Multifamily

JLL Brokers $8.7M Sale of Apartment Community in Metro Minneapolis

by Kristin Harlow February 11, 2021

WOODBURY, MINN. — JLL Capital Markets has brokered the $8.7 million sale of Regency Hill Apartments in Woodbury within metro Minneapolis. The 38-unit multifamily community is 97 percent occupied. Built in 2006, the townhome-style rental property includes barbecue picnic areas, a courtyard and heated underground parking. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the sellers, Bigos and Williams-Regency Hill LLC. Premier Storage purchased the asset while completing a 1031 exchange.

February 11, 2021

Acquisitions Kansas Midwest Multifamily

Newmark Zimmer Arranges Sale of 97-Unit Apartment Property in Topeka, Kansas

by Kristin Harlow February 11, 2021

TOPEKA, KAN. — Newmark Zimmer has arranged the sale of Westgate Village in Topeka for an undisclosed price. The 97-unit apartment property underwent extensive interior and exterior renovations over the last two years, including the full renovation of a building that was damaged by a fire. Michael VanBuskirk, Chris Robertson and TJ Wahl of Newmark Zimmer brokered the transaction. A private partnership sold the asset to Chicago-based ALK Properties, which is expanding its existing presence in the Topeka market.

February 11, 2021

Development Massachusetts Multifamily Northeast

Related Beal Nears Completion of 172-Unit Apartment Complex in Boston’s South End

by Taylor Williams February 11, 2021

BOSTON — Locally based developer Related Beal is nearing completion of The Harris, a 172-unit apartment complex that will be located at the site of the former Quinzani Bakery in Boston’s South End neighborhood. Residences will come in studio, one-, two- and three-bedroom floor plans and will be furnished with custom oak cabinetry, quartz countertops and tile backsplashes. Amenities will include an 8,000-square-foot fitness center with yoga and spin studios, as well as basketball and squash courts. In addition, residents will have access to a billiards lounge with reservable dining spaces and a 5,700-square-foot terrace with grills, fire pits, lounge furniture and TVs. Construction of The Harris began in 2019 and is expected to be complete in late spring.

February 11, 2021

Acquisitions Arizona Multifamily Western

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

by Amy Works February 11, 2021

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

February 11, 2021

Loans Multifamily Oregon Western

Dwight Capital Provides $26.8M Refinancing for Springwater Crossing Apartments in Oregon

by Amy Works February 11, 2021

GRESHAM, ORE. — Dwight Capital has closed a $26.8 million HUD 223(a)(7) refinancing for Springwater Crossing Apartments in Gresham. Built in 2010, the property features 32 apartments, a resident lounge, fitness center and four playgrounds. Additionally, Springwater Crossing qualifies as a green/energy-efficient property and therefore received a Green Mortgage Insurance Premium Reduction set at 25 basis points. Josh Sasouness of Dwight Capital originated the transaction.

February 11, 2021

Development Loans Multifamily Washington Western

Parkview Financial Funds $9.4M Construction Loan for Multifamily Development in Tacoma, Washington

by Amy Works February 11, 2021

TACOMA, WASH. — Parkview Financial has provided a $9.4 million construction loan to Emerald Bay Apartments LLC for the development of a multifamily property in Tacoma. Construction is under way at the project, with completion slated for early 2022. Located at 1624 E 32nd St., Emerald Bay Apartments will feature 82 units in a mix of 53 studios and 29 one-bedroom units. The units feature plank vinyl and treated concrete floors, exposed wood truss ceilings and stone surfaces. On-site amenities include a fitness center, rooftop terrace, community room, event space, dog wash and grass area, and a bike storage and repair room.

February 11, 2021

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $25.8M Sale of Park at Forestdale Multifamily Property in Birmingham

by John Nelson February 10, 2021

BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $25.8 million sale of The Park at Forestdale, a 486-unit multifamily asset in Birmingham. The property sold for $52,984 per unit. Josh Jacobs of Marcus & Millichap represented the seller, an affiliate of Birmingham-based Four Four Capital. Jacobs also procured the buyer, a partnership between Arch Co. and Drake Real Estate Partners. Built between 1968 and 1980, the Park at Forestdale is located 5.7 miles from downtown Birmingham and 6.2 miles from The University of Alabama at Birmingham. Community amenities include a fitness center, pool and a playground. The property features studios and one-, two- and three-bedroom apartments.

February 10, 2021

Affordable Housing Development Georgia Multifamily Southeast

City of Refuge, Pencor Construction to Build 31-Unit Affordable Housing Project in Atlanta

by John Nelson February 10, 2021

ATLANTA — City of Refuge, an Atlanta-based nonprofit, will partner with Pencor Construction for a 31-unit affordable housing project in Atlanta’s Westside known as The 345. Pencor will be the general contractor for the project. North American Properties (NAP), a mixed-used developer based in Cincinnati, will be the project manager. The 345 formerly was formerly a motel known as The Danzig Motel, which was one of the only African-American-owned motels in Atlanta. The motel had been abandoned for over 20 years, until City of Refuge bought it in 2017. City of Refuge is currently in the permitting process with the City of Atlanta. This spring, the nonprofit plans to break ground on the $2 million renovation. The 345 will be a community to primarily serve African-American men from the Atlanta Westside. City of Refuge wants to focus primarily on Westside neighborhood residents, especially those from the Westlake and Bankhead areas who are defined as low-income individuals by the Department of Housing and Urban Development (HUD). The three-floor housing community will be separated by groups. Floor one will be dedicated to veterans and citizens returning from incarceration; floor two will house men overcoming addiction and those with manageable mental health challenges; …

February 10, 2021

Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Private Developer Nearing Completion of Mixed-Use Condo Project in Downtown Nashville

by John Nelson February 10, 2021

NASHVILLE, TENN. — Jim Jacobs, a private developer based in Nashville, is nearing completion of Muse, a short-term rental condominium building in downtown Nashville. Jacobs created Muse Nashville LLC to purchase the site of the building in 2019, according to the Nashville Post. The company also secured a $15.5 million to finance the project. In addition to 55 condos, of which three quarters are presold, Muse will offer a lobby designed by ES|DG, cardio fitness center, a luggage drop, onsite management, security and more than 5,000 square feet of Class A retail and restaurant space. The property will also have a SkyLounge with indoor and outdoor panoramic views of Nashville’s skyline. The apartment building is the only new construction condominium in downtown Nashville that allows short-term rental options, according to Jacobs. Construction began in spring 2020 and will wrap up by October of this year. The Muse is located at 65 Lindsley Ave. Muse’s project team comprises locally based firms including Centric Architecture, Catalyst Design Group and Cherry & Associates, a commercial estate services company where Jacobs serves as a principal.

February 10, 2021

Acquisitions Arizona Multifamily Western

Millburn & Co. Acquires Heritage at Deer Valley Apartments in Phoenix for $178.5M

by Amy Works February 10, 2021

PHOENIX — Salt Lake City-based Millburn & Co. has purchased Heritage at Deer Valley, a multifamily community located at 3010 W. Yorkshire Drive in Phoenix. West Palm Beach, Fla.-based Priderock Capital Partners sold the asset for $178.5 million. Built in two phases in 1996 and 2000, Heritage at Deer Valley features 832 apartments in a mix of one-, two- and three-bedroom units. Community amenities includes three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, a dog park, putting green and several barbecue and picnic areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

February 10, 2021

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