Multifamily

PCCP Provides $30M Acquisition Loan for Houston Multifamily Property

by Taylor Williams April 26, 2021

HOUSTON — Los Angeles-based PCCP LLC has provided a $30 million acquisition loan for Alexan Southside, a 270-unit multifamily property located at 4139 Bellaire Blvd. within Houston’s inner loop. The borrower was Lubbock-based Madera Residential. Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet. Units are furnished with stainless steel appliances, custom cabinets, granite/quartz countertops, nickel fixtures and individual washers and dryers. Amenities include a pool, fitness center, business center, private courtyards, grilling areas and a private dining room.

April 26, 2021

Loans Multifamily Oklahoma Texas

NorthMarq Arranges $22.5M Loan for Refinancing of Oklahoma City Apartments

by Taylor Williams April 26, 2021

OKLAHOMA CITY — NorthMarq has arranged a $22.5 million bridge loan for the refinancing of The Restoration at Candlewood, a 328-unit apartment community in northwest Oklahoma City. The property features one-, two-, three- and four-bedroom units and amenities such as two pools, a clubhouse, fitness center, outdoor grilling areas, dog park and a children’s play area. Connecticut-based Avant Capital provided the financing, proceeds of which will be used to repay an existing first mortgage and to complete an ongoing renovation project. The borrower was not disclosed.

April 26, 2021

Acquisitions Florida Multifamily Southeast

Sentinel Real Estate Purchases Miami Beach Multifamily Portfolio for $96.6M

by Julia Sanders April 26, 2021

MIAMI BEACH, FLA. — Sentinel Real Estate Corp. has purchased a 452-unit multifamily portfolio in Miami Beach for $96.6 million. The portfolio includes a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the submarket of Bay Harbor in north Miami Beach. Cushman & Wakefield represented the seller, Boardwalk Properties, in the transaction. Located between 7th and 16th Streets, the South Beach properties are close to Lincoln Road, Ocean Drive, Collins and Washington Avenues and the Miami Beach Convention Center. The Bay Harbor properties are located on East Bay Harbor Drive, which runs along the eastern waterfront of Bay Harbor Island across from the Miami Beach peninsula and Bal Harbor. The previous ownership had invested approximately $10 million into the structures within the portfolio over the last six years. In acquiring the assets, Sentinel intends to capitalize on the opportunity to upgrade the interiors to feature high-quality finishes, and drive up rent growth. The portfolio will be rebranded as Helios Apartments Miami Beach. Sentinel Real Estate Corp. is an independently owned real estate investment management firm based in New York City.

April 26, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Spaxel Acquires Workforce Housing Property in Marietta, Georgia for $45M

by Julia Sanders April 26, 2021

MARIETTA, GA. — New York City-based Spaxel has acquired the Hills at East Cobb, a 266-unit workforce housing property in Marietta, for $45 million. The multifamily residential complex is located at 1716 Terrell Mill Road, just 1.5 miles from Truist Park, home to the Atlanta Braves. John Kevill, Wes Boatwright, Dean Sands and Casey Keitchen of Avison Young arranged $16.4 million in limited partner equity from Sound Mark Partners, a Greenwich, Conn.-based commercial real estate investment firm. The Hills at East Cobb is a residential community with one-, two- and three-bedroom apartments. Community amenities include a swimming pool, dog park, fitness center, picnic area and clubhouse.

April 26, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $43M in HUD-Insured Financing for Multifamily Property in Port St. Lucie, Florida

by Julia Sanders April 26, 2021

PORT ST. LUCIE, FLA. — Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie known as Kitterman Woods. Reuben Dolny of Greystone’s New York office originated the loan on behalf of K&J Residential Group. The non-recourse loan carries a 35-year term and 35-year amortization schedule, along with a sub-3 percent fixed interest rate. The property is Energy Star-certified and qualified for HUD’s Green MIP program. Kitterman Woods includes 25 three-floor buildings with one-, two- and three-bedroom units. The property was built in 2007 by Florida-based KD Construction, an affiliate of K&J. Community amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground and a car care center.

April 26, 2021

Development Illinois Midwest Multifamily

Lendlease, Magellan Begin Pre-Leasing at Cascade Luxury Apartment Tower in Chicago

by Kristin Harlow April 26, 2021

CHICAGO — Lendlease and Magellan Development Group have begun pre-leasing at Cascade, a 37-story, 503-unit luxury apartment tower in Chicago’s Lakeshore East neighborhood. First move-ins are expected this summer, coinciding with the opening of the adjacent Cascade Park, a publicly accessible green space that will connect the property to the lakefront and Chicago Riverwalk. Floor plans will range from 509 to 1,332 square feet. Monthly rents for studios will start at $1,650, $2,050 for one-bedrooms, $3,300 for two-bedrooms and $5,750 for three-bedrooms. Cascade will offer more than 45,000 square feet of indoor and outdoor amenity space across three levels. The building’s 32nd floor features a terrace overlooking Navy Pier and Lake Michigan. The design team includes bKL Architecture for the tower and Claude Cormier + Associés for the park. Cascade residents who plan to transition into homeownership can take advantage of a program that enables them to sign a contract for a condo at Cirrus, the adjacent 47-story, 350-unit condominium tower. Half of the rent paid (up to 2.5 percent of the purchase price) can be recouped as a credit at closing.

April 26, 2021

Acquisitions Michigan Midwest Multifamily

Marcus & Millichap Arranges $4.2M Sale of Manufactured Home Community in Michigan

by Kristin Harlow April 26, 2021

NORTON SHORES, MICH. — Marcus & Millichap has arranged the $4.2 million sale of Bel Air Estates in the western Michigan town of Norton Shores. The 116-site manufactured home community is located at 2481 W. Sherman Blvd., one mile from Muskegon Beach. Glenn Esterson and Vasili Arvanitidis of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Dylan Hellberg, Glenn Esterson and Parker Kelly of Marcus & Millichap secured and represented the buyer, a limited liability company.

April 26, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Taylor Williams April 26, 2021

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early 2022.

April 26, 2021

Development Multifamily Oregon Seniors Housing Western

Alliance Residential Breaks Ground on 237-Unit High-Rise Seniors Housing Project in Downtown Portland

by Amy Works April 26, 2021

PORTLAND, ORE. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion.

April 26, 2021

Acquisitions Multifamily New Mexico Western

RanchHabor, Westgrove Partners Acquire Value-Add Multifamily Portfolio in Albuquerque

by Amy Works April 26, 2021

ALBUQUERQUE, N.M. — A joint venture partnership between RanchHarbor and Westgrove Partners has purchased a two-property multifamily portfolio in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. The properties, Candlewood Village and Candelaria Heights, have been rebranded to The Grove and The Heights at Tramway, respectively. The two assets offer a total of 79 garden-style apartments. Located at 12050 Candelaria Road NE, The Grove was built in 1985 and features 59 units ranging from 650 square feet to 950 square feet spread across eight buildings. Additional amenities include 87 uncovered parking spaces and a common area with a pool. Built in 1972 at 301 Lori Place NE, The Heights offers 20 units ranging from 807 square feet to 1,100 square feet and 30 parking spaces. The joint venture plans to implement institutional-grade property management at the properties and perform interior and exterior renovations to reposition the assets. Interior improvements will include painting, installing new flooring and updating lighting, cabinet and fixtures in kitchens and bathrooms. Exterior renovations will include new paint and improvements to the buildings’ façades, landscaping and lighting in addition to clubhouse and common-area amenity renovations.

April 26, 2021

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