Multifamily

Next Wave Investors Buys The Grove on Glendale Apartments in Phoenix for $25.5M

by Amy Works January 26, 2021

PHOENIX — Next Wave Investors has acquired The Grove on Glendale, a for-rent townhome community located in North Central Phoenix, for $25.5 million. Located at 917 W. Glendale Ave., the 56-unit property consists of two-story townhomes offering a mix of three-bedroom/two-and-a-half-bathroom and four-bedroom/three-and-a-half-bathroom layouts, averaging 1,840 square feet. Each residence includes walk-in closets, large bedrooms, in-unit washers/dryers, a two-car private garage and fenced-in backyard. Community amenities include a swimming pool. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang of ABI Multifamily represented the buyer and seller, an Arizona-based private investment developer, in the deal.

January 26, 2021

Features Hospitality Industrial Mixed-Use Multifamily New Jersey Northeast Office Property Type Restaurant Retail

US Commercial, Multifamily Construction Starts Down 20 Percent in 2020, Says Dodge Data

by John Nelson January 26, 2021

HAMILTON, N.J. —The value of commercial and multifamily construction starts in 2020 tumbled 20 percent to end the year at $193.4 billion, according to Dodge Data & Analytics. Within the top 20 metropolitan areas that the Hamilton-based research firm tracks, the fall was more severe as that group’s starts fell by 23 percent in value, or $111.1 billion. Overall, commercial real estate starts fell 26 percent in value to $104 billion, while multifamily building activity slid by 11 percent to $89.5 billion. Richard Branch, chief economist for Dodge Data, says that the COVID-19 pandemic had a significant negative impact on commercial and multifamily construction across the country with only a few markets seeing year-over-year increases in construction starts compared to 2019. “The construction sector will show signs of recovery in 2021, but, the road back to full recovery will be long and difficult. The effects of the pandemic on the U.S. economy and building markets will be felt for several years,” says Branch. “While some areas stabilized over the summer, the current wave of the virus has further hindered activity.” Only one metro area in Dodge Data’s top 10, Phoenix, reported a year-over increase in construction starts. The No. 7 …

January 26, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 72-Unit Property in Nacogdoches, Texas

by Taylor Williams January 25, 2021

NACOGDOCHES, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Woodland Trails, a 72-unit apartment complex located about 150 miles north of Houston in Nacogdoches. The property was built in 1985. Gold Star Capital purchased the asset from an entity doing business as Hermosa Land Investment III LLC for an undisclosed price. Evan Burke of TMG brokered the deal.

January 25, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of Two Assisted Living Communities in Massachusetts

by Taylor Williams January 25, 2021

MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities totaling 195 units in Massachusetts. The properties were over 96 percent occupied at the time of sale. The buyer was a partnership between a New York-based operator and an investor with a home health business in the state. Further details on the seller, price and properties were not disclosed.

January 25, 2021

Development Florida Multifamily Southeast

Klotz, KABR Near Completion of $95M Multifamily Community, The Reef, Near Jacksonville

by John Nelson January 25, 2021

ATLANTIC BEACH, FLA. — The Klotz Group of Cos. and KABR Group are nearing completion for The Reef, a $95 million apartment community underway in Atlantic Beach, one of metro Jacksonville’s beaches. The 456-unit community will span 530,000 square feet across two five-story buildings and a two-story, 13,500-square-foot clubhouse. Rooftop amenities will include a bar, lounge and a resort-style pool. Other amenities will include party patios, a yoga lawn, fitness center, game room, car wash center, dog park and access to nearby Hanna Park. Tierra Linda Development LLC, a subsidiary of Klotz, is the developer of the community and expects to deliver The Reef’s clubhouse in October, with apartments opening in phases afterward. The design team includes architect Dwell Design Studio, civil engineer Connelly & Wicker Inc. and general contractor Live Oak Contracting LLC.

January 25, 2021

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Wendover Breaks Ground on $27.6M Affordable Seniors Housing Community in Orlando

by John Nelson January 25, 2021

ORLANDO, FLA. — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a former shopping center and become the new anchor for the neighborhood’s town center. Designed for senior residents 55 and older, rents for Hawthorne Park apartments are expected to start at approximately $740 per month for one-bedroom units and $880 per month for two-bedroom units. Hawthorne Park will cost an estimated $27.6 million to develop. Financing includes a $250,000 grant from Orange County, a $317,500 loan from Orange County and $2.3 million in Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy Inc. is the general contractor. Construction is expected to take 11 months to complete, with rental applications starting in June 2021. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District — an initiative to revitalize the area and its working-class community of more than 60,000 residents.

January 25, 2021

Acquisitions Midwest Multifamily Ohio

Colliers Brokers Sale of 949-Unit Apartment Property in Euclid, Ohio

by Kristin Harlow January 25, 2021

EUCLID, OHIO — Colliers International has brokered the sale of The Vista Apartments in Euclid near Cleveland. The sales price was $30.1 million, according to Crain’s Cleveland Business. The waterfront apartment property is located at 26151 Lake Shore Blvd. and features 949 units. Built in the early 1970s, it features a mix of one-, two- and three-bedroom floor plans as well as penthouses. Gary Cooper and Anthony DeMarco of The Cooper Multifamily Team at Colliers represented the seller. Buyer and seller information was undisclosed.

January 25, 2021

Acquisitions Loans Multifamily Oregon Western

Glencrest Group Buys Multifamily Property Near Portland, CBRE Capital Markets Secures $13.8M Loan

by Amy Works January 25, 2021

CANBY, ORE. — San Francisco-based Glencrest Group has purchased The Township, an apartment community located at 700 SE Fifth Ave. in Canby, approximately 25 miles south of Portland. Andrew Behrens and Jesee Weber of CBRE arranged a $13.8 million, 10-year, fixed-rate loan for the buyer. Josh McDonald of CBRE’s Portland office represented the undisclosed seller in the transaction. The Township features 92 units in a mix of one-, two- and three-bedroom floor plans spread across 13 buildings, with an average unit size of 987 square feet. The apartments offer decks, patios and washer/dryers. Community amenities include a clubhouse, fitness center, playground, storage units and 166 parking spaces. At the time of sale, the property was 98 percent leased.

January 25, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

Marcus & Millichap Brokers $5.6M Sale of Carlton Village Senior Care Community in Tucson

by Amy Works January 25, 2021

TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Carlton Village Senior Care Community, an assisted living property located at 321 W. Limberlost Drive in Tucson. An undisclosed seniors housing developer sold the asset to a Tucson-based assisted living owner-operator for $5.6 million, or $70,000 per bed. Built in 2018, Carlton Village features 80 beds spread across eight 10-bed homes. Alex Snyder and Hamid Panahi of Marcus & Millichap’s Tucson office represented the seller and procured the buyer in the deal.

January 25, 2021

Acquisitions California Multifamily Western

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

by Amy Works January 22, 2021

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released. Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units with stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts and quarter countertops in the kitchens. Additionally, the renovations will include faux wood vinyl plank flooring, new lighting fixtures and the addition of full-sized vented washers/dryers. Waterton also plans to upgrade the lobby and common areas, as well as make cosmetic improvements to the existing amenities, including the pool deck, fitness center, rooftop lounge and business center.

January 22, 2021

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