Multifamily

Leon Capital Selects McShane Construction to Build 202-Unit Kierland Apartments in Scottsdale

by Amy Works June 22, 2020

SCOTTSDALE, ARIZ. — Leon Capital Group has selected McShane Construction Co. to build Kierland Apartments, a multifamily property in Scottsdale. Situated on 1.7 acres at 7111 E. Tierra Buena Lane, Kierland Apartments will feature five stories of wood-frame construction over a two-story concrete podium with one sub-grade level. The exterior façade will consist of a mix of stucco, stone and metal panels with wire and glass railings on the balconies. The 202 apartments will offer high-end finishes, beverage centers and premium appliances, with some units featuring NanaWall folding glass door systems that lead to private balconies. Floors three through six will offer a mix of studio, one-, two- and three-bedroom layouts, while the top floor will consist of penthouse suites with upgraded finishes. Community amenities will include underground parking for residents; bicycle storage; a clubhouse with a poker room and community kitchen; and a deck with a saltwater swimming pool, spa and barbeque area. Completion of the property, which Design Studio Architects designed, is slated for August 2022.

June 22, 2020

Acquisitions Colorado Multifamily Western

Campus Apartments Sells 20-Unit Multifamily Community in Colorado for $2.7M

by Amy Works June 22, 2020

ENGLEWOOD, COLO. — Campus Apartments has completed the sale of Nicole Apartments, a multifamily property in Englewood. 3444 Marion LLC acquired the asset for $2.7 million. Built in 1970, Nicole Apartments consists of a three-story, walk-up building featuring 16 one-bedroom/one-bath units and four two-bedroom/two-bath units. On-site amenities include laundry facilities and off-street parking. Matthew Beverly, Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.

June 22, 2020

Development Multifamily New York Northeast Top Stories

Silverback Development Plans $250 Million Condominium Tower Project in Midtown Manhattan

by Alex Patton June 19, 2020

NEW YORK CITY — Silverback Development, a New York City-based developer, has released its plans for a $250 million condominium building in midtown Manhattan. Located at 131 E. 47th St., the 200-unit building will rise 500 feet and will feature 5,000 square feet of ground-floor retail space as well as several landscaping features and sky lounges. Silverback Development is undertaking the project in partnership with Hong Kong-based Hopson Development Holdings. The property is situated four blocks southeast of Rockefeller Center. The developers plan to include a technologically advanced management system, advanced digital security systems and fully integrated home automation. “The market in midtown Manhattan will see continued demand as it is at the epicenter of corporate headquarters, national landmarks, renowned cultural institutions and Michelin-starred eateries,” says Josh Schuster, managing principal at Silverback Development. Hopson Development Holdings (SEHK: 754) acquired the building site from New Empire Real Estate Development late last year. New Empire had previously planned to construct a 122-unit multifamily project on the site, but plans stalled after the existing buildings were demolished in 2016. The site has been vacant since then. Hopson has more than 70 commercial real estate projects, manages more than 10 large urban complexes, and …

June 19, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Tryko Partners Acquires 173-Unit Seniors Housing Property in Springfield, Pennsylvania

by Alex Patton June 19, 2020

SPRINGFIELD, PA. — Tryko Partners has acquired Harlee Manor and Springfield Commons, a two-building seniors housing campus totaling 173-units in Springfield, a western suburb of Philadelphia. Located on more than six acres at 463 West Sproul Road, the property will be renamed Springfield Enhanced Senior Living. Tryko will invest $2.5 million in renovations and specialty care programming enhancements. The skilled nursing and personal care components will be known as Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively. The campus offers convenient access to Springfield Hospital, Delaware County Memorial Hospital, Taylor Hospital and Crozer-Chester Medical Center. M&T Bank provided acquisition financing. The seller was undisclosed.

June 19, 2020

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 14,737 SF Multifamily Development Site on Staten Island

by Alex Patton June 19, 2020

NEW YORK CITY — Ariel Property Advisors has arranged the $2.1 million sale of a 14,737-square-foot multifamily development site on Staten Island. The property is located at 27-31 Wave St. in the Stapleton neighborhood. The buyer, BFC Partners, plans to merge the site with an adjacent 53,422-square-foot lot at 475 Bay St. to construct a mixed-income apartment building. The property offers 167.5 feet of frontage on Wave Street near the Stapleton Waterfront and the Stapleton Staten Island Railway Station. Sean Kelly, Michael Tortorici and John Higgins of Ariel represented BFC Partners in the transaction. The name and representative of the seller were not disclosed.

June 19, 2020

Acquisitions Multifamily Texas

Steele Properties, San Antonio Housing Trust Acquire 100-Unit Apartment Complex

by Taylor Williams June 19, 2020

SAN ANTONIO — A partnership between Denver-based investment firm Steele Properties and the San Antonio Housing Trust has acquired Pan American Apartments, a 100-unit affordable housing complex on the city’s west side. Built on 9.5 acres in 1968, the property offers one-, two- and three-bedroom units and an onsite daycare center, playground and laundry room. The new ownership will invest approximately $73,000 per unit in a capital improvements program that will include upgraded roofs, utility systems, parking lots and security measures, as well as new amenity spaces. Units will receive upgraded appliances, countertops, bathrooms and flooring. KeyBank Real Estate Capital provided construction and permanent financing for the acquisition and renovation. The seller was not disclosed.

June 19, 2020

Acquisitions California Development Multifamily Western

3650 REIT Originates $36M Loan for Acquisition, Redevelopment of Manufactured Housing Asset in Los Angeles

by Amy Works June 19, 2020

LOS ANGELES — 3650 REIT has originated a $36 million bridge loan for the acquisition and redevelopment of Hollywood Backlot Homes, a 10-acre manufactured housing community in Los Angeles’ North Hollywood submarket. The borrower is Multi Opp, a joint venture between real estate development firms Dugally Oberfeld Capital Partners and Fabulous Five LLC. Situated within an Opportunity Zone at 8250 Lankershim Blvd., the buyers will operate Hollywood Backlot Homes as a detached multifamily rental community aimed at fulfilling demand for attainable housing options in the Los Angeles market. Multi Opp plans to design and install nearly 140 manufactured homes on the site to create a master-planned community. On-site amenities will include an outdoor swimming pool, clubhouse, gym, billiards and gaming center, dog runs, barbeques, outdoor lounging area and gated entry.

June 19, 2020

Indiana Loans Midwest Multifamily

Greystone Provides $14M Refinancing for Multifamily Property in Indiana

by Kristin Harlow June 19, 2020

CROWN POINT, IND. — Greystone has provided a $14 million FHA-insured loan for the refinancing of Cypress Pointe Apartments, a 174-unit multifamily property located in Crown Point, about six miles southwest of Merrillville. The borrower was Bayshore Properties. The Section 223(f) loan carries a 40-year term, 35-year amortization and a fixed rate. The refinancing will enable Bayshore to continue with ongoing maintenance and renovations. Originally built in 1978, Cypress Pointe features six buildings along with a clubhouse, pool, fitness center and playground.

June 19, 2020

Acquisitions Arizona Multifamily Western

Long Beach Trading Co. Acquires Lyra Residences Rental Townhomes in Phoenix for $8.1M

by Amy Works June 19, 2020

PHOENIX — Long Beach Trading Co. has purchased Lyra Residences, a rental townhome community located at 2950 N. 38th St. in Phoenix. Lyra Residences 38th St LP sold the asset for $8.1 million, or $450,333 per unit. Built in 2020, Lyra Residences features 18 two-story smart homes, averaging 1,778 square feet. The three-bedroom, two-and-one-half-bath townhomes offer private backyards, two-car garages, full-size washers and dryers, high-speed internet, keyless door entry, doorbell cameras and smart climate control, among other technologies. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller the transaction.

June 19, 2020

Loans Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $19.8M Refinancing Loan for New Seniors Housing Community in Metro Charlotte

by John Nelson June 19, 2020

ROCK HILL, S.C. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $19.8 million loan for HarborChase of Riverwalk, a recently opened assisted living and memory care community in Rock Hill. The borrower, private equity firm BridgeForth Capital, will use the funds to refinance the construction loan. Operated by Harbor Retirement Associates, HarborChase of Riverwalk is an 88-unit property located within the Riverwalk master-planned development. The community, which opened February, is located 25 miles south of Charlotte. Richard Swartz, Jay Wagner and Tim Hosmer of Cushman & Wakefield arranged the loan through Saperean Capital.

June 19, 2020

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