Multifamily

DLP Real Estate Capital Acquires 560-Unit Multifamily Portfolio in Kentucky

by Julia Sanders March 17, 2021

OWENSBORO AND PADUCAH, KY. — DLP Real Estate Capital has acquired the Chandler Park multifamily property portfolio, which consists of two Kentucky communities in Owensboro and Paducah. The 560-unit portfolio includes one-, two- and three-bedroom units and marks DLP’s first expansion in Kentucky. The seller, Chandler Apartment Homes, sold Owensboro for $35.4 million and Paducah for $25.7 million. Built in 2014, the 320-unit Chandler Park, Owensboro is located at 3750 Ralph Ave. The property sits on over 17 acres with 17 residential buildings and includes a swimming pool, fitness center and green space with grills. The apartments have open floor plans, patios and balconies, stainless steel appliances, granite countertops and are pet-friendly. Built in 2016, the 240-unit Chandler Park, Paducah is located at 2651 Perkins Creek Drive. The property sits on almost 12 acres with seven apartment buildings and includes a swimming pool, fitness center, clubhouse and dog park. The apartments have open floor plans, stainless steel appliances with granite countertops, private patios and balconies and are pet-friendly. Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. brokered the portfolio sale. Kirkland Co., based in Nashville, is a brokerage firm that specializes in the sale of apartment communities …

March 17, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Thrive to Open 203-Unit Seniors Housing Community in Montvale, New Jersey

by Taylor Williams March 17, 2021

MONTVALE, N.J. — Thrive Senior Living will open the welcome center on March 27 at Thrive at Montvale, a seniors housing community in the Northern New Jersey city of Montvale. The three-story building is located near Lake Tappan along the New York State border just north of Manhattan and will feature 203 units of independent living, assisted living and memory care.

March 17, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $7.1M Sale of Apartment Asset in Suburban Chicago

by Kristin Harlow March 17, 2021

DOWNERS GROVE, ILL. — Kiser Group has brokered the sale of East Village Apartments in Downers Grove for $7.1 million. Floor plans include 18 two-bedroom units and two one-bedroom units. Built in 2018, the three-story property includes 20 units. Ron Plonis of Kiser represented both the seller, Forth Group Real Estate, and the buyer, HP Ventures Group-Development Services LLC.

March 17, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $4.7M Loan for Refinancing of Manhattan Multifamily Building

by Taylor Williams March 17, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $4.7 million loan for the refinancing of a 42-unit multifamily building located at 500 W. 111th St. in Manhattan’s Morningside Heights neighborhood. Matt Swerdlow and Matt Dzbanek of Ariel Property Advisors placed the debt, which was structured with a fixed interest rate of 10 percent for three years and a 40-year amortization schedule, through an undisclosed New Jersey bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

March 17, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $2.5M Sale of Brooklyn Apartment Complex

by Taylor Williams March 17, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $2.5 million sale of a 12-unit apartment complex in Brooklyn. The property comprises two contiguous buildings that feature a mix of studio, one-, two- and three-bedroom units. John Brennan and Samuel Finkler of Marcus & Millichap represented the seller and buyer in the transaction. Both parties were private investors that requested anonymity.

March 17, 2021

Loans Multifamily Washington Western

Taylor Street Arranges $3.5M Refinancing for Multifamily Property in Downtown Seattle

by Amy Works March 17, 2021

SEATTLE — Taylor Street Capital Partners has arranged $3.5 million in cash-out refinancing for an apartment community located in downtown Seattle. Taylor Street secured a non-recourse, 10-year, fixed-rate note with all reserve requirements waived for the out-of-state borrowers. The borrowers own the 23-unit asset and were looking to replace a previous note with a long-term, low-interest-rate solution to maximize cash flow and provide funding for additional capital improvements at the property.

March 17, 2021

Acquisitions Florida Multifamily Southeast

Axiom Realty Sells The Studios at Uptown Apartments in Central Florida for $10.9M

by Julia Sanders March 16, 2021

ALTAMONTE SPRINGS, FLA. — Axiom Realty Partners LLC has sold The Studios at Uptown, a 108-unit, all-studio apartment community located in Altamonte Springs, for $10.9 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged acquisition financing through Ameris Bank on behalf of the buyer, Ty and Tovah Lohman of Ormond Beach, Fla. Located at 245 Loraine Drive, The Studios at Uptown was 97 percent occupied at the time of sale. Community amenities include a swimming pool with a sundeck, tennis courts and onsite laundry facilities on each floor. The property is 26 miles from Walt Disney World Resort and 48 miles from Daytona Beach.

March 16, 2021

Affordable Housing Development Florida Multifamily Southeast

Summit Contracting Breaks Ground on 230-Unit Affordable Housing Community in Brandon, Florida

by Julia Sanders March 16, 2021

BRANDON, FLA. — Summit Contracting Group, a multifamily general contractor, has broken ground on Landon Preserve, an affordable housing community located on Pauls Drive in Brandon, a Tampa suburb east of Interstate 75. Landon Preserve will be a pet-friendly community featuring one-, two- and three-bedroom apartment homes. The construction will include 230 units in seven three-story buildings, and a total square footage of 255,960. Community amenities will include a clubhouse with fitness center, swimming pool, mail kiosk, maintenance building and a dog park. Construction is planned to be complete in summer 2022. The developer is Vestcor and the architect is Group 4 Design Inc.

March 16, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 392-Unit Cross Creek at Grapevine Ranch Apartments

by Taylor Williams March 16, 2021

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Cross Creek at Grapevine Ranch, a 392-unit apartment community located roughly midway between downtown Dallas and Fort Worth. Built on 35 acres in 1999, the property offers a pool, business center and an indoor basketball court. Drew Kile and Joey Tumminello of IPA represented the seller, a joint venture between an affiliate of The Carlyle Group and VCT Capital Partners, in the transaction. The duo also procured the undisclosed private buyer.

March 16, 2021

Development Multifamily Texas

Presidium Breaks Ground on 283-Unit Multifamily Project in North Austin

by Taylor Williams March 16, 2021

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on Phase I of Presidium Waterford, a 283-unit multifamily project that will be located near The Domain in North Austin. Designed by Dallas-based O’Brien Architects and Atlanta-based Dwell Design Studio, the property will offer amenities such as a pool, fire pits, fitness center, office lounges and a bocce court. The first units are scheduled to be delivered in December 2022. Presidium is currently in the design stage of Phase II, which it estimates will include 350 units.

March 16, 2021

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