Multifamily

Annex Group Opens 51-Unit Affordable Housing Community in Kokomo, Indiana

by Kristin Harlow July 20, 2020

KOKOMO, IND. — The Annex Group has opened Union at Washington, a 51-unit affordable housing community in Kokomo, about 50 miles north of Indianapolis. Located at 918 N. Washington St., the property features a fitness center, playground, computer center and outdoor grilling space. RiverHills Bank provided construction and permanent finance of more than $6.5 million. Cinnaire invested more than $7 million in tax credit equity for the project. T&H Investment Properties LLC is co-developer and co-owner. Other project partners include The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority.

July 20, 2020

Development Florida Multifamily Southeast

McShane Construction Delivers 134-Unit Multifamily Community in Tampa Bay Area

by Alex Tostado July 17, 2020

CLEARWATER, FLA. — McShane Construction Co. has delivered 1100 Apex, a 134-unit multifamily community in downtown Clearwater. The property offers studio through three-bedroom floor plans. Unit interiors feature stainless steel appliances, quartz and granite countertops, wood plank flooring and private balconies. Communal amenities include a clubhouse, fitness center, putting green, pool, outdoor lounge with grills, a fire pit and private cabanas. The asset also includes a parking deck with 202 parking spaces and 4,300 square feet of ground-level retail space. GSP Development developed the 15-story building and Kimmich Smith Architecture designed the community. Located on 2.1 acres at 1100 Cleveland St., the asset is situated equidistant from Tampa Bay and downtown Tampa.

July 17, 2020

Development Florida Multifamily Seniors Housing Southeast

ConcordRents Breaks Ground on $32M Affordable Seniors Housing Community on Florida’s Space Coast

by Alex Tostado July 17, 2020

VIERA, FLA. — ConcordRents has started construction of Venue at Viera Senior Living Apartments, a $32 million, 145-unit affordable seniors housing community in Viera, a master planned community located on Florida’s Space Coast near Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income (AMI). Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. The developer, Atlantic Housing Partners, also provided some funding sources.

July 17, 2020

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers $8M Sale of Bishop Davies Nursing Care Center in Hurst, Texas

by Taylor Williams July 17, 2020

HURST, TEXAS — Senior Living Investment Brokerage (SLIB) has brokered the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional seniors housing owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot and was 74 percent occupied at the time it was listed.

July 17, 2020

Loans Multifamily Oregon Western

Pensam Provides $52M Refinancing for Rise Central Apartments in Beaverton, Oregon

by Amy Works July 17, 2020

BEAVERTON, ORE. — Miami-based Pensam has provided $52 million in capital to refinance Rise Central, a multifamily property located at 12875 SW Crescent St. in Beaverton. The floating-rate loan has a three-year term with extension options. The name of the borrower was not released. Built in 2019, Rise Central features 230 apartments and more than 5,000 square feet of retail space. With rents ranging from $1,000 to $3,200 per month, the community offers units with high-end finishes and open floor plans, along with a resort-style amenity package. Additionally, the property is located adjacent to the train station in the Westgate Redevelopment Master Plan, which comprises a 45,000-square-foot arts and cultural center and a hotel.

July 17, 2020

Acquisitions Multifamily New York Northeast

Global One Real Estate Acquires John Adams Apartment Building in Queens for $26.5M

by Taylor Williams July 17, 2020

NEW YORK CITY — Global One Real Estate Fund II, an affiliate of locally based investment firm Nelson Management Group, has acquired The John Adams, 115-unit apartment building in the Forest Hills neighborhood of Queens. The sales price was $26.5 million. The six-story building offers proximity to several public transit lines and amenities such as bike storage space, package lockers and onsite laundry facilities. The seller was not disclosed.

July 17, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Marcus & Millichap Brokers $5M Acquisition of Sunland North Apartment Complex in Arizona

by Amy Works July 17, 2020

MESA, ARIZ. — Marcus & Millichap has arranged the purchase of Sunland North, an age-restricted apartment complex located at 4740 E. Broadway Road in Mesa. A developer acquired the property from an undisclosed seller for $5 million. Built in 1984, the 35,000-square-foot property features 23 one-bedroom/one-bath units and 22 two-bedroom/one-bath units for residents age 55 or older. All units feature washer/dryer hookups and patios. Community amenities include a swimming pool, office, storage sheds and covered parking. Paul Bay of Marcus & Millichap’s Phoenix office procured the buyer in the deal.

July 17, 2020

Development Illinois Midwest Multifamily

Summit Design + Build Completes Construction of 105-Unit Apartment Building in Chicago

by Kristin Harlow July 17, 2020

CHICAGO — General contractor Summit Design + Build has completed construction of Edge on Broadway, a 105-unit apartment building in Chicago’s Edgewater neighborhood. Summit demolished an existing single-story building to make way for the new six-story project, which includes 3,700 square feet of ground-floor retail space and 45 parking spaces. Amenities include a bike room, fitness center, TV lounge and outdoor patio. City Pads and Catapult Real Estate Solutions are the developers. Cagan Management Group will serve as property manager. Architect Built Form designed the building and Clausen Management Services served as the owner’s representative.

July 17, 2020

Development Illinois Midwest Multifamily Seniors Housing

Pathway to Living Opens 117-Unit Senior Living Community in La Grange, Illinois

by Kristin Harlow July 17, 2020

LA GRANGE, ILL. — Pathway to Living has opened Aspired Living of La Grange in Illinois. The 117-unit, 118,583-square-foot senior living community is located at 35 Shawmut Ave. The five-story property features 85 assisted living units and 32 memory support units. Amenities include a physician office, medical exam room, fitness center, library, movie theater, salon and outdoor walking paths. Thoma Holec provided interior design services while Behles + Behles provided architectural services. Opus Group was the design-builder, architect and structural engineer. This is Pathway to Living’s 23rd community in the Chicagoland area.

July 17, 2020

Loans Midwest Minnesota Multifamily

Greystone Provides $10.5M Refinancing for Multifamily Property in Mankato, Minnesota

by Kristin Harlow July 17, 2020

MANKATO, MINN. — Greystone has provided a $10.5 million Fannie Mae loan for the refinancing of River Bluff Apartments in Mankato. The 150-unit multifamily property is situated roughly 80 miles southwest of downtown Minneapolis. Monthly rents start at $850. The borrower, Mankato MAHC LLC, acquired the property in 2017. Kyle Jemtrud of Greystone originated the 12-year, fixed-rate loan, which features a 30-year amortization and four years of interest-only payments.

July 17, 2020

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