Multifamily

IPA Negotiates $90M Sale of 560-Unit Multifamily Portfolio in Tucson, Arizona

by Taylor Williams December 21, 2020

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson. The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side. Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa. Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, …

December 21, 2020

Development Multifamily Texas

Legacy Partners, Bridge Investment to Develop 483-Unit Apartment Community in Austin

by Taylor Williams December 18, 2020

AUSTIN, TEXAS — A joint venture between San Francisco-based Legacy Partners and Bridge Investment Group has acquired 35.2 acres in northeast Austin for the development of Camber Ranch on Parmer, a 483-unit apartment community. Designed by Dallas-based Humphreys & Partners Architects, the property will be located at the corner of Parmer and Yager lanes and will consist of 22 two- and three-story buildings. Units will range in size from 438 to 1,500 square feet and will feature granite and quartz countertops, stainless steel appliances and LED lighting. Amenities will include multiple pools, a fitness center with a yoga/spin studio, outdoor kitchen with grilling stations, snookball court, dog park and a bike repair shop. Move-ins are expected to begin in late 2022.

December 18, 2020

Development Multifamily Texas

Barvin Underway on 281-Unit Multifamily Project Near Texas Medical Center in Houston

by Taylor Williams December 18, 2020

HOUSTON — Locally based investment and development firm Barvin is underway on construction of a 281-unit multifamily project near the Texas Medical Center in Houston. Units will feature stainless steel appliances, custom cabinetry, quartz countertops and walk-in closets. Amenities with include a pool, outdoor kitchen, private conference rooms, business lounge, fitness center and a dog park. Dallas-based GFF is the project architect, and Austin-based Oden Hughes is the general contractor. Completion is slated for early 2022.

December 18, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $54.6M HUD-Insured Loan for Refinancing of Suburban Chicago Multifamily Asset

by Kristin Harlow December 18, 2020

BLOOMINGDALE, ILL. — Greystone has provided a $54.6 million HUD-insured 223(f) loan for the refinancing of Camden at Bloomingdale. The 360-unit apartment property is located in Bloomingdale, a northwest suburb of Chicago. Built in 1991, the property consists of 19 garden-style buildings. Amenities include a clubhouse, business center, fitness center, pool, outdoor sports courts, picnic grounds and playground areas. Clint Darby and Phiet Nguyen of Greystone originated the 35-year loan, which features a 35-year amortization and a fixed interest rate of 2.68 percent. The transaction qualified for HUD’s green financing, further reducing the interest rate on the loan. The borrower, Chern Camden, will use loan proceeds to refinance an existing Fannie Mae loan, continue with ongoing maintenance and monetize existing equity, according to Greystone.

December 18, 2020

Illinois Loans Midwest Multifamily

Associated Bank Arranges $37.8M Loan for Renovation of Chicago Apartment Tower

by Kristin Harlow December 18, 2020

CHICAGO — Associated Bank has arranged a $37.8 million loan for the renovation of an 18-story apartment tower located at 1926 W. Harrison St. in Chicago. The building is situated within the Illinois Medical District and near the Rush University Medical Center. The borrowers, Marquette Cos. and Kayne Anderson Real Estate, will renovate 272 units and make improvements to the fitness center, coworking space, rooftop deck and dog run. Completion is slated for August 2021. Associated Bank served as lead arranger and administrative agent, working with Wheaton Bank & Trust. Elizabeth Hozian of Associated Bank handled the loan arrangements and closing.

December 18, 2020

Acquisitions Indiana Midwest Multifamily

Berkadia Arranges Sale of 354-Unit Apartment Property in Indianapolis

by Kristin Harlow December 18, 2020

INDIANAPOLIS — Berkadia has arranged the sale of Aberdeen Apartments in Indianapolis for an undisclosed price. The 354-unit multifamily property is located at 8680 Walnut Grove Drive near the Indianapolis International Airport. Amenities include a pool, fitness center, clubhouse, and a basketball, tennis and sand volleyball court. Alex Blagojevich and Chris Bruzas of Berkadia represented the seller, Indiana-based Samaritan Cos., which made significant capital improvements to the property over the past few years. Barratt Asset Management, also based in Indiana, was the buyer.

December 18, 2020

Development Midwest Missouri Multifamily

HDA Architects Completes Design of 184-Unit Multifamily Development in St. Louis

by Kristin Harlow December 18, 2020

ST. LOUIS — HDA Architects, a Green Street company, has completed the design of a 184-unit multifamily development in downtown St. Louis. The proposed project would be built at 1801 Washington Ave. and include 7,300 square feet of ground-floor retail space as well as a 220-stall parking garage. Plans call for a mix of studios and one-bedroom units. Project costs are estimated at $32 million and construction is expected to begin in the second or third quarter of 2021. King Realty is the developer.

December 18, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Sells Two Multifamily Properties in Tucson to Bridge Investment Group for $90.2M

by Amy Works December 18, 2020

TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Both properties are located on West Linda Vista Boulevard in Northwest Tucson. Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet. Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.

December 18, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $13.8M Sale of Apartment Complex in Methuen, Massachusetts

by Taylor Williams December 18, 2020

METHUEN, MASS. — CBRE has negotiated the $13.8 million sale of Mill Falls Apartments, a 97-unit mixed-income apartment complex in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The building was originally constructed in 1826 as a cotton mill and was redeveloped into a multifamily property in 2001. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Methuen Mills LP, an affiliate of Silver Street Development Corp, in the transaction. The team also procured the buyer, Standard Communities.

December 18, 2020

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

by Amy Works December 18, 2020

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

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