Multifamily

$41M Apartment Development to Open in Kansas City’s Stockyards District This Month

by Kristin Harlow May 4, 2020

KANSAS CITY, MO. — The Yards, a $41 million luxury apartment development, is scheduled to open in Kansas City’s Stockyards District this month. Located at 1660 Genessee St. in downtown Kansas City, the project features 232 apartment units and 3,150 square feet of retail space. The amenities, spread over approximately 9,500 square feet, includes a saltwater pool, outdoor area, community kitchen, activity lounge, fitness center and dog park. Residents can also use kayaks to access the Kansas River. Plans also call for a partnership with Amigoni Winery to create the first vineyard within an apartment community in Kansas City. Prospective residents can now schedule virtual tours and take advantage of two months of free rent and reduced fees. Monthly rental rates range from $825 to $1,650. Flaherty & Collins is the developer and KEM Studio is the architect.

May 4, 2020

Development Illinois Midwest Multifamily Seniors Housing

Skender Completes Construction of 60-Unit Senior Living Facility in Crystal Lake, Illinois

by Kristin Harlow May 4, 2020

CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.

May 4, 2020

Arizona Development Multifamily Western

Hines Acquires 11 Acres in Phoenix for 325-Unit Multifamily Development

by Amy Works May 4, 2020

PHOENIX — Hines has purchased approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue in Phoenix’s West Valley market. The Pederson Group sold the development site for $6.7 million. The buyer plans to develop a 325-unit multifamily property on the site. Totaling 318,000 square feet, the community will feature 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartment units. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Arizona represented the seller, while Hines represented itself in the transaction.

May 4, 2020

Colorado Development Loans Multifamily Western

Green Pace Financial Arranges $44.5M in Construction Financing for Multifamily Project in Los Angeles

by Amy Works May 4, 2020

LOS ANGELES — Green Pace Financial, along with its affiliate Hoover Financial, has arranged $44.5 million in PACE-approved construction financing for Live, Work, Create Equity LLC. The loans will be used for the development of an apartment community in the Koreatown neighborhood of Los Angeles. The combined 80 percent loan-to-cost, non-recourse financing included $14.5 million in C-PACE energy saving financing. The balance of the C-PACE-approved financing for the project was a $30 million senior construction loan. One of Green Pace Financial’s private equity construction lenders provided those funds. Construction on the 126-unit multifamily property is slated to begin this summer.

May 4, 2020

Acquisitions California Multifamily Western

Berkadia Negotiates $7.3M Sale of The Sterling Apartments in San Diego

by Amy Works May 4, 2020

SAN DIEGO — Berkadia has arranged the sale of The Sterling, a colonial revival multifamily asset in San Diego. Chicago-based Highlands REIT acquired the community from San Diego-based SENTRE for $7.3 million. Located at 470 20th St., the fully renovated, 27-unit property holds a Mills Act historic designation as part of the historic Sherman Heights neighborhood. The building features 14 studios and 13 one-bedroom units, all of which have been fully renovated with retained style and detailing of the early 20th century. Select units feature bay windows and private balconies. Community amenities include park-like garden terraces, restored and decorated common areas, and colonial revival architecture. Ed Rosen, John Chu and Tyler Sinks of Berkadia’s San Diego office represented the seller in the deal.

May 4, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires Newly Built Multifamily Complex in Florida’s Panhandle

by Alex Tostado May 1, 2020

PANAMA CITY BEACH, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Parkside at the Beach, a 288-unit multifamily complex in Panama City Beach. The community was built in 2019 and is situated at 17225 Panama City Beach Parkway, less than a mile from the beach. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, business center, fitness center and a clubhouse. An undisclosed lender in Freddie Mac’s Optigo program provided a 10-year acquisition loan, which features a fixed 2.95 percent interest rate. The seller/developer and sales price were not disclosed.

May 1, 2020

Connecticut Development Multifamily Northeast

Belfonti Cos. Breaks Ground on $50M Apartment Community in Cromwell, Connecticut

by Alex Patton May 1, 2020

CROMWELL, CONN. — Belfonti Cos. has broken ground on a $50 million luxury apartment community in Cromwell, a southern suburb of Hartford. Located off Country Squire Road near State Route 372, the property will feature of 160 units. Amenities will include a 4,500-square-foot community center, an outdoor swimming pool and a lounge area with grills and fire pits. The property will also be located four miles from the TPC River Highlands Golf Course. Construction is slated to be complete within the next two years.

May 1, 2020

Acquisitions Affordable Housing California Multifamily Western

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works May 1, 2020

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

May 1, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates Sale of 30-Unit Multifamily Complex in Fremont, California

by Amy Works May 1, 2020

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of 4001 Nicolet, a fully upgraded multifamily community in Fremont. The property traded for $12.2 million. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the undisclosed seller and procured the undisclosed buyer in the deal. Originally constructed in 1972, the property features 30 units in a mix of one- and two-bedroom floor plans. The units were recently upgraded with fully remodeled bathrooms and kitchens, stainless steel appliances, granite countertops, new carpets and hardwood flooring. Community amenities include private balconies, private storage and an on-site laundry facility.

May 1, 2020

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $8.7M Sale of Multifamily Property in Milan, Illinois

by Kristin Harlow May 1, 2020

MILAN, ILL. — Berkadia has negotiated the $8.7 million sale of Village Woods in Milan near the Quad Cities. The 96-unit, garden-style multifamily property was built in 1998. Amenities include a pool, fitness center and new leasing center. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Minnesota-based Dominium Inc. Pete Benedetto of Berkadia secured acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group.

May 1, 2020

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