Multifamily

Kiser Group Brokers $18.4M Sale of Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 16, 2020

CHICAGO — Kiser Group has brokered the sale of a three-property apartment portfolio in Chicago’s South Shore neighborhood for $18.4 million. The transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar Group. The portfolio includes the 130-unit 7500 S. Shore built in 1950; the 53-unit S. Clyde built in 1928; and the 25-unit 7038 S. Chappel constructed in 1926. Monthly rental rates range from $525 to $1,515. Noah Birk and Aaron Sklar of Kiser represented the seller, DAX Real Estate. An undisclosed buyer purchased the portfolio.

January 16, 2020

Acquisitions California Development Multifamily Student Housing Western

HighBridge Properties Sells 706-Bed Lincoln40 Development Near the University of California, Davis

by Amy Works January 16, 2020

DAVIS, CALIF. — HighBridge Properties has sold Lincoln40, a 706-bed student housing community currently under development near the University of California, Davis. Grand Peaks Properties acquired the project for an undisclosed price. HighBridge began construction on the community last fall, and will continue to co-develop the property alongside the new ownership. Upon completion, the community will offer two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include private study areas, a fitness facility, game room and lounge, as well as an outdoor swimming pool with cabanas and outdoor lounges featuring barbecue stations and gas fire pits. The development team also plans to contribute $1 million to the City of Davis for the construction of a pedestrian/bicycle bridge over the railroad tracks just north of the property, connecting to the city’s downtown business district. The project is scheduled for completion in fall 2021. The name is a reference to the project’s proximity to Route 40, also known as Lincoln Highway, according to the Davis Enterprise.

January 16, 2020

Acquisitions California Loans Multifamily Seniors Housing Western

Greystone Provides $37M Acquisition Loan for Seniors Housing Community Near Sacramento

by Amy Works January 16, 2020

ROCKLIN, CALIF. — Greystone has provided a $37 million Fannie Mae adjustable-rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only payments. “Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” says Cary Tremper, head of Greystone’s seniors housing finance team.

January 16, 2020

Development Florida Loans Multifamily Southeast

3650 REIT Provides $50M Construction Loan for Multifamily Community in Miami Gardens

by Alex Tostado January 15, 2020

MIAMI GARDENS, FLA. — 3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily developer The Latigo Group LLC broke ground in October 2019 and plans to deliver the first apartments in late 2020, with completion scheduled for spring of 2021. The complex will be situated on approximately 10 acres of land along with parks and ponds.

January 15, 2020

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties

by Alex Tostado January 15, 2020

BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions. San Diego-based Verada Properties sold Pawnee Square, located at 2912 Pawnee Ave., to Birmingham-based Welden Field Development. The apartment building was 92 percent occupied at the time of sale. Constructed in 1979, Pawnee Square offers one- and two-bedroom floorplans, including loft-style units. The community features a pool and is situated near both the University of Alabama at Birmingham and the central business district. Jemison Flats, located at 1827 1st Ave. in Birmingham’s Theater District, was sold by Birmingham-based LIV. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure a three-year, floating-rate acquisition loan through Bridge Investment Group. The apartment building was 93 percent occupied at the time of sale and offers studios, one- and two-bedroom loft-style floorplans, as well as an outdoor green space area, fitness center, grilling station …

January 15, 2020

Loans Multifamily ORIX Texas

Hunt Real Estate Capital Provides $45M Refinancing of San Antonio Multifamily Portfolio

by Taylor Williams January 15, 2020

SAN ANTONIO — Hunt Real Estate Capital has provided a $45 million bridge loan for the refinancing of a portfolio of 645 multifamily units in San Antonio and nearby Universal City. The sponsor was LYND Co., a locally based investment and development firm. The portfolio includes the 224-unit Auburn Creek in San Antonio; the 205-unit Fairways 5 in San Antonio; and the 216-unit Meadows Apartments in Universal City, all of which were built in the mid-1970s. LYND will use a portion of the proceeds to renovate the properties and upgrade countertops, backsplashes, cabinetry, plumbing fixtures, flooring and appliance packages.

January 15, 2020

Development Loans Mixed-Use Multifamily Washington Western

MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle

by Amy Works January 15, 2020

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

January 15, 2020

Acquisitions California Multifamily Western

IPA Negotiates $26.2M Sale of Multifamily Asset on Hollywood Boulevard in Los Angeles

by Amy Works January 15, 2020

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Guardian Arms Apartments, a multifamily community located at 5217 Hollywood Blvd. in Los Angeles. A joint venture between MWest Holdings and Pacific Reach sold the property to ROM Investments for $26.2 million, or $259,405 per unit. Built in 1928, Guardian Arms Apartments features 101 residential units and 9,207 square feet of ground-floor retail space. Joe Grabiec, Kevin Green and Greg Harris of IPA represented the seller in the deal.

January 15, 2020

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $54.2M Sale of Apartment Complex in Wheeling, Illinois

by Kristin Harlow January 15, 2020

WHEELING, ILL. — Foxboro Apartments in Wheeling has traded hands for $54.2 million. The 402-unit apartment property is located at 470 Foxboro Drive. Built in two phases in the late 1970s, Foxboro Apartments is a five-building complex offering one- and two-bedroom units. Amenities include a coffee bar, resident lounge, business center, pool, picnic area, sand volleyball court and three-acre lake. Sean Connelly of 33 Realty represented the buyer, Marquette Cos. Tara Mathew, a Chicago-based independent broker, assisted Connelly in the transaction. Partnership Concepts was the seller.

January 15, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $7M Bridge Loan for Multifamily Property in Chicago

by Kristin Harlow January 15, 2020

CHICAGO — American Street Capital (ASC) has arranged a $7 million bridge loan for the acquisition of a 45-unit multifamily property in Chicago’s Logan Square. Originally built in 1928, the asset was recently renovated. Floor plans range from one- to three-bedroom units. Amenities include a bike storage room, Wi-Fi and common laundry area. Igor Zhizhin of ASC arranged the 12-month loan with Freddie Mac. The loan was later converted to a 10-year, fixed-rate loan with a 30-year amortization schedule. The borrower was undisclosed.

January 15, 2020

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