Multifamily

Frankforter Group Acquires 240-Unit Garden Walk Multifamily Property in South Atlanta

by John Nelson February 9, 2021

ATLANTA — Frankforter Group has acquired Garden Walk Apartments, a 240-unit, Class B multifamily community in south Atlanta. The seller and sales price were not disclosed. Garden Walk features 240 rental apartments on 29 acres located in Williamsburg Park and is 4.5 miles south of Hartsfield–Jackson Atlanta International Airport. Frankforter Group, a Montreal-based real estate investment and asset management firm, will invest over $2 million to enhance the property, including the common area amenities, such as an automated delivery locker system, clubhouse upgrades, pool area renovations and sports courts revamping.

February 9, 2021

Acquisitions Multifamily Northeast Pennsylvania

Alpha Realty Brokers $4.5M Sale of Apartment Building in Manhattan

by Taylor Williams February 9, 2021

NEW YORK CITY — Alpha Realty has brokered the $4.5 million sale of 310 E. 89th St., a 20-unit apartment building in Manhattan. The five-story building was originally constructed in 1920. Lev Mavashev and Shai Egison of Alpha Realty represented the seller and the locally based buyer in the transaction. The deal traded at a cap rate of 5.1 percent.

February 9, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $29M HUD Loan for Affordable Housing Property in Palm Beach County

by John Nelson February 9, 2021

MANGONIA PARK, FLA. — Greystone has provided a $29 million HUD loan to refinance Hampton Court Apartments, a 288-unit affordable housing property in the Palm Beach County town of Mangonia Park. Fred Levine of Greystone originated the financing on behalf of the borrower, North Miami-based Royal Castle Development. The HUD 223(f) financing carries a 35-year term and 35-year amortization schedule, along with a low, fixed interest rate. The property has a LIHTC land-use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units. Hampton Court Apartments is located on 4761 N Australian Ave., about nine miles from the Palm Beach International Airport. Constructed by the borrower in 2000, the property consists of 19 apartment buildings featuring two- and three-bedroom units with updated appliances, washer/dryer hook-ups and private outdoor living spaces. Amenities to the gated community include a clubhouse and business center, swimming pool, fitness center, tennis court, picnic and playground area, laundry facility and onsite parking.

February 9, 2021

Acquisitions Colorado Multifamily Western

Gelt Acquires Regatta Apartments Near Denver from Sares Regis Multifamily for $100.5M

by Amy Works February 9, 2021

NORTHGLENN, COLO. — Los Angeles-based Gelt has purchased Regatta Apartments, a multifamily community located at 10500 Irma Drive in Northglenn. Sares Regis Multifamily Funds sold the asset for $100.5 million. Built in 2001 on 23 acres, the garden-style property features 22 two-story residential buildings, offering a total of 352 apartments in a mix of one-, two- and three-bedroom units, and one clubhouse building. All units were recently renovated to feature vinyl plank flooring, stainless steel appliances, quartz countertops, white shaker cabinets, nine-foot ceilings, patios or balconies and extra storage. Community amenities include a resort-style swimming pool, hot tub, sports court, media center, theater, fitness center, business center, splash park, dog wash, dog exercise park and barbecue area with fire pit. With this transaction, Gelt now owns more than 2,600 units across seven apartment communities in the Denver metro area. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller and buyer in the deal.

February 9, 2021

Development Loans Multifamily Washington Western

Parkview Financial Provides $27.5M Construction Loan for Kestrel Park Apartments in Vancouver, Washington

by Amy Works February 9, 2021

VANCOUVER, WASH. — Parkview Financial has provided a $27.5 million construction loan to Hurley Development for Kestrel Park Apartments, a multifamily property located in Vancouver, 10 miles from Portland, Ore. Situated on 5.5 acres at 15306 NE Fourth Plain Road, Kestrel Park will feature 178 apartments spread across six three-story buildings. The community will offer 54 one-bedroom units, 108 two-bedroom units and 16 three-bedroom units, with an average size of 883 square feet. Construction is underway, with completion slated for March 2022. The apartment community is part of a multi-phase development, with Phases I through IV including residential lots that have been pre-sold to a national home builder. Kestrel Park Apartments is part of Phase V with future phases to include a retail and office center.

February 9, 2021

California Loans Lument Multifamily Seniors Housing Western

Lument Provides $28M Fannie Mae Refinancing for Seniors Housing Property in Solana Beach, California

by Amy Works February 9, 2021

SOLANA BEACH, CALIF. — Lument has provided a $28 million Fannie Mae refinancing for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, approximately 20 miles north of San Diego. The borrower is Senior Resource Group and its equity partner, Collins Development Co. Doug Harper of Lument’s Western region seniors housing and healthcare production team led the transaction. The loan features a 10-year term, five years of interest-only payments and 30-year amortization. In addition to refinancing existing debt, the closing provided cash-out proceeds.

February 9, 2021

Single family rental SFR build for rent BFR space Walker Dunlop

Build-to-Rent Content Partner Features Multifamily Single-Family Rental Walker & Dunlop

Walker & Dunlop Predicts Growth for Single-Family Rental, Build-for-Rent Asset Class

by Sarah Daniels February 9, 2021

The single-family rental (SFR) and build-for-rent (BFR) space is emerging as one of the strongest growth sectors in commercial real estate. While the SFR market has made up a portion of the rental market for many years, historically individual and small-scale investors have dominated the market. Institutional investors have only invested in the space for the last 10 to 12 years since the end of the Great Recession. Demand for SFR has been steadily increasing due to current demographic trends related to Gen Y and baby boomers; however, migration patterns related to COVID-19 have accelerated that demand. SFR growth is expected to outpace multifamily, office, retail, storage and hospitality growth by 2022. As the demand for more SFR properties grows, an increasing number of larger investors are expanding their investment strategy to include the product. With the SFR asset class gaining more attention, the BFR sub-segment is playing an emerging role in large-scale investors’ portfolios. The SFR market is estimated at $3.4 trillion, compared to $3.5 trillion for the multifamily market.1 Institutional investors make up less than 2 percent of the SFR market compared to 55 percent for the multifamily market. As more young families, families with children and retirees …

February 9, 2021

Wheelhouse-of-Fair-Oaks-Fairfax-Virginia

Acquisitions Multifamily Southeast Top Stories Virginia

DSF Group Acquires Wheelhouse of Fair Oaks Apartments in Fairfax, Virginia, for $134M

by Taylor Williams February 9, 2021

FAIRFAX, VA. — The DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Wheelhouse of Fair Oaks, a 491-unit apartment community located about 20 miles outside of Washington, D.C. in Fairfax. The price of $134 million equates to roughly $273,000 per unit. The new ownership will rebrand the 13-acre community and operate it under its Halstead brand, which includes a number of Class A multifamily properties that are primarily located in New England. As part of the rebranding, DSF Group will implement a value-add program that will upgrade unit interiors. According to the property website, units are available in one-, two- and three-bedroom floor plans and feature individual washers and dryers, walk-in closets and private balconies. Amenities include a pool, fitness center, dog park, package locker service by Luxer One and an outdoor amenity lawn with bocce ball courts and fire pits. In addition, the property is within walking distance of numerous retail and restaurant options, including the Fair Oaks Promenade shopping mall. The seller was not disclosed. — Taylor Williams

February 9, 2021

Development Multifamily North Carolina Southeast

Elevation, Great Lakes Capital to Build 204-Unit Granger Village Multifamily Community in Mooresville, North Carolina

by John Nelson February 8, 2021

MOORESVILLE, N.C. — Elevation Real Estate Group has partnered with Great Lakes Capital to build a 204-unit multifamily complex known as Granger Village in Mooresville. The property is located on 18.6 acres at the southeast corner of Charlotte Highway and East Waterlynn Road. Granger Village will be located near Exit 33 of Interstate 77 by Lake Norman and is approximately 30 miles from Charlotte. The property will feature multifamily units, as well as two commercial parcels that may include 15,500 square feet of retail, restaurant and medical office space. Granger Village is situated less than one mile from the Lake Norman Regional Medical Center and Lowe’s Home Improvement’s corporate headquarters. Raleigh-based Finley Design is the architectural firm on the project. Elevation and Great Lakes Capital plan to start construction this year and open the property in 2022. Leasing is planned to begin later this year. Elevation Real Estate Group is a Charlotte-based real estate company. Great Lakes Capital is a real estate development and private equity firm based in South Bend, Ind.

February 8, 2021

Acquisitions Florida Multifamily Southeast

Stonehaven Properties Acquires Main Street Landing Apartments in New Port Richey, Florida for $19.5M

by John Nelson February 8, 2021

NEW PORT RICHEY, FLA. — Stonehaven Properties has acquired Main Street Landing, an 80-unit multifamily property located at 5500 Main St. in New Port Richey. McGurn Management Co. sold the apartment complex to Stonehaven for $19.5 million, or $243,750 per unit. Joseph Thavis of CBRE’s Tampa office represented both the buyer and seller in the transaction. Completed in 2020, Main Street Landing sits directly on the Pithlachascotee River in downtown New Port Richey. The apartment complex is located 40 miles northwest of Tampa and 35 miles from Tampa International Airport. The property offers units with an average size of 1,412 square feet and average effective rents of $1,554 per unit. Stonehaven Properties looks to improve the asset by adding an onsite fitness center and boat docks.

February 8, 2021

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