Multifamily

Sares Regis Sells 90-Unit Encore Apartment Community in Redwood City, California

by Amy Works November 24, 2020

REDWOOD CITY, CALIF. — Sares Regis Group of Northern California has completed the disposition of Encore, a multifamily property located at 855 Veterans Blvd. in Redwood City. Terms of the transaction were not released. The six-story Encore features 90 apartments in a mix of one-, two- and three-bedroom layouts and nearly 5,000 square feet of amenity space. Residences offer stainless steel appliances, in-home washers/dryers, solid-surface countertops, high-efficiency central heat and air conditioning, hardwood-style plank flooring, walk-in closets, Nest thermostats, keyless entry hardware and storage space. Amenities include a fitness center; top-level roof deck and community room; outdoor courtyard with barbecue, fireplace and dog run; Wi-Fi-enabled common areas; multi-level parking with electric vehicle charging stations; and bike storage. Stan Jones, Phil Saglimbeni, Sal Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction. The seller and its affiliate companies built, leased and managed the community prior to sale.

November 24, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

Merrill Arranges Sale of Independent Living Community in Oregon for $4.1M

by Amy Works November 24, 2020

NORTH BEND, ORE. — Merrill Commercial Real Estate has arranged the sale of a 69-unit independent living community in North Bend. The 44,000-square-foot community was part of a senior living portfolio that went into receivership in late 2019. The property is one of four properties in the portfolio that make up a continuum-of-care model in the local area. The name of the property and campus were not disclosed. Mike Merrill represented the court-appointed receiver. A California-based investment group focused on the multifamily sector paid $4.1 million for the property, representing a capitalization rate of 8.4 percent. The community was 80 percent occupied at the time of sale.

November 24, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $3.3M Acquisition of Clover Meadow Apartments in Lakewood, Washington

by Amy Works November 24, 2020

LAKEWOOD, WASH. — Kidder Mathews has brokered the purchase of Clover Meadows Apartments, a multifamily property located at 12517 47th Ave. in Lakewood. Michael Delaney of Sound Investments acquired the asset from an undisclosed seller for $3.3 million in an off-market transaction. Brandon Lawler, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team, a multifamily investment team at Kidder Mathews, represented the buyer in the transaction. Built in 1968, Clover Meadows features 26 garden-style apartments on 1.6 acres.

November 24, 2020

Development Multifamily South Carolina Southeast Student Housing

Tiger Properties Breaks Ground on 380-Bed Student Housing Community Near Clemson University

by Alex Tostado November 24, 2020

CLEMSON, S.C. — Tiger Properties has broken ground on Cambridge Creek Clemson, a 380-bed student housing community located two miles from the Clemson University campus in South Carolina. The property will offer two- and three-bedroom units. Communal amenities will include a 5,000-square-foot clubhouse with a fitness center, study lounge, computer lab and game room. Outdoor amenities will include a pool, open-air pavilion, grilling stations and green space. The project is scheduled to deliver in August 2021.

November 24, 2020

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $33.8M Sale of Multifamily Community in Savannah

by Alex Tostado November 24, 2020

SAVANNAH, GA. — Berkadia has arranged the $33.8 million sale of Georgetown Woods/Waterford Plantation, a 248-unit multifamily community in Savannah. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and tennis courts. The property is situated at 1 Saint George Blvd., 13 miles south of downtown Savannah. Mark Boyce and Blake Coffey of Berkadia represented the seller, South Carolina-based Waterford Plantation LLC, in the transaction. The buyer was Texas-based Napali Capital.

November 24, 2020

Acquisitions Multifamily Texas

NorthMarq Arranges Sale of 804-Unit Muse Apartments in South Dallas

by Taylor Williams November 24, 2020

DALLAS — NorthMarq has arranged the sale of The Muse, an 804-unit workforce housing community located at 3035 W. Pentagon Parkway in South Dallas. The Muse features approximately 30 different unit types with an average size of 926 square feet. Units include nickel finishes, pantries, private patios/balconies, tile backsplashes, walk-in closets and individual washer and dryer connections. Amenities include a fitness center, business center and onsite laundry facilities. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, S2 Capital LLC, in the transaction. Houston-based Nitya Capital purchased The Muse for an undisclosed price.

November 24, 2020

Loans Multifamily Texas

Dwight Capital Provides $27.9M HUD Loan for Refinancing of North Austin Apartments

by Taylor Williams November 24, 2020

AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $27.9 million HUD 223(f) loan for the refinancing of Terrazzo Apartments, a 224-unit multifamily community in North Austin. Built in 1997 and renovated in 2007, the property consists of 12 three-story buildings on an 18-acre tract. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, coffee bar, clubhouse and a playground. Brandon Baksh and Brian Yee of Dwight Capital originated the financing.

November 24, 2020

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires Apartment Property Near Minneapolis for $19.7M

by Kristin Harlow November 24, 2020

SHAKOPEE, MINN. — Monument Capital Management has acquired White Pines Apartments in Shakopee, about 25 miles south of Minneapolis, for $19.7 million. The 123-unit apartment property, built in 1999, is located at 1321-1364 Eagle Creek Blvd. It features one-, two- and three-bedroom units. Amenities include a fitness center, laundry facility, patio areas and Amazon Hub lockers. Ted Bickel of Colliers International represented the seller, Abacus Capital Group. Monument plans to implement a capital improvement program.

November 24, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Secures $10.5M Refinancing for 90-Bed Skilled Nursing Facility in Ohio

by Kristin Harlow November 24, 2020

BRUNSWICK, OHIO — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a construction loan and fund replacement reserves.

November 24, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow November 24, 2020

CHICAGO — Kiser Group has brokered the $1.9 million condo deconversion sale of a 13-unit property in Chicago’s Albany Park neighborhood. Located at 5027-29 N. Harding Ave., the three-story building was originally constructed as apartments in 1931. It was converted into condos in 2006. Andy Friedman and Jake Parker of Kiser represented the condo association in the sale. The undisclosed buyer will convert the units back into apartments as well as make improvements. “This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. The deal “fits the mold of a property that would benefit from deconversion, with a high percentage of rental units and poor individual unit resale values,” says Parker.

November 24, 2020

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