Multifamily

Interra Realty Brokers $9M Sale of Apartment Building in Chicago’s Hyde Park Neighborhood

by Kristin Harlow October 17, 2024

CHICAGO — Interra Realty has brokered the $9 million sale of a 24-unit apartment building with two ground-floor commercial spaces in Chicago’s Hyde Park neighborhood. Originally constructed in 1907, the property at 5300 S. Blackstone Ave. features one one-bedroom unit, 11 two-bedroom units and 12 three-bedroom residences. All apartments feature renovated kitchens and bathrooms, in-unit laundry and individual HVAC. There is also a 16-car parking lot. The building’s corner retail space is leased to Philz Coffee, while the other commercial space is occupied by a local property management company. Joe Smazal and Mark Dykstra of Interra represented the buyer, Estia Properties, a Chicago-based real estate investment and management company. The duo also represented the seller, an East Coast-based investment group.

October 17, 2024

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $47.5M Bridge Loan for Seniors Housing Community in Metro Seattle

by Amy Works October 17, 2024

SILVERDALE, WASH. — Live Oak Bank has provided a $47.5 million bridge loan for the refinancing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

October 17, 2024

Acquisitions California Multifamily Western

Berkadia Negotiates $11.7M Sale of Multifamily Community in Torrance, California

by Amy Works October 17, 2024

TORRANCE, CALIF. — Berkadia has negotiated the sale of Anza South Apartments, a garden-style multifamily property in Torrance. Gardena, Calif.-based Swami International acquired the asset from Paladin Co. for $11.7 million. Located at 21010 Anza Ave., Anza South Apartments offers 34 residences, averaging 1,121 square feet. The gated community was built in 1964. Steffan Braunlich and Trent Gardner of Berkadia’s El Segundo office represented the seller, while John Barbie of Bro-Deals Los Angeles represented the buyer in the transaction.

October 17, 2024

Acquisitions Multifamily Texas

Eastham Capital, Mosaic Residential Buy Two Adjacent Apartment Complexes Totaling 164 Units in Metro Houston

by Taylor Williams October 17, 2024

PEARLAND, TEXAS — A partnership between South Florida-based Eastham Capital and local owner-operator Mosaic Residential has purchased Amber Oaks and Park Place, two adjacent apartment complexes totaling 164 units in the southern Houston suburb of Pearland. Built in 2015, Amber Oaks comprises 16 one-bedroom units and 47 two-bedroom apartments across two three-story buildings. Constructed in 1972, Park Place consists of 21 one-bedroom apartments, 72 two-bedroom residences and eight three-bedroom units across 14 two-story buildings. Residents at both properties have access to shared amenities, including a pool, outdoor grilling and dining stations and onsite laundry facilities. The seller was not disclosed.

October 17, 2024

Development Seniors Housing Texas

AOG Living Breaks Ground on 147-Unit Active Adult Community in Plano

by Taylor Williams October 17, 2024

PLANO, TEXAS — AOG Living, the Houston-based developer and operator formerly known as Allied Orion Group, has broken ground on Novum Plano, a 147-active adult project that will be located on the northeastern outskirts of Dallas. Designed by FK Architecture, the property will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a saltwater pool, pickleball court, fitness center, hair and nail salon, theater and game lounge, dog park, community gardens and outdoor kitchens. CBRE arranged construction financing for the project, completion of which is slated for late 2025.

October 17, 2024

Conference Coverage Market Reports Multifamily Texas Texas Market Reports

InterFace Panel: Institutional Capital’s Return Signifies Long-Term Strength of Austin Multifamily Market

by Taylor Williams October 17, 2024

By Taylor Williams AUSTIN, TEXAS — Sources of institutional capital are slowly trickling back into buyer pools of deals for multifamily properties in Austin, a move that marks an inflection point within the sector as a whole and speaks to investors’ long-term faith in that market’s fundamentals. And faith is perhaps just what the doctor ordered. In some ways, Austin has become a victim of its own success over the past decade, a sort of cautionary tale of growth gone too heavy too fast. The feverish attempts of multifamily developers to keep pace with demand during that time have come to a head, and the market now languishes in a state of oversupply. With rents softening and interest rates only just now showing concrete signs of decreasing, institutional capital has been more than content to sit on the sidelines of this market for the past 18 or so months. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. But that is starting to change, at least according to a panel of multifamily investment sales professionals who spoke …

October 17, 2024

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Acquires 250-Unit Apartment Community in Shrewsbury, Massachusetts

by Taylor Williams October 16, 2024

SHREWSBURY, MASS. — North Carolina-based investment firm Bell Partners has acquired Quinn35, a 250-unit apartment community located in the central Massachusetts city of Shrewsbury. The property was built in 2018 and has been managed by Bell Partners since 2019. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse and social lounge, a 24-hour fitness center, recreation room with billiards, dog park, outdoor lounge and a heated pool. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, New York City-based Bluerock Real Estate Holdings, in the transaction. Bell Partners has rebranded the property as Bell Shrewsbury.

October 16, 2024

California Development Multifamily Western

Forge Development Starts Residential Conversion of Humboldt Bank Office Building in San Francisco

by Amy Works October 16, 2024

SAN FRANCISCO — Forge Development Partners has started its project to convert the historic Humboldt Bank, an office building located at 785 Market St. in San Francisco into workforce housing. Forge plans to begin construction on 785 Market Street in early 2025, contingent on pending legislation. Planned renovations will preserve the 19-story building’s historic façade, ground-floor retail space and Baroque-style dome, while upgrading the infrastructure of the building to provide a high-quality scaled living experience for middle-income residents. Upon completion, 785 Market Street, which was originally built in 1908, will feature 124 apartments. The project aligns with the city’s housing production initiative to bring 30,000 new residences and students to downtown San Francisco by 2030 and targets a zero net carbon and energy solution. Forge is partnering with Cordia, a San Francisco-based energy solution company that purifies groundwater, to produce steam that will be piped through 785 Market Street and used for space heating, domestic hot water and air conditioning.

October 16, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates Sale of 103-Unit Wheelock Parkway Apartments in St. Paul

by Kristin Harlow October 16, 2024

ST. PAUL, MINN. — Marcus & Millichap has negotiated the sale of Wheelock Parkway Apartments in St. Paul for an undisclosed price. Located at 1609 N. Woodbridge St., the property features 44 one-bedroom units and 59 two-bedroom units across 85,580 rentable square feet. Amenities include an outdoor pool, laundry facilities, picnic areas, a walking path and playground. Constructed between 1965 and 1967, the community is situated near Como Park Zoo and Rosedale Center. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited liability company, and procured the undisclosed buyer.

October 16, 2024

Development Florida Loans Multifamily Southeast

Berkadia Originates $110.7M in Financing for Two Multifamily Developments in Florida

by John Nelson October 16, 2024

BRADENTON AND MELBOURNE, FLA. — Berkadia has originated two loans totaling $110.7 million for two multifamily developments in Bradenton and Melbourne. Alec Fox of Berkadia’s Tampa office secured the financing on behalf of the sponsor, Charlotte-based Madison Capital Group. Berkadia secured $60 million in construction financing for Madison Bradenton, consisting of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE. The second transaction was $50.7 million in aggregate financing for Madison Midtown in Melbourne, consisting of a $33.5 million senior loan provided by First Citizens Bank and $17.2 million in preferred equity from Forum Capital Advisors. Both properties will consist of 240 units and are slated for completion in 2026.

October 16, 2024

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