Multifamily

Cushman & Wakefield Brokers $18.7M Multifamily Sale in Suburban Milwaukee

by Kristin Harlow November 20, 2019

WAUKESHA, WIS. — Cushman & Wakefield has brokered the sale of Springdale Apartments in Waukesha for $18.7 million. The three-story, 199-unit multifamily property is located at 2415 Springdale Road. Developed in 1973, the community houses a mix of one-, two- and three-bedroom units averaging 920 square feet. The property was nearly fully leased at the time of sale. Brad Smith of Cushman & Wakefield represented the seller, Milwaukee-based Trike Property Management. Janesville-based Spaulding Group purchased the asset. Prior to the sale, Trike completed renovations to 20 of the units. Spaulding plans to continue upgrading both the units and common areas.

November 20, 2019

Illinois Iowa Loans Midwest Multifamily

Maverick Commercial Arranges $12.7M First Mortgage for Four Manufactured Housing Communities in Illinois, Iowa

by Kristin Harlow November 20, 2019

SPRINGFIELD, ILL. AND DES MOINES, IOWA — Maverick Commercial Mortgage Inc. has arranged a $12.7 million first-mortgage loan on behalf of MHPI Inc. for a portfolio of four manufactured housing communities located in Springfield, Ill. and Des Moines. The portfolio includes a combined 303 pad sites. The three Springfield communities were built within the last 15 years. The community in Des Moines features a clubhouse, swimming pool, community room and small self-storage facility. Benjamin Kadish of Maverick arranged the seven-year, fixed-rate loan with an undisclosed national lender. Proceeds paid off the existing lender and paid for closing costs. Arnold Weinberg of Much Shelist represented MHPI.

November 20, 2019

Acquisitions Arizona Multifamily Western

Highline Property Group Acquires Bloom 24 Apartment Community in Phoenix for $17.1M

by Amy Works November 20, 2019

PHOENIX — Denver-based Highline Property Group has purchased Bloom 24, an apartment community in Phoenix. LWH Bloom Apartments 24 sold the property for $17.1 million, or $150,438 per unit. Constructed in 1973 and fully renovated in 2015, Bloom 24 features 114 apartments in a mix of floor plans with stainless steel appliances, designer cabinetry, laminate countertops and breakfast bars. The modernized, loft-style units average 1,100 square feet and feature oversized windows. Community amenities include a swimming pool with cabanas, a fitness center and patio picnic areas. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Milichap, represented the seller and procured the buyer in the deal.

November 20, 2019

Acquisitions Multifamily Texas

Advenir Acquires New 360-Unit Apartment Community in Odessa

by Taylor Williams November 20, 2019

ODESSA, TEXAS — Florida-based investment firm Advenir LLC has acquired Advenir at Legado Ranch, a 360-unit apartment community located in the West Texas city of Odessa. Built in 2018, the property offers one- and two-bedroom units averaging 908 square feet per unit and offering granite countertops, hardwood floors, walk-in closets, in-unit washers and dryers and patios. Amenities include a pool, clubhouse, media center, fitness center and a dog park. Eric Tupler, Josh Simon and Matthew Putterman of JLL originated an undisclosed amount of Freddie Mac fixed-rate acquisition financing for the deal. The property was more than 91 percent occupied at the time of the loan closing.

November 20, 2019

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

New Multifamily Properties, Redevelopments Popping Up Around Metro Louisville

by Alex Tostado November 20, 2019

Louisville continues high occupancy levels throughout the metropolitan area in all apartment types as the market continues to enjoy record-level rent growth and new development. This is enhanced by low unemployment and rising wages throughout the Louisville metropolitan area. The diverse local economy from worldwide distribution at UPS and high-tech manufacturing at Ford Motor Co. and General Electric Appliance Park, as well as innovation in the medical industry, continue to provide high-paying jobs and a highly desirable employment base that can drive occupancy and rents for apartment owners in the Louisville metropolitan area. Integra Realty Resources reports an overall occupancy level of 96 percent for the Louisville metropolitan area, which has seen mid- to high-single-digit rent growth on an annual basis over the last three years. This high occupancy level and rental growth rate have attracted a number of new developments around the metropolitan marketplace. In 2018, there were 2,173 units completed and an additional 898 have been delivered in 2019 as of this writing. Most of the larger scale developments have been completed by regional developers such as Nashville-based Bristol Development and Indianapolis-based Cityscape Residential. Local development companies, such as Denton Floyd, LDG Development, Hagan Development and NTS Development, …

November 20, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Arranges $46.5M Sale of Waterford Landings Apartment Complex in Clarksville, Tennessee

by John Nelson November 19, 2019

CLARKSVILLE, TENN. — Berkadia has brokered the sale of Waterford Landings, a 364-unit multifamily property in Clarksville, approximately 50 miles northwest of Nashville. Texas-based apartment management company WAK Management Co. purchased the asset for $46.5 million. Berkadia represented the Arizona-based developer and seller, Stoneleigh Cos., in the deal. Located at 135 Westfield Court, the property features studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, laundry facilities and a barbecue area. The property is near Interstate 24 and Route 79, as well as the recently opened LG plant and Google data center. Patrick Jordan of Berkadia’s Memphis office, along with Alex Blagojevich of the firm’s Chicago office, completed the sale.

November 19, 2019

Loans Multifamily South Carolina Southeast

Arbor Provides $12.4M Fannie Mae Acquisition Loan for Greenville Apartment Community

by John Nelson November 19, 2019

GREENVILLE, S.C. — Arbor Realty Trust Inc. has provided a $12.4 million Fannie Mae acquisition loan for the Hudson Orchard Park, a 172-unit apartment community in Greenville. Ryan Duff of Arbor’s New York City office originated the loan. Built in 1984, Hudson Orchard Park features outdoor amenities including a barbecue/picnic area, clubhouse with residential kitchen, large patios and balconies, pet play area and a pool, fitness center and volleyball court. Located at 49 Orchard Park Drive, the property is located less than five miles east of downtown Greenville.

November 19, 2019

Development Georgia Southeast Student Housing

Stratus Development Breaks Ground on 286-Bed Student Housing Community Near University of Georgia

by John Nelson November 19, 2019

ATHENS, GA. — Stratus Development Group has broken ground on The Haven of Athens, a 286-bed student housing community located one-and-a-half miles from the University of Georgia’s main campus in Athens. The development will offer two-, three-, four-, five- and six-bedroom, cottage- and townhome-style units with bed-to-bath parity. Shared amenities will include a resort-style swimming pool, study rooms, a fitness center, dog park, hammock park, fire pit and covered parking. The development is scheduled for completion in fall 2020.

November 19, 2019

Acquisitions Multifamily Texas

Keener Investments Acquires Two Multifamily Assets Totaling 378 Units in North Houston

by Taylor Williams November 19, 2019

HOUSTON — Keener Investments has acquired two multifamily assets totaling 378 units in North Houston. Both the 266-unit Mira Bella Apartments and the 112-unit San Martin Apartments were built in 1982 and offer amenities such as pools and fitness centers. Mira Bella also features a playground, and San Martin features a business center. The new ownership will implement a value-add program and manage the properties moving forward.

November 19, 2019

Development Multifamily New Jersey Northeast Retail

Paramount Breaks Ground on 70-Unit Multifamily, Retail Project in Plainfield, New Jersey

by Alex Patton November 19, 2019

PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include 4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.

November 19, 2019

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