Multifamily

City of Whiting, Calumet College of St. Joseph Open 32-Unit Apartment Property in Indiana

by Amy Works August 18, 2020

WHITING, IND. — The City of Whiting and Calumet College of St. Joseph (CCSJ) have opened the Illiana, a residential property located at 1200 119th St. in Whiting. The development, which is a public-private partnership between the two parties, offers proximity to CCSJ, downtown Whiting shopping and restaurants, as well as Lake Michigan. The Illiana features 32 units in three floor plans. Each unit offers granite countertops, nine-foot ceilings, kitchen islands, private balconies, two bedrooms and two bathrooms. The five-story building also offers 3,600 square feet of ground-level retail space. CCSJ has master-leased 12 units for three years at The Illiana as part of an initiative to provide housing opportunities for students. Holladay Properties, a full-scale land development, design/build and fully integrated real estate company, developed the property.

August 18, 2020

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Brokers $25.5M Sale of Multifamily Community in Columbia

by Alex Tostado August 17, 2020

COLUMBIA, S.C. — Marcus & Millichap has brokered the $25.5 million sale of 34 Crestmont Apartments, a 250-unit multifamily community in Columbia. Built in 2003, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, breakfast/coffee concierge and a picnic area. The asset is located at 34 Woodcross Drive, 10 miles northwest of downtown Columbia and the University of South Carolina. Drew Babcock of Marcus & Millichap brokered the transaction between the buyer, Southwood Realty, and the undisclosed Charleston, S.C.-based seller.

August 17, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Watercrest, Waypoint Deliver 107-Unit Seniors Housing Community Near Charlotte

by Alex Tostado August 17, 2020

INDIAN LAND, S.C. — Watercrest Senior Living Group and equity partner Waypoint Residential have opened Watercrest Fort Mill-Indian Land Assisted Living and Memory Care. The seniors housing community is located in Indian Land, 20 miles south of Charlotte just across the North Carolina-South Carolina border. The property features 75 assisted living units and 32 memory care units. General contractor Shiel Sexton built the community, which is the second senior living development partnership between Watercrest Senior Living Group and Waypoint Residential. The first project, Watercrest Newnan Assisted Living and Memory Care, recently opened in Newnan, Ga.

August 17, 2020

Loans Multifamily Texas

Colliers Originates Loan for Refinancing of 38-Unit Multifamily Property in Sherman, Texas

by Taylor Williams August 17, 2020

SHERMAN, TEXAS — Colliers Mortgage has originated a Fannie Mae loan of an undisclosed amount for the refinancing of Heritage Row Townhomes, a 38-unit multifamily property located in the North Texas city of Sherman. The property was built in 2017 and consists of 19 two-story buildings. Colliers placed the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, M.L. Hampton Properties LLC.

August 17, 2020

Development Massachusetts Multifamily Northeast

Civico Development Completes 60-Unit Residential Community in Metro Boston

by Taylor Williams August 17, 2020

LINCOLN, MASS. — Civico Development has completed Oriole Landing, a 60-unit residential community in the western Boston suburb of Lincoln. Fifteen of the units are reserved for renters earning 80 percent or less of the area median income. The project involved the restoration of a historic farmhouse that serves as an amenity building for the complex. Bald Hill Builders served as the general contractor for the project. Madison Management is handling leasing.

August 17, 2020

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of 48-Unit Memory Care Community in Connecticut

by Taylor Williams August 17, 2020

CLINTON, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.

August 17, 2020

Loans Midwest Multifamily Nebraska

Colliers Mortgage Provides $3.2M HUD Loan for Refinancing of Nebraska Apartment Property

by Kristin Harlow August 17, 2020

GRAND ISLAND, NEB. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Old Walnut Apartments in Grand Island, about 90 miles west of Lincoln. The property was converted from an educational institution to multifamily housing in 2004. The apartment community features 89 units, 88 of which are restricted to residents who earn up to 41.6 percent of the area median income. Walnut Housing LLC was the borrower. The loan is fully amortized over 35 years.

August 17, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Sunnyvale City Council Approves Next Phase of CityLine Sunnyvale Mixed-Use Project in California

by Amy Works August 17, 2020

SUNNYVALE, CALIF. — Sunnyvale City Council has approved a Downtown Specific Plan and Development Agreement that allows for the next phase of CityLine Sunnyvale to begin. STC Venture, a partnership between Sares Regis Group of Northern California and Hunter Properties, is developing the multi-phase redevelopment project in downtown Sunnyvale. The new phase will add 792 residential units and 653,000 square feet of office space above 182,000 square feet of ground-floor retail space on four parcels along Murphy and McKinley avenues. The overall CityLine Sunnyvale project — a 36-acre, pedestrian-oriented, mixed-use district —also features a large public plaza, as well as shopping and entertainment space. The new phase will include a Building B offering 150,000 square feet of office space and 8,000 square feet of retail space and the redevelopment of Redwood Square into Block 3S featuring 480 apartments (11 percent designated affordable) with 30,000 square feet of retail space. Construction of the new phase is scheduled to begin in early 2021. The phase also includes the redevelopment of the former Macy’s into 500,000 square feet of office space and 60,000 square feet of retail space, the development of Block 6 with 312 apartments (11 percent affordable) with 35,000 square feet of …

August 17, 2020

Acquisitions California Multifamily Western

Cushman & Wakefield Arranges $20.6M Sale of Creekside Apartments in San Leandro, California

by Amy Works August 17, 2020

SAN LEANDRO, CALIF. — Cushman & Wakefield has brokered the sale of Creekside Apartments, a multifamily property located at 424 Callan Ave. in San Leandro. Trion Properties acquired the asset from a private partnership for $20.6 million. Developed in 1969, Creekside Apartments features 80 one- and two-bedroom apartments averaging more than 880 square feet. At the time of sale, six of the units were fully renovated. Community amenities include a swimming pool and laundry facilities. Jason Parr, Scott MacDonald and Seth Siegel of Cushman & Wakefield represented the seller in the deal.

August 17, 2020

Acquisitions California Multifamily Western

LDK Ventures, USA Properties Fund Break Ground on 345-Unit Multifamily Project at Sacramento’s Railyards

by Amy Works August 17, 2020

SACRAMENTO, CALIF. — LDK Ventures and USA Properties Fund have closed on the financing and acquisition of a development site for The A.J., a multifamily property located in the Railyards mixed-use development in Sacramento. Situated on 2.9 acres at the southwest corner of Sixth Street and Railyards Boulevard, The A.J. will feature 345 apartments in a mix of studio, one- and two-bedroom layouts, with 69 of the units designated as affordable. The community will also include 5,000 square feet of ground-floor retail space, a fitness center, pool and spa, dog wash, and rooftop sky lounge with outdoor grills and fire tables. The A.J. is the first project at the Railyards, a 244-acre urban infill development in downtown Sacramento. Completion of the multifamily property is slated for winter 2022. The A.J. is named in honor of A.J. Stevens, who was deemed father of innovation at the Sacramento Railyards in the late 1800s. LDK Ventures is the managing member of Downtown Railyard Venture. The City of Sacramento, the California Department of Housing and Community Development, and Sacramento Housing and Redevelopment Agency provided assistance to structure the financing for the $130 million residential project. Citi Bank Community Capital provided financing for the development.

August 17, 2020

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