Multifamily

Newmark Brokers Sale of 416-Unit Marbletree Apartments in Irving

by Taylor Williams March 5, 2021

IRVING, TEXAS — Newmark has brokered the sale of Marbletree, a 416-unit apartment community in Irving. The property offers one- and two-bedrooms and amenities such as a business center, fitness center and a pool. Jakob Andersen and Brian O’Boyle Jr. of Newmark represented the seller, LumaCorp., in the transaction. Deverick Jordan and William Hairston of Newmark arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, GoodLife Housing Partners. The new ownership plans to implement a value-add program, as the property has not been renovated since its original construction in 1982. The community was 98 percent occupied at the time of sale.

March 5, 2021

Development Michigan Midwest Multifamily

LIFTbuild to Construct 16-Story Residential Tower in Detroit’s Greektown Neighborhood

by Kristin Harlow March 5, 2021

DETROIT — LIFTbuild will construct The Exchange, a 16-story residential tower in Detroit’s Greektown neighborhood. The project will include 153 apartment units and 12 for-sale condominiums. There will also be ground-level rental office suites and retail space totaling 166,742 square feet. Amenities will include a valet and concierge, fitness and yoga studio and an outdoor terrace. LIFTbuild expects to break ground later this year with completion slated for 2022. LIFTbuild is a subsidiary of Southfield-based general contractor Barton Malow.

March 5, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 372-Unit Somerset Apartments in Metro Dallas

by Taylor Williams March 5, 2021

LEWISVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Somerset, a 372-unit apartment community located in the northern Dallas suburb of Lewisville. The property was built in 1986 and features one- and two-bedroom residences with an average unit size of 765 square feet. Amenities include two pools, a fitness center, business center, spa, playground and a clubhouse, according to Apartments.com. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA, along with Marcus & Millichap’s Bard Hoover and Nick Fluellen, represented the seller, LumaCorp., in the transaction. The team also procured the buyer, Western Wealth Capital.

March 5, 2021

Acquisitions Midwest Missouri Multifamily

JLL Brokers Sale of 525-Unit Multifamily Portfolio in St. Louis

by Kristin Harlow March 5, 2021

ST. LOUIS — JLL Capital Markets has brokered the sale of a two-property, 525-unit multifamily portfolio in St. Louis for an undisclosed price. The properties include Cortona at Forest Park and Encore at Forest Park. Completed in 2014, Cortona offers studio, one- and two-bedroom floor plans. Amenities include a dog park, courtyard, outdoor grill area and a clubhouse with a fitness center, coffee bar, pool table, shuffleboard and business center. Encore at Forest Park, completed in 2018, consists of studio, one-, two- and three-bedroom units. Amenities include a pool, grilling area, dog park, pet spa and fitness center. Kevin Girard and Matthew Lawton of JLL represented the undisclosed seller. Mike Donovan of Balke Brown Transwestern led the local team that co-brokered the sale. The portfolio sold to an institutional buyer.

March 5, 2021

Acquisitions Illinois Midwest Multifamily

Interra Arranges $4.5M Sale of Multifamily Property in Westmont, Illinois

by Kristin Harlow March 5, 2021

WESTMONT, ILL. — Interra Realty has arranged the $4.5 million sale of Warwick Apartments in Westmont, a western suburb of Chicago. The 32-unit multifamily property is located at 312-316 N. Warwick Ave. The seller, Chicago-based 29th Street Capital, made significant capital improvements to the property in 2018. It was originally built in 1973 and was 97 percent occupied at the time of sale. Brian DiBasilio and Craig Martin of Interra represented the seller. The buyer was not disclosed.

March 5, 2021

Acquisitions Lee & Associates Midwest Multifamily Wisconsin

Lee & Associates Negotiates $1.8M Sale of Development Site in Fitchburg, Wisconsin

by Kristin Harlow March 5, 2021

FITCHBURG, WIS. — Lee & Associates has negotiated the $1.8 million sale of a 3.7-acre development site in Fitchburg, a suburb of Madison. Blake George and Chris Etmanczyk of Lee & Associates represented the seller, Orchard Pointe Development Co. Inc. JTK Limestone Ridge LLC was the buyer. Plans for the site include the construction of apartments, both market-rate and workforce housing.

March 5, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 108-Unit Multifamily Property Near Baylor University in Waco

by Taylor Williams March 5, 2021

WACO, TEXAS — Irving, Texas-based Darwin German Real Estate Investments has acquired The Villages, a 108-unit multifamily property located adjacent to Baylor University’s campus in Waco. The property was originally built on 4.5 acres in 1982 and was 88 percent occupied at the time of sale. A Dallas-based investor sold the asset in an off-market transaction for an undisclosed price.

March 5, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $60M Loan for Refinancing of Hackensack Apartment Building

by Taylor Williams March 5, 2021

HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, Tidewater Real Estate Co.

March 5, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose Breaks Ground on Seniors Housing Adaptive Reuse Project in Auburn, Massachusetts

by Taylor Williams March 5, 2021

AUBURN, MASS. — Pennrose and the Town of Auburn, located just south of Worcester, have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors age 62 and older. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. The Massachusetts Department of Housing and Community Development provided 9 percent federal low-income housing tax credits for the project.

March 5, 2021

Development Loans Mixed-Use Multifamily Nevada Office Restaurant Retail Western

Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno

by Amy Works March 5, 2021

RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …

March 5, 2021

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