Multifamily

Waterton Provides $69.2M Senior Construction Loan for Apartment Development in Vancouver, Washington

by Amy Works January 10, 2025

VANCOUVER, WASH. — Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story mid-rise apartment building in Vancouver. The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024 on the project that is slated for completion in 2027. Totaling 198 units, 12th & Main will offer studio, one- and two-bedroom floor plans and an amenity package including a 24-hour fitness center, rooftop lounge with river views, dog wash station, game room, remote work offices, electric vehicle charging stations and a steam shower and sauna. Additionally, the property will include 21,359 square feet of ground-floor commercial space. Pahlisch Commercial will occupy roughly half of the ground-floor space as its headquarters office.

January 10, 2025

Loans Montana Multifamily Western

Gantry Secures $10.5M Loan for Multifamily Community in Montana

by Amy Works January 10, 2025

KALISPELL, MONT. — Gantry has secured a $10.5 million permanent loan to retire construction debt from the development of the second phase for The Landings on Two Mile, an apartment community in Kalispell. Located at 110, 112, 114 and 118 Teton St., the second phase features 72 one-, two- and three-bedroom floor plans. Demetri Koston of Gantry’s Spokane, Wash., office represented the borrower, a private real estate investor, in the financing. The 12-year, fixed-rate loan was secured from an agency lender with an upfront interest-only period transitioning to 30-year amortization. In 2021, Gantry provided a $16.4 million permanent loan for the property’s 108-unit first phase.

January 10, 2025

Loans Multifamily Northmarq Texas

Northmarq Provides $43.4M Agency Loan for Refinancing of Metro Houston Apartment Complex

by Taylor Williams January 9, 2025

PEARLAND, TEXAS — Northmarq has provided a $43.4 million Freddie Mac loan for the refinancing of Avenues at Shadow Creek Ranch, an apartment complex located in the southern Houston suburb of Pearland. According to Apartments.com, the property was built in 2013 and totals 300 units. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.

January 9, 2025

Westwood-Multihousing-Portfolio-New-Jersey

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $80M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams January 9, 2025

WESTWOOD AND RIVER VALE, N.J. — JLL has brokered the $80 million sale of a portfolio of four multifamily properties totaling 276 units in Northern New Jersey. The properties are collectively known as the Westwood Multihousing Portfolio by virtue of three assets — Coventry Square, Stanford Court and The Madison Apartments — being located in Westwood. The fourth property, Village on the Green, is located in the adjacent town of River Vale. All properties were built between 1979 and 1987 and offer one- and two-bedroom units and amenities such as pools, fitness centers and dog parks. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed. The portfolio had an occupancy rate of 96 percent at the time of sale.

January 9, 2025

Loans Seniors Housing Southeast Tennessee

Brookdale Senior Living Obtains $344.2M Loan for Refinancing of 47-Property Portfolio

by John Nelson January 9, 2025

BRENTWOOD, TENN. — Brookdale Senior Living has obtained a $344.2 million Fannie Mae loan for the refinancing of a 47-property seniors housing portfolio. Allison Holland and Alex Sheaffer of JLL originated the seven-year, fixed-rate loan on behalf of the Brentwood-based borrower that will repay $312.5 million of variable-rate debt that was due September 2027. The portfolio comprises 5,102 independent living, assisted living and memory care units across 14 states, with properties ranging from 32 to more than 300 units.

January 9, 2025

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers Sale of 742-Unit River Lofts at Tobacco Row Multifamily Portfolio in Richmond

by John Nelson January 9, 2025

RICHMOND, VA. — Berkadia has brokered the sale of The River Lofts at Tobacco Row, a five-property apartment portfolio off Carey Street in Richmond’s Shockoe Bottom neighborhood. The communities include Cameron Kinney (259 units), American Cigar Lofts (174 units), Consolidated Carolina Lofts (166 units), Lucky Strike Lofts (131 units) and Cutters Ridge Townhomes (12 units). Four of the five properties were converted from historic tobacco facilities between 1991 and 2008. The buyer, Boston-based West Shore, purchased the portfolio. Drew White, Carter Wood and Cole Carns of Berkadia brokered the transaction. Additionally, Robert Falese, Jake Adoni and Kris Kadar of Berkadia arranged an undisclosed amount of acquisition on behalf of West Shore. The direct lender was also not disclosed. The seller and sales price were not disclosed as well, but local media outlet RichmondBizSense reported that Brookfield Properties sold the portfolio for more than $100 million. The seller had previously purchased the properties as part of an $11 billion deal in 2018 from the original redeveloper, Cleveland-based Forest City.

January 9, 2025

Affordable Housing Company News District of Columbia Multifamily Southeast

US Justice Department Adds Six Landlords to Rental Price-Fixing Lawsuit

by John Nelson January 9, 2025

WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to discuss sensitive information and pricing strategies; and participating in “user groups” hosted by RealPage, where landlords would allegedly discuss how to modify the software’s pricing methodology as well as their own pricing strategies. The DOJ’s co-plaintiffs are the Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington. The six landlords included in the amended complaint are Greystar Real Estate Partners LLC; Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc. (formerly operating independently as Pinnacle); Willow Bridge Property Co. (formerly Lincoln Residential); and Cortland Management LLC (Cortland). Altogether, the six companies manage approximately 1.3 million apartment units across 43 states and Washington, D.C., …

January 9, 2025

Acquisitions Colorado Multifamily Western

Sagard Real Estate Acquires Alta Green Mountain Apartment Complex in Lakewood, Colorado for $104.6M

by Amy Works January 9, 2025

LAKEWOOD, COLO. — Sagard Real Estate has purchased Alta Green Mountain, a multifamily community located at 13055 W. Mississippi Court in Lakewood, from an undisclosed seller for $104.6 million. Dave Martin and Brian Mooney of Northmarq’s Denver Multifamily Investment Sales team represented the seller in the deal. Built in 2020, Alta Green Mountain offers 260 one-, two- and three-bedroom floor plans with an average unit size of 864 square feet. Apartment amenities include stainless steel kitchen appliances, gray mocha cabinets, washers/dryers, walk-in closets, keyless entries, river white granite countertops, glass tiled backsplashes, garden tubs, balconies and tuck-under garages with driveways available for rent. Some units include mountain views and panoramic views of Denver. Community amenities include a clubhouse, outdoor kitchen and grilling areas, scenic overlook firepit, dog spa, storage units, year-round pool and spa, athletic club with yoga and spin room, an innovation lounge with computer access and individual work rooms, an onsite dog park and run, bike and ski repair shop, and community game room.

January 9, 2025

Acquisitions Colorado Development Multifamily Student Housing Western

Joint Venture Buys Development Site for 397-Bed Student Housing Community Near Colorado State University

by Amy Works January 9, 2025

FORT COLLINS, COLO. — A joint venture between Landmark Properties, Silverpeak Real Estate Partners and Peninsula Investments has acquired a development site at 255 Johnson Drive in Fort Collins for the construction of a 397-bed student housing community. Dubbed The Mark Fort Collins, the property will offer 193 units in a mix of studio through four-bedroom configurations for students attending Colorado State University. The six-story development will offer shared amenities including a clubhouse, fitness center, resort-style swimming pool, ski storage, pet spa, individual and group study areas, and rooftop courtyards with grilling stations. Construction on the project is set to begin this month with completion slated for fall 2026. The development team includes Mode 3 Architecture and the company’s in-house construction arm, Landmark Construction. TSB Capital Advisors coordinated financing for the project.

January 9, 2025

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 131-Unit Seniors Housing Community in Spokane, Washington

by Amy Works January 9, 2025

SPOKANE, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Moran Vista Senior Living, a 131-unit seniors housing community located in Spokane. Originally built in 1997 and renovated and expanded in 2008, the property features independent living, assisted living and memory care residences. A regional owner-operator acquired the community from a Pacific Northwest-based seller. The buyer’s portfolio comprises roughly 20 properties throughout Washington and Arizona. Jason Punzel of SLIB brokered the transaction.

January 9, 2025

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