PHOENIX — Marcus & Millichap has arranged the sale of Sora on Rose, a multifamily property located at 6201 N. 16th St. in Phoenix’s Uptown neighborhood. The property traded for $14.5 million, or $157,609 per unit. Paul Bay of Marcus & Millichap represented the undisclosed seller, while Darrell Moffitt, also of Marcus & Millichap, represented the undisclosed buyer in the deal. Built in 1971 on 2.7 acres, Sora on Rose features 92 apartments with an average unit size of 815 square feet. Amenities include a clubhouse, laundry services, covered parking, swimming pool and a fitness center.
Multifamily
LEWISVILLE, TEXAS — Arkansas-based BSR REIT has acquired Aura Castle Hills, a 276-unit apartment community located in the northern Dallas suburb of Lewisville, for $51.8 million. Built in 2019, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and private patios and balconies. Amenities include a pool, fitness center, resident clubhouse with a coffee bar, courtyards with grilling areas, business center and a pet park. The seller was not disclosed.
HOUSTON — Greystone National Apartment Advisors has arranged the sale of The Fairmont on San Felipe, a 361-unit apartment community located at 6363 San Felipe St. in Houston’s Galleria neighborhood. The property was built in 2009 and houses 41,402 square feet of retail space. Units feature one-, two- and three-bedroom formats. Amenities include two pools, a fitness center and outdoor courtyards with grilling areas. Jordon Emmott, Abraham Garza III and Shayan Hasnain of Greystone represented the seller, a partnership between Hunington Properties and Longreach Associates, in the transaction. Miami-based investment firm Galium Capital acquired the asset for an undisclosed price.
FARMINGTON HILLS, MICH. — City Club Apartments (CCA) has formed a new partnership with Berkeley Capital, a boutique private equity firm based in Cleveland, to enhance its development of multifamily communities. CCA cites Berkeley’s access to niche sources of international capital and says the partnership creates “great efficiency” in real estate investment, development and acquisition, according to a news release. Farmington Hills-based CCA is an owner, developer and manager with a portfolio of approximately 10,000 apartment units, $2 billion in real estate assets and $750 million under development. Jonathan Holtzman, formerly of Village Green, leads the company. Berkeley is dedicated to creating new investment opportunities for international sources of capital.
MANCHESTER, N.H. — Cornerstone Realty Capital has arranged a $13.6 million loan for the refinancing of a 242-unit multifamily portfolio in Manchester, located near the New Hampshire-Massachusetts border. The portfolio consists of 10 buildings offering a mix of studio, one-, two- and three-bedroom units, as well as several retail spaces. The nonrecourse loan was structured with a 10-year term and an unspecified period of interest-only payments. The borrower and direct lender were not disclosed.
Nursing Homes Urge Congress to Provide Additional COVID-19 Funding for Health and Long-Term Care Providers
by John Nelson
WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has warned Congress that if the federal government doesn’t pass another COVID-19 funding package, public health agencies and healthcare providers could find themselves less than completely prepared heading into the cold and flu season, as well as underfunded to handle another major spike in COVID-19 cases. The Washington, D.C.-based organization represents more than 14,000 nursing homes and assisted living communities across the country that provide care to approximately 5 million people each year. About 70 percent of the $175 billion Provider Relief Fund provided by the CARES Act is already distributed, and remaining funds are likely to be allocated by early October. Healthcare providers, including long-term care facilities, will need additional funds to continue their response to the pandemic heading into the cold and flu season, which provides new challenges, the organization stated in a press release on Monday. Mark Parkinson, president and CEO for AHCA/NCAL, says that Congress needs to end the partisan logjam and prioritize frontline healthcare workers and residents, particularly vulnerable elderly populations. “With the cold and flu season adding a real complication to the ongoing COVID-19 pandemic response, the need for …
TEMPE, ARIZ. — A joint venture between FCP and Tides Equities has purchased Solara at Mill Avenue, a multifamily community in Tempe. An undisclosed seller sold the asset for $77 million. Solara at Mill Avenue features 515 apartments in a mix of one- and two-bedroom layouts with updated kitchens, new cabinets, quartz countertops, wood-style flooring and large windows. Community amenities include a clubhouse, covered parking, dog park, fire pit, event lawn, swimming pool and 24-hour parcel/package concierge. Matt Pesch of CBRE brokered the transaction. Solara at Mill Avenue is adjacent to Tides at South Tempe, which the joint venture acquired in June.
RED Mortgage Capital Provides $39.3M Loan for Mixed-Income Multifamily Housing in Salt Lake City
by Amy Works
SALT LAKE CITY — RED Mortgage Capital has provided a $39.3 million in Federal Housing Administration (FHA) financing for Liberty BLVD, an apartment community located in Salt Lake City. The borrower is Cowboy Properties. Liberty BLVD features 266 mixed-income apartments with a walkable location on the east side of downtown Salt Lake City. Twenty percent of the units are restricted to households earning up to 50 percent of the area median income. The community features 3,900 square feet of commercial space and resident amenities, including a lounge, fitness center, swimming pool, sun deck and rooftop terrace. The FHA Section 223(a)(7) loan will refinance existing debt derived from the property’s FHA Section 207/221(d)(4) financing in 2016. The reduced interest rate from the refinance will result in additional cash flow for the borrower.
TUSCALOOSA, ALA. — Greystar has acquired 17 acres in Tuscaloosa to develop Union on Frank, a $70 million student housing community serving students at the University of Alabama. The 200-unit property will comprise 396 beds and will be situated at 512 Frank Thomas Ave., two blocks from Bryant-Denny Stadium. The site currently has existing student and multifamily communities that will be demolished. A timeline for completion was not disclosed. Sean Baird, Jonathan Holt, Carter Brehm, Austin Weathington and Will Mathews of Colliers International represented both the buyer and undisclosed seller in the land transaction.
PENSACOLA, FLA. — Daniel Corp. plans to break ground on a $60 million, a 336-unit multifamily community in Pensacola. The yet-to-be-named property will be situated within Pathstone, a master-planned community featuring more than 200 single-family homes and 75,000 square feet of retail space. Additionally, the community will be situated across the street from Navy Federal Credit Union’s campus on Nine Mile Road, which houses 8,500 employees. The Birmingham, Ala.-based developer expects to deliver the property in fall 2021.