Multifamily

IPA Negotiates $122.5M Sale of Maxwell on 66th Apartments in Phoenix

by Amy Works December 16, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Maxwell on 66th, a multifamily property located at 6611 E. Mayo Blvd. in Phoenix’s North Scottsdale corridor. The property traded hands for $122.5 million, or $351,003 per unit. The names of the buyer and seller were not released. Built in 2020 on 15 acres, Maxwell on 66th features 349 apartments, averaging 940 square feet per unit, spread across 11 buildings. Units offer at least nine-foot ceilings, ultra-modern gourmet kitchens and hand-scraped oak hardwood floors. Select units feature integrated decks and bookshelves, built-in wine racks, oversize soaking tubs and mountain views. Community amenities include a central courtyard, swimming pool, tanning pool, yoga lawn, putting green and electric car charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

December 16, 2020

Development Midwest Multifamily Wisconsin

Mayer Road Ventures Begins Development of 85-Unit Luxury Apartment Complex in Hudson, Wisconsin

by Kristin Harlow December 16, 2020

HUDSON, WIS. — Mayer Road Ventures LLC has begun development of The Massey, an 85-unit luxury apartment complex in Hudson near the Twin Cities. The $15 million project is slated to open in fall 2021. Amenities will include a coffee and wine bar, dog park, communal workspace and fitness center. The project’s name comes from Louis Massey, the founder of Hudson. The Massey will be the first luxury apartment property in Hudson, according to the developer.

December 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 422-Unit Hanover Midtown Park Apartments in Dallas

by Taylor Williams December 16, 2020

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hanover Midtown Park, a 422-unit multifamily community located in the Preston Hollow area of Dallas. The property was built on 11 acres in 2018 and features one-, two- and three-bedroom units with an average size of 895 square feet. Amenities include a pool, media center, clubhouse, conference room and a bocce ball court. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Houston-based Hanover Co., in the transaction. The IPA team also procured the buyer, Florida-based Waypoint Real Estate Investments.

December 16, 2020

Acquisitions Multifamily Texas

Newmark Brokers Sale of Two Austin Apartment Communities Totaling 560 Units

by Taylor Williams December 16, 2020

AUSTIN, TEXAS — Newmark has brokered the sale of Elan Apartment Homes and Parmer Place, two multifamily communities in Austin totaling 560 units. Elan Apartment Homes was built in 2007 and totals 270 units, while Parmer Place was constructed in 2008 and consists of 290 units. The two properties, which were both 95 percent occupied at the time of sale, were sold as part of a portfolio deal that also included the disposition of a 266-unit community in Morrisville, N.C. Sean Wood and Patton Jones of Newmark represented the seller, New York-based Gamma Real Estate, in the transaction. The buyer was Bluerock, a New York-based institutional alternative asset manager.

December 16, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Elevation Financial Buys 121,000 SF Seniors Housing Property in Brewster, Massachusetts

by Taylor Williams December 16, 2020

BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.

December 16, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Partnership to Build 96 Affordable Seniors Housing Units Near Philadelphia

by Taylor Williams December 16, 2020

RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.

December 16, 2020

Affordable Housing Development District of Columbia Multifamily Southeast Top Stories

Toll Brothers, GSLM Receive $160M in Construction Financing for Multifamily Redevelopment Project in Washington, D.C.

by Kristin Harlow December 16, 2020

WASHINGTON, D.C. — Toll Brothers Apartment Living and GSLM Capital Partners, a venture between L+M Development Partners and Goldman Sachs Urban Investment Group, have received $160 million in construction financing for Phase I of a new multifamily project in the NoMa neighborhood of Washington, D.C. The project will redevelop Sursum Corda Cooperative, a low-income housing complex built in 1968. Sursum’s tenant association sold the site in 2018. As part of the agreement, current residents of Sursum will have the right to rent up to 127 units included in the new complex. Phase I of the project will include 561 units, approximately 20 percent of which will be designated as affordable. It will also feature one acre of public open space and nearly 50,000 square feet of amenities. Citi Community Capital provided the $160 million, funded with $23 million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency and a $137 million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent financing from Freddie Mac in its role as an Optigo lender. Goldman Sachs, in addition to its land loan financing and equity participation, will purchase approximately $15.7 million of low-income housing tax credits. …

December 16, 2020

Development District of Columbia Multifamily Southeast

UIP Delivers $118M Multifamily Community in D.C., Opens to Residents in January

by Alex Tostado December 15, 2020

WASHINGTON, D.C. — The UIP Cos. Inc. has delivered The Kiley, a $118 million multifamily project in Washington, D.C.’s Southwest Waterfront district. The 315-unit property will open to residents beginning in January. UIP installed a common area HVAC system with UV light scrubbers to kill viruses. The community will offer studio to three-bedroom floor plans and two-story lofts. Communal amenities will include a golf simulator, library, bar and games on the ground floor, as well as a rooftop deck and fitness center, a pool and grills. UIP acquired and broke ground on the site of The Kiley, which was an above-ground parking structure, in 2018. WDG Architecture designed the building to include arched concrete canopies as an homage to the parking deck’s original structure. The Kiley also mirrors in size Capitol Park Tower, an adjacent community that UIP bought in 2013. Capitol Park Tower was originally built in 1962 and UIP is implementing significant renovations to the property.

December 15, 2020

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $60.3M Construction Loan for Apartment Project in South Florida

by Alex Tostado December 15, 2020

DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.

December 15, 2020

Loans Midwest Multifamily Wisconsin

NorthMarq Arranges $26.2M Loan for Recapitalization of Apartment Asset in Brookfield, Wisconsin

by Kristin Harlow December 15, 2020

BROOKFIELD, WIS. — NorthMarq has arranged $26.2 million in permanent debt for the recapitalization of Poplar Creek Club, a recently stabilized, 138-unit apartment property in Brookfield near Milwaukee. Brett Hood of NorthMarq arranged the Freddie Mac loan, which features a 10-year, fixed-rate term with five years of interest-only payments followed by a 30-year amortization schedule. Loan proceeds retired a $22.6 million construction loan. The borrower was undisclosed. The four-story property features a 143-space parking garage as well as a separate 4,544-square-foot retail building. Amenities include a clubhouse, fitness center, yoga studio, outdoor pool and sundeck.

December 15, 2020

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