Thursday, December 19, 2024
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Multifamily

Westbrook-Apts-Riverside-CA
AcquisitionsCaliforniaMultifamilyWestern

Northmarq Negotiates $18.6M Sale of Westbrook Apartments in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Northmarq has arranged the sale of Westbrook Apartments, a multifamily property in Riverside. The asset traded for $18.6 million, or $332,000 per unit. The names of the seller and buyer were not released. Built in 2023, Westbrook Apartments offers 56 one- and two-bedroom apartments with modern kitchens, stainless steel appliances, quartz countertops and in-unit washers and dryers. Community amenities include a swimming pool, spa, fully equipped fitness center and covered parking. Shane Shafer and Peter Hauser of Northmarq’s Orange County Multifamily Investment Sales team represented the seller in the deal.

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FloridaLoansMultifamilySoutheastWalker & Dunlop

Affinius Capital Provides $75M Refinancing for Solesta SeaSide Apartments in South Florida

by John Nelson

DANIA BEACH, FLA. — Affinius Capital has provided a $75 million loan for the refinancing of Soleste SeaSide, a 340-unit apartment community located at 4 N. Federal Highway in Dania Beach, a city in South Florida’s Broward County. Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop arranged the financing on behalf of the borrower, The Estate Cos. The eight-story multifamily community features a mix of studio, one-, two- and three-bedroom apartments. Amenities include parking, a health club with a yoga/spin room, 12,800 square feet of retail space and a swimming pool with poolside cabanas and daybeds. Soleste SeaSide is situated close to Dania Pointe, a 102-acre mixed-use development, and the Hollywood Beach Boardwalk. The Estate Cos. developed the apartment community in summer 2023 in partnership with Merrimac Ventures.

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IllinoisLoansMidwestMultifamily

IPA Capital Markets Arranges $68.5M in Construction Financing for Chicago Apartment Project

by Kristin Harlow

CHICAGO — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $56 million senior construction loan and $12.5 million in equity for the development of the first phase of Yorktown Reserve in Chicago. The apartment project, which involves the transformation of Yorktown Mall, will include 271 units. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor. Chicago-based Synergy Development was the borrower.

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DevelopmentSeniors HousingSoutheastVirginia

Watercrest, Partners Underway on 142-Unit Seniors Housing Community in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

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Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Woda Cooper Completes 42-Unit Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges Sale of 197-Unit Stellar at Emerald Hills Apartments in Dania Beach, Florida

by John Nelson

DANIA BEACH, FLA. — Berkadia has arranged the sale of Stellar at Emerald Hills, a 197-unit apartment community located at 5840 Lakeshore Drive in Dania Beach, a suburb in South Florida’s Broward County. JSB Capital Group purchased the property from locally based Stellar Communities for an undisclosed price. Roberto Pesant, Jaret Turkell, Yoav Yuhjtman and Omar Morales of Berkadia represented the seller in the transaction. Built on 7.2 acres in 2022, Stellar at Emerald Hills features a mix of one-, two- and three-bedroom apartments with eco-smart home features. Amenities include a clubhouse, fitness center with a yoga and spin studio, business center, pet play area, pet washing station, sundeck and pool and bike storage.

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The-Riley-Burleson
AcquisitionsMultifamilyTexas

NewStreet, Thane Partners Acquire 178-Unit Riley Apartments in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — A joint venture between NewStreet Properties LLC and Thane Partners has acquired The Riley, a 178-unit apartment complex in Burleson, approximately 16 miles south of Fort Worth. Completed in 2023, The Riley offers one-, two- and three-bedroom units and amenities such as a pool, dog spa and park, fitness center, wine bar, rideshare pick-up lounge, game area with shuffleboard and a clubhouse with an activity center and coworking offices. Grant Raymond and Asher Hall of Cushman & Wakefield represented the seller, Corsair Ventures, in the transaction. The sales price was not disclosed.

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AcquisitionsMarylandMultifamilySoutheast

Continental Realty Corp. Acquires Metro Baltimore Multifamily Community for $86.5M

by John Nelson

ELKRIDGE, MD. — Continental Realty Corp. (CRC) has purchased Dartmoor Place at Oxford Square, a 258-unit, garden-style multifamily community in Elkridge, a southwest suburb of Baltimore in Howard County. Mike Muldowney of CBRE represented the seller, Preston Partners, in the $86.5 million, off-market transaction. CRC purchased the five-story apartment development via Core Multifamily Fund LP, a private equity fund that the company sponsors in partnership with Brown Advisory, which is also based in Baltimore. CRC assumed a HUD-insured mortgage as part of the transaction. Preston Partners delivered Dartmoor Place in 2019. The property was 94 percent occupied at the time of sale and serves as a multifamily component within the 122-acre Oxford Square master-planned community. Apartments are configured in one-, two- and three- bedroom floor plans ranging in size from 725 to 1,407 square feet. Amenities include a clubhouse, fitness center, game room and digital access package-acceptance lockers. Outdoor amenities include a resort-style saltwater swimming pool with sundeck, an open recreation and entertainment area, playground, pet spa, bike storage area, grilling area, courtyards and community walking trails.

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AcquisitionsLoansMultifamilySoutheastVirginia

Berkadia Provides $37M Agency Loan for Metro Richmond Apartment Community

by John Nelson

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit multifamily community located at 5401 Commonwealth Centre Parkway in Midlothian, a Richmond suburb in Chesterfield County. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns represented seller, CMB Development, in the sale. Built in 2022, Commonwealth Apartments features a gaming lounge and 24/7 fitness center, among other amenities.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Northmarq Arranges $18.5M Sale of Multifamily Development Site in Tysons, Virginia

by John Nelson

TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.

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