Multifamily

Preserve Partners Buys 165-Unit O’Connor Oaks Apartments in Northeast San Antonio

by Taylor Williams October 16, 2024

SAN ANTONIO — Salt Lake City-based investment firm Preserve Partners has purchased O’Connor Oaks, a 165-unit apartment complex in northeast San Antonio. Built in 1983, the garden-style community offers one-, two- and three-bedroom floor plans with an average unit size of 900 square feet. Amenities include two pools with sundecks, outdoor grilling and picnic areas, a business center and a dog park. The site also features four acres for additional expansion. Jim Young and Chase Easley of Newmark represented the seller, Austin-based JMB Group, in the transaction.

October 16, 2024

Development Loans Student Housing Texas

Northmarq Arranges Construction Financing for 142-Unit Student Housing Project Near UT Austin

by Taylor Williams October 16, 2024

AUSTIN, TEXAS — Northmarq has arranged construction financing for Avalon Pointe, a 142-unit student housing project that will be located near the University of Texas at Austin’s West Campus neighborhood. The 10-story building will offer studio, one- and two-bedroom units. Amenities will include a first-floor study lounge, fitness center, electric vehicle charging stations and a social room. Cheryl Higley, Ryan Shoars, Noah Villicana and Haylee Williamson of Northmarq originated the debt on behalf of the undisclosed borrower. The name of the direct lender and a construction timeline were also not disclosed.

October 16, 2024

Acquisitions Multifamily Texas

Price Brothers Buys 333-Unit Eastpark Apartments in Denton, Texas

by Taylor Williams October 15, 2024

DENTON, TEXAS — An affiliate of Kansas City-based Price Brothers has purchased Eastpark, a 333-unit apartment community located in the North Texas city of Denton. Built on 11 acres in 2022, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and washer/dryer connections. Amenities include a pool, fitness center, outdoor lounge and game area and a community coffee lounge. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Cameron Purse and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the deal. The team also procured the buyer.

October 15, 2024

Gortikov-Samo-Collection-Santa-Monica-CA

Acquisitions Affordable Housing California Multifamily Western

Gortikov Capital Buys Affordable Housing Portfolio in Santa Monica for $120M

by Amy Works October 15, 2024

SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.

October 15, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Arranges $2.4M Sale of Multifamily Property in Denver

by Amy Works October 15, 2024

DENVER — NorthPeak Commercial Advisors has brokered the sale of an apartment building located at 4630 E. Ashbury Circle in Denver. The 12-unit asset traded for $2.4 million, or $197,916 per unit. The names of the seller and buyer were not released. Jack Sherman and Hunter Schaefer of NorthPeak Commercial Advisors represented the seller, while Kevin Calame and Matt Lewallen, also with NorthPeak, represented the buyer in the deal.

October 15, 2024

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $2M Sale of Apartment Building in Westminster, Colorado

by Amy Works October 15, 2024

WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a 12-unit multifamily property in Westminster. The asset traded for $2 million, or $169,583 per unit. Chris Knowlton of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the transaction.

October 15, 2024

Acquisitions Illinois Midwest Multifamily

JLL Income Property Trust Sells 28-Story Apartment Tower in Chicago’s West Loop

by Kristin Harlow October 15, 2024

CHICAGO — JLL Income Property Trust has sold 180 North Jefferson, a 28-story apartment tower in Chicago’s West Loop neighborhood. The sales price was roughly $76 million, according to Crain’s Chicago Business. The property features 274 renovated units along with upgraded amenities. John Jaeger, Justin Puppi and Jason Zyck of CBRE represented the seller, which held the asset for nearly eight years. JLL says the disposition frees up capital for the strategy of pursuing suburban, garden-style apartment communities in highly rated school districts.

October 15, 2024

Development Loans Midwest Multifamily Wisconsin

Associated Bank Structures $59.8M in Construction Financing for Wisconsin Multifamily Project

by Kristin Harlow October 15, 2024

HARTLAND, WIS. — Associated Bank has structured a $59.8 million construction financing package for Westrock Residences, a 267-unit multifamily project in Hartland, about 25 miles west of Milwaukee. Three Leaf Partners and Continental Properties are the developers. Plans call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, walking paths and a dog run. JLA Architects is the project architect. Site work is underway, and the project will be completed in phases. The first units are slated for occupancy in summer 2025. Continental Properties will manage the community. Ryan Krombach of Associated Bank originated the financing. Associated Bank, administrative agent and co-lead arranger, was joined by co-lead arranger Johnson Bank and Greenwoods State Bank to complete the construction loan syndication. The Village of Hartland is supporting the project with tax-increment financing that will reimburse the developers up to $15.9 million over 27 years using taxes the new development generates. The project site is a 45-acre former quarry that has been slated for redevelopment for decades.

October 15, 2024

Acquisitions Indiana Midwest Multifamily

CBRE Brokers Sale of 438-Unit Multifamily Property in Greenwood, Indiana

by Kristin Harlow October 15, 2024

GREENWOOD, IND. — CBRE has brokered the sale of Westminster, a 438-unit multifamily property in the Indianapolis suburb of Greenwood. The sales price was undisclosed. Built in 1971, the community has undergone extensive renovations totaling nearly $20 million since 2014. Residences come in one-, two- and three-bedroom layouts averaging 918 square feet. George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Van Rooy Properties, which acquired the asset in 2010. Monarch was the buyer.

October 15, 2024

Acquisitions Midwest Minnesota Multifamily Seniors Housing

Inland Acquires Two Luxury Senior Living Communities in Metro Twin Cities

by Kristin Harlow October 15, 2024

LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.

October 15, 2024

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