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

Development Multifamily Southeast Virginia

Gables Residential Opens Transit-Oriented Apartment Community in Arlington, Virginia

by Alex Tostado January 14, 2020

ARLINGTON, VA. — Gables Residential has opened Gables Pointe 14, a 370-unit apartment community in the Fort Myer Heights neighborhood of Arlington. KTGY Architecture + Planning designed the LEED Silver-certified complex, which features Art Deco elements. Located at 1351 N. Rolfe St. near Route 50, the development comprises a six-story mid-rise building and a 12-story high-rise building. The urban-infill development is located on a 2.2-acre, triangular-shaped site that is within walking distance to the Court House and Rosslyn Metro stations. The complex offers studios, one-, two and three-bedroom apartment homes, as well as townhomes. Amenities include a 24-hour work center with a business bar and conference rooms, subterranean parking, fitness center featuring on-demand classes, bike storage and repair station, a resident lounge with free Wi-Fi, theater room, dog wash station and concierge services. Gables Pointe 14 also has a private outdoor courtyard and a rooftop pool and lounge.

January 14, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures $68.5M Acquisition Loan for New Multifamily Property Near Orlando

by Alex Tostado January 14, 2020

MAITLAND, FLA. — Berkadia has secured $68.5 million in acquisition financing for Town Trelago, a recently completed, 350-unit multifamily property in Maitland, a suburb seven miles north of Orlando. J. Tyler Blue, Ted Hermes, Nick Nicholson and Jonathan Pratt of Berkadia’s metro D.C. office secured the financing on behalf of the borrower, McLean, Va.-based Kettler Inc. An unnamed life company provided the 10-year, fixed-rate loan that features interest-only payments for half of the loan’s term. Located at 601 Trelago Way, Town Trelago features studio through three-bedroom floor plans. Community amenities include a pool, Jacuzzi, fitness center, game room, business center, clubhouse, assigned parking and an outdoor grilling area. Residents have nearby access to Interstate 4 and Lake Maitland.

January 14, 2020

Company News Multifamily Texas Walker & Dunlop

Walker & Dunlop Opens First Austin Office for Multifamily Investment Sales

by Taylor Williams January 14, 2020

AUSTIN, TEXAS — Multifamily finance firm Walker & Dunlop has announced the formation of a new investment sales team in Austin, which represents the company’s first office in the state capital. Managing directors Matt Pohl and Forrest Bass and vice president Spencer Roy, all of whom previously worked at HFF prior to its acquisition by JLL, will lead the team in the sourcing and execution of multifamily deals. The team will focus on Texas and markets in the Southeastern United States. The office is located at 501 Congress Ave and is open for business.

January 14, 2020

Acquisitions Multifamily Texas

NKF Negotiates Sale of 302-Unit Rivera Apartment Community in San Antonio

by Taylor Williams January 14, 2020

SAN ANTONIO — Newmark Knight Frank (NFK) has negotiated the sale of Rivera, a 302-unit apartment community located along San Antonio’s Broadway Corridor between downtown and the Pearl District. Built in 2017, the property features a pool, fitness center, rooftop lounge, business center, a dog park and ground-floor retail space. Patton Jones and Matt Michelson of NKF represented the seller, Austin-based Cypress Real Estate Advisors. The buyer was Houston-based investment and management firm Barvin.

January 14, 2020

Arizona Development Multifamily Seniors Housing Western

Watermark Opens Hacienda at the Canyon Seniors Housing Asset in Tucson

by Amy Works January 14, 2020

TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the Canyon, an independent living, assisted living and memory care community in Tucson. The property is located on 10.5 acres at the historic landmark site of St. Anne’s Convent at Sabino Canyon. The community features an on-site integrative healthcare clinic run by TMCOne, two on-site home health care agencies, integrated personal wearable technologies and fitness systems. The development is the first to open under Watermark’s new upscale Élan Collection brand. Future locations are slated for Brooklyn Heights, Napa Valley and Westwood Village (Los Angeles).

January 14, 2020

Acquisitions Multifamily Oregon Western

Kidder Mathews Brokers $12M Sale of The Astoria Apartments in Portland, Oregon

by Amy Works January 14, 2020

PORTLAND, ORE. — Kidder Mathews has arranged the sale of The Astoria, a multifamily property located at 1913 NE 73rd Ave. in Portland. West Valley Properties sold the asset to J.E.M.S. Corp. for $12 million. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller and buyer in the deal. Located in Portland’s Rose City Park neighborhood, The Astoria features 68 courtyard-style apartments on more than 2.5 acres. Built in 1950, the property underwent extensive renovations over the last 10 years.

January 14, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Fundamental Advisors Sells 53-Story Continuing Care Retirement Community in Chicago

by Kristin Harlow January 14, 2020

CHICAGO — Fundamental Advisors has sold The Clare, a 53-story, 338-unit continuing care retirement community in downtown Chicago, to LCS for an undisclosed price. Fundamental partnered with Senior Care Development and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center and augmented programs and services for residents. Additionally, Life Care Services, the management arm of LCS, was brought in to operate the community. During the years since the acquisition, occupancy increased from 34 percent to 98 percent. Located at 55 E. Pearson St. within the Gold Coast neighborhood, The Clare was developed in 2008 and features 248 independent living units, 26 assisted living units, 14 memory care units and 50 skilled nursing beds. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller in the transaction.

January 14, 2020

Affordable Housing Development Illinois Midwest Multifamily

McShane Breaks Ground on 72-Unit Affordable Housing Project in Maywood, Illinois

by Kristin Harlow January 14, 2020

MAYWOOD, ILL. — McShane Construction Co. has broken ground on a 72-unit affordable housing project on behalf of developer Interfaith Housing Development Corp. in Maywood, about 11 miles west of Chicago. Situated on South Fifth Avenue, the property will be known as Fifth Avenue Apartments. Plans also call for 4,000 square feet of retail space on the ground floor. Designed to achieve National Green Building Standard’s Bronze Level, the property will include a high-performance HVAC system, efficient insulation and LED lighting. Completion is slated for February 2021. HED is the project architect.

January 14, 2020

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