Multifamily

Jonathan Rose, Schochet Cos. Acquire Multifamily Property in Metro Boston for $83.5M

by Alex Patton June 4, 2020

MEDFORD, MASS. — A joint venture between New York-based developer Jonathan Rose Cos. and Massachusetts-based property owner and manager Schochet Cos. has acquired Riverside Towers, a 200-unit multifamily property in Medford, a northern suburb of Boston, for $83.5 million. Located adjacent to the Medford Senior Care Center at 99 Riverside Ave., the property is designated for occupancy by elderly and disabled residents. Schochet Cos., which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role. The new owner plans to upgrade apartments with modern finishes, fixtures and appliances and repurpose and modernize common amenity areas to provide onsite health services, a fitness center, a business center, an enhanced entertainment center and communal meeting and dining areas. No broker representation for buyer or seller was disclosed.

June 4, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 14-Unit Multifamily Property in West New York, New Jersey

by Alex Patton June 4, 2020

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $2 million sale of a 14-unit apartment property located in West New York, a western suburb of New York City. The property is located at 6115 Madison St. and was constructed in 1934. Jonathan Zamora of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.

June 4, 2020

Development Multifamily Southeast Tennessee

Alliance Residential to Develop 343-Unit Multifamily Community in Nashville

by Alex Tostado June 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. will develop Broadstone Nations, a planned 343-unit multifamily community in Nashville’s The Nations neighborhood. Alliance Residential closed on the 6.3-acre land sale and expects to begin construction later this year with the first units slated to open in early 2022. The five-story building will offer studio, one- and two-bedroom floor plans averaging 809 square feet. Communal amenities will include a private meditation room, fitness center with a separated yoga room and a saltwater pool. Unit interiors will feature soft-close cabinetry, built-in desks, chef-inspired kitchen islands, and select units will feature home offices, dry bars and wine refrigerators. The community will be located at 4731 Centennial Blvd., five miles west of downtown Nashville.

June 4, 2020

Development Florida Multifamily Seniors Housing Southeast

Watercrest, Titan Development Open Seniors Housing Community in Metro Orlando

by Alex Tostado June 4, 2020

WINTER PARK, FLA. — Watercrest Senior Living Group and Titan Development Real Estate Fund I have opened Watercrest Winter Park Assisted Living and Memory Care, a 107-unit seniors housing community in Winter Park. Watercrest Winter Park features 75 assisted living and 32 memory care apartments. The property is located at 1501 Glendon Parkway, seven miles north of downtown Orlando. This is the second senior living development partnership between Watercrest and Titan Development. Titan Development Real Estate Fund I is a $200 million private equity real estate fund established in 2017 to raise and invest equity in approximately $600 million of Titan Development’s investment opportunities.

June 4, 2020

Belmont-Village-Senior-Living-La-Jolla-CA

California Development Multifamily Seniors Housing Western

Belmont Village, Greystar Start Construction of 17-Story Seniors Housing Project Near San Diego

by Amy Works June 4, 2020

LA JOLLA, CALIF. — Belmont Village Senior Living and Greystar have broken ground on Belmont Village Senior Living of La Jolla. The development is Belmont Village’s 32nd community and its third in San Diego County. The project is Belmont’s first in partnership with another developer. “A mutual colleague brought us together — Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” says Patricia Will, Belmont Village founder and CEO. “We saw the potential of the site, and of bringing our mutual expertise together to create something really unique in independent and assisted living.” Belmont Village and Greystar jointly purchased the land in March and closed on a construction loan in April. The partners have collaborated to develop the project since late 2017. Belmont Village La Jolla will be a 17-story high-rise with 180 units of independent living, assisted living and memory care. The architect on the 209,000 square foot building is Joseph Wong Design Associates and project contractor is Suffolk Construction, both based in San Diego. The development is Belmont Village’s seventh project with equity partner Harrison Street Real Estate Capital.

June 4, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 288-Unit Vantage at Waco Apartments

by Taylor Williams June 4, 2020

WACO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Waco, a 288-unit apartment community. The property was built on 20.2 acres in 2017 and is located about four miles from Baylor University. Vantage at Waco offers one-, two- and three-bedroom units averaging 838 square feet and amenities such as a pool, fitness center, dog park, business center and outdoor grilling areas. Will Balthrope, Tommy Lovell III and Richard Robson of IPA represented the seller, Vantage Communities, in the transaction. The buyer was an undisclosed 1031 exchange investor based in another state.

June 4, 2020

Acquisitions Multifamily Texas

Wellington Arranges Sale of 56-Unit Sam Maverick Apartments in Arlington

by Taylor Williams June 4, 2020

ARLINGTON, TEXAS — Wellington Realty has arranged the sale of Sam Maverick Apartments, a 56-unit multifamily community located at 711 Grand Court in Arlington. The property, built in 1982, consists of 40 one-bedroom units and 16 two-bedroom residences. It was 90 percent occupied at the time of sale. David Shaffer, Caleb Jones, Will Miller and William Hubbard of Wellington brokered the deal. The buyer and seller were both undisclosed.

June 4, 2020

Features Multifamily Student Housing

Student Housing Survey: Development Remains Underway Despite Slowdowns Due to COVID-19

by Alex Tostado June 4, 2020

The COVID-19 pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business, sister publication to REBusinessOnline, conducted a survey of industry professionals over the course of several weeks in May. The survey was separated by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 39 defined their company’s role in the industry as that of a developer or contractor. In this segment of the industry, 17 percent of companies let go of or furloughed employees at the corporate level and instituted pay cuts. Student housing development has continued to move forward throughout the pandemic, with 83 percent of respondents indicating that construction is still continuing on their projects. Of those with projects still underway, 63 percent indicated that they had faced slowdowns due to COVID-19. When asked if any of the companies’ development projects had been halted, 53 percent of respondents indicated that they had not. Of the 37 percent that have had a project halted, most indicated that construction …

June 4, 2020

Loans Maryland Multifamily Southeast

KeyBank Provides $66.7M Refinancing Loan for Multifamily Community Near Baltimore

by Alex Tostado June 3, 2020

ELKRIDGE, MD. — KeyBank has provided a $66.7 million Freddie Mac refinancing loan for Verde at Howard Square, a 344-unit multifamily community in Elkridge. The 16-year loan features 10 years of interest-only payments followed by a 30-year amortization schedule. The property, which was built in 2019, comprises eight four-story buildings spanning 20 acres. Communal amenities include covered parking, a business center, clubhouse, fitness center, pool, lounge deck, game room and a dog-washing room. Dirk Falardeau of KeyBank originated the loan on behalf of the borrower, Atapco Properties.

June 3, 2020

Florida Loans Multifamily Southeast

JLL Provides $32.3M Refinancing Loan for Apartment Complex Near Orlando

by Alex Tostado June 3, 2020

DAVENPORT, FLA. — JLL has provided a $32.3 million loan through Freddie Mac for the refinancing of Lake House, a 240-unit apartment complex in Davenport. HFF, a JLL company and Freddie Mac Optigo lender, will service the 10-year, floating-rate loan. Lake House offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fishing lake, tennis court, outdoor grill area, pool, fitness center, storage space and a car wash area. The asset is situated at 200 Village Blvd., 29 miles south of downtown Orlando. Mona Carlton, Elliott Throne, Jesse Wright, Amit Kakar and Michael DiCosimo of JLL originated the loan on behalf of the borrower, Beachwold Residential.

June 3, 2020

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