Multifamily

Koontz Corp. Breaks Ground on 280-Unit Multifamily Project in New Braunfels, Texas

by Taylor Williams March 3, 2021

NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has broken ground on The Moderno, a 280-unit multifamily project in the San Antonio suburb of New Braunfels. The 28-acre property will be developed in two phases and will consist of 10 buildings offering one- and two-bedroom units. Residences will feature stainless steel appliances, quartz countertops and private balconies. Amenities will include a pool, fitness center, outdoor grilling area and a resident clubhouse. Houston-based Garcia + Associates is the project architect. Completion of Phase I is scheduled for March 2022.

March 3, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 200-Site RV Park in Galveston, Texas

by Taylor Williams March 3, 2021

GALVESTON, TEXAS — Marcus & Millichap has brokered the sale of Galveston Island RV Resort, a 200-site property that is situated on a 28.3-acre tract in the coastal Texas city. Jesse Pine and Bob Kaplan of Marcus & Millichap represented the seller, a private investor, in the transaction. Pine also procured the buyer, Kampgrounds of America Inc. (KOA). Tim Speck of Marcus & Millichap assisted with the closing of the deal.

March 3, 2021

Acquisitions Multifamily Texas

Estes Acquires 100-Unit Verandas of Beaumont Apartments in East Texas

by Taylor Williams March 3, 2021

BEAUMONT, TEXAS — The Estes Cos., a metro Houston-based investment firm, has acquired Verandas at Beaumont Apartments, a 100-unit multifamily community in East Texas. The property features one-, two-, three- and four-bedroom units and amenities such as a playground, dog park and outdoor grilling area. Estes plans to implement a value-add program. The seller was not disclosed.

March 3, 2021

Development Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

by Amy Works March 3, 2021

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.

March 3, 2021

California Loans Multifamily Western

Panoramic Interest Receives $104M in Refinancing for City Gardens Apartments in San Francisco

by Amy Works March 3, 2021

SAN FRANCISCO — Panoramic Interests has received a $104 million loan for the refinancing of City Gardens, an apartment property located at 333 12th St. in the Western Mission/SOMA neighborhood of San Francisco. Ready Capital provided the three-year, floating-rate loan that Charles Halladay, Alex Witt, Jordan Angel, Jonah Aelyon and Lauren Mezzanotte of JLL Capital Markets arranged. City Gardens offers 200 two-, four- and five-bedroom micro-units with fully furnished bedrooms and living areas, expansive windows and nine-foot ceilings. The 152,445-square-foot property features high-efficiency lighting and plumbing; laminated, heat-resistant glass; and energy recovery ventilation.

March 3, 2021

Development Multifamily New York Northeast

CIM Group Completes 163-Unit Multifamily Project in Brooklyn’s Crown Heights Area

by Taylor Williams March 3, 2021

NEW YORK CITY — Los Angeles-based CIM Group has completed construction of 111 Montgomery, a 163-unit multifamily condominium building in Brooklyn’s Crown Heights neighborhood. The 12-story property is located adjacent to the 52-acre Brooklyn Botanic Garden and Prospect Park. Units feature studio, one-, two- and three-bedroom floor plans, with select units offering private balconies/patios. Amenities include a resident lounge, fitness center and a children’s play area.

March 3, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of Seniors Housing Campus in Norton, Massachusetts

by Taylor Williams March 3, 2021

NORTON, MASS. — Cushman & Wakefield has brokered the sale of a seniors housing campus in Norton, located near Rhode Island in the southern part of the state. The campus houses Residences at Norton, a 72-unit assisted living facility, and Wingate at Norton, a 106-bed skilled nursing home. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the institutional seller in the transaction. The buyer was a joint venture between investment firm Harrison Street and regional operator LCB Senior Living. The new ownership plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to memory care and increased common area space.

March 3, 2021

Acquisitions Multifamily North Carolina Southeast Virginia

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

by Julia Sanders March 3, 2021

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed. The portfolio totals more than 2,300 units and each of the properties are proximate to major employers and office markets as well as entertainment centers. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer and dryers. Dean Smith and John Heimburger of Newmark represented HGI in the transaction. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged an undisclosed amount of acquisition financing. HGI is a privately-owned international real estate investment and management firm based in Norfolk.

March 3, 2021

Acquisitions Multifamily NAI New Jersey Northeast

NAI DiLeo-Bram Arranges Sale of 98-Unit Apartment Complex in Alpha, New Jersey

by Taylor Williams March 3, 2021

ALPHA, N.J. — NAI DiLeo-Bram has arranged the sale of Evergreen Village, a 98-unit apartment complex in Alpha, located in the central-western part of the state. The property offers one-, two- and three-bedroom units across seven two-story buildings. Jerry Zaro and Jeffrey Meltzer of law firm Sills Cummis & Gross PC represented the undisclosed seller. David Simon of NAI DiLeo-Bram brokered the deal. The buyer was also undisclosed.

March 3, 2021

Loans Midwest Multifamily Wisconsin

American Street Capital Arranges $8M Acquisition Loan for Multifamily Portfolio in Kenosha, Wisconsin

by Kristin Harlow March 3, 2021

KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization schedule.

March 3, 2021

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