Multifamily

Bascom Group Acquires 350-Unit Apartment Community in Cypress, Texas

by Taylor Williams February 15, 2021

CYPRESS, TEXAS — California-based investment firm The Bascom Group has acquired Cantera at Towne Lake, a 350-unit apartment community in Cypress, part of the Houston MSA. Built in 2006, the 13-acre property’s unit mix comprises 52 one-bedroom units, 266 two-bedroom units and 32 three-bedroom units averaging 1,015 square feet. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center and two pools. Cantera at Town Lake is located within Caldwell Cos.’ Towne Lake master-planned community, which is also the home of Lone Star College. Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced Freddie Mac acquisition financing for the deal, which was brokered by David Mitchell of Newmark along with James D’Argenio and Chang Liu of Bascom Group.

February 15, 2021

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers Sale of 167-Unit Seniors Housing Portfolio in El Paso

by Taylor Williams February 15, 2021

EL PASO, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of SunRidge of Cambria, Cielo Vista and Desert Springs, three seniors housing communities in El Paso totaling 167 units. The assisted living and memory care communities were built in 1995, 1998 and 2000 and maintained 89 percent, 87 percent and 90 percent occupancy, respectively, at the onset of the COVID-19 pandemic. The seller is a debt and equity capital provider looking to divest of a non-core market, while the buyer is a local owner-operator. Ryan Saul and Matthew Alley of SLIB represented the seller in the deal.

February 15, 2021

Acquisitions Multifamily New York Northeast

Kempner Properties Acquires Multifamily Property in New Paltz, New York, for $7.6M

by Taylor Williams February 15, 2021

NEW PALTZ, N.Y. — Kempner Properties, an investment firm based in metro New York City, has acquired Paltz Commons, a 36-unit multifamily property in New Paltz, located roughly midway between Albany and New York City. Built in 1966, the garden-style property consists of three buildings and was fully occupied at the time of sale. The new ownership plans to implement a value-add program focused on improving the unit interiors, common areas, building exteriors and landscaping.

February 15, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $6.5M Loan for Refinancing of Cambridge Apartment Building

by Taylor Williams February 15, 2021

CAMBRIDGE, MASS. — Cornerstone Realty Capital has arranged a $6.5 million loan for the refinancing of a 26-unit apartment building in Cambridge. Originally built in 1903, the property consists of 25 three-bedroom units and one two-bedroom unit that have been renovated in phases over the last several years. Cornerstone arranged the nonrecourse loan, which was structured with a 10-year term, fixed interest rate and 24 months of interest-only payments. The borrower was locally based management firm The Micozzi Companies.

February 15, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Places $6M Loan for Refinancing of Multifamily Portfolio in Manhattan

by Taylor Williams February 15, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has placed a $6 million loan for the refinancing of a 93-unit multifamily portfolio that comprises three rent-stabilized properties in Manhattan’s Washington Heights area. Matt Dzbanek of Ariel Property Advisors originated the financing, which allowed the undisclosed borrower to receive $3 million cash back to address capital expenditures. The exact locations of the properties were also undisclosed. The borrower, a family office, has owned the portfolio since 1971.The lender is a privately held entity that provides bridge and construction loans off of its fully discretionary balance sheet.

February 15, 2021

Development Midwest Missouri Multifamily

St. Louis Board of Aldermen Approves $104M Project to Transform Historic Jefferson Arms Building

by Kristin Harlow February 15, 2021

ST. LOUIS — The St. Louis Board of Aldermen has approved the $104 million project to transform the historic Jefferson Arms building in downtown St. Louis into a residential and commercial development. Construction is expected to begin in 2022 and be completed in mid-2025. Alterra Worldwide is the developer. The project has received $20 million in tax-increment financing to assist with environmental remediation and rehabilitation costs. Constructed in 1904 in anticipation of the first World’s Fair, the Jefferson Arms building is located within walking distance of the Cardinals Busch Stadium, America’s Center Convention Complex, Kiener Plaza and Arch Grounds. The building has been vacant since 2006. St. Louis-based Kwame Building Group is serving as construction manager. Merriman Anderson Architects Inc. is the project architect. When the transformation is complete, the development will feature historic elements such as exposed brick and original flooring. Amenities will include a fitness and yoga studio, business center, game room, media room, music room and art room. The project now has complete approval.

February 15, 2021

Development Multifamily Student Housing Washington Western

Peak Campus, Blue Vista Break Ground on 441-Bed Student Housing Community Near the University of Washington

by Amy Works February 15, 2021

SEATTLE — A joint venture between Peak Campus and Blue Vista Capital Management has broken ground on Theory U District, a 441-bed student housing community located near the University of Washington campus in Seattle’s University District. The seven-story development will offer fully furnished units alongside communal amenities including a fitness center, business center, courtyard, rooftop amenity deck, gathering areas, grilling areas and an outdoor kitchen. The Bank of Oklahoma is providing construction financing for the project, set to open in fall 2022.

February 15, 2021

Development Multifamily Seniors Housing Washington Western

Revel Communities Opens 146-Unit Independent Living Property in Issaquah, Washington

by Amy Works February 15, 2021

ISSAQUAH, WASH. — Revel Communities, a division of The Wolff Co., has opened Revel Issaquah, a 146-unit independent living community in the Seattle suburb of Issaquah. As Revel’s third community in Washington State, the property is located less than 20 miles outside Seattle and just outside of downtown Issaquah across from Lake Sammamish, providing residents with easy access to art galleries, shopping and entertainment.

February 15, 2021

Acquisitions California Multifamily Western

Stepp Commercial Arranges $5.2M Sale of Apartment Building in Long Beach, California

by Amy Works February 15, 2021

LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a 22-unit apartment building located at 1315 W. 19th St. in Long Beach. A Chino-based private investor acquired the property from a Long Beach-based seller for $5.2 million, or $236,000 per unit. Built in 1963, the property features two one-bedroom units, 16 two-bedroom units and four three-bedroom units. The building also offers 14 garages, gated access and on-site laundry facilities. Half of the units were renovated to include laminate hardwood flooring, shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile, modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.

February 15, 2021

Affordable Housing Development Multifamily Southeast Virginia

AHC Delivers $100M Affordable Housing Property in Arlington, Virginia

by John Nelson February 12, 2021

ARLINGTON, VA. — AHC Inc. has delivered The Apex, a 256-unit affordable housing community in Arlington. AHC Management, a subsidiary of AHC Inc., is managing the $100 million development and is currently accepting applications. The Apex features a playground, sport court, community center, underground parking and fitness room. The community’s one-, two- and three-bedroom apartments are available for families earning 40 percent to 80 percent of the area median income (AMI). The Apex was designed to earn an EarthCraft Gold certification. To reduce environmental impact, the building offers energy-efficient appliances and features a green roof. The Apex has quick access to the biking and pedestrian trail that follows along the Four Mile Run Trail. The community also will offer a variety of social and educational programs for residents. The project’s financing includes up to $20.9 million in revolving loan funds from Arlington County’s Affordable Housing Investment Fund (AHIF). The redevelopment was awarded $2.5 million in 9 percent Low-Income Housing Tax Credits (LIHTC) and approximately $1 million in 4 percent LIHTC equity. Michael T. Foster Architects designed the apartment community, and Harkins Builders constructed the property. AHC Inc. is a regional developer of affordable housing communities based in Arlington, Va.

February 12, 2021

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