Multifamily

Vulcan Real Estate Sells 209-Unit Augusta Apartments in Seattle for $98.1M

by Amy Works November 21, 2019

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

November 21, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 120-Unit Meadows Apartments in Metro Dallas

by Taylor Williams November 21, 2019

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of The Meadows, a 120-unit multifamily community located in the southern Dallas suburb of Lancaster. The property was built in 1981 and offers amenities such as a pool and an office/clubhouse. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a Washington-based investment firm, and procured the buyer, a Texas-based limited liability company that will implement a value-add program. Both parties requested anonymity.

November 21, 2019

Acquisitions Multifamily Nevada Western

Compass Acquisition Partners Buys 488-Unit Sandpiper Apartments in Las Vegas for $66M

by Amy Works November 21, 2019

LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.

November 21, 2019

Acquisitions Multifamily Washington Western

IPA Arranges Sale of 129-Unit Orion Apartment Community in Seattle’s South Lake Union

by Amy Works November 21, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

November 21, 2019

Development Massachusetts Multifamily Northeast Retail

Austin Street Partners Completes 68-Unit Multifamily, Retail Development in Metro Boston

by Alex Patton November 21, 2019

NEWTON, MASS. — Austin Street Partners, a joint venture between Oaktree Development and Dinosaur Capital Partners, has completed 28 Austin, a 68-unit multifamily development with 5,000 square feet of ground-floor retail space in Newton, a western suburb of Boston. Resident amenities include a fitness room, dog park, resident lounge and rooftop seating with a fire pit. Residents have already moved in. Caffé Nero, a bakery and café, is expected to open in early 2020.

November 21, 2019

Development Midwest Missouri Multifamily

Clayco Tops Out 316-Unit Apartment Tower in St. Louis

by Kristin Harlow November 21, 2019

ST. LOUIS — General contractor Clayco has celebrated the topping out and final concrete pour for One Hundred Above the Park, a 316-unit apartment tower in the Central West End of St. Louis. Designed by Studio Gang, the 540,369-square-foot, 385-foot project will also include retail space, amenities and parking. Units will be available for rent in summer 2020 with occupancy slated for the third quarter. Mac Properties is the owner and developer. Clayco is working with concrete company Concrete Strategies. Clayco says it has been able to speed up construction by utilizing building information modeling and GPS technology to digitally lay out and check all dimensions of the slab edges and penetrations, reaching the 36th floor in 15 months.

November 21, 2019

Affordable Housing Arkansas Development Seniors Housing Southeast

Hunt Capital, Burleson Break Ground on Phase III of Affordable Housing Project Near Little Rock

by John Nelson November 20, 2019

MABELVALE, ARK. — Hunt Capital Partners and Burleson Development LLC have broken ground on Phase III of an affordable housing project near Little Rock. Hunt Capital Partners has committed $6.3 million in federal low-income housing tax credit (LIHTC) financing for the 48-unit expansion of Valley Estates at Mabelvale, an apartment community located eight miles southwest of Little Rock in Mabelvale. The project, scheduled for completion by November 2020, is intended for households earning up to 30, 50 and 60 percent of the area median income. One unit is reserved for a property employee. Phase III of Valley Estates at Mabelvale is Hunt’s third project with Burleson Development, the developer of the first two phases that were completed in 2011. The project also marks Hunt Capital Partners’ fourth transaction with RichSmith as developer consultant. RichSmith and its affiliates are serving as the general contractor, architect and property manager for Phase III. The total development cost of Valley Estates at Mabelvale Phase III is $7.2 million. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with BancorpSouth Bank, which also provided an approximately $4.3 million construction loan. Arkansas Development Finance Authority provided a $450,000 construction-to-permanent loan through its HOME program, …

November 20, 2019

Acquisitions Maine Multifamily Northeast

CBRE Brokers $20.8M Sale of Bayside Village Apartment Community in Portland, Maine

by Alex Patton November 20, 2019

PORTLAND, MAINE — CBRE has brokered the $20.8 million sale of Bayside Village, a 101-unit apartment community in Portland, located approximately 60 miles south of Augusta. Located at 32 Marginal Way, Bayside Village comprises a five-story residential building with 3,300 square feet of ground-floor retail space. Amenities include bike storage, a resident lounge, business center with print station, laundry facility, outdoor space and a billiards room. The property previously served as a student housing community. The buyer, Port Properties, plans to upgrade the property to increase the overall unit count to 206 residences. Simon Butler and Biria St. John of CBRE, along with Dan Greenstein of The Boulos Company, represented the seller, Blue Vista. The CBRE team worked with Joe Porta of Porta & Co. to procure Port Properties as the buyer.

November 20, 2019

Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose to Convert Boston School into 74-Unit, LGBTQ-Friendly Seniors Housing Property

by Alex Patton November 20, 2019

BOSTON — Pennrose Development and LGBTQ Senior Housing Inc. have unveiled plans to convert William Barton Rogers Middle School in Boston’s Hyde Park neighborhood into a 74-unit, LGBTQ-supported affordable seniors housing community. The $33 million project will transform the existing structure into a residential building with 74 units of income-restricted rental units. Tenants must be at least age 62, and the community will be specifically welcoming to seniors who identify as LGBTQ, according to the developers. The original school was built in 1899 on 74,000 square feet of land and closed in June 2015. Boston-based architecture firm DiMella Shaffer designed the project. A construction timeline was not disclosed.

November 20, 2019

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $40M Loan for Refinancing of Seniors Housing Community in The Bronx

by Alex Patton November 20, 2019

NEW YORK CITY — Monticello Asset Management LLC has provided a $40 million loan for the refinancing of an assisted living facility in The Bronx. The borrower and name of the facility, which features 256 beds, were not disclosed. The borrower recently completed an extensive renovation of the facility, including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized the operations and performance of the facility.

November 20, 2019

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