Multifamily

Davlyn Investments Acquires Terraces at Highland Reserve Apartment Complex Near Sacramento for $95M

by Amy Works December 21, 2020

ROSEVILLE, CALIF. — San Diego-based Davlyn Investments has purchased The Terraces at Highland Reserve, an apartment property located in Roseville, a northeastern suburb of Sacramento, for $95 million. Davlyn plans to rebrand the 273-unit property as Ascent at the Galleria. Constructed in 2002, the community features 273 apartments with nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, more than 250 detached garages and an extensive amenity package. The property is Davlyn’s fourth acquisition in Northern California and its first in the greater Sacramento market. Mark Leary and Nate Oleson of Newmark represented the undisclosed seller in the deal.

December 21, 2020

California Loans Multifamily Western

Gantry Arranges $43.4M in Financing for CreekBridge Village Apartments in Salinas, California

by Amy Works December 21, 2020

SALINAS, CALIF. — Gantry has secured a $43.4 million loan for CreekBridge Village Apartments, a multifamily community in Salinas. Tom Dao of Gantry arranged the 35-year, 2.13 percent HUD (223f) cash-out financing through Eastern Mortgage Capital for the undisclosed borrower. Located at 1701 Independence Blvd., the 220-unit property features one-, two-, three- and four-bedroom floor plans, ranging from 803 square feet to 1,429 square feet. Units feature wall-to-wall carpeting, full-size washers/dryers, private patios or balconies, electronic thermostats and fireplaces, as well as assigned parking. The gated community also features a lighted tennis court, lap pool, spa, picnic areas, 24-hour fitness center and recreation center with a banquet room for events and gatherings.

December 21, 2020

Castlerock-Apts-Pacific-Village-Wenatchee-WA

Acquisitions Multifamily Washington Western

Quality Pacific Sells Two Multifamily Properties in Eastern Washington for $28.3M

by Amy Works December 21, 2020

WENATCHEE, WASH. — Quality Pacific Inc. has completed the sales of two apartment communities located in the Eastern Washington city of Wenatchee. The two assets sold for a total of $28.3 million. Castlerock Wenatchee 139 LLC acquired the 14-building, 139-unit Castlerock Apartments for $20.1 million, or $144,604 per unit. Pacific Village-Wenatchee LLC purchased the six-building, 64-unit Pacific Village for $8.2 million, or $128,516 per unit. Zach Howe of Marcus & Millichap’s Seattle office represented the seller and procured the buyers in the deals. Ray Allen and Seth Heikkila of Marcus & Millichap Capital Corp. arranged $5.3 million in fixed-rate financing for the acquisition of Pacific Village.

December 21, 2020

Affordable Housing Development Multifamily Texas

Avenue Breaks Ground on 70-Unit Mixed-Income Community in Houston

by Taylor Williams December 21, 2020

HOUSTON — Avenue, a locally based nonprofit developer, has broken ground on a 70-unit mixed-income multifamily community in Houston’s Oak Forest neighborhood. The unit mix will consist of 23 one-bedroom apartments, 27 two-bedroom units and 20 three-bedroom residences ranging in size from 706 to 1,201 square feet. While 14 units will be offered at market rates, income-restricted units will be designated for families making between $35,000 and $65,000 annually. In addition to amenities such as a playground, learning center and activity room, business center and fitness room, Avenue on 34th will offer resident services including after-school tutoring for children and credit-building and homebuyer education programs for adults. Block Cos. is the general contractor for the project, which is expected to be complete in mid-2022.

December 21, 2020

Acquisitions Multifamily North Carolina South Carolina Southeast

Capstone Negotiates Sales of Two Apartment Communities in the Carolinas Totaling $44.5M

by John Nelson December 21, 2020

BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions. In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange. In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west …

December 21, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires 505-Unit Multifamily Community in Metro Atlanta

by John Nelson December 21, 2020

SANDY SPRINGS, GA. — Houston-based Venterra Realty has acquired The Harrison, a 505-unit multifamily community in Sandy Springs. The seller is Covenant Capital Group, a private equity investor based in Nashville. The property spans 40 acres and offers one-, two- and three-bedroom floor plans ranging from 900 to 1,649 square feet. Rents range from $1,104 to $1,554 per month. Communal amenities include two playgrounds, a sand volleyball court, bocce ball court, pool, grilling area and a dog park. The Harrison was built in 1975 and is situated at 5675 Roswell Road, 12 miles north of downtown Atlanta. The sales price was not disclosed.

December 21, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Acquires Two Apartment Communities Totaling 408 Units Near Boston

by Taylor Williams December 21, 2020

WESTFORD, MASS. — North Carolina-based investment firm Bell Partners has acquired Hanover Westford Valley and Hanover Westford Hills, two adjacent apartment communities totaling 408 units. The properties are located about 35 miles northwest of Boston and include 12 townhomes. Units feature stainless steel appliances, tile backsplashes, custom cabinets, full-size washers and dryers and private balconies. Communal amenities include two pools, outdoor lounge areas with fire pits, a dog park, pet spa, fitness center, resident clubhouse, private media room with theater-style seating, conference room and private workstations. The seller and sales price were not disclosed.

December 21, 2020

Powdermill-Village-Westfield-Massachusetts

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.4M in Financing for Affordable Housing Property in Westfield, Massachusetts

by Taylor Williams December 21, 2020

WESTFIELD, MASS. — MassHousing has provided $26.4 million in financing for Powdermill Village, a 248-unit affordable housing property in Westfield, located in the southwestern part of the state. The property was built in the 1970s and renovated in 2000. Proceeds will be used to refinance existing debt and to rehabilitate the property with new roofing, siding, flooring, doors and community space. The borrower, nonprofit Affordable Housing & Services Collaborative Inc., will also upgrade balconies, decks, kitchens and bathrooms of the one-, two- and three-bedroom units. The majority of the units (184) are reserved for renters earning 60 percent or less of the area median income.

December 21, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.6M Agency Acquisition Loan for Multifamily Asset in Bensalem, Pennsylvania

by Taylor Williams December 21, 2020

BENSALEM, PA. — Greystone has provided a $20.6 million Freddie Mac acquisition loan for Grandview Gardens, a 226-unit multifamily property located in the Lehigh Valley city of Bensalem that was originally built in 1965. Dan Sacks of Greystone originated the floating-rate loan, which features a 10-year term and 30-year amortization schedule with four years of interest-only payments. Jack Miller of Platinum Capital Group arranged the loan on behalf of an undisclosed borrower.

December 21, 2020

Acquisitions Multifamily New York Northeast Retail

JLL Negotiates $11.4M Sale of Multifamily, Retail Building on Manhattan’s Upper West Side

by Taylor Williams December 21, 2020

NEW YORK CITY — JLL has negotiated the $11.4 million sale of a multifamily and retail building located at 57 W. 86th St. on Manhattan’s Upper West Side. The property is located less than a block from Central Park and consists of 12 residential units and 6,300 square feet of retail space. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait of JLL represented the seller, Endeavor Guidance, in the transaction. The buyer was Michael Herzog LLC.

December 21, 2020

Newer Posts

Older Posts