Multifamily

Peak Campus, Blue Vista Capital Complete 525-Bed Student Housing Community in Atlanta

by Alex Tostado September 12, 2019

ATLANTA — Peak Campus Development and investment partner Blue Vista Capital Management have completed Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Atlanta. The property offers fully furnished studio, one-, two-, three- four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool with a sundeck, outdoor grilling area, 24-hour fitness center, computer lab, study lounges, game room with billiards, outdoor lounge with a fire pit, roof deck with seating and grilling stations, business center and 10,500 square feet of retail space. The property was designed by Niles Bolton Associates Inc. and built by Summit Contracting Group.

September 12, 2019

Acquisitions Affordable Housing Georgia Multifamily Southeast

Legacy Shamrock Community Sells Affordable Housing Property in Atlanta for $23.5M

by Alex Tostado September 12, 2019

ATLANTA — Legacy Shamrock Community has sold Shamrock Gardens, a 344-unit affordable housing community in Atlanta, for $23.5 million. Built in 1967, Shamrock Gardens is an all-brick property offering one-, two- and three-bedroom floor plans. Communal amenities include a community center, computer room, two playgrounds, onsite laundry facilities, community garden and an orchard. The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is near Camp Creek Market and Hartsfield-Jackson Atlanta International Airport. Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction and procured the buyer, Alcott Capital. Greystone also provided a 10-year, $19.3 million Fannie Mae acquisition loan to Alcott.

September 12, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Provides $32M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado September 12, 2019

BOYNTON BEACH, FLA. — Hunt Real Estate Capital has provided a $32 million Fannie Mae acquisition loan to an undisclosed borrower for Savona Grand, a 214-unit apartment complex in Boynton Beach. The seven-year, fixed-rate, interest-only loan features prepayment flexibility with the interest rate dropping to 1 percent over last two years of the loan term. Built in 2003, Savona Grand was recently renovated and was 95 percent occupied at the time of sale. New management will spend $162,000 to upgrade water and energy efficiency and spend an additional $1.4 million on improvements throughout the property. Communal amenities include a swimming pool, heated spa, two tennis courts, half-basketball court, playground and a combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen, meeting rooms, central lounge and a fitness center with locker rooms and saunas. The seller was not disclosed.

September 12, 2019

Acquisitions Multifamily Texas

SWBC Acquires 348-Unit Apartment Community in Corpus Christi

by Taylor Williams September 12, 2019

CORPUS CHRISTI, TEXAS — SWBC Real Estate has acquired Stoneleigh Apartments, a 348-unit multifamily community in Corpus Christi. Built in phases between 2005 and 2008, the garden-style community features one- and two-bedroom units and amenities such as three pools, a fitness center, communal kitchen and resident clubhouse. Stoneleigh was 95 percent occupied at the time of sale. SWBC will implement a $3.5 million value-add program targeting unit interiors, amenity spaces and building exteriors.

September 12, 2019

Loans Multifamily Texas

Bellwether Enterprise Provides $56M Freddie Mac Acquisition Loan for South Austin Apartments

by Taylor Williams September 12, 2019

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $56 million Freddie Mac loan for the acquisition of Bridge at Asher Apartments, a 452-unit community in south Austin. The property is situated on 50 acres at 10505 South Interstate Highway 35 and features amenities such as two pools, a fitness center, game lounge and an outdoor fire pit. Approximately 51 percent of the units are reserved for renters earning 80 percent or less of the area median income. Kevin Bowen of Bellwether originated the loan on behalf of the undisclosed borrower.

September 12, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $13.5M for Houston Area Apartments

by Taylor Williams September 12, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $13.5 million for a pair of multifamily assets in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $7.5 million loan for the refinancing of a 100-unit property in Fort Bend County. The loan carried a fixed 3.52 percent interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $6 million loan for a 90-unit community in Texas City. That loan was structured with a fixed interest rate for seven years and three years of interest-only payments.

September 12, 2019

Colorado Development Multifamily Retail Western

Pollack Shores Real Estate Group to Develop 201-Unit Residential Village in North Boulder

by Amy Works September 12, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group plans to develop The Armory, a 201-unit residential village in North Boulder. Situated on the grounds of a former Colorado National Guard post, The Armory marks Pollack Shores’ entry into the Colorado market. Located at 4750 Broadway in the NoBo Art District, The Armory will feature a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two public pocket parks. Additionally, as part of the project, the historic, 9,500-square-foot armory mess hall and smokestack will be preserved as an activity center for residents. Originally built in 1949, the repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office. The project team includes The Mulhern Group, Martines Palmeiro Construction and JVA. Construction is scheduled to begin this fall, with delivery slated for 2021. Matrix Residential, the developer’s fully integrated property management firm, will oversee operations of the community. Armory Community LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the development.

September 12, 2019

Acquisitions California Multifamily Seniors Housing Western

Healthcare Trust Buys 117-Bed Seniors Housing Community Near San Diego

by Amy Works September 12, 2019

ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.

September 12, 2019

Loans Multifamily New Jersey New York Northeast Seniors Housing

M&T Provides $56.2M Financing for Two Seniors Housing Assets in New Jersey, New York

by Alex Patton September 12, 2019

SPRING LAKE, N.J., and NEW YORK CITY — M&T Realty Capital Corp. has provided two loans totaling $56.2 million for seniors housing communities in Spring Lake, New Jersey, and New York City. In the first transaction, Paula Quigley, Aaron Anglad and Matthew Pipitone of M&T provided a $16.1 million Fannie Mae Seniors Housing loan to refinance a 106-unit seniors housing property in Spring Lake. The 15-year loan was structured with a 4.66 percent fixed interest rate loan and four years of interest-only payments followed by a 30-year amortization schedule. In the second transaction, M&T provided a $40.5 million FHA-insured loan to refinance a 300-bed skilled nursing facility in Staten Island. The fully amortizing loan features a 35-year term, 3.9 percent fixed rate and 60 percent loan-to-value ratio. Quigley and Pipitone, along with Jennifer Kooney of M&T, secured the debt.

September 12, 2019

Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Independent Living Struggles to Keep Up With Active Adult, Say Conference Panelists

by Alex Patton September 11, 2019

ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …

September 11, 2019

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