Multifamily

NKF Arranges $66M Sale of Apartment Community in Orlando

by Alex Tostado October 15, 2020

ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $66 million sale of CODA Apartments, a 296-unit multifamily community in Orlando. The four-story property features studio, one- and two-bedroom floor plans. Communal amenities include a business center, 24-hour fitness center, clubhouse, conference room, pool, sundeck and a game room. CODA Apartments is located at 13645 E. Colonial Drive, 13 miles east of downtown Orlando. Scott Ramey, Erik Bjornson and Patrick Dufour of NKF represented the sellers, Catalyst Multifamily Management and The Carlyle Group, in the transaction. Long Beach, Calif.-based RK Properties acquired the asset, which the sellers delivered in 2019.

October 15, 2020

Development Multifamily Texas

HPI Residential Completes 262-Unit Rhythm Apartments in Austin’s Tech Row Area

by Taylor Williams October 15, 2020

AUSTIN, TEXAS — Developer HPI Residential has completed Rhythm Apartments, a 262-unit multifamily community in Austin’s Tech Row area. Designed by Britt Design Group and Charlan Brock Associates, the community features studio, one- and two-bedroom units. Amenities include a club lounge with a kitchenette, coffee bar, TV and socially distant workstations, as well as a separate business center with built-in desks and a conference room. Rhythm also offers a game room, pool, fitness center, pet park and bike storage area. Rents start at $1,000 per month for a studio apartment.

October 15, 2020

Loans Multifamily Texas

Colliers Provides $9.8M Fannie Mae Acquisition Loan for Multifamily Asset in San Angelo, Texas

by Taylor Williams October 15, 2020

SAN ANGELO, TEXAS — Colliers Mortgage has provided a $9.8 million Fannie Mae acquisition loan for Arroyo Square, a 182-unit multifamily asset in San Angelo, located roughly midway between Austin and Lubbock. Built in 1977, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, picnic area and tennis and basketball courts. Colliers originated the loan, which carried a 10-year term and a 30-year amortization scheduled through a partnership with Old Capital Lending on behalf of the borrower, Arroyo Square LLC.

October 15, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Strawberry Fields REIT Acquires Skilled Nursing Facility in East Moline, Illinois for $4M

by Kristin Harlow October 15, 2020

EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.

October 15, 2020

Development Multifamily New Jersey Northeast

Prism Capital Nears Completion of 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams October 15, 2020

WOODBRIDGE, N.J. — Prism Capital Partners, in a joint venture with Northwestern Mutual Life Insurance Co., is nearing completion of 10 Green Street at Woodbridge Station, a 232-unit multifamily project located south of Newark in Woodbridge. The transit-oriented development is located at the site of a former Lucas Chevrolet dealership and also includes 12,000 square feet of street-level retail space. Units will feature a mix of studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, outdoor grilling area, package room and a conference center. The development team expects the first units to be available for occupancy in spring 2021.

October 15, 2020

California Development Mixed-Use Multifamily Office Western

CLG Completes Final Phase of $120M G8 Mixed-Use Development in Los Angeles

by Amy Works October 15, 2020

LOS ANGELES — California Landmark Group (CLG) has completed the final phase of G8, a mixed-use development in Los Angeles’ Marina del Rey neighborhood. The $120 million project includes 228 apartments and 25,000 square feet of creative office space. Situated in the Marina Arts District, G8 offers a mix of single, one-, two- and three-bedroom floor plans ranging in size from 550 square feet to 1,500 square feet, with 23 units earmarked as affordable and 68 designated as co-living suites. The community features 18,000 square feet of exterior common areas, including a public pocket park, swimming pool, spas and an 8,000-square-foot rooftop deck with outdoor grills and lounge seating. G8 also offers more than 10,000 square feet of shared indoor workspaces, a private movie theater, game room, fitness center and a yoga/stretching studio. Additionally, the project includes street-level creative office space designed as a colorful arrangement of cargo shipping containers. With this development, CLG has delivered nine mixed-use projects, totaling nearly 1 million square feet of residential and commercial space, to the Marina del Rey neighborhood.

October 15, 2020

Arizona Development Loans Multifamily Western

Tower Capital Arranges $56M in Construction Financing for Village at Pioneer Apartments in Peoria, Arizona

by Amy Works October 15, 2020

PEORIA, ARIZ. — Tower Capital has secured $56 million in construction financing for Village at Pioneer, a multifamily development in Peoria. Located at the southwest corner of 83rd and Olive avenues, the property will feature 332 for-rent residences averaging 950 square feet. Units will offer premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, smart-home technologies and private yards. Community amenities will include detached garages with storage units, a workout facility, resort-style pool and spa, dog park and gated entrance. Completion is slated for 2022. Village at Pioneer Park is a single-family, build-to-rent asset, which is positioned between multifamily and single-family asset classes to provide multifamily amenities with a single-family-style home.

October 15, 2020

California Development Multifamily Western

EAH Housing Opens Estrella Vista Affordable Multifamily Community in Bay Area

by Amy Works October 15, 2020

EMERYVILLE, CALIF. — EAH Housing, an affordable housing nonprofit, has opened Estrella Vista, an apartment community located at 3706 San Pablo Ave. in Emeryville. Situated less than one mile from the Oakland MacArthur BART station, the transit-oriented property features 87 apartments in a mix of studio, one-, two-, three- and four-bedroom layouts, ranging in size from 569 square feet to 1,572 square feet. Rents at the affordable housing property range from $590 to $2,002 per month, with income requirements at 20 percent to 60 percent of area median income. Designed by KTGY Architecture + Planning and built by J.H. Fitzmaurice General Contractors, Estrella Vista features four main outdoor areas: a large central courtyard with playground, zen garden, “adult overlook” and outdoor sky deck. Additionally, the property offers a community room, computer learning center, fitness center and on-site laundry facilities. Financing for the community was provided by City of Emeryville, City of Oakland, County of Alameda, Oakland Housing Authority, Housing Authority of the County of Alameda, California Community Reinvestment Corp., California Department of Housing and Community Development, California Municipal Finance Authority, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, Federal Home Loan Bank and Wells Fargo Bank.

October 15, 2020

Loans Multifamily Washington Western

Columbia Pacific Advisors Funds $14.5M Loan for Cubix Othello Micro-Housing Project in Seattle

by Amy Works October 15, 2020

SEATTLE — Columbia Pacific Advisors Bridge Lending, a lending platform of Columbia Pacific Advisors, has provided a $14.5 million loan for Cubix Othello, a modular micro-housing development in Seattle. NexGen Housing Partners, as the borrower, will use the funds to refinance existing construction debt and fund completion of the multifamily property located at 7339 43rd Ave. in South Seattle. Overlooking Othello Park, the six-story building will feature 85 apartments in a mix of studio and one-bedroom layouts. To date, NexGen has completed five modular micro-housing properties in Seattle totaling 232 units.

October 15, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Taurus, Northbridge Acquire Boston-Area Seniors Housing Portfolio for $200M

by Taylor Williams October 14, 2020

BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.

October 14, 2020

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