Multifamily

Venterra Realty Acquires 324-Unit Elation at Grandway West Apartments in Metro Houston

by Taylor Williams February 8, 2021

KATY, TEXAS — Locally based investment firm Venterra Realty has acquired Elation at Grandway West, a 324-unit apartment community in the western Houston suburb of Katy. The property offers one- and two-bedroom units ranging in size from 671 to 1,116 square feet. Units feature quartz countertops, stainless steel appliances and smart door locks. Amenities include three outdoor grilling areas, two pools, a dog park, pergolas with swings, a yoga and spin studio, fire pits and a bocce ball court. Matt Philips and Clint Duncan of CBRE brokered the deal, the seller in which was not disclosed.

February 8, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 320-Unit Park at Estancia Multifamily Property in Austin

by Taylor Williams February 8, 2021

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Park at Estancia, a 320-unit multifamily property in Austin’s Far South submarket. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, dog park, outdoor grilling stations and a resident clubhouse with a lounge and game area. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, GenCap Partners, in the transaction. The team also procured the buyer, Churchill Forge Properties.

February 8, 2021

Acquisitions Multifamily Texas

JRK Property Holdings Buys 258-Unit Apartment Community in Southeast Houston

by Taylor Williams February 8, 2021

HOUSTON — Los Angeles-based investment firm JRK Property Holdings has purchased Carrington Park at Gulf Point, a 258-unit apartment community in southeast Houston. Built on 16 acres in 2017, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a clubhouse, according to Apartments.com. The seller was not disclosed.

February 8, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

Loans Massachusetts Multifamily Northeast

Berkadia Provides $17.5M Fannie Mae Loan for Refinancing of Boston Multifamily Portfolio

by Taylor Williams February 8, 2021

BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.

February 8, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

The Neighborhood Developers Underway on 77-Unit Affordable Housing Project Near Boston

by Taylor Williams February 8, 2021

EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.

February 8, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.5M Sale of Multifamily Portfolio in Chicago’s Lincoln Square

by Kristin Harlow February 8, 2021

CHICAGO — Interra Realty has brokered the $9.5 million sale of a multifamily portfolio in Chicago’s Lincoln Square neighborhood. The portfolio includes: 4621-25 N. Lincoln Ave., a building with 25 apartment units and four ground-floor retail spaces; and 2243-51 W. Eastwood Ave., a 16-unit apartment building. The properties were originally built in the 1920s. The apartment units feature new tile flooring and cabinetry as well as stainless steel appliances. Joe Smazal of Interra represented the seller, a venture of New York-based Pioneer Acquisitions LLC. Smazal also represented the buyer, a venture led by Jeff Weinberg of Chicago-based Drexel Properties. The buyer assumed the existing CMBS financing.

February 8, 2021

Acquisitions California Multifamily Seniors Housing Western

Bayshire Senior Communities Acquires Two Seniors Housing Properties in Southern California

by Amy Works February 8, 2021

CARLSBAD AND RANCHO MIRAGE, CALIF. — Bayshire Senior Communities, a boutique senior living owner and operator, has acquired Brookdale Carlsbad and Brookdale Rancho Mirage, renaming the two communities as Bayshire Carlsbad and Bayshire Rancho Mirage. Both properties are continuing care retirement communities, each featuring 90 independent and assisted living units, 24 memory care units and 45 skilled nursing units. Carlsbad is located north of San Diego, and Rancho Mirage is part of the Inland Empire. Bayshire is an owner-operator headquartered in Escondido, a suburb of San Diego.

February 8, 2021

Acquisitions Colorado Multifamily Western

Praedium Group Purchases Transit-Oriented Gateway Arvada Ridge Apartments in Colorado

by Amy Works February 8, 2021

ARVADA, COLO. — New York-based The Praedium Group has purchased Gateway Arvada Ridge, a multifamily property in Arvada, a suburb of Denver. Terms of the transaction were not released. Constructed in 2019, the four-story Gateway Arvada Ridge features 296 apartments located along air-conditioned interior corridors. Units offer quartz countertops, stainless steel appliances, large kitchen islands, walk-in closets and floor-to-ceiling windows. Community amenities include a swimming pool and spa; a two-story clubhouse with game room and billiards; fitness center with spin studio; pet park and spa; community grilling areas; and a bike wash/repair shop. Additionally, the property features 534 parking spaces, including 12 direct-access garages, 12 carriage building garages, 75 breezeway garages, 48 detached satellite garages, 47 carports and 340 open spaces.

February 8, 2021

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