PHOENIX — Taylor Street Advisors has arranged the sale of Shorewood Apartments, a multifamily community located at 3601 N. Fifth Ave. in Phoenix. A private investment fund acquired the property from an out-of-state investor for $4.9 million, or $233,333 per unit. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and seller in the deal. The mid-century modern apartment community features 21 residences. The property was recently renovated with the addition of in-unit washers/dryers, new floors, kitchens and baths.
WOODBRIDGE, N.J. — NAI DiLeo-Bram has brokered the sale of The Village at Falcon Point, a 56-unit apartment complex located in the Northern New Jersey community of Woodbridge. The seven-building property was completed in 2020. David Simon, Robert DiLeo, Matthew DiLeo and Kyle Gerace of NAI DiLeo-Bram represented the seller, Falcon Partners LLC, in the transaction. The buyer and sales price were not disclosed.
PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …
By Chris Bruzas, Berkadia Like all markets, Indianapolis is hoping for a return to more normal investment activity for commercial real estate in 2021. So far, the signs are positive, especially for the multifamily sector. The end of 2020 saw a pickup in multifamily sales activity nationally, a result of strong appetite from sidelined capital, continued positive collections trends and occupancy trends, and positive signals from the vaccine rollout. Demand forecasts Indianapolis has steadily been gaining favor with investors, given its economic stability, steady population growth and growing renter interest in secondary and tertiary markets. According to Berkadia’s 2021 forecast, Indianapolis continues to set the standard for urban renewal and economic development. Regional job creation, including at Bottleworks District, Indiana University Health and Amazon, continue to attract new residents. More than 13,000 apartment units were delivered in the past five years with demand continuing to rise. At the end of 2020, occupancy in the metro area was at 95.1 percent, reaching a 20-year peak. Underpinning healthy apartment occupancy is housing demand created by a consistent net migration of about 12,000 people annually and rising household formation. Current opportunities Like the rest of the country, Indianapolis continues to feel the impact …
BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman. Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam room and multiple study areas. Berkadia represented the undisclosed seller in the transaction. CBRE advised on debt for the acquisition, which was added to a Fannie Mae credit facility formed by the joint venture. Cardinal Group Management will manage the property; Cardinal Group Construction will manage planned value-add construction; and Agency Fifty3 will provide marketing and branding services for the community.
SAN JOSE, CALIF. — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.
HOUSTON — Frisco-based Worldwide Commercial has brokered the sale of Waterford Grove, a 552-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1973 and offers two-and three-bedroom units. Amenities include a fitness center, leasing office, pool, a dog park and an after-hours childcare program. The names of the New Hampshire-based buyer and locally based seller were not disclosed.
HOUSTON — Miami-based investment firm Elandis has acquired Waters at Westchase, a 260-unit apartment community in Houston. Built in 1979, the property features one- and two-bedroom units. Elandis acquired the property in a joint venture with London-based M&G Investments and multinational conglomerate Libra Group. The new ownership will implement a value-add program focused on the unit interiors, amenity spaces and common areas. The seller was not disclosed.
ATLANTA — Walker & Dunlop has brokered the $164.5 million sale of The Mansions Portfolio, a portfolio of four Class A independent living properties in Atlanta. Focus Senior Housing Fund I LP, a discretionary investment vehicle that is managed by an affiliate of Focus Healthcare Partners LLC, bought the portfolio. Joshua Jandris, Mark Myers, Jordyn Berger and Brett Gardner of Walker & Dunlop represented the buyer in the transaction. Additionally, Russell Dey of Walker & Dunlop arranged three acquisitions loans through Freddie Mac. The seller(s) was not disclosed. The Mansions Portfolio includes 559 independent living units across four unnamed properties located within 30 miles of one another. Some communities include restaurant-style dining rooms, fitness centers, landscaped grounds and in-unit washers and dryers. The communities are fairly new as they were constructed between 2016 and 2020. Focus Healthcare Partners is a real estate investment and asset management firm headquartered in Chicago.
WAVERLY, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.7 million loan for the refinancing of Pinnacle Villages in Waverly, located in northeast Iowa. The newly constructed multifamily property features 110 townhouse-style units. Robert Bhat of MMCC arranged the 12-year loan, which features a fixed interest rate of 3.5 percent, a 30-year amortization schedule and four years of interest-only payments.