Multifamily

Broadshore Capital Acquires Multifamily Property in Metro Jacksonville for $37.1M

by Alex Tostado March 31, 2020

ORANGE PARK, FLA. — Los Angeles-based Broadshore Capital Partners has led a joint venture including an investment client in the $37.1 million acquisition of Victoria at Orange Park in metro Jacksonville. The 280-unit apartment community offers one- and two-bedroom floor plans spanning 13 buildings. Communal amenities include a pool, fitness center and a clubhouse. The buyers will upgrade the amenity space as well as open a new business center. The property was originally built in 1986 and is situated at 1710 Wells Road in Orange Park, 14 miles south of downtown Jacksonville. The seller was not disclosed.

March 31, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $20.5M Sale of Apartment Complex in Mobile

by Alex Tostado March 31, 2020

MOBILE, ALA. — Cushman & Wakefield has arranged the $20.5 million sale of Park West, a 278-unit apartment complex in Mobile. The property was originally built in 1977 and includes communal amenities such as two pools with sundecks, a 24-hour fitness center, courtyard picnic and barbecue pavilion and a playground. Park West offers one- and two-bedroom floor plans with rents ranging from $607 to $1,011 per month, according to Apartments.com. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Lyndhurst, Ohio-based seller, Legacy Capital Partners, in the transaction. Alpharetta, Ga.-based Two Waters Capital Management acquired the property.

March 31, 2020

Development Midwest Minnesota Multifamily

26-Story Luxury Apartment Tower Opens in Minneapolis

by Kristin Harlow March 31, 2020

MINNEAPOLIS — Rafter, a 26-story, 283-unit luxury apartment tower in northeast Minneapolis, has opened. Cuningham Group designed the 407,530-square-foot project. Mortenson Development was the developer. The tower’s exterior is a blend of white and textured charcoal concrete that creates a look reminiscent of modern ceramic arts, according to Cuningham. Photographs, paintings and sculptures by local artists can be found throughout Rafter’s shared spaces. Located at 333 Hennepin Ave., the development also features 6,000 square feet of retail space and a seven-story, 279-space parking garage. Monthly rents start at $1,425. The property name comes from the fact that a group of turkeys is called a “rafter.” Many wild turkeys call this part of Minneapolis home.

March 31, 2020

Development Midwest Missouri Multifamily

CBKC to Develop $12.6M Multifamily Project in Kansas City

by Kristin Harlow March 31, 2020

KANSAS CITY, MO. — Community Builders of Kansas City (CBKC) has unveiled plans to develop The Rochester on Blue Parkway, a $12.6 million multifamily project within an Opportunity Zone in Kansas City. The 81,400-square-foot, four-story development will house 64 units. Amenities will include a rooftop deck, fitness center, package room and community meeting space. Monthly rents will range from $985 to $1,275. The property was named after Rochester Gatson, the founder of CBKC. Straub Construction and Hufft Projects make up the project team. A timeline for completion was not disclosed. CBKC says it is working with several partners to finalize the project’s capital stack.

March 31, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Secures $13M Refinancing for Apartment Complex in Omaha

by Kristin Harlow March 31, 2020

OMAHA, NEB. — NorthMarq has secured a $13 million loan for the refinancing of Ontario Place Apartments in Omaha. The 156-unit apartment complex is located at 7325 Ontario St. Amenities include a pool, clubhouse, fitness center and business center. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan, which features a fixed rate of 3.32 percent.

March 31, 2020

Acquisitions California Multifamily Western

Fore Property Sells Arte Apartment Community in Rancho Cucamonga for $68M

by Amy Works March 31, 2020

RANCHO CUCAMONGA, CALIF. — Santa Barbara, Calif.-based Fore Property has completed the disposition of Arte, a multifamily property located in Rancho Cucamonga. An affiliate of Encinitas, Calif.-based Providence Capital Group acquired the asset for $68 million, or $373,626 per unit. Located at 10130 Foothill Blvd., Arte features 182 apartments in a mix of 10 floor plans, including one-, two- and three-bedroom layouts. Each unit features a patio or balcony, washer/dryer, stainless steel appliances, quartz countertops, hardwood-style flooring and walk-in closets. On-site amenities include an outdoor kitchen and barbecue fireplace; bar area; television entertainment wall; fire tables; a pool and spa; two-story fitness center with spin/yoga room; dog park; and game room. The property was built in 2019 on 4.4 acres. Peter Hauser, Matt Hauser and Masa Ito of Avison Young’s Irvine, Calif., office represented the seller and buyer in the transaction.

March 31, 2020

Acquisitions California Multifamily Western

Universe Holdings Acquires Serena Vista Multifamily Property in Metro San Diego for $34.4M

by Amy Works March 31, 2020

LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment community located in La Mesa, for $34.4 million. The name of the seller was not released. Located at 5810 Amaya Drive, Serena Vista features 110 apartments in a mix of one- and two-bedroom layouts spread across 17 residential buildings on a 5.2-acre site. Community amenities include a swimming pool, spa, two laundry facilities, fitness center, clubhouse, garages and covered parking with storage. Built in 1971, the property has undergone significant interior and exterior upgrades, with Universe planning to implement a light capital improvement plan to upgrade the property’s common areas. At the time of sale, the property was fully leased and stabilized.

March 31, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $16.2M Sale of Inlet View Apartments in Silverdale, Washington

by Amy Works March 31, 2020

SILVERDALE, WASH. — Kidder Mathews has handled the sale of Inlet View Apartments, a multifamily property located at 9860 Bushlac Lane NW in Silverdale in Kitsap County, Wash. A private owner sold the asset to an undisclosed buyer for $16.2 million. Constructed in 1985, Inlet View Apartments features 100 units spread across seven buildings. The four-acre property also offers a playground, exercise room and ample parking. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the transaction.

March 31, 2020

Development Loans Louisiana Multifamily Southeast

Greystone Provides $25.3M HUD Construction Loan for Multifamily Community in Youngsville, Louisiana

by Alex Tostado March 30, 2020

YOUNGSVILLE, LA. — Greystone has provided a $25.3 million HUD 221(d)(4) loan for the construction of Sugar Mill Villas Apartments, a planned 164-unit multifamily community in Youngsville. The non-recourse, fixed-rate loan will fund 85 percent of the project. The loan will automatically convert to a 40-year, fully amortizing permanent loan upon stabilization. The community will be situated at 1931 Chemin Metairie Parkway, within the master-planned Sugar Mill Pond neighborhood. Sugar Mill Villas will also be located near the Youngsville Sports Complex, a $20 million, 70-acre development. A timeline for construction of Sugar Mill Villas was not disclosed. The borrower was also not disclosed.

March 30, 2020

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $10.6M Sale of Apartment Complex Near Jacksonville

by Alex Tostado March 30, 2020

ORANGE PARK, FLA. — Berkadia has arranged the $10.6 million sale of Promenade Park Avenue, a 105-unit apartment complex in Orange Park. The property was originally built in 1974 and offers two-bedroom floor plans. Communal amenities include a swimming pool. The asset is situated at 606 Park Ave., 14 miles south of downtown Jacksonville. Cole Whitaker and Greg Rainey of Berkadia represented the seller, New York City-based Quad Property Group, which acquired the property for $6.7 million in December 2017. The buyer was not disclosed.

March 30, 2020

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