Multifamily

Marcus & Millichap Brokers $22M Sale of Franklin Park Apartments in Hollywood Hills

by Amy Works June 8, 2021

LOS ANGELES — Marcus & Millichap has arranged the sale of Franklin Park Apartments, a four-story multifamily property located at the base of the Hollywood Hills in Los Angeles. A family that had owned the property for 55 years sold the asset to a private limited liability company for $22 million, or $293,333 per unit. Built in 1962, the 65,746-square-foot property features 75 units, 21 of which were vacant at the time of sale. The community also offers a swimming pool, parking garage with electric car charging station, on-site laundry facilities and a courtyard. Rick Raymundo and Shane McConnell of Marcus & Millichap represented the seller and procured the buyer in deal.

June 8, 2021

Loans Multifamily North Carolina Southeast

Dwight Capital Provides $43.9M HUD Loan for Greystone at Widewaters Apartments in Knightdale, North Carolina

by Julia Sanders June 7, 2021

KNIGHTDALE, N.C. — Dwight Capital has provided a $43.9 million HUD 223(f) cash-out loan for Greystone at Widewaters, a 332-unit apartment community located in Knightdale. Adam Sasouness and Josh Sasouness of Dwight Capital originated the refinancing. Built in 2006, Greystone at Widewaters includes 13 three-story residential buildings, a car wash station, clubhouse and recycle and storage buildings situated on 24.5 acres. Community amenities feature a business center, dog park, fitness center, media center, playground, swimming pool and cabana and outdoor fireplace with a built-in grilling station. The loan benefitted from HUD’s Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Greystone at Widewaters is Energy Star-certified.

June 7, 2021

Acquisitions Multifamily Texas

Investors Management Group Buys 246-Unit Apartment Community in San Antonio

by Taylor Williams June 7, 2021

SAN ANTONIO — California-based Investors Management Group has purchased Azul Apartments, a 246-unit multifamily community in northwest San Antonio. Built in 2007, the property offers a mix of one-, two- and three-bedroom units averaging 868 square feet. Amenities include a pool with a lounge and game areas, fitness center, outdoor grilling stations and picnic areas, a basketball court and a business center. David Bleiweiss of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal on behalf of the new ownership, which plans to invest more than $1 million in capital improvements. The seller was not disclosed.

June 7, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 204-Unit Frankford Station Apartments in Metro Dallas

by Taylor Williams June 7, 2021

CARROLLTON, TEXAS — Locally based firm Darwin German Real Estate Investments has acquired Frankford Station, a 204-unit apartment community located in the northern Dallas suburb of Carrollton. The property offers one- and two-bedroom units with keyless entry mechanisms, quartz countertops and wood-style plank flooring. Communal amenities include a pool, fitness center, dog park, onsite storage space and a resident clubhouse with a coffee bar, business center and private conference room. The community, which was 89 percent occupied at the time of sale, was acquired in an off-market transaction from an undisclosed Dallas-based investor. The sales price was also not disclosed.

June 7, 2021

Acquisitions Loans Maryland Multifamily Southeast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders June 7, 2021

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

June 7, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Open 68-Story Journal Squared 2 Multifamily Tower in Jersey City

by Taylor Williams June 7, 2021

JERSEY CITY, N.J. — A partnership between KRE Group and National Real Estate Advisors LLC has opened Journal Squared 2, a 68-story multifamily tower in Jersey City. Designed by HWKN and Handel Architects, the property features 704 units that are now more than 50 percent leased. Floor plans include micro studio, studio, one-, two- and three-bedroom options. The project represents the second phase of a larger development that began with the delivery of a 53-story, 538-unit apartment tower. Residents have access to nearly 100,000 square feet of indoor and outdoor amenities between the two buildings. Rents start at $1,960 per month.

June 7, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 350-Unit Hoyt Bedford Apartments in Stamford, Connecticut

by Taylor Williams June 7, 2021

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford. Built on seven acres in 1940, the property consists of five buildings with 57 to 60 units per building that feature an average size of 927 square feet. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Stamford Apartment Co. LLC, in the transaction. The trio, along with Marcus & Millichap’s Andrew Daitch, also procured the buyer, Hoyt Bedford LP.

June 7, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of 135-Bed Skilled Nursing Facility on Cape Cod

by Taylor Williams June 7, 2021

HARWICH, MASS. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.

June 7, 2021

Acquisitions Multifamily New Jersey Northeast

Broadway Co. Acquires 50-Site Manufactured Housing Community in Chester, New Jersey

by Taylor Williams June 7, 2021

CHESTER, N.J. — The Broadway Co. (TBC), an investment firm focused on different types of income-producing residential assets, has acquired Windy Acres, a 50-site manufactured housing community in the Northern New Jersey community of Chester. Windy Acres is situated within close proximity of the intersection of Routes 24 and 206, across the street from the Chester Library. B6 Real Estate Advisors placed acquisition financing for the deal on behalf of TBC. The seller and sales price were not disclosed.

June 7, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Sundown Village Multifamily Community in Tucson

by Amy Works June 7, 2021

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit. Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 7, 2021

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