Multifamily

Plymouth Housing Breaks Ground on 91-Unit Affordable Project in Seattle

by Amy Works January 21, 2020

SEATTLE — Plymouth Housing has broken ground on an affordable housing development in downtown Seattle. Designed by SMR Architects, the 2nd & Mercer project will deliver 91 permanent housing apartments for adults who have previously experienced homelessness. The project will feature a ground-floor space for Path with Art, a local organization that utilizes art as a means to assist people recovering from homelessness, addiction or other trauma. In addition to operating out of 2nd & Mercer, Path with Art will offer classes and community arts space. The 2nd & Mercer property is slated to open in 2021. Plymouth Housing, a nonprofit developer, received low income tax credits early last year as part of an expansion to the Affordable Housing Tax Credit program. The project closed on financing in December. The City of Seattle is providing major funding for the project, with the city’s Office of Housing and Office of Arts and Culture making a first-time joint investment in an affordable housing and arts space. The site is the second of eight new buildings planned by Plymouth Housing to meet the need for housing for those experiencing chronic homelessness in King County.

January 21, 2020

Acquisitions California Multifamily Seniors Housing Western

NorthMarq Arranges $22.1M Sale of Southern Highlands Independent Living Near San Diego

by Amy Works January 21, 2020

NATIONAL CITY, CALIF. — NorthMarq has arranged the sale of Southern Highlands Independent Senior Living, a 151-unit independent living property in National City, just south of San Diego. Lincoln Avenue Capital acquired the community from Shefflin Investments for $22.1 million. The three-story building was constructed in 1999 on 1.03 acres. The units are a mix of studios and one-bedroom apartments. NorthMarq’s Southern California investment sales team of Kyle Pinkalla and Shane Shafer arranged the sale.

January 21, 2020

Loans Multifamily New York Northeast Top Stories

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

by John Nelson January 21, 2020

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent. The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation. Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County. “BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.” Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services. Morgan Stanley’s stock price closed …

January 21, 2020

Acquisitions Georgia Multifamily South Carolina Southeast

Cushman & Wakefield Brokers $169M Multifamily Portfolio Sale in Georgia, South Carolina

by Alex Tostado January 20, 2020

ATLANTA — Cushman & Wakefield’s Multifamily Advisory Group has brokered the $169 million sale of an eight-property multifamily portfolio totaling 1,544 units in Georgia and South Carolina. The portfolio comprises two properties in each Macon, Augusta and Warner Robbins, Ga.; and two properties in Aiken, S.C. The average age of the portfolio is 30 years old and was 94 percent occupied at the time of sale. Capital Square 1031, a national real estate firm specializing in tax-advantaged real estate investments, acquired the portfolio. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield’s Atlanta office represented the seller, a joint venture between McDowell Properties and Angelo, Gordon & Co. LP, in the transaction.

January 20, 2020

Acquisitions Georgia Loans Multifamily Southeast

KeyBank Provides $64M Acquisition Loan for Apartment Complex in Metro Atlanta

by Alex Tostado January 20, 2020

MARIETTA, GA. — KeyBank Real Estate Capital (KBREC) has provided a $64 million acquisition loan for The Park on Windy Hill, a 654-unit apartment complex in Marietta. The property was built in 1970 and has recently undergone renovations to approximately half of the unit interiors. The buyer, Bridge Investment Group, plans to complete the upgrades and extensively renovate the exteriors. The garden-style apartment complex comprises 26 three-story buildings on 42 acres at 2121 Windy Hill Road, 15 miles northwest of downtown Atlanta and two miles west of Truist Park, home of the Atlanta Braves. The seller was not disclosed, although Wilkinson Corp. acquired the property in late 2017. Brian Caudel and Jennifer Seamons of KBREC structured the financing.

January 20, 2020

Company News Florida Multifamily Southeast

Three Multifamily Broker Veterans Join IPA, Expanding Firm’s Central Florida Office

by Alex Tostado January 20, 2020

ORLANDO, FLA. — Shelton Granade, Luke Wickham and Justin Basquill have joined the Orlando office of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Granade joins the firm as an executive managing director. Wickham and Basquill join the firm as senior managing director and first vice president, respectively. As a team, the three brokers have closed more than $10 billion in sales. All three brokers were formally with CBRE. “The addition of this outstanding team is another step forward in our growth plan for IPA throughout North America,” said Jeffery Daniels, senior vice president and national director of IPA Multifamily. “Our ability to attract one of the most successful multifamily sales teams in the country is a testament to IPA’s success in creating an entrepreneurial, collaborative culture focused on client service and goal attainment.”

January 20, 2020

Acquisitions California Multifamily Student Housing Western

CBRE Arranges Sale of 174-Bed Campus Walk Community Near California State University, Chico

by Amy Works January 20, 2020

CHICO, CALIF. — CBRE has arranged the sale of Campus Walk, a 174-bed student housing community serving California State University, Chico. NB Private Capital purchased the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Marc Ross of CBRE arranged the transaction on behalf of the seller. The property offers shared amenities including a swimming pool, outdoor movie screen and fitness center.

January 20, 2020

Acquisitions Colorado Multifamily Western

Colliers Brokers $26.1M Sale of Palmer Park Apartments in Colorado Springs

by Amy Works January 20, 2020

COLORADO SPRINGS, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park Apartments, a multifamily property located at 1304 E San Miguel St. in Colorado Springs. Roundhouse, a Los Angeles-based investment and development firm, sold the asset to Los Angeles-based Clear Capital for $26.1 million, or $130,500 per unit. The acquisition price is a record price per square foot for the multifamily assets built in Colorado Springs before 1990. Built in 1949, Palmer Park Apartments features 200 units. Originally constructed as military housing in a low-density setting with 20 two-story buildings on nine acres, the property has operated as a market-rate property for years. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the transaction.

January 20, 2020

Acquisitions Multifamily Texas

NKF Arranges Sale of 312-Unit Lenox Stone Oak Apartments in San Antonio

by Taylor Williams January 20, 2020

SAN ANTONIO — Newmark Knight Frank (NKF) has arranged the sale of Lenox Stone Oak, a 312-unit apartment community located in north central San Antonio. Built in 2017, the property’s units feature faux wood flooring, spa-like bathrooms and full-size washers and dryers. Amenities include a pool, fitness center, outdoor entertainment area, resident clubhouse and a dog park. Patton Jones of NKF represented the seller and developer, Austin-based Oden Hughes, in the transaction. Patrick Short, also with NKF, arranged acquisition financing for the buyer, a California-based investment firm that acquired the asset via a 1031 exchange.

January 20, 2020

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix’s Growth Keeps The Multifamily Sector Hot

by Taylor Williams January 18, 2020

Stemming from the ashes of 2009 — a decade later and a decade wiser — Phoenix and the surrounding Maricopa County has exploded to outpace the national averages in both rent and job growth. In fact, the entire State of Arizona is booming in population growth and job production. The Census Bureau just released its American Community Survey “One-Year Estimates” in which Arizona was named the fastest-growing state in the nation with a year-over-year growth of 2.2 percent. The Phoenix MSA also experienced a 2.6 percent increase (as of October 2019) from the prior year ranking when it came to the largest job gains in the education and health services industries. The state also boasts a tax-friendly environment, pro-business governor, competitive workforce and one of the youngest median age populations in the country at 35.4. This has attracted a broad array of financial services, healthcare, manufacturing and tech companies that have been moving to Phoenix in droves, making Phoenix a diversified and balanced economy that is different than years’ past. What does all this mean? The need for housing is paramount and multifamily investors are reaping the benefits. Phoenix is able to absorb the roughly 7,500 new units developers are …

January 18, 2020

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