NEW YORK CITY — Marcus & Millichap has brokered the $5 million sale of a 13-unit apartment building in the Hell’s Kitchen area of Manhattan. The building at 753 Ninth Ave. was originally constructed in 1920 and offers a mix of one-, two- and three-bedroom units. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction. Seven units were vacant at the time of sale, and the new ownership plans to implement a value-add program.
CHICAGO — Investment management firm Harrison Street has sold a 14-property student housing portfolio totaling 8,724 beds. Affiliates of The Scion Group and an unnamed institutional investor purchased the portfolio for $893 million. Situated near 13 universities across 11 states, the student housing developments serve colleges including the University of Arkansas, Texas A&M University and the University of Missouri. Chicago-based Harrison Street was founded in 2005 and has invested across the seniors housing, student housing, build-to-rent, healthcare, life sciences and self-storage sectors. The company’s current portfolio includes roughly $56 billion of assets under management. Since its inception, Harrison Street has invested more than $22 billion across 410 student housing properties. According to a statement issued by Christopher Merrill, the company’s co-founder, chairman and CEO, this transaction illustrates a heightened demand for student housing among investors. The Scion Group is the largest owner-operator of off-campus student housing communities worldwide, with a portfolio of 140 communities. The Chicago-based firm currently has more than $10 billion of assets under management. “This portfolio augments Scion’s position in seven of our current university markets, as well as adds six new markets we have long targeted, bringing Scion to nearly 92,000 beds across 82 leading campus …
JACKSONVILLE, FLA. — Berkadia has negotiated the sale of Cielo at Normandy, a 123-unit apartment community located at 1570 Lane Ave. S in Jacksonville. Greg Rainey led the Berkadia team in representing the seller, Atlanta-based Zavala Capital Group, in the transaction. Black Ridge purchased the property for an undisclosed price. Built in 1974, Cielo at Normandy features a mix of one-, two- and three-bedroom layouts with an average size of 933 square feet. Community amenities include a swimming pool, clubhouse, laundry facility and a playground.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged an $11.6 million loan for the refinancing of a portfolio of six multifamily buildings totaling 61 units in The Bronx. The buildings are located in the borough’s Mott Haven neighborhood, and the portfolio includes commercial spaces. Matt Swerdlow, Matthew Dzbanek and Anthony Priest of Ariel arranged the nonrecourse loan, which was structured with a 5.35 percent interest rate and five years of interest-only payments. The direct lender and borrower were not disclosed.
ST. CLOUD, MINN. — Colliers has brokered the $10.7 million sale of Quarry Commons Apartments, a 102-unit property in the Minneapolis suburb of St. Cloud. The two-building, garden-style property is located at 1965 Quarry Road and was built in 1996 and 2003. Dan Linnell, Adam Haydon, Mox Gunderson and Devon Dvorak of Colliers represented the seller, Timberland Partners. Washington-based Weidner Investment Services Inc. was the buyer.
AUSTIN, MINN. — Marcus & Millichap has arranged the $4.2 million sale of Mandolin Place, a 72-unit multifamily property in Austin, a city in southern Minnesota. Located at 203 31st St. SW, the property features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the asset is located on 3.5 acres just off I-90. Chris Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide of Marcus & Millichap represented the buyer and seller, both of which were Minnesota-based limited liability companies. The buyer plans to make some in-unit and property upgrades.
PORTLAND, ORE. — Ethos Commercial Advisors, on behalf of Lombard Equities, has secured $8.5 million in refinancing for Division Apartments in Portland. Totaling 59 units, the property is an assemblage of three separately platted buildings that are immediate adjacent to each other and managed as a single property. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the interest-only CMBS loan with a five-year term at 70 percent loan-to-value ratio.
AcquisitionsAffordable HousingCaliforniaMultifamilyNew YorkNortheastSeniors HousingTop StoriesWestern
Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm. The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas. Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership. An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …
AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Shelby Ranch, a 302-unit apartment community in South Austin. Shelby Ranch was developed in two phases on an eight-acre site and houses studio, one- and two-bedroom apartments. The amenity package comprises a pool, fitness center, coworking space, resident lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, and OHT Partners served as the general contractor. Rents start at approximately $1,500 per month for a studio apartment.
NEW YORK CITY — Walker & Dunlop has arranged a $110 million loan for the refinancing of a portfolio of multifamily properties in New York City. The portfolio comprises 18 properties totaling 112 units and 29 commercial spaces that are located in areas such as Manhattan’s East Village neighborhood and Brooklyn’s Park Slope district. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Sean Bastian, Christopher de Raet, and Stanley Cayre of Walker & Dunlop arranged the loan, terms of which were not disclosed, through Hudson Bay Capital. The borrower was a partnership between Davean Holdings and Meadow Partners.