Multifamily

Interra Realty Brokers Sale of Historic Building in Chicago for $2.5M

by Kristin Harlow February 19, 2021

CHICAGO — Interra Realty has brokered the sale of the Chicago Defender Building in Chicago’s Bronzeville neighborhood for $2.5 million. Built in 1899 and designed by Henry Newhouse, the property served as a Jewish synagogue before housing the Chicago Defender newspaper from 1920 to 1960. In 2016, the building was renovated to include one ground-floor commercial space and eight apartment units. A medical supply company currently occupies the commercial space. Joe Smazal of Interra represented the seller, TRB Properties One LLC, as well as the undisclosed buyer.

February 19, 2021

Development Multifamily Seniors Housing Texas

Gardner Capital Breaks Ground on Affordable Seniors Housing Project in Hurst, Texas

by Taylor Williams February 19, 2021

HURST, TEXAS — Gardner Capital has broken ground on Gala at Central Park, an affordable seniors housing community in the Fort Worth suburb of Hurst. The 94-unit complex, which will offer a mix of one- and two-bedroom apartments, will include a three-story residential building and a two-story clubhouse with a variety of amenities. Construction in slated for completion in early 2022. Treymore Construction will serve as general contractor for the project. Hurst Public Facility Corp. is the development partner, while NDC Corporate and Redstone are the financial partners for the transaction.

February 19, 2021

Colorado Development Multifamily Seniors Housing Western

Solterra Starts Construction of $38M Bridgewater Senior Living in Castle Rock, Colorado

by Jeff Shaw February 19, 2021

CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open in summer 2022.

February 19, 2021

Acquisitions Florida Multifamily Southeast

Lexin Capital Purchases Multifamily Community in Central Florida for $70.8M

by Julia Sanders February 19, 2021

KISSIMMEE, FLA. — Lexin Capital, a New York-based private investor, has purchased The Jamison, a 315-unit multifamily property located in Kissimmee, for $70.8 million. Jay Ballard, Ken DelVillar, Bailey Smith and Patrick Coley of JLL represented the sellers, DeBartolo Development LLC and Upshot Capital Advisors, in the sale. The co-developers completed the apartment community in November 2020. DeBartolo Construction Services was the general contractor, and Forum Architecture was the architect. The Jamison is located at 1040 Jamison Loop at the corner of US Highway 192 and Partin Settlement Road and is the first new multifamily construction in the area since 2008, according to DeBartolo Development. The apartment community includes seven, four-story buildings with studio, one-, two- and three- bedroom smart homes with an average size of 1,061 square feet. The apartment’s amenities include a 7,000-square-foot clubhouse with workspaces, a 24-hour fitness center, outdoor entertainment areas with a pool, grilling stations, tot lot, fire pits, dog park, covered social pavilion and reserved garage parking.

February 19, 2021

Imperial-House-Apartments-Elizabeth-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $21.3M Sale of Multifamily Building in Elizabeth, New Jersey

by Taylor Williams February 19, 2021

ELIZABETH, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has negotiated the $21.3 million sale of Imperial House Apartments, a 109-unit multifamily building in Elizabeth, located just south of Newark. Built in 1960, the property offers studio, one-, two- and three-bedroom units ranging in size from 490 to 1,350 square feet. Stephen Tragash and David Jarvis of Gebroe-Hammer represented the seller, New Jersey-based Landmark Cos., in the transaction and procured an undisclosed private investor as the buyer.

February 19, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

by Amy Works February 19, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit. Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 19, 2021

Acquisitions Multifamily Washington Western

Fourth Avenue Capital Buys Calabria Apartment Building in Issaquah from Pacifica Cos. for $9M

by Amy Works February 19, 2021

ISSAQUAH, WASH. — Fourth Avenue Capital, a local apartment investor, has acquired Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah. San Diego-based Pacifica Cos. sold the asset for $9 million, or $450,000 per unit. Constructed in 2009, the property features 20 condominium-quality apartment units, with 10 being three-bedroom townhome units. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team at Kidder Mathews represented the seller.

February 19, 2021

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges Sale of 237-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 18, 2021

SPRINGDALE, ARK. — Cushman & Wakefield has facilitated the sale of Towne Park at Har-ber, a 237-unit apartment community located in Springdale. Martin Bynum and Craig Hey of Cushman & Wakefield represented the Little Rock-based seller, BSR REIT, in the transaction. Block Funds bought the property for $31.7 million, according to the seller. Constructed in 2016, Towne Park at Har-ber is located at 257 Arborside Road, 68 miles from Fort Smith Regional Airport. Amenities include swimming pool with sun deck, fully equipped fitness center and a community clubhouse.

February 18, 2021

Affordable Housing Alabama Development Loans Multifamily Southeast

Bellwether Provides $11.6M HUD-Insured Loan for Affordable Housing Community in Dothan, Alabama

by Julia Sanders February 18, 2021

DOTHAN, ALA. — Bellwether Enterprise Real Estate Capital LLC has provided an $11.6 million HUD 221(d)(4) loan for the rehabilitation of an affordable housing community in Dothan. The 50-unit public housing property, Capstone at Kinsey Cove, is located at 1121 Kinsey Road. Jon Killough of Bellwether Enterprise’s Alabama office originated the loan on behalf of the borrower, an affiliate of The Banyan Foundation. The financing is part of HUD’s Rental Assistance Demonstration (RAD) program, which allows housing authorities to access private capital to meet capital needs while also protecting long-term affordability. Capstone at Kinsey Cove includes a one-story office building and a one-story maintenance structure. Community amenities include a community room, business and computer lab, central laundry facility, playground, picnic area, off-street surface parking and onsite management. In addition to the HUD loan, the transaction’s capital stack includes 4 percent Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James Tax Credit Funds and subordinate loans provided by the Housing Authority of the City of Dothan. The rehabilitation total development cost will be $158,000 per unit. Upon rehabilitation, units will receive dishwashers, microwaves and vinyl plank flooring. The estimated completion date of the renovations is July 2022.

February 18, 2021

Acquisitions Multifamily Texas

MLG Capital Purchases 328-Unit Heights at Harper’s Preserve Apartments in Conroe, Texas

by Taylor Williams February 18, 2021

CONROE, TEXAS — Wisconsin-based investment firm MLG Capital has purchased Heights at Harper’s Preserve, a 328-unit apartment property located within the Harper’s Preserve master-planned community in Conroe, about 40 miles north of Houston. Heights at Harper’s Preserve offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge and a complimentary breakfast and coffee bar. MLG Capital now owns approximately 10,700 apartments in Texas. The seller was not disclosed.

February 18, 2021

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