Multifamily

Moorings Park Institute, London Bay Complete Phase I of Seniors Housing Community in Naples

by Alex Tostado April 27, 2020

NAPLES, FLA. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-reserved. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. Phase II of the project has just opened for preleasing, and includes a clubhouse scheduled to open in late 2021.

April 27, 2020

Acquisitions Kentucky Multifamily Southeast

Cushman & Wakefield Negotiates $28.2M Sale of Multifamily Community Near Cincinnati

by Alex Tostado April 27, 2020

FLORENCE, KY. — Cushman & Wakefield has negotiated the $28.2 million sale of Paddock Club, a 200-unit multifamily community in Florence. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, indoor basketball court, fitness center and a dog park. The community was originally built in 1995 and was renovated in 2019. Paddock Club is situated at 8000 Preakness Drive, 13 miles southwest of downtown Cincinnati. Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.

April 27, 2020

Acquisitions Loans Multifamily ORIX South Carolina Southeast

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado April 27, 2020

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

April 27, 2020

Acquisitions Multifamily Texas

Sun Holdings Group Acquires 330-Unit Apartment Community in San Antonio

by Taylor Williams April 27, 2020

SAN ANTONIO — Houston-based Sun Holdings Group has acquired Tradehouse at Bulverde Marketplace, a 330-unit apartment community located within the 104-acre Bulverde Marketplace mixed-use development in north central San Antonio. Built in 2018, the property features one- and two-bedroom units with dark wood cabinetry, stainless steel appliances and quartz countertops. Amenities include a pool with outdoor kitchens, a fitness center, billiards room and a social lounge. David Roth of Matthews Real Estate Investment Services represented the seller, The NRP Group, an Ohio-based development and investment firm, in the transaction. Cutt Abelson of Berkadia arranged an undisclosed amount of Freddie Mac acquisition financing for the transaction.

April 27, 2020

Content Partner Features Florida Lument Multifamily RED Capital Group Southeast

Fort Lauderdale Multifamily Sector Offers Investors Shelter from the Viral Storm

by Sarah Daniels April 27, 2020

Many multifamily real estate investors have moved to the sidelines until price transparency returns and the trajectory of property performance becomes clearer. It is a prudent strategy. Indeed, this period of forced inactivity is, perhaps, better used to reflect on the future and consider which U.S. apartment markets will offer the most attractive opportunities when the moment arrives to test the waters again. Conventional wisdom holds that markets with significant reliance on leisure travel employment will be hardest hit by the pandemic, particularly those with outsized exposure to the cruise industry. It’s hard to refute the logic. But investors who interpret it too literally may miss potentially attractive options. Take Fort Lauderdale, for example. The Broward County labor market has one of the highest exposures in the country to the leisure, hospitality and cruise sectors. More than 3.9 million cruise passengers embarked from the port last year, generating direct employment for about 15,000 residents and indirect employment for tens of thousands more in the lodging, dining and entertainment, air transportation and retail sectors. With the cruise industry taking on water surely investors would be well advised to steer clear of the Gold Coast? Perhaps not. In fact, the statistical impact …

April 27, 2020

Acquisitions California Multifamily Western

Matthews Real Estate Negotiates $9.7M Sale of Apartment Building in Los Angeles

by Amy Works April 27, 2020

LOS ANGELES — El Segundo, Calif.-based Matthews Real Estate Investment Services has arranged the sale of a residential property located at 12626 Matteson Ave. in Los Angeles. An undisclosed buyer acquired the asset for $9.7 million. The name of the seller was not released. Built in 1988 in Los Angeles’ Westside neighborhood, the building features 20 units in a mix of two-bedroom and four-bedroom apartments with lofts. Kyle Mirrafati of Matthews Real Estate represented the buyer and seller in the deal.

April 27, 2020

Acquisitions Affordable Housing Georgia Multifamily Southeast

Joint Venture Acquires Affordable Housing Community in Atlanta for $25M, Plans $16.5M Renovation

by Alex Tostado April 24, 2020

ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta. The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices. Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer …

April 24, 2020

Loans Multifamily Texas

JLL Arranges Construction Financing for 266-Unit Multifamily Project in Waco

by Taylor Williams April 24, 2020

WACO, TEXAS — JLL has arranged construction financing for The Riverfront Lofts, a 266-unit multifamily project in Waco that represents Phase I of The Riverfront mixed-use development. The community will feature a fitness center, coffee lounge, entertainment and gaming area, a community kitchen and a business center. First United Bank provided the floating-rate loan to the developer, Dallas-based Catalyst Urban Development. Jeremy Sain of JLL placed the debt. An expected completion date was not released.

April 24, 2020

Connecticut Loans Multifamily Northeast

M&T Bank Provides $24.5M Construction Loan for Multifamily Building in Danbury, Connecticut

by Alex Patton April 24, 2020

DANBURY, CONN. — M&T Bank has provided a $24.5 million construction loan for Brookview Commons Phase II, a 145-unit multifamily building in Danbury, located approximately 35 miles northwest of New Haven. M&T provided the two-year, recourse loan to a partnership of co-developers BRT General Corp. and The DiMarco Group. Phase II of Brookview Commons will be developed at a site located at 333 Main St., directly across from the existing 115 units at Brookview Commons. Phase II will feature 18 studios, 80 one-bedroom and 47 two-bedroom units. The construction schedule was undisclosed. John Harrington of HK Real Estate Advisors arranged the loan.

April 24, 2020

Acquisitions Multifamily Northeast Pennsylvania

Larken Associates Acquires 224-Unit Apartment Community in York, Pennsylvania

by Alex Patton April 24, 2020

YORK, PA. — Larken Associates, a New Jersey-based developer, has acquired The View at Mackenzi, a 224-unit apartment community in York, located approximately 25 miles south of Harrisburg. Located at 2035 Patriot St., the property features two-bedroom units and amenities such as a fitness center, walking trails and a dog park. Rents range from $1,042 per month to $1,195. The seller and sales price were undisclosed.

April 24, 2020

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