Multifamily

Xenon Investment Corp. Acquires Hollywood Regency Apartments in Los Angeles for $21.3M

by Amy Works March 29, 2021

LOS ANGELES — Xenon Investment Corp. has purchased The Hollywood Regency Apartments, a multifamily property located at 1635-1639 N. Martel Ave. in the West Hollywood submarket of Los Angeles. A Los Angeles-based private partnership sold the asset for $21.3 million, or $355,000 per unit. Built in 1972, the four-story, 67,329-square-foot building features 60 apartments, an open-air courtyard, pool and 105 parking spaces. The units have an average size of 1,100 square feet with a mix of 39 one-bedroom apartments and 21 two-bedroom apartments. Matthew Kanner of The Kanner Group of KW Commercial represented the seller and buyer in the transaction.

March 29, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Negotiates $9.5M Sale of Riverbend Apartments in Salem, Oregon

by Amy Works March 29, 2021

SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million. Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet heating units and ductless cooling. David Chatfield and Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Greg Goodenough of Premiere Property Group represented the seller in the deal.

March 29, 2021

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $58.2M Sale of Two Multifamily Properties in Metro Birmingham

by Julia Sanders March 29, 2021

BIRMINGHAM AND HOOVER, ALA. — Marcus & Millichap has brokered the sale of two multifamily properties in the Birmingham area. The first property is Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million, or $118,826 per unit. The second is Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.8 million, which represents $110,000 per apartment. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994. Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.

March 29, 2021

Acquisitions Maryland Multifamily Southeast

Harbor Stone Advisors Arranges $10.3M Sale of Apartment Community in Odenton, Maryland

by Julia Sanders March 29, 2021

ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit. Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black appliances, wood cabinets, formica countertops, some dishwashers and garbage disposals. Community amenities include four onsite laundry rooms, a surface parking lot and a patio or balcony for each unit. Highland Court Apartments is located at 1221 Scotts Manor Court and is 16 miles away from Annapolis, 23 miles from Baltimore, 30 miles from Washington, D.C. and 15 miles from Columbia. The property is also less than four miles from Fort George G. Meade, Maryland’s largest employer, according to Harbor Stone Advisors.

March 29, 2021

Acquisitions Louisiana Multifamily Southeast Student Housing

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

by Julia Sanders March 29, 2021

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.

March 29, 2021

Alabama Industrial Loans Multifamily Southeast

Trillium Capital Arranges Financing for Multifamily Property, Industrial Facility in Phenix City, Alabama

by Julia Sanders March 29, 2021

PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.

March 29, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 68-Unit Complex in San Antonio

by Taylor Williams March 29, 2021

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Executive Apartments, a 68-unit complex in northwest San Antonio. The property was built in 1964 and, according to Apartments.com, offers one- and two-bedroom units, as well as a pool and a business center. Bryce Smith and Paul Yazbeck of TMG represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership will implement a value-add program to the unit interiors and building exteriors.

March 29, 2021

Acquisitions Illinois Midwest Multifamily

SVN | Chicago Commercial Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow March 29, 2021

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit apartment building in Chicago’s Rogers Park neighborhood for roughly $3 million. The vintage asset is located at 7005-7013 N. Ridge Blvd. Peter Theodore of SVN represented the undisclosed seller. A Europe-based investor purchased the building and plans to make improvements to the property in the coming years.

March 29, 2021

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges $2.7M Loan for Refinancing of Chicago Multifamily Asset

by Kristin Harlow March 29, 2021

CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.

March 29, 2021

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Opens The Residences at Plainview on Long Island

by Taylor Williams March 29, 2021

PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview, a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community, the site of which formerly housed a Residence Inn by Marriott hotel prior to its conversion to seniors housing. Meyer Senior Living Studio was the designer for the project, while E.W. Howell Construction Group was the general contractor.

March 29, 2021

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