Multifamily

Berkadia Arranges Sale of Four-Property Multifamily Portfolio in Davenport, Iowa

by Kristin Harlow October 21, 2019

DAVENPORT, IOWA — Berkadia has arranged the sale of a 413-unit, four-property multifamily portfolio in Davenport for an undisclosed price. The properties, built in the late 1970s, include The Racquet Club, Candlelight Commons, Candlelight Village and Candlelight Colony. Parker Stewart, Alex Blagojevich and Michael Sullivan of Berkadia represented the seller, Iowa-based Advance Homes Inc. Colorado-based Monarch Investment and Management Group purchased the portfolio. Peter Benedetto of Berkadia secured an undisclosed amount of acquisition financing on behalf of the buyer.

October 21, 2019

Arizona Development Mixed-Use Multifamily Retail Western

CA Residential, Diamond Realty Investments Open 30-Story Mixed-Use Property in Downtown Phoenix

by Amy Works October 18, 2019

PHOENIX — CA Residential and Diamond Realty Investments have opened the first phase of The LINK PHX, a 30-story mixed-use development located in downtown Phoenix. Shepley Bulfinch served as architect, and Katerra served as general contractor for the project. Located at 330 E. Pierce St., the first phase of The LINK PHX features 257 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 450 square feet to 1,450 square feet, as well as 7,000 square feet of retail space. Each apartment features nine-foot ceilings; kitchen with European-style, soft-close cabinetry; quartz countertops; stainless steel appliances and designer fixtures; and full-size washers and dryers. At complete build-out, the three-phase development will bring more than 600 rental residences and 21,000 square feet of retail space to the Roosevelt Row Arts District over the next decade.

October 18, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 86-Unit Seniors Housing Community in Southern California

by Amy Works October 18, 2019

RANCHO CUCAMONGA, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunlit Gardens, an 86-unit assisted living and memory care community in the San Bernardino County city of Rancho Cucamonga. A joint venture between Meridian Senior Living and a Chicago-based private equity firm sold the property to an Orange County-based equity group for an undisclosed price. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

October 18, 2019

Acquisitions Multifamily Washington Western

IPA Arranges $21M Sale of Green River Village Apartment Complex in Metro Seattle

by Amy Works October 18, 2019

AUBURN, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Green River Village, a multifamily property located in Auburn. Green River Auburn LLC acquired the asset from an undisclosed seller for $21 million, or $143,835 per unit. Completed in 1976, Green River Village is situated on 3.1 acres and features 146 apartments. The property is also located approximately three miles from Green River Community College and four miles from Auburn Station. Sidney Warsinske, Ryan Dinius, Philip Assouad and Giovanni Napoli of IPA represented the seller and procured the buyer in the deal. Ray Allen and Seth Heikkila of IPA Capital Markets arranged financing for the buyer. The loan provided a structured bridge solution to fund 75 percent of both acquisition and planned renovations set to take place over the next 24-month loan term at a 5.25 percent interest-only rate of payment.

October 18, 2019

Acquisitions Arizona Multifamily Western

Westmount Realty Capital Enters Arizona Market with Purchase of Multifamily Complex in Mesa

by Amy Works October 18, 2019

MESA, ARIZ. — Westmount Realty Capital has entered the Arizona with the acquisition of 949 at the District, an apartment community located at 949 S. Longmore St. in Mesa. The buyer plans to rebrand the property as Westmount at the District. This deal marks the real estate investment company’s first acquisition in Arizona and first multifamily purchase outside of Texas. Built in 1979, the property features 154 units in a mix of one- and two-bedroom layouts that average 825 square feet. Westmount plans to renovate the property with in-unit upgrades including resurfaced counters, stainless steel appliances, refaced cabinets, faux-wood flooring, upgraded lighting and new hardware. Additionally, the renovations will include offering smart home technology, including smart thermostat, smart lock and USB outlets. Community amenities include two swimming pools, an attached clubhouse and leasing office, fitness center, outdoor grilling stations, an on-site dog park, restricted entry and covered parking. Westmount also plans to install a package locker system. Shelton Residential will manage the property.

October 18, 2019

Acquisitions Multifamily Texas

Arrowroot Acquires 192-Unit Lamar Station Apartments in Austin

by Alex Tostado October 17, 2019

AUSTIN, TEXAS — Arrowroot Real Estate, a California-based private equity firm, has acquired Lamar Station Apartments, a 192-unit community in North Austin. Built in 1983, the property’s unit interiors were recently upgraded, and Arrowroot plans to implement capital improvements to the amenity spaces as well. Charles Cirar and Michael Wardlaw of CBRE brokered the transaction, representing the undisclosed seller. Brian Eisendrath and Cameron Chalfant, also with CBRE, arranged $22.4 million in acquisition financing on behalf of Arrowroot.

October 17, 2019

Development Multifamily North Carolina Southeast Student Housing

Fountain Residential, BAM Capital to Develop Phase I of Student Housing Project Near UNC-Charlotte

by Alex Tostado October 17, 2019

CHARLOTTE, N.C. — Fountain Residential and BAM Capital will develop the first phase of a three-phase student housing project near the University of North Carolina, Charlotte. Phase I of The Vue on University will comprise 271 apartment units offering one- through four-bedroom floor plans totaling 727 beds. Communal amenities will include a swimming pool, 6,000-square-foot fitness center and multiple private study rooms. The community will be located at the corner of University City Boulevard and East Mallard Creek Church Road. Stuart Roosth Architects and Kimley-Horn Associates designed The Vue on University. MW Builders Inc. is the general contractor. Phase I is slated to be delivered in fall 2021.

October 17, 2019

Development Idaho Mixed-Use Multifamily Retail Western

Opus Group Starts Construction of 285,000 SF Mixed-Use Development in Boise

by Amy Works October 17, 2019

BOISE — The Opus Group has started construction of a mixed-use project in downtown Boise. River Caddis Development and Standard Capital, a division of Standard Cos., are developing the project. Slated for completion in summer 2021, the eight-story, 285,000-square-foot project will feature 173 apartments in a mix of micro, one- and two-bedroom floor plans, as well as 3,000 square feet of street-level retail space. The second, third and fourth floors will primarily serve as parking with 400 parking stalls and bike storage that will be privately managed by Ada County, Idaho. The remaining floors will consist of apartments, a fitness center and a landscaped rooftop courtyard. The development is located at the corner of South Third and West Myrtle streets. Opus is serving as design-builder, interior designer, architect and structural engineer of record. River Caddis and Standard Capital are co-developers and co-owners and GGLO is the design architect of the project.

October 17, 2019

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $10.5M Sale of The Montage Apartment Building in Seattle

by Amy Works October 17, 2019

SEATTLE — Marcus & Millichap has directed the sale of The Montage, a multifamily property located in Seattle. A limited liability company sold the property to a local investment company for $10.5 million in a 1031 exchange. Located at 1422 Boylston Ave., The Montage features 23 condominium units that have been operated as rental units since the property was constructed in 2007. George Miller and Spencer Clark of Marcus & Millichap represented the seller, while Christopher Hardman, also of Marcus & Millichap, represented the buyer in the deal.

October 17, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Pebb Capital Sells 647-Bed Student Housing Community Near the University of Kansas

by Kristin Harlow October 17, 2019

LAWRENCE, KAN. — Pebb Capital has sold The Rockland, a 647-bed student housing community serving students at the University of Kansas in Lawrence. The community offers one- and two-bedroom units. Shared amenities include a resort-style pool and hot tub; a 24-hour business center and fitness center; a common room with a gaming station and pool table; tanning facilities; an outdoor barbecue area with a fire pit; a coffee bar; indoor and outdoor basketball courts; and a dog park. NB Private Capital acquired the property for an undisclosed price. Kevin Larimer and Greg Gonzalez of Berkadia arranged the sale. Berkadia’s Ed Kim and Jie Lee also arranged acquisition financing on behalf of buyer.

October 17, 2019

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