Multifamily

Sack Properties Acquires 114-Unit Chateau Woods Apartments Near Seattle

by Amy Works December 1, 2020

WOODINVILLE, WASH. — Sack Properties has purchased Chateau Woods, a 114-unit multifamily property located in Woodinville, approximately 20 miles northeast of Seattle. BPM Real Estate Group sold the asset for $45.7 million, or $401,316 per unit. Built in 2008, Chateau Woods features 59 one-bedroom units and 55 two-bedroom units, with an average unit size of 978 square feet and 36 percent of the units include a den. The elevator-served property features a resident clubhouse, 24-hour fitness center, bike storage and outdoor courtyards with dining and barbecue areas. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Pacific Northwest Institutional Property Advisors represented the buyer. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino of JLL Capital Markets arranged financing for the buyer.

December 1, 2020

Acquisitions Georgia Multifamily Southeast

Fogelman, Thackeray Purchase 255-Unit Apartment Complex in Savannah

by Alex Tostado November 30, 2020

SAVANNAH, GA. — A joint venture between Fogelman Properties and Thackeray Partners has purchased Legends of Chatham, a 255-unit apartment complex in Savannah, for $39.5 million. The property offers one-, two- and three-bedroom floor plans, which were 90 percent occupied at the time of sale. Rents at the community range from $1,035 per month to $1,475. The buyers expect to upgrade unit interiors, the clubhouse, fitness center and landscaping, as well as redesign the pool area. Developed in 2015, Legends of Chatham is situated at 1426 Chatham Parkway, six miles southwest of downtown Savannah. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the seller, Georgia-based United Residential Properties LLC, in the transaction. John Bray of Berkadia arranged acquisition financing on behalf of the buyers through an undisclosed lender.

November 30, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 53-Unit Apartment Complex in Northeast Dallas

by Taylor Williams November 30, 2020

DALLAS — Marcus & Millichap has arranged the sale of Village Oaks, a 53-unit apartment complex that is situated on 3.5 acres at 9920 Forest Lane in northeast Dallas. Nick Fluellen, Bard Hoover and Joey Murry of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also secured the buyer, an individual/private trust.

November 30, 2020

Development Multifamily New York Northeast Seniors Housing

Racanelli Construction Completes $12.6M Seniors Housing Project on Long Island

by Taylor Williams November 30, 2020

CORAM, N.Y. — Racanelli Construction Co. has completed construction of All American Assisted Living at Coram, a $12.6 million seniors housing project located in the Long Island hamlet of Coram. Kaplan Development Group owns the 58,000-square-foot property, which offers assisted living, memory care and respite care services. Engelbrecht & Griffin Architects designed the project. The number of units was not disclosed.

November 30, 2020

Development Hospitality Illinois Midwest Multifamily

Magellan Development Group Rebrands Vista Tower Project as St. Regis Chicago

by Kristin Harlow November 30, 2020

CHICAGO — Magellan Development Group LLC has rebranded its 101-story project, previously known as Vista Tower, into The St. Regis Chicago. Magellan has partnered with St. Regis Hotels & Resorts and The Alinea Group. The project features both hospitality and condominium space. The 191-room hotel will feature several dining options, including a fine dining restaurant, a restaurant and lounge overlooking the Chicago River and a sky bar with outdoor terrace. Amenities include an indoor pool, spa, fitness room, ballroom and meeting rooms. The condominiums will be named The Residences at The St. Regis Chicago. Residents of the 393 condominiums will have access to a resident-only amenity floor. Located on the 47th floor, this space will feature a sky terrace with outdoor pool, lounge, demonstration kitchen, fitness center, conference center, golf lounge and children’s activity room. Designed by Jeanne Gang of Studio Gang, the 101-story tower is the third-tallest building in Chicago. Residents will begin to take occupancy in December with full completion slated for the third quarter of 2021. Condos are priced from $1 million to $18.5 million.

November 30, 2020

Loans Midwest Missouri Multifamily

Berkadia Provides $20.5M Refinancing for Multifamily Property in Kansas City

by Kristin Harlow November 30, 2020

KANSAS CITY, MO. — Berkadia has provided a $20.5 million Fannie Mae loan for the refinancing of Summit Crossing Phase II in Kansas City. The townhome-style multifamily property consists of 204 units across all phases. Amenities include two playgrounds, two pools, a business center, pickleball court, soccer field and fitness center. John Schorgl of Berkadia originated the loan on behalf of the borrower, Missouri-based Worcester Investments. The 10-year loan features a fixed interest rate with three years of interest-only payments and a 30-year amortization schedule.

November 30, 2020

Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $4.5M in Financing for Workforce Housing Project in Northampton, Massachusetts

by Taylor Williams November 30, 2020

NORTHAMPTON, MASS. — MassHousing has provided $4.5 million in financing for the development of North Commons at Village Hill, a 53-unit workforce housing project that will be located in the Central Massachusetts city of Northampton. The financing consisted of $3.1 million in taxable permanent financing and $1.4 million in financing from the Agency’s Workforce Housing Initiative. The borrower was The Community Builders. The property will feature eight studio units, 19 one-bedroom apartments, 22 two-bedroom residences and four three-bedroom apartments. A construction timeline was not disclosed.

November 30, 2020

Acquisitions California Multifamily Western

Raintree Partners Acquires Five Multifamily Properties in Southern California for $142M

by Amy Works November 30, 2020

ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset. The portfolio includes: Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.

November 30, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Purchases Solare Apartment Complex in Santa Ana for $64M

by Amy Works November 30, 2020

SANTA ANA, CALIF. — Advanced Real Estate Services has acquired a multifamily property in Santa Ana for $64 million with the buyer assuming an existing loan of approximately $37 million. Formerly called Solare, the property will be rebranded as River House. Situated next to the Santa Ana River and Riverview Golf Course, the community features 240 apartments, two swimming pools, a fitness center and a playground. Individual units offer fireplaces, balconies and central air conditioning. The property was built in 1987. Advanced plans to implement a $10 million renovation project at the property. The plans include new windows, roofs, wood siding repair, a modern paint scheme and landscaping. Additionally, the company plans to upgrade the unit interiors with new flooring, cabinets, counters, fixtures and paint. Tyler Leeson of Marcus & Millichap and Stewart Weston of CBRE brokered the transaction. The name of the seller was not released.

November 30, 2020

Acquisitions California Multifamily Western

Sares Regis Group Buys 111-Unit Multifamily Community in San Mateo

by Amy Works November 30, 2020

SAN MATEO, CALIF. — Sares Regis Group of Northern California (SRGNC) has acquired Mode, an apartment property located at 2089 Pacific Blvd. in San Mateo. Land and Houses sold the property for an undisclosed price. Totaling 108,700 square feet, the two-building community features 111 apartments, a dog run, fitness center, yoga studio, resident clubhouse with kitchen, business center, two outdoor courtyards with barbecue and picnic areas, resident storage with bicycle space, solar roofing, a leasing center and 219 parking spaces. SRGNC has received conditional approval to convert eight of the current two-bedroom units into 16 studios in conjunction with improvements to apartment interiors and common areas. The conversion will increase the total number of apartments to 119, with 12 designated as affordable, in a mix of studio, one-, two- and three-bedroom layouts. Construction on the new studio units is slated to begin during the first quarter of 2021. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors represented the seller, while SRGNC was self-represented in the deal. Jesse Weber of CBRE’s Northern California Multifamily Debt & Structured Finance team arranged debt for the buyer.

November 30, 2020

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