Multifamily

Gelt Buys Silverwood Apartments in Gresham, Oregon for $30M

by Amy Works September 22, 2020

GRESHAM, ORE. — Los Angeles-based Gelt has purchased Silverwood Apartments, a multifamily community located at 4777 SW 11th St. in Gresham, for $30 million. The seller was not disclosed. Built in 1991 on nine acres, Silverwood Apartments features 164 units in a mix of one-, two- and three-bedroom layouts spread across 32 garden-style buildings. On-site amenities include a pool, playground, walking/biking trails and a picnic area. Gelt plans to upgrade the interior of the units to include vinyl-plank flooring, stainless steel appliances, new cabinet faces, backsplashes, ceiling fans and other cosmetic improvements. Additionally, the firm will rebrand the property, create new signage, paint the exterior of the building and refresh the pool and playground areas.

September 22, 2020

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

by Amy Works September 22, 2020

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

September 22, 2020

Affordable Housing Development Midwest Multifamily Ohio

Herman & Kittle Properties Opens $50.6M Affordable Housing Property in Columbus

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Riverside Trail, a $50.6 million affordable housing property in Columbus. The community’s 248 units are available to residents who earn at or below 60 percent of the area median income. Located on Chatterton Road, the project features one-, two-, three- and four-bedroom layouts that range from 809 to 1,453 square feet. Amenities include a pool, fitness center, game room, dog park and outdoor grilling area.

September 22, 2020

Alabama Development Multifamily Southeast Student Housing

Spaces Management Opens 251-Bed Student Housing Complex in Tuscaloosa

by Alex Tostado September 22, 2020

TUSCALOOSA, ALA. — Spaces Management has opened The Walk Tuscaloosa, a 251-bed student housing complex serving the students at the University of Alabama. The four-story building is located one block from Bryant-Denny Stadium and Tutwiler Hall. Unit interiors are fully furnished and feature quartz countertops, tile bathroom flooring, walk-in showers, vinyl plank wood-grain flooring and stainless steel appliances. Communal amenities include three fitness centers, private and group study spaces, a tanning bed, lounge area, pool, pool deck, firepit and below-grade parking. Elite Building was the general contractor, and Poole & Co. and Southpark Interiors were the architects. Function First Furniture furnished the units. The University of Alabama is currently offering in-person classes.

September 22, 2020

Loans Multifamily Northeast Pennsylvania

JLL Arranges $33.3M in Financing for Multifamily Redevelopment Project in Philadelphia

by Taylor Williams September 22, 2020

PHILADELPHIA — JLL has arranged $33.3 million in financing for International House, a project that will convert a 14-story office building located at 3701 Chestnut St. in Philadelphia into a 400-unit apartment complex. The borrower, CSC Coliving LLC, will use the funds to acquire the 1.3-acre site, which is located in the University City area, and to begin construction. The two lowest floors will continue to house office and retail users. Chad Orcutt and Blaine Fleming of JLL arranged the financing through PostRoad Group. Completion is slated for summer 2021.

September 22, 2020

Acquisitions Multifamily Texas

ZOM Living Sells 376-Unit Kinstead Apartment Community in Metro Dallas

by Taylor Williams September 22, 2020

MCKINNEY, TEXAS — Florida-based ZOM Living has sold Kinstead, a 376-unit apartment community located in the northern Dallas metro of McKinney. The property features studio, one- and two-bedroom units and amenities such as two pools, a 24-hour fitness center, outdoor grilling stations, a game room and a pet park. Brian O’Boyle Jr. and Brian Murphy of Newmark Knight Frank represented ZOM Living in the all-cash transaction. The buyer was a fund sponsored by CBRE Global Investors.

September 22, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Negotiates Sale of 224-Unit Northshore Place Apartments in Portland, Texas

by Taylor Williams September 22, 2020

PORTLAND, TEXAS — Marcus & Millichap has negotiated the sale of the 224-unit Northshore Place Apartments, located outside of Corpus Christi. The property was built on 13 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, outdoor fire pits and a clubhouse with a kitchen and billiards. Kent Myers of Marcus & Millichap represented the seller, a locally based developer, and procured the buyer, a limited liability company. Both parties requested anonymity.

September 22, 2020

Loans Multifamily Texas

Colliers Provides Fannie Mae Acquisition Loan for 128-Unit Apartment Community in Seguin, Texas

by Taylor Williams September 22, 2020

SEGUIN, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for 10Forty8 Modern Living, a 128-unit apartment community located in the San Antonio suburb of Seguin. The property was built in 1973 and consists of two 16-story buildings and a single-story leasing office. Amenities include a pool, fitness center, outdoor grilling area and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for the borrower, an entity doing business as TFE 321 LLC.

September 22, 2020

Acquisitions Florida Multifamily Southeast

Cardone Capital Acquires 553-Unit Apartment Complex in Fort Lauderdale

by Alex Tostado September 21, 2020

FORT LAUDERDALE, FLA. — Cardone Capital LLC has acquired Port Royale Apartments, a 553-unit multifamily community in Fort Lauderdale. The sales price was not disclosed, although Cardone Capital raised $50 million through crowdfunding and CBRE arranged a 10-year acquisition loan with a fixed 2.3 percent interest rate. The property, which was built in 1991 and renovated in 2016, offers one- and two-bedroom floor plans. Communal amenities include a car wash area, two pools, fitness center and a courtyard. Robert Given of Cushman & Wakefield represented the seller, Chicago-based Waterton, in the transaction.

September 21, 2020

Acquisitions Multifamily Seniors Housing Southeast Virginia

Greysteel Negotiates $27.2M Sale of Affordable Seniors Housing Apartments in Northern Virginia

by Alex Tostado September 21, 2020

STERLING, VA. — Greysteel has negotiated the sale of Cascades Village Senior Apartments, an affordable seniors housing property located in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 using Low-Income Housing Tax Credits (LIHTC). Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange an acquisition loan through M&T Realty Capital Corp.

September 21, 2020

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