Multifamily

Castle Lanterra Acquires 84-Unit RiDE at RiNo Apartment Complex in Downtown Denver

by Amy Works December 12, 2019

DENVER — New York-based Castle Lanterra Properties has purchased RiDE at RiNo, a newly built, Class A multifamily community located in the River North (RiNo) neighborhood of downtown Denver. McWhinney sold the property for $23 million. Located at 3609 Wynkoop St., RiDE at RiNo features 84 modern suites and large live/work units, ranging in size from 369 square feet to 849 square feet, with loft-style 12- or 18-foot ceilings. Community amenities include a 24-hour fitness center, a rooftop deck with a barbecue area, club and conference rooms, lounge, underground parking, bicycle repair station and a video intercom systems. Terrance Hunt and Shane Ozment of Newmark Knight Frank’s Denver office brokered the transaction.

December 12, 2019

InterFace Multifamily Southeast Operations Panel

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Multifamily Operators Detail Top 20 Ways to Boost NOI

by John Nelson December 12, 2019

ATLANTA — It’s something that everybody wants: Increased cash flow. Multifamily operators gave a tutorial on the 20 best ways in which their firms are boosting net operating income (NOI) during France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place on Tuesday, Dec. 3 at The Whitley hotel in Atlanta’s Buckhead district. The full-day conference attracted nearly 400 multifamily professionals from across the Southeast. Ed Wolff, chief revenue officer for multifamily lease insurance firm LeaseLock Inc., moderated the operations discussion. The panelists included Sharon Hatfield, chief operating officer of CF Real Estate Services LLC; Lisa Taylor, senior managing director of client services at Greystar; and Marcie Williams, president of RKW Residential. The discussion was bifurcated between how these operators are driving NOI by increasing/creating revenue and minimizing expenses. Hatfield said that operators can experience the most immediate results by focusing on the revenue stream at the property level. “In today’s challenging environment, it’s better to try to approach the revenue side than it is expenses,” said Hatfield. “Revenue can impact the value of the asset so much.” The panelists’ best revenue-boosting methods ranged from the practical to the futuristic. Greystar’s Taylor said that her firm has partnered …

December 12, 2019

Development Multifamily Seniors Housing Southeast Virginia

Erickson Living Starts Construction of $300M Seniors Housing Community in Richmond’s Short Pump Area

by Alex Tostado December 11, 2019

RICHMOND, VA. — Erickson Living has started construction of Avery Point, a large-scale continuing care retirement community in the Short Pump area of Richmond. Upon full buildout, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity building in 2022. The development was first reported by the Richmond-Times Dispatch, and Erickson has since confirmed the details to REBusinessOnline. The newspaper also reported that Erickson bought the 94-acre plot in 2018 for $23.5 million, and that entrance fees will start around $200,000 and be 80 percent refundable.

December 11, 2019

Acquisitions Kentucky Loans Multifamily Southeast

Dougherty Mortgage Provides $8.2M Fannie Mae Green Loan for Multifamily Property in Louisville

by Alex Tostado December 11, 2019

LOUISVILLE, KY. — The Atlanta office of Dougherty Mortgage recently provided an $8.2 million Fannie Mae acquisition loan for Newberry Parc Apartment Homes, a 132-unit, market-rate multifamily property in Louisville. Borrower Durham Hill Properties II LLC obtained the 12-year loan with a 30-year amortization schedule utilizing Fannie Mae’s Green Rewards program. Located at 250 Olde English Court, the apartment complex was constructed in 1971 and renovated in 2017. One- and two-bedroom units are located in six three-story residential buildings. Newberry Parc offers picnic and grilling areas, a pool, business center and onsite laundry.

December 11, 2019

Development Multifamily New York Northeast Seniors Housing

Terwilliger & Bartone Completes Phase I of 98-Unit Seniors Housing Community on Long Island

by Alex Patton December 11, 2019

HAUPPAUGE, N.Y. — Terwilliger & Bartone Properties has completed Phase I of Cornerstone at Hauppauge, a 98-unit seniors housing project in Hauppauge, located in the central part of Long Island. The community will ultimately offer 68 one-bedroom and 30 two-bedroom units to residents aged 55 and older and a 3,000-square-foot clubhouse with a dining room, library, fitness center and outdoor recreation area. Phase II, which centers on the construction of two-bedroom units, is slated for completion in March 2020.

December 11, 2019

Acquisitions Multifamily Northeast Pennsylvania

Counter Capital Acquires Philadelphia’s Shirt Corner Apartments for $22M

by Alex Patton December 11, 2019

PHILADELPHIA — Counter Capital Management LLC has acquired Shirt Corner Apartments, a 62-unit multifamily community in the Old City District of Philadelphia, for $22 million. The property, which was delivered in July 2015, offers studio, one- and two-bedroom floor plans. Counter Capital plans to improve the amenities offered at the property.

December 11, 2019

Acquisitions California Development Multifamily Western

Cityview Sells 174-Unit Mira Multifamily Development in Los Angeles for $70.5M

by Amy Works December 11, 2019

LOS ANGELES — Cityview has completed the disposition of Mira, an apartment complex currently under construction in the San Fernando Valley region of Los Angeles. Virtu Investments acquired the property, which is located within an Opportunity Zone, for $70.5 million. Located at 21425 Vanowen St., Mira will feature 174 units in a mix of studio, one- and two-bedroom units spread across five floors over a podium with subterranean and at-grade parking. Community amenities will include a resort-style pool with cabanas; gym with Peloton bikes and yoga studio; outdoor terraces; a virtual reality room; meditation spaces; game and screening rooms; and co-working spaces. Mira’s outdoor space will feature a putting green; garden stretch and workout space; seating and gathering areas; barbecue grills; and a lounge with a fireplace. Designed to quality for LEED Silver certification, the property will have a 35,000-gallon rainwater harvesting system to capture all on-site rainwater and reuse as irrigation for on-site landscaping. The seller originally acquired the site in March 2016. Cityview partnered with WPIC Construction, Ken Stockton Architects, Togawa Smith Martin and Nadia Geller Designs on construction for the project, which is scheduled for completion by the end of the year.

December 11, 2019

Advenir-Spring-Canyon-Colorado-Springs-CO

Acquisitions Colorado Multifamily Western

NKF Arranges Sale of 292-Unit Apartment Property in Colorado Springs, Colorado

by Amy Works December 11, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) Multifamily has arranged the sale of Advenir at Spring Canyon, a multifamily asset located at 4510 Spring Canyon Heights in Colorado Springs. Aventura, Fla.-based Advenir LLC sold the asset to an undisclosed buyer. The acquisition price was not released. Kevin McKenna and Saul Levy of NKF provided strategic consulting services for the seller. Mitch Clarfield of NKF’s Multifamily Capital Markets Debt & Structured Finance also assisted on the transaction. Built in 1997, the 19-building, two- and three-story multifamily property features 292 apartments, a resort-style swimming pool with a deck, clubhouse, fitness center, hot tub, business center, dog park, detached garages and carports. Units offer nine-foot ceilings, full-size washers/dryers, private balconies/patios and fireplaces in select units.

December 11, 2019

Acquisitions Multifamily Nevada Western

MG Properties Buys 240-Unit Marina Village Apartments in Sparks, Nevada

by Amy Works December 11, 2019

SPARKS, NEV. — San Diego-based MG Properties Group has acquired Marina Village Apartments in Sparks. San Diego-based Sunroad Multifamily sold the apartment community for an undisclosed price. Fannie Mae provided acquisition financing, which Brian Eisendrath and Cameron Chalfant of CBRE arranged. Built in 2005, Marina Village features 240 apartments and proximity to Interstate 80 with convenient access to the Tahoe-Reno Industrial Park. Additionally, the property is located adjacent to The Sparks Marina Park, a 77-acre lake and recreation center. MG Properties plans to invest capital to upgrade the community’s common areas and unit interiors.

December 11, 2019

Development Multifamily Texas

Novare, Batson-Cook Open 332-Unit SkyHouse at Frisco Station Apartment Community

by Taylor Williams December 11, 2019

FRISCO, TEXAS — Developers Novare Group and Batson-Cook have opened SkyHouse Frisco Station, a 332-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features a 25th-story amenity deck with a pool, outdoor kitchen, lounge seating and TVs. Additional amenities include a 24-hour fitness center, business center with a coffee bar and a conference room.

December 11, 2019

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