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Multifamily

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LoansMultifamilyTexas

PCCP Provides $86.3M Acquisition Loan for Multifamily Portfolio in Houston

by Taylor Williams

HOUSTON — Los Angeles-based PCCP LLC has provided an $86.3 million loan for the acquisition and renovation of two apartment communities totaling 620 units that are located within the 37-acre CityCentre mixed-use development in Houston’s Memorial City district. The properties, both of which offer Class A amenities, are branded Domain at CityCentre and Lofts at CityCentre. Domain features 370 units averaging 975 square feet in one-, two- and three-bedroom floor plans. Lofts totals 250 units averaging 958 square feet with a similar unit mix. The borrower was Lubbock-based Madera Residential, which purchased the assets from J.P Morgan.

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AcquisitionsMultifamilyTexas

180 Multifamily Properties Buys 208-Unit Complex Near Dallas Love Field Airport

by Taylor Williams

DALLAS — Locally based investment firm 180 Multifamily Properties has acquired a 208-unit apartment complex in Dallas’ Bachman Lake area, located near Dallas Love Field Airport. The seller was an undisclosed firm based on the East Coast. Bard Hoover and Wes Racht of Marcus & Millichap brokered the deal. The new ownership plans to implement a capital improvement program that will also include a rebranding of the property.

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AcquisitionsMultifamilyTexas

Sterling Real Estate Acquires 160-Unit Silver Creek Apartments in North San Antonio

by Taylor Williams

SAN ANTONIO — Arizona-based investment firm Sterling Real Estate Partners has acquired Silver Creek Apartments, a 150-unit multifamily community located near USAA’s headquarters on the north side of San Antonio. According to Apartments.com, the property was built in 1983, features studio, one- and two-bedroom units and offers amenities such as a clubhouse, lounge, fitness center and a pool. The seller was not disclosed. Sterling plans to implement a value-add program.

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AcquisitionsMultifamilySeniors HousingTexas

Heavenrich & Co. Arranges Sale of 60-Unit Pathways Memory Care in Northwest Houston

by Taylor Williams

HOUSTON — Heavenrich & Co. has arranged the sale of Pathways Memory Care, a 60-unit skilled nursing memory care facility located in Northwest Houston. The property was built in 2014 on an 80-acre medical campus that includes the Kelsey Seybold Clinic and Villa Toscana, an 86-unit skilled nursing facility that Heavenrich brokered the sale of in 2020. StoneGate Senior Living, a national owner-operator, sold the property to an undisclosed buyer for an undisclosed price.

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DevelopmentMidwestMultifamilyNebraskaStudent Housing

Campion Devco to Develop 575-Bed Student Housing Project in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Campion Devco LLC is developing LivRed, a 575-bed student housing project near the University of Nebraska-Lincoln in Lincoln. The seven-story building will offer furnished one-, two-, three- and four-bedroom units. Community amenities will include a fitness center, package room, parking garage, private study rooms, gaming areas and lounges. The project team includes Sampson Construction, Grace Hebert Curtis Architects, ETI and REGA Engineering. Scott Clifton, Stewart Hayes, Teddy Leatherman and Dan Kearns of JLL Capital Markets sourced a joint venture partner in Tailwind Group for the project. A timeline for construction was not disclosed.

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LoansMidwestMinnesotaMultifamily

Colliers Mortgage Provides $32.5M HUD-Insured Loan for Apartment Refinancing in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Colliers Mortgage has provided a $32.5 million HUD 223(a)(7) loan for the refinancing of Third North Apartments in Minneapolis. The 204-unit apartment complex was built in 2014. The new loan features a 40-year amortization schedule, a lower interest rate and a lower mortgage insurance premium, resulting in annual cash flow savings, according to Colliers. Third North LLC was the borrower.

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Residences-at-Plainview-New-York
DevelopmentMultifamilyNew YorkNortheastSeniors Housing

Chelsea Living Opens Residences at Plainview Active Adult Community in Plainview, New York

by Taylor Williams

PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheastSeniors Housing

Blueprint Arranges Sale of 80-Bed Skilled Nursing Facility in Rensselaer, New York

by Taylor Williams

RENSSELAER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rosewood Rehabilitation & Nursing Center in Rensselaer, located just across the Hudson River from Albany. The 80-bed skilled nursing facility was originally developed in the mid-1970s. Prior to the sale, the private ownership group completed capital investments including interior renovations, operational equipment upgrades and technological enhancements. The property was above 90 percent occupied at the time of sale. The buyer and seller were not disclosed.

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DevelopmentLoansMultifamilyWashingtonWestern

NorthMarq Secures $45M in Joint-Venture Equity for Tacoma Plaza Multifamily Project in Washington

by Amy Works

TACOMA, WASH. — NorthMarq has arranged $45 million in joint-venture equity between Trent Development and Bridge Investment Group for the development of Tacoma Plaza, an apartment community in Tacoma. Situated on 1.3 acres at 1502 Fawcett Ave., Tacoma Plaza will feature 368 apartments in a mix of studio, one- and two-bedroom units with private balconies and large windows. The community will offer two rooftop decks, two private courtyards and a dog spa. Completion is slated for 2023. Seattle-based Studio 19 Architects designed the project, while Gig Harbor-based Rush Commercial Construction is general contractor. Jake Leibsohn and Ron Peterson of NorthMarq secured the joint-venture equity.

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AcquisitionsCaliforniaMultifamilyWestern

Bell Partners Buys 232-Unit Windsor at Redwood Creek Apartments in Rohnert Park, California

by Amy Works

ROHNERT PARK, CALIF. — Bell Partners, on behalf of its Fund VII investors, has purchased Windsor at Redwood Creek, an apartment property in Rohnert Park. The buyer plans to rename the 232-unit property to Bell Rohnert Park. The seller and price were not released. Built in 2005 on 12.3 acres, Bell Rohnert Park features a resort-style swimming pool and spa with poolside dining area and gas grills, a clubhouse, fitness center, resident lounge, playground, dog park and detached garages. Each unit has a fully equipped kitchen with stainless steel appliances, washers/dryers, walk-in closets and a private balcony or patio, while select units include fireplaces. The acquisition represents Bell Partners’ second owned community in the Bay Area and second West Coast purchase of 2021, continuing the firm’s expansion into the region.

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