Multifamily

CIT Provides $42.5M in Construction Financing for St. Louis Apartment Project

by Kristin Harlow January 19, 2021

ST. LOUIS — CIT Group Inc. has provided $42.5 million in construction financing for Terra at the Grove, a 300-unit apartment project in St. Louis. Plans call for ground-floor retail space, a 52,000-square-foot courtyard and outdoor pool, a business center, clubroom and four-level parking garage. Units will range in size from studios to two-bedroom floor plans. Each unit will feature a balcony or patio. St. Louis-based Green Street is developing the four-story project. A timeline for construction was not released.

January 19, 2021

Acquisitions California Multifamily Western

Waterton Enters San Francisco Market, Buys 154-Unit Delphine on Diamond Apartment Community

by Amy Works January 19, 2021

SAN FRANCISCO — Waterton, a Chicago-based national real estate investor and operator, has purchased Delphine on Diamond, formerly known as eaves Diamond Heights, as its entry into the San Francisco market. Situated in the city’s Noe Valley neighborhood, Delphine on Diamond features 154 one-, two- and three-bedroom apartments spread across two podium buildings with subterranean parking. Waterton plans to renovate the community, which was built in 1972, including new siding and windows, landscaping, mechanical upgrades and updates to hallways, common areas and amenities. Additionally, units will be updated with new light fixtures, carpeting and faux wood flooring throughout, while kitchens will be outfitted with new cabinets, solid surface countertops and modern plumbing fixtures. The property is located at 5285 Diamond Heights Blvd. Terms of the acquisition were not released.

January 19, 2021

Acquisitions Midwest Multifamily South Dakota

Circle Capital Partners Purchases 265-Unit Apartment Community in South Dakota

by Kristin Harlow January 19, 2021

RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were undisclosed.

January 19, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Arranges $7.8M Sale of FountainWood Lodge Assisted Living Community in Orangevale, California

by Amy Works January 19, 2021

ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer plans on improving upon this as they take over,” says Goodsell. “This acquisition is a nice fit for the buyer, as they grow their portfolio and already successfully operate in the area.”

January 19, 2021

Acquisitions Multifamily Washington Western

MJW Investments Acquires 124-Unit Sunset Park Multifamily Property in Seattle

by Amy Works January 19, 2021

SEATTLE — MJW Investments has purchased Sunset Park, an apartment community located at 11202 Second Lane SW in Seattle. Terms of the off-market transaction were not released. Approximately 15 minutes from downtown Seattle, the community features 124 one- and two-bedroom apartments, a sauna, swimming pool, clubhouse lounge with kitchen and fireplace, a play area, on-site laundry facilities and a fitness center. David Sorenson of Berkadia assisted the undisclosed seller in the transaction, while Allan Freedman of Berkadia assisted the buyer with acquisition financing. Jared Goetz of Tecton will oversee operations and the renovation of the property for MJW.

January 19, 2021

Acquisitions Florida Georgia Multifamily Southeast Student Housing

CA Student Living Acquires Two Student Housing Communities in Georgia, Florida Totaling 972 Beds

by Alex Tostado January 18, 2021

ATHENS, GA. AND BOCA RATON, FLA. — CA Student Living has acquired two student housing communities in Georgia and Florida for an undisclosed price. The acquisitions include Ikon at Athens, a 374-bed property located near the University of Georgia campus in Athens, and University Park, a 598-bed community located near Florida Atlantic University in Boca Raton. Ikon at Athens offers two-, three- and four-bedroom units with bed-to-bath parity. Communal amenities include a pool, outdoor spa, 24-hour fitness center, business center and a coffee cafe. University Park offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity alongside shared amenities such as a pool, fitness center, a clubhouse and study rooms. CA’s in-house property management platform will manage both properties. Ryan Lang of Newmark represented the buyer in the transaction. Chicago-based law firm Polsinelli provided legal assistance to the Chicago-based buyer. The seller(s) was not disclosed.

January 18, 2021

Development Multifamily Seniors Housing Southeast Tennessee

McShane to Build 138-Unit Seniors Housing Property Near Nashville for Avenida Partners

by Alex Tostado January 18, 2021

HENDERSONVILLE, TENN. — Avenida Partners has selected McShane Construction Co. to build Avenida Hendersonville, a 138-unit active adult community in the Nashville suburb of Hendersonville. The three-story building will be positioned on a five-acre site. The community will offer 6,000 square feet of amenities. Completion of Avenida Hendersonville is slated for May 2022. This will be Newport Beach, Calif-based Avenida’s third active adult community in Tennessee and seventh overall in five states. The architect of record is Poole & Poole Architecture.

January 18, 2021

Acquisitions Illinois Midwest Multifamily

Essex Brokers $21.6M Sale of Apartment Property in Suburban Chicago

by Kristin Harlow January 18, 2021

HANOVER PARK, ILL. — Essex Realty Group Inc. has brokered the $21.6 million sale of Pebblewood Court Apartments in Hanover Park, a northwest suburb of Chicago. The 220-unit property is comprised of 11 buildings. Each building features 20 units along with storage lockers and a laundry room. Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd of Essex represented the seller, a regional investment group. Brian Kochendorfer and Brian Karmowski of Essex represented the buyer, a local investor. In 2019, Essex brokered the deconversion sale of the property as it previously consisted of condominium units.

January 18, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges Sales of Two Chicago-Area Multifamily Buildings for $14.1M

by Kristin Harlow January 18, 2021

CHICAGO — Interra Realty has arranged the sales of two Chicago-area multifamily buildings for a total of $14.1 million. Craig Martin and Brian DiBasilio of Interra represented the buyers and sellers in both transactions. The duo arranged the $9 million sale of Vine Place Apartments in Park Ridge. The newly constructed property, located at 400 Talcott Road, features 22 units and one commercial space that is leased to STEM Studio, a daycare and preschool. Vine Place LLC sold the asset to DAG Vine Place LLC, which completed a 1031 exchange. Vine Place Apartments was 82 percent leased at the time of sale. In the second transaction, the Wrightwood Lamon Building sold for $5.1 million. Located at 4848 W. Wrightwood Ave. in Chicago, the property consists of 44 units. It was originally built in 1926. The buyer, an affiliate of Chicago Metropolitan Housing Development Corp., plans to renovate the building, which was 95 percent occupied at the time of sale. John Scorte was the seller.

January 18, 2021

Acquisitions Multifamily Texas

Sherman Residential Acquires 299-Unit Axis Kessler Park Apartments in West Dallas

by Taylor Williams January 18, 2021

DALLAS — Sherman Residential has acquired Axis Kessler Park Apartments, a 299-unit multifamily community in West Dallas. Units at the property, which was formerly known as Lincoln Kessler Park, feature quartz countertops, custom cabinetry, individual washers and dryers and private balconies or yards in select units. Amenities include a pool, exercise center, pet park, business center, putting green, outdoor lounge and a complimentary virtual fitness membership. The seller was not disclosed.

January 18, 2021

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