Multifamily

MG Properties Buys 168-Unit Apartment Community in Martinez, California

by Amy Works November 29, 2021

MARTINEZ, CALIF. — San Diego-based MG Properties Group has acquired Maris at Martinez, a multifamily property located at 142 Fig Tree Lane in Martinez. Terms of the transaction were not released. Formerly known as Terra Martinez, the 168-unit community was built in 1985. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Institutional investors advised by JP Morgan Asset Management provided mortgage financing for the acquisition. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the acquisition financing.

November 29, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $11.1M in Financing for Multifamily Property in Tucson, Arizona

by Amy Works November 29, 2021

TUCSON, ARIZ. — Ready Capital has closed $11.1 million in financing for the acquisition, renovation and stabilization of a 96-unit apartment community in the West University submarket of Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan curing deferred maintenance and renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

November 29, 2021

Acquisitions Multifamily Washington Western

Colliers Negotiates $7.3M Acquisition of Marco Apartments in North Seattle

by Amy Works November 29, 2021

SEATTLE — Colliers has arranged the purchase of The Marco, a multifamily property located in the Roosevelt submarket of North Seattle. An undisclosed seller sold the asset for $7.3 million. Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman of Colliers represented the buyers, a local syndication group, in the transaction. Located at 9100 Roosevelt Way NE, The Marco features 25 apartments. The property was originally built in 1970 and is currently renting as market-rate apartments. Fourteen of the 25 units have been renovated over the last two years.

November 29, 2021

Development Illinois Midwest Multifamily

Draper and Kramer Opens 120-Unit Wrigleyville Lofts Apartment Complex in Chicago

by Kristin Harlow November 29, 2021

CHICAGO — Draper and Kramer Inc. has opened Wrigleyville Lofts, a 120-unit apartment complex located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. Additionally, Lakeview Ace Hardware, which occupied the single-story structure that previously stood on the development site, has reopened in the building’s first-floor retail space. The store’s owner, Joe Lomanto, is also a minority owner in the development. Sullivan, Goulette & Wilson Architects designed the seven-story project, which is situated near Wrigley Field. There are 108 one-bedroom units and 12 two-bedroom units. Monthly rents start at $1,700. Amenities include a rooftop deck, coffee area, private clubroom, fitness center, bike storage, parking garage and meeting spaces. Leopardo Construction was the general contractor. Gershman Mortgage arranged project financing.

November 29, 2021

Acquisitions Iowa Midwest Multifamily Student Housing

Centurion Property Group Acquires 422-Bed Student Housing Community Near Iowa State for $25M

by Kristin Harlow November 29, 2021

AMES, IOWA — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million. Built in 2017, the property offers a mix of two-, three- and four-bedroom floorplans with bed-to-bath parity across four buildings. Shared amenities include a fitness center, game room, computer lab and study room. Centurion plans to begin renovations on the community and add a pet park and basketball court. Asset Living has been tapped to manage the property, which will be renamed The ONE at Ames. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller in the transaction. Aspen Ames marks the company’s third student housing acquisition in the past 18 months.

November 29, 2021

Loans Midwest Multifamily Nebraska

Colliers Mortgage Provides $3.7M Loan for Refinancing of Apartment Community in Kearney, Nebraska

by Kristin Harlow November 29, 2021

KEARNEY, NEB. — Colliers Mortgage has provided a $3.7 million Fannie Mae loan for the refinancing of Park Meadow Apartments in central Nebraska’s Kearney. The 84-unit apartment community is situated near local parks, dining, shopping and entertainment spots. Units feature walk-in closets and balconies. The 12-year loan features a 30-year amortization schedule. Park Meadow Partners LLC was the borrower.

November 29, 2021

Development Loans Multifamily Northeast Pennsylvania

Kawa Capital Arranges $25M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams November 29, 2021

PHILADELPHIA — Kawa Capital Management, a Florida-based financial planning and advisory firm, has arranged a $25 million construction loan for a 146-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. Developed by Arts + Crafts Holdings and designed by JKRP Architects, the seven-story building will feature studio, one- and two-bedroom units and include 3,459 square feet of ground-floor retail space. Completion is slated for February 2023.

November 29, 2021

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $75M Sale of Country Club Apartments in Charlotte

by Julia Sanders November 24, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $75 million sale of Country Club, a 454-unit apartment community in Charlotte. Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, New York-based JEM Holdings, in the transaction. New Jersey-based Concordia Properties acquired the property. Built in 1969, the Country Club offers one-, two- and three-bedroom floorplans that range in size from 647 to 1,405 square feet. The units include in-unit washers and dryers, vinyl flooring and walk-in closets. Community amenities include two playgrounds, a common lounge area, laundry facilities, soccer field and a pool. The property was 97 percent occupied at the time of sale. Located at 2332 Dunlavin Way, Country Club is situated near the 78-acre mixed-use Eastland Mall redevelopment located close to the future Lynx Gold Line stop at Eastway Drive. The property is also situated 5.8 miles from downtown Charlotte and 13.4 miles from Charlotte Douglas International Airport.

November 24, 2021

Acquisitions Multifamily North Carolina Southeast

Goldman Sachs, Lansing Melbourne Sell Metro Charlotte Apartment Community for $59M

by Julia Sanders November 24, 2021

KANNAPOLIS, N.C. — Goldman Sachs and Lansing Melbourne Group have sold Vida Kannapolis, a 289-unit apartment community in Kannapolis, about 25.9 miles north of Charlotte. Red Bank, N.J.-based Denholtz Properties purchased the recently delivered property for $59 million, or approximately $204,152 per unit. Located at 210 S. Main St. in downtown Kannapolis, Vida Kannapolis is a five-story complex that offers studio, one-, two- and three-bedroom floorplans. Built in March 2021, the units feature stainless steel appliances, washers and dryers and walk-in closets. Community amenities include a fitness center, pool, indoor parking, game room, grill, pet play area, roof terrace, elevator and bicycle storage. The monthly rent ranges from $1,455 to $1,895, according to Apartments.com. Goldman Sachs partnered with the Fort Lauderdale-based development firm Lansing Melbourne Group and the City of Kannapolis to build the property. Jonathan Brody of Rosewood Realty Group represented the buyer, Denholtz Properties, and Jacob Vogel of Rosewood Realty Group represented the sellers in the transaction.

November 24, 2021

Acquisitions Multifamily Washington Western

Security Properties Divests of Panorama House Apartments in Downtown Seattle for $120M

by Amy Works November 24, 2021

SEATTLE — Security Properties has sold Panorama House, a multifamily community in Seattle, to an undisclosed buyer for $120 million. Located at 1100 University St., the 18-story Panorama House features 179 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as four penthouse homes on the upper level each featuring at least one private courtyard. The property also includes a 1,300-square-foot fitness center, regulation-sized bocce ball and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor pool and three levels of underground parking. At the time of sale, the property was 99 percent leased. The property offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay. Originally built in 1962, Panorama House underwent an $18 million renovation in 2016. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Additionally, floorplans were renovated to open kitchens to the living area and new fiber-optic high-speed data and cable wiring was installed. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the deal.

November 24, 2021

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