Multifamily

Walters Nears Completion of 72-Unit Affordable Housing Project in Howell, New Jersey

by Taylor Williams October 19, 2020

HOWELL, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Howell, a 72-unit affordable housing development in coastal New Jersey. Residents have begun moving in to the four-building development, which features one-, two- and three-bedroom units with individual washers and fully equipped kitchens with granite countertops. Amenities include outdoor grilling and picnic stations, a clubhouse with a fitness center and a children’s play area. Walters expects to complete the project by the end of the year.

October 19, 2020

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $3.1M Sale of Multifamily Property in Aurora, Colorado

by Amy Works October 19, 2020

AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property located at 15500 E. 13th Ave. in Aurora for $3.1 million, or $110,714 per unit. The names of the seller and buyer were not released. At the time of sale, the 28-unit building was 18 percent vacant. The property was built in 1972. Josh Newell, Bart Thompson and Jesse Allen of the Newell Team at Pinnacle Real Estate Advisors represented the seller and buyer in the deal.

October 19, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn

by Taylor Williams October 16, 2020

NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights features 50,000 square feet of indoor and outdoor amenity space, including a curated art gallery, three restaurants, a performing arts stage, multiple wellness venues, an indoor pool, salon and spa and a rooftop terrace. The development team originally acquired the property in 2017. The project team for the renovation included architect Montroy DeMarco Architecture and interior designer Lemay+Escobar Architects. Hudson Meridian was the general contractor.

October 16, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Brokers $26.5M Sale of Multifamily Building in Rahway, New Jersey

by Taylor Williams October 16, 2020

RAHWAY, N.J. — The Kislak Company has brokered the $26.5 million sale of Skyview Rahway, a 160-unit multifamily building located south of Newark in Union County. Built in 2005, the property consists of 45 one-bedroom units, 102 two-bedroom units and 13 penthouses in addition to Class A amenities such as a rooftop terrace, fitness center and concierge services. Jeff Squires of Kislak represented the seller in the transaction, and Barry Waisbrod of Kislak procured the New York-based buyer. Both parties requested anonymity.

October 16, 2020

Development Multifamily New Jersey Northeast Seniors Housing

Larken Associates Completes 198-Unit Multifamily Project in Lopatcong, New Jersey

by Taylor Williams October 16, 2020

LOPATCONG, N.J. — Developer Larken Associates has completed Autumn Ridge, a 198-unit multifamily project in Lopatcong, about 75 miles west of New York City. Autumn Ridge features a combination of 198 market-rate and affordable luxury apartment units across 10 buildings as well as a standalone building for residents age 55 and over. Amenities include a clubhouse, pool, outdoor lounge, fitness center, pet park, lounge/dry bar and a package concierge system.

October 16, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 338-Unit Legacy Creekside Apartments in San Antonio

by Taylor Williams October 16, 2020

SAN ANTONIO — Berkadia has arranged the sale of Legacy Creekside, a 338-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom floor plans with an average unit size of 828 square feet. Residences feature stainless steel appliances, granite countertops, wood vinyl flooring and private yards and attached garages in select units. Amenities include a pool with cabanas, a fitness center, resident lounge with an arcade and coffee bar, outdoor grilling and dining area, two dog parks and bike storage space. Ryan Epstein, Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, White-Conlee Builders, in the transaction. Lucas Donohue, also with Berkadia, arranged acquisition financing on behalf of the buyer, Univest Inc.

October 16, 2020

Acquisitions Arizona Multifamily Western

Snowdon Partners Sells Elux at Tramonto Multifamily Property in Phoenix for $34.7M

by Amy Works October 16, 2020

PHOENIX — Arizona-based Snowdon Partners has completed the sale of Elux at Tramonto, a garden-style multifamily property located in Phoenix. An undisclosed buyer acquired the property for $34.7 million. Located at 35035 N. Valley Parkway, Elux at Tramonto features 138 units in a mix of one-, two- and three-bedroom floor plans with patios or backyards; stainless steel appliances; in-unit washers and dryers; and high-tech amenities. Community amenities include a swimming pool and spa, a select number of detached garages, a clubhouse and fitness center. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Additionally, David Bleiweiss of Berkadia’s Irvine, California, office secured $20.8 million in acquisition financing on behalf of the buyer. The 10-year Freddie Mac loan features a 60 percent loan-to-value ratio and a 30-year amortization schedule.

October 16, 2020

Loans Multifamily Seniors Housing Southeast Tennessee

CBRE Provides $12.3M Refinancing for Seniors Housing Community in Metro Nashville

by Alex Tostado October 16, 2020

MURFREESBORO, TENN. — CBRE has provided a $12.3 million Freddie Mac loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The seven-year, fixed-rate loan features 24 months of interest-only payments and includes cash-out proceeds. The property features 68 assisted living units and 26 memory care units across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing originated the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to renovate the property, driving occupancy from 73 percent to approximately 90 percent.

October 16, 2020

Development Massachusetts Mixed-Use Multifamily Northeast Office Top Stories

Millennium Partners Secures $775M Construction Financing for Mixed-Use Tower in Downtown Boston

by Katie Sloan October 16, 2020

BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston. Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, game room, coffee bar, cafe and lounge space. “Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022,” says Christopher Jeffries, founder of Millennium Partners. “From its inception, human-centric design, sustainability and flexible workspaces have formed the foundation of Winthrop Center. With innovation a core part of Boston’s DNA, the city is the perfect home for this building.” The project was designed by Handel Architects to provide ample access to natural light and elevated indoor air quality in response to the COVID-19 pandemic. The development will seek LEED Gold certification for its residential units and LEED Platinum certification for its office space upon completion, which is slated for 2022. Founded …

October 16, 2020

Development Multifamily North Carolina Seniors Housing Southeast

LCS Development Begins Construction of $75M Seniors Housing Expansion in Greensboro, North Carolina

by Alex Tostado October 15, 2020

GREENSBORO, N.C. — LCS Development, an LCS company, has started construction of a $75 million expansion at WhiteStone, a seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living and memory care residents and an extensive renovation of the existing skilled nursing facility. The 100-year-old community is located on a 43-acre campus. Life Care Services, also an LCS company, operates the complex. Todd Shaw, director of development services at LCS Development, will serve as project manager for the expansion. Cain Brothers, a division of KeyBanc Capital Markets, underwrote the bond financing for the project. The project team includes SFCS Architects, Frank L. Blum Construction Co. as general contractor and Stimmel Associates as civil engineer and land planner. A timeline for completion was not disclosed.

October 15, 2020

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