5M Construction Loan for Tree Farm Lofts in Basalt, Colorado

by Amy Works February 1, 2022

BASALT, COLO. — Dallas-based Realty Capital Residential and Lang Partners have secured a $54.5 million construction loan for the development of Tree Farm Lofts in Basalt. JLL Capital Markets arranged the construction financing, which was provided by Andy Kolos of Wintrust’s Denver Commercial Real Estate office. Located within the 40-acre Tree Farm mixed-use development, the six-building community will feature 196 apartments, ranging from 485 square feet to 1,110 square feet, in a mix of studios, one-bedroom, two-bedroom and co-living floor plans. Forty of the apartments will be designated as affordable. Community amenities will include co-working office space, an outdoor terrace with firepits, a resort-style pool, hot tubs, a grill area, clubhouse with a fitness center, pet wash and bike, kayak and ski storage. Construction is underway, with completion scheduled for July 2024.

February 1, 2022

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