Multifamily

HJ Sims Arranges $77M in Financing for Casa de las Campanas CCRC in San Diego

by Amy Works November 4, 2020

SAN DIEGO — HJ Sims has arranged $77 million in financing for Casa de las Campanas, a continuing care retirement community (CCRC) in San Diego. Life Care Services operates the community, which LCS Development built. The community is in the middle of a multi-phase master plan that includes renovation and expansion of its facilities, including new skilled nursing, independent living and memory care areas. In 2014, Sims secured bank financing through City National Bank (CNB) for Phase I of the plan. Sims negotiated the Phase II financing terms with CNB in 2017. Structuring the financing with CNB and Cal Mortgage, Sims worked to secure $39 million in direct bank placement bonds from CNB for Phase II expansion in 2017. LCS applied $7.1 million of equity and transferred $5.5 million of unused Phase I proceeds toward Phase II. Sims and Casa then explored refinancing options for outstanding 2010 bonds and outstanding bank debt to reduce overall cost of capital. In 2017, the passage of the Tax Cuts and Jobs Act eliminated the ability for Casa to advance refund its outstanding 2010 bonds. Sims and CNB considered pricing a tax-exempt refinancing, helping Casa to lock in an interest rate to refinance its …

November 4, 2020

Acquisitions California Multifamily Western

IDEAL Capital Sells Oak View Apartments in Visalia, California for $42.5M

by Amy Works November 4, 2020

VISALIA, CALIF. — IDEAL Capital Group has completed the disposition of Oak View Apartments, a multifamily community located at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset for $42.5 million. Alex Mogharebi, Otto Ozen, Robin Kane, Brendan Kane and Mark Bonas of The Mogharebi Group (TMG) represented the seller in the deal. Built in 1990 on 16.4 acres, Oak View Apartments features 237 units spread across 48 buildings totaling 209,610 rentable square feet. Units are available in one-, two- and three-bedroom floor plans with an average size of 884 square feet. Community amenities include two outdoor pools and spas, two playgrounds, three laundry centers, a business center, fitness center, basketball/volleyball courts, reserved covered parking and garages.

November 4, 2020

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Buys Land in Nashville to Develop Broadstone SoBro Apartments

by John Nelson November 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022. Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working pods, saltwater pool with a pool deck, entertainment bar and a sky lounge champagne bar including private seating areas, a fireplace and an outdoor amenity deck. Interiors will feature shaker cabinetry, modern backsplashes, quartz countertops, pendant lighting, new appliances, built-in desks and mud benches. This is Alliance Residential’s third project in Nashville this year. The firm’s Broadstone Stockyards in the city’s Germantown neighborhood began welcoming residents in March. The firm’s other project is Broadstone Nations that is set to open in 2022.

November 4, 2020

Loans Mixed-Use Multifamily South Carolina Southeast

Dwight Capital Finances $27.4M HUD Loan for Drayton Mills Lofts in Upstate South Carolina

by John Nelson November 4, 2020

SPARTANBURG, S.C. — Dwight Capital has provided a $27.4 million HUD loan for Drayton Mills Lofts, a 289-unit multifamily community in Spartanburg. The HUD 223(a)(7) loan is a refinancing of the existing HUD 221(d)(4) loan that Grandbridge Real Estate Capital financed in 2014, the same year Westbridge Partners and TMS Development purchased the 118-year-old Drayton Mill. The former textile mill now features a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Individual apartments come with large mill windows and 17-foot tall natural wood ceilings in one-, two- and three-bedroom floor plans. Rental rates range from $1,088 to $1,899. Also within the 203-acre Drayton Mills complex is 60,000 square feet of commercial and event space known as Drayton Mills Marketplace. Tenants include Bareknuckle Barbershop, Bella Late, Burn Boot Camp of Spartanburg, Dray Café, Edward Jones, Holiday Brewing, 1800 Drayton Catering & Events, Pi-Squared Pizza, Sparkle City Chiropractic, Palmetto Proactive Healthcare and The Lauren Ashley Collection Salon and Bar.

November 4, 2020

Acquisitions Loans Multifamily Seniors Housing Southeast Virginia

M&T Realty Capital Provides $17.1M Acquisition Loan for Seniors Housing Community in Sterling, Virginia

by John Nelson November 4, 2020

STERLING, VA. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill and a gazebo.

November 4, 2020

Acquisitions Multifamily Texas

First Capital Advisors Buys 180-Unit Apartment Community in Metro Dallas

by Taylor Williams November 4, 2020

EULESS, TEXAS — First Capital Advisors, a private investment firm with offices in metro Chicago and Austin, has purchased Riverside Villas, a 180-unit apartment community located near DFW International Airport in Euless. Built in 2019, Riverside Villas offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a business center. Chris Deuillet, Jeremy Faltys and William Hubbard of CBRE represented the seller, Dallas-based Trinity Postoak Ltd., in the transaction. Jeff Stein, Michael Thompson and Brock Hudson of CBRE arranged acquisition financing on behalf of First Capital Advisors. The property was 94 percent occupied at the time of sale.

November 4, 2020

Acquisitions Multifamily Northeast Pennsylvania

Broadshore Capital Acquires 338-Unit Apartment Community in Pittsburgh

by Taylor Williams November 4, 2020

PITTSBURGH — Los Angeles-based investment firm Broadshore Capital Partners has acquired Liberty Pointe, a 338-unit apartment community in Pittsburgh. Situated on 10.5 acres in the Bethel Park area, the property offers a mix of one- and two-bedroom units with individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, outdoor grilling and picnic area, pet park, cybercafé and a clubhouse. The seller was not disclosed.

November 4, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Arranges $5.3M Sale of Multifamily Building in The Bronx

by Taylor Williams November 4, 2020

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.3 million sale of a 33-unit multifamily building in the Pelham Bay area of The Bronx. The property was originally built in 1929 and spans 27,000 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, in the transaction. Jungreis and Alex Fuchs of Rosewood Realty procured the buyer, locally based investment firm Arber Realty LLC. The building consists of 29 one-bedroom units and four two-bedroom units and sold at a cap rate of 5.85 percent.

November 4, 2020

Acquisitions Illinois Midwest Multifamily

Oxford Capital, Quadrum Global Sell Essex on the Park Apartment Tower on Chicago’s Michigan Avenue

by Kristin Harlow November 4, 2020

CHICAGO — A joint venture between Oxford Capital Group LLC and Quadrum Global has sold Essex on the Park, a 56-story, 479-unit apartment tower that it developed and opened on Chicago’s Michigan Avenue in 2019. A West Coast-based investment firm purchased the asset for an undisclosed price. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts LLC. Essex on the Park is the luxury apartment portion of a larger mixed-use development that includes Hotel Essex. Residents of Essex on the Park have convenient access to hotel amenities and services, including Grant Park Bistro and SX Sky Bar. Amenities in the apartment tower include an indoor pool, fitness center, yoga studio, party room, cocktail lounge, game room and private conference room. JLL acted as advisor to Oxford and Quadrum, and also arranged acquisition financing on behalf of the buyer.

November 4, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires Maddox Apartments in Duluth, Georgia for $75M

by John Nelson November 3, 2020

DULUTH, GA. — Venterra Realty has purchased The Maddox Apartments, a Class A, 372-unit multifamily community located in Duluth. The $75 million acquisition is Venterra Realty’s first since the onset of the COVID-19 pandemic and marks the 60th property in the Houston-based company’s portfolio. The seller was not disclosed. Built in 2007, the property is located at 4370 Satellite Road in metro Atlanta’s Gwinnett County. The Maddox features one-, two- and three-bedroom floor plans ranging from 946 to 1,422 square feet. Rents start at $1,275 per month. Nearly half of the units have been updated with interior finishes including stainless steel appliances, granite countertops and wood-plank flooring. Communal amenities include a saltwater swimming pool, 24-hour fitness center, playground and dog park. Venterra Realty plans to update the remaining units.

November 3, 2020

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