Multifamily

CBRE Secures $100.2M Acquisition Financing for Multifamily Property in Tampa

by Julia Sanders April 22, 2022

TAMPA, FLA. — CBRE has arranged a total of about $100.2 million in equity and debt acquisition financing for Bainbridge Ybor City, a 240-unit multifamily property in Tampa. An unnamed private investor purchased the Class A apartment community for $90.7 million with plans to use the proceeds to fund capital improvements. Eric Fixler, Chandler Kaye and Chris Smiles of CBRE arranged the financing on behalf of the borrower. Square Mile Capital provided a $67.6 million senior loan, and CBRE secured $32.6 million in equity provided by an international private equity group. Built in 2018, Bainbridge Ybor City is a four-story property that offers studio, one- and two-bedroom units averaging 870 square feet. Unit features include hardwood flooring, chef-inspired kitchens with large center islands, quartz countertops and stainless steel appliances. Community amenities include a pool and sundeck, outdoor lounge, 24-hour fitness center, yoga studio and personal training room featuring on-demand fitness options, clubroom with arcade and secure garage parking. Located at 1512 E. 12th Ave., the property is situated 1.6 miles from downtown Tampa and 10.7 miles from Tampa International Airport.

April 22, 2022

Florida Loans Multifamily Southeast

Madison Realty Capital Originates $55M Loan for Multifamily Project in Miami’s Edgewater District

by Julia Sanders April 22, 2022

MIAMI — Madison Realty Capital has originated a $55 million construction loan for Metro at Edgewater, a 32-story, 279-unit residential apartment development in Miami. Melissa Rose and Jesse Wright of JLL Capital Markets arranged the financing. The unnamed borrower(s) will also use the funds to construct the adjacent 18-unit Sonder building. The overall project is slated for completion by July 2023. Metro at Edgewater will contain 266,306 square feet of residential space and 4,230 square feet of ground floor retail space. The property will offer a unit mix of one-, two- and three-bedroom floorplans. Community amenities will include a coffee bar, hotel-style pool deck, fitness center, juice bar, coworking spaces, library, 24-hour lobby attendant and 312 onsite parking spaces. Located at 430 NE 31st St. in Miami’s Edgewater neighborhood, the property is situated 12 miles from the University of Miami and 7.2 miles from Miami International Airport.

April 22, 2022

Development Multifamily New Jersey Northeast

Garden Communities Begins Leasing 377-Unit Apartment Complex in Hackensack, New Jersey

by Taylor Williams April 22, 2022

HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment complex in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two-bedroom units ranging in size from 735 to 1,598 square feet. Residences are furnished with quartz countertops, custom cabinetry, individual washers and dryers and keyless entry mechanisms. Amenities include a pool, fitness center, private bowling alleys, a billiards and entertainment room, golf simulator, business center, children’s playroom, outdoor grilling and dining areas, meditation gardens and a dog park. Rents start at $2,240 per month for a one-bedroom unit.

April 22, 2022

Loans Midwest Minnesota Multifamily

Mesa West Capital Provides $85M Acquisition Loan for Multifamily Property in Suburban Minneapolis

by Kristin Harlow April 22, 2022

BLOOMINGTON, MINN. — Mesa West Capital has provided an $85 million loan for the acquisition of Hampshire Hill, a 534-unit multifamily property in the Minneapolis suburb of Bloomington. Located at 10660 Hampshire Ave., the community was 96 percent occupied at the time of loan closing. The property was built in 1987 and partially renovated in 2019. Murray Kornberg of Colliers arranged the loan on behalf of the borrower, Minneapolis-based multifamily investment firm Bader Diamond Funds.

April 22, 2022

Acquisitions California Industrial Multifamily Western

One Shasta Purchases 266-Acre Industrial Site in Mount Shasta, California

by Amy Works April 22, 2022

MOUNT SHASTA, CALIF. — One Shasta LLC has purchased a 266-acre property in Mount Shasta. Crystal Geyser Water Co. sold the asset for $7.1 million. The property comprises industrial, low-intensity agriculture and residentially zoned land in Siskiyou County, Calif. Additionally, the acquisition includes a 144,900-square-foot industrial building at 210 Ski Village Drive. The building offers dock-high access and proximity to Interstate 5. John Troughton and Adam Elomari of Kennedy Wilson Brokerage represented the buyer in the deal.

April 22, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Brokers Sale of 120-Unit Kipling Meadows Independent Living in Arvada, Colorado

by Amy Works April 22, 2022

ARVADA, COLO. — Evans Senior Investments (ESI) has arranged the sale of The Kipling Meadows, a 120-unit independent living community in the first-ring Denver suburb of Arvada. Built in 2008 with a renovation in 2018, Kipling Meadows averaged 86 percent occupancy in the three months prior to sale. “With the community recently recovering occupancy back to 90 percent in just the latest month, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 6 percent rental rate increase,” says Hank Fuller, senior associate with ESI. ESI represented the seller, an institutional private equity group, in the transaction. The buyer was regional operator looking to expand in Colorado. The price was not disclosed.

April 22, 2022

Acquisitions Multifamily Texas

Next Wave Investors Buys 232-Unit Casa Luna Apartments in East Dallas

by Taylor Williams April 21, 2022

DALLAS — Next Wave Investors, a private equity firm based in Southern California, has purchased Casa Luna Apartments, a 232-unit multifamily community in East Dallas. The property was built in 1969 and features one-, two- and three-bedroom units and amenities such as a playground, clubhouse, lounge, courtyard and onsite laundry facilities. Next Wave plans to implement a value-add program to enhance unit interiors, building exteriors, utility systems and landscaping. The seller and sales price were not disclosed.

April 21, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Grandbridge Negotiates $45M Sale of Seniors Housing Community in Metro Orlando

by Julia Sanders April 21, 2022

CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.

April 21, 2022

Development Loans Multifamily Washington Western

CBRE Arranges $85.5M Construction Loan for Ion Multifamily Development in Shoreline, Washington

by Amy Works April 21, 2022

SHORELINE, WASH. — CBRE has secured an $85.5 million construction loan for the development of Ion, a 252-unit apartment community in Shoreline. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Capital Markets Debt & Structured Finance team arranged the loan for AAA Management, the developer. Located at 345 NE 149th St., Ion will feature seven stories of residential space above three levels of subterranean parking with 241 parking spaces. Tenant amenities will include a fitness facility, rooftop deck and bike storage. Completion is slated for April 2024, with an opening scheduled for July 15, 2024.

April 21, 2022

Development Multifamily New York Northeast

HAP Investments Nears Completion of 112-Unit Multifamily Project in Manhattan

by Taylor Williams April 21, 2022

NEW YORK CITY — New York City-based developer HAP Investments is nearing completion of a 112-unit multifamily project located at 225 W. 28th St. in Manhattan’s Chelsea neighborhood. The 20-story building’s one- and two-bedroom units and three penthouses feature custom white oak cabinetry and marble countertops, and amenities include a pool, fitness center with a sauna and steam room, children’s play area and a rooftop deck with grilling areas. HAP Investments has received a temporary certificate of occupancy (TCO), allowing the first move-ins to commence, and expects to receive a permanent certificate this fall. More than 60 percent of the units were preleased at the time of the TCO issuance.

April 21, 2022

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