Multifamily

CBRE Secures $71.3M Acquisition Loan for Multifamily Property in Tampa Bay Area

by Julia Sanders April 6, 2022

CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.

April 6, 2022

Development Loans Massachusetts Multifamily Northeast

Citizens Bank Provides $128.7M Construction Loan for Multifamily Project in Quincy, Massachusetts

by Taylor Williams April 6, 2022

QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.

April 6, 2022

Acquisitions California Multifamily Western

Levin Johnston Arranges $31.5M Sale of The Lakes Apartments in Concord, California

by Amy Works April 6, 2022

CONCORD, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of The Lakes Apartments, a multifamily property located at 1818, 1819 and 1850 Laguna St. in Concord. An undisclosed seller sold the asset to a private investor for $31.5 million. Constructed in 1967 on 4.2 acres, The Lakes features 102 one- and two-bedroom floor plans, secure vehicle and pedestrian entrances, onsite laundry, a swimming pool and private balconies and patios. Adam Levin and Robert Johnston of Levin Johnston represented the seller and procured the buyer in the deal.

April 6, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $15M Sale of Residential Portfolio in Denver

by Amy Works April 6, 2022

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a value-add multifamily portfolio, located at 1635 Cook St., 1671 Cook St. and 1620 Adams St. in Denver. The assets traded for $15 million, or $288,462 per unit. Situated in Denver’s City Park neighborhood, the properties, which were built in 1960 and 1968, offer a total of 52 apartments. Robert Lawson and Jim Knowlton of Pinnacle Real Estate Advisors represented the undisclosed sellers, while Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer in the deal.

April 6, 2022

Acquisitions Florida Multifamily Southeast

Waterton Acquires 216-Unit Apartment Community in Boynton Beach, Florida

by Julia Sanders April 6, 2022

BOYNTON BEACH, FLA. — Chicago-based Waterton has acquired Verona at Boynton Beach, a 216-unit apartment community in Boynton Beach. The seller and sales price were not disclosed. Built in 2002, Verona at Boynton Beach offers 72 one-bedrooms, 108 two-bedrooms and 36 three-bedroom floorplans. The units average 1,097 square feet in size. Unit features include nine-foot ceilings, upgraded finishes and full-size washers and dryers in every unit. Community amenities include a clubhouse, business center, fitness center, dog park, pet wash station, playground, pool, package center, barbecue and picnic areas. The new owner plans to complete renovations on the property, including enhancements to the amenity package and refreshed residence finishes. Located at 1575 SW 8th St. on 14.2 acres, the property is 6.5 miles from Delray Beach and 11.2 miles from Boca Raton Airport.

April 6, 2022

Acquisitions Multifamily Nevada Seniors Housing Western

Inspired Healthcare Capital Acquires Summit Estates Senior Living in Reno, Nevada

by Amy Works April 6, 2022

RENO, NEV. — Inspired Healthcare Capital (IHC) has acquired Summit Estates Senior Living, a 124-unit assisted living and memory care community in Reno. The price and seller were not disclosed. IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the seniors housing sector. This was IHC’s first acquisition in 2022, after closing on nine senior housing transactions in 2021.

April 6, 2022

Loans Mixed-Use Multifamily New Jersey Northeast

Axiom Arranges $16.6M Acquisition Loan for Two Commercial Buildings in Old Bridge, New Jersey

by Taylor Williams April 6, 2022

OLD BRIDGE, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16.6 million acquisition loan for two commercial buildings in Old Bridge, about 40 miles south of Manhattan. The first property is an 18,728-square-foot mixed-use building, and the second is a 33-unit active adult community. 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.

April 6, 2022

Acquisitions Arizona Multifamily Western

Decron Properties Buys Ascent at Papago Park Apartments in Phoenix for $107.5M

by Amy Works April 5, 2022

PHOENIX — Decron Properties has acquired Ascent at Papago Park, an apartment property located at 4950 E. Van Buren St. in Phoenix, for $107.5 million. The 270-unit community features one-, two- and three-bedroom floor plans spread across 14 two-story residential buildings. It was built in 2007 The buyer plans to undertake a two-phase capital improvement program. The first phase will include upgrading the common areas and amenities and addressing any needed repairs or upgrades to the property’s infrastructure. The second phase will include an extensive renovation of all units, including installation of updated cabinetry, countertops and appliances. The seller was not disclosed.

April 5, 2022

Affordable Housing Development Multifamily Seniors Housing Utah Western

Canterbury Partners Completes Affordable Seniors Housing Community in Ogden, Utah

by Amy Works April 5, 2022

OGDEN, UTAH —Canterbury Partners LLC has completed work on Senior Living on Washington, an affordable seniors housing community in Ogden, approximately 35 miles north of Salt Lake City. Partners on the project include R & O Construction, Think Architecture, The Richman Group Affordable Housing Corp., JP Morgan Chase Community Development Bank, Rocky Mountain Community Reinvestment Corp. and the Olene Walker Housing Loan Fund. Senior Living on Washington is a 100 percent affordable housing project for seniors over age 62. EMG Management will be the operator. The number of units was not disclosed.

April 5, 2022

Cavalli-at-Iron-Horse-Station-North-Richland-Hills

Acquisitions Multifamily Texas

American Landmark Buys 328-Unit Cavalli at Iron Horse Station Apartments Near Fort Worth

by Taylor Williams April 5, 2022

NORTH RICHLAND HILLS, TEXAS — Tampa-based multifamily investment firm American Landmark has purchased Cavalli at Iron Horse Station, a 328-unit apartment community in North Richland Hills, a northern suburb of Fort Worth. Built in 2021, the property offers one-, two- and three-bedroom units that range in size from 605 to 1,298 square feet and are furnished with stainless steel appliances, granite countertops and private balconies/patios. Amenities include a pool, media/game room, fitness center, resident lounge, outdoor grilling and dining areas and a pet park. The seller and sales price were not disclosed.

April 5, 2022

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