Multifamily

Newmark Arranges Sale of 309-Unit Elan Parkside Apartments in Austin

by Taylor Williams June 16, 2021

AUSTIN, TEXAS — Newmark has arranged the sale of Elan Parkside, a 309-unit apartment community located within the 81-acre Highland ATX mixed-use development in north-central Austin. Built in 2018, the six-story property houses a mix of studio, one- and two-bedroom units as well as 5,500 square feet of ground-floor retail space. Amenities include a pool, 24-hour fitness center, outdoor courtyard with fire pits, a business center and bike storage space. Patton Jones of Newmark represented the seller, Charleston, S.C.-based Greystar, in the off-market transaction. Andy Scott and Michael Cosby of JLL arranged a $40 million acquisition loan through Mesa West Capital on behalf of the buyer, Dallas-based multifamily investment firm SPI Advisory. The loan was structured with a five-year term and a floating interest rate. Elan Parkside was 97 percent occupied at the time of sale.

June 16, 2021

Acquisitions Arizona Multifamily Western

GoodLife Housing Partners Sells Two Multifamily Properties in Tempe for $30.5M

by Amy Works June 16, 2021

TEMPE, ARIZ. — Los Angeles-based GoodLife Housing Partners has completed the disposition of two apartment communities located in Tempe. Capital Allocation Partners acquired the properties for $30.5 million, or $178,363 per unit. Both built in 1968, the properties are the 134-unit Sakara Tempe and the 36-unit Sakara Villas at Tempe. Units at the properties consist of a mix of one-, two- and three-bedroom layouts, with select units having new laminate kitchen countertops, wood-style vinyl flooring and two-tone paint with accent walls. Additionally, some units are furnished for the convenience of student tenants, as the properties are within walking distance of Arizona State University. Community amenities at Sakara Tempe include a resort-style swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court and an outdoor TV lounge. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 16, 2021

Acquisitions Multifamily Texas

CBRE Global Investors Buys 596-Unit Preston Peak Apartments in San Antonio

by Taylor Williams June 15, 2021

SAN ANTONIO — A fund sponsored by CBRE Global Investors has purchased Preston Peak, a 596-unit apartment community in northwest San Antonio. Preston Peak offers a mix of one- and two-bedroom units that are furnished with stainless steel appliances, walk-in closets and private patios. Amenities include two pools, a fitness center, tennis and sand volleyball courts, outdoor grilling and picnic areas, a jogging trail, putting green and package lockers. The garden-style property was 93 percent occupied at the time of sale. Patton Jones and Matt Michelson of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. The new ownership plans to implement a value-add program.

June 15, 2021

Loans Multifamily Texas

Avant Capital Provides $47.1M Acquisition Loan for Dallas Apartment Complex

by Taylor Williams June 15, 2021

DALLAS — Avant Capital, a Connecticut-based direct lender, has provided a $47.1 million bridge loan for the acquisition of a 500-unit apartment complex in Dallas. The property, the name of which was not disclosed, was originally built in the 1970s. The borrower, a partnership between The Willowood Group, Arch Investment Group and Stormlight Holdings, will use a portion of the proceeds to fund capital improvements. NorthMarq arranged the loan.

June 15, 2021

Acquisitions Connecticut Development Hospitality Multifamily Northeast

Chozick Realty Negotiates $22M Sale of Hotel, Multifamily Property in Hartford

by Taylor Williams June 15, 2021

HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $22 million sale of a hotel and multifamily property located at 50 Morgan St. in Hartford. The 18-story building was originally constructed in 1971 as a 350-room hotel and currently houses 150 hotel rooms and 96 apartments following a recent conversion. The buyer, a partnership between Alexa Group and Shelbourne International, plan to reposition the remaining 150 hotel rooms into 164 apartments, bringing the total number of residences to 260. The new owners will also convert existing banquet space into an amenity area with a fitness center and coworking lounge and add a 380-space parking garage and a pool with a sun deck. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, DW Capital, in the transaction and procured the buyer.

June 15, 2021

Acquisitions Affordable Housing Multifamily Southeast Tennessee

CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

by Julia Sanders June 15, 2021

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI). CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to finish in January 2022. CPP Housing plans to remodel the interior units to include new flooring, cabinets, countertops, appliances and lighting. The company also plans to make exterior improvements and security enhancements, such as improvements to the roofing, HVAC system, windows, lighting and security cameras. Americans with Disabilities Act units and ADA path of travel will also be updated as required by local jurisdictions. CPP Housing also plans to expand the property’s residential services to include programs such as health and wellness classes, financial literacy and food programs. CPP Housing is an affordable housing rehabilitation company with headquarters in Irvine, Calif., and Reston, Va.

June 15, 2021

Acquisitions Midwest Multifamily Student Housing Wisconsin

Becovic, Next Realty Acquire 232-Unit Apartment Portfolio Near Marquette University for $16.1M

by Kristin Harlow June 15, 2021

MILWAUKEE — A joint venture partnership between Becovic and Next Realty has acquired a 14-building, 232-unit apartment portfolio within a one-mile radius of Marquette University in Milwaukee. The purchase price was $16.1 million. Units range from studios to four-bedroom floor plans. The portfolio was 95 percent leased at the time of sale. Taylor Grant of Park Equities represented the seller, Wiegand Enterprises LLC, which had owned the portfolio for roughly 20 years. Marquette University is home to nearly 12,000 students.

June 15, 2021

Acquisitions Midwest Minnesota Multifamily

Seven-Building Multifamily Portfolio Trades Hands in St. Paul, Minnesota

by Kristin Harlow June 15, 2021

ST. PAUL, MINN. — A seven-building multifamily portfolio totaling 174 units has traded hands in St. Paul for an undisclosed price. Live Green Apartments sold the brownstone buildings to a private investor. The properties range in size from 12 units to 44 units and were built from 1911 to the 1920s. Ted Abramson, Drew Rafshol, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, which invested significant capital over the last several years to update roofs, windows, boilers, common areas and landscaping. Additionally, units and laundry areas received new flooring.

June 15, 2021

Acquisitions Multifamily Washington Western

IPA Brokers Acquisition of 148-Unit Autumn Grove Apartments in Vancouver, Washington

by Amy Works June 15, 2021

VANCOUVER, WASH. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the purchase of Autumn Grove, a multifamily property located in Vancouver. Las Vegas-based The Calida Group acquired the property for an undisclosed price. The name of the seller was not released. Adjacent to the Vancouver Mall, the property features 148 apartments and was recently completed. At the time of sale, the community was 86 percent leased. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the buyer in the deal.

June 15, 2021

California Loans Multifamily Western

JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works June 15, 2021

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

June 15, 2021

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