Multifamily

PPD Holdings, Residential Group Sell Multifamily Community in Metro Atlanta for $83M

by Alex Tostado August 27, 2019

DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.

August 27, 2019

Loans Multifamily Seniors Housing Texas

CBRE Arranges $34.1M Refinancing for Seniors Housing Community Near Houston

by Taylor Williams August 27, 2019

RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.

August 27, 2019

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells Mountain Vista Apartments in Las Vegas for $17.7M

by Amy Works August 27, 2019

LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.

August 27, 2019

Acquisitions Multifamily Seniors Housing Western Wyoming

Blueprint Brokers Sale of 120-Bed Skilled Nursing Facility in Wyoming

by Amy Works August 27, 2019

CASPER, WYO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in the Central Wyoming city of Casper. A New York-based owner of more than 150 facilities sold the property to a national owner-operator. The price and name of the facility were not disclosed. The asset was positioned as a value-add opportunity. At the time of sale, in-place cash flow was negative, with occupancy in multiple year-over-year decline. However, the facility was well maintained with strong historical operational performance. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

August 27, 2019

Arizona Development Mixed-Use Multifamily Restaurant Retail Western

Fore Property Acquires Mixed-Use Development Site in Downtown Phoenix for $9.3M

by Amy Works August 27, 2019

PHOENIX — Fore Property has purchased of the former O’Neil Printing facility, located at 366 N. Second Ave. in downtown Phoenix, for $9.3 million. The development site consists of 2.6 acres with three sides of street frontage. The buyer plans to develop a high-end, mixed-use project on the site. Totaling 285,000 square feet, the seven-story development will feature 323 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail and restaurant space, a rooftop deck with views of Phoenix, a pool and fitness center. Construction is slated to begin the first quarter of 2020, with completion scheduled for mid-2022. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors represented the buyer in the deal. The name of the seller was not released.

August 27, 2019

Development Multifamily Texas

Cypressbrook Breaks Ground on 316-Unit Multifamily Project in Metro Houston

by Taylor Williams August 26, 2019

SPRING, TEXAS — Cypressbrook Development Co. has broken ground on Ariza Gosling, a 316-unit multifamily project that will be situated on 12.1 acres in the northern Houston suburb of Spring. The property will feature a pool, fitness center, game room, business center, dog park and walking trails. An expected construction completion date was not provided, but it is anticipated to coincide with the arrival of more than 5,000 new jobs in the nearby Springwoods Village development. Arroyo Energy Investors recently announced its relocation to Springwoods Village, the first office lease executed at the new property.

August 26, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 299-Unit Apartment Community in Corpus Christi

by Taylor Williams August 26, 2019

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital has acquired The Palm on South Padre, a 299-unit apartment community in Corpus Christi. Built in 1973, the property features one-, two- and three-bedroom units and amenities such as two pools, dog park and outdoor grilling areas. ClearWorth will implement a value-add program that will deliver new flooring, cabinetry, backsplashes, lighting and plumbing to unit interiors, as well as upgraded signage and landscaping.

August 26, 2019

Development Multifamily North Carolina Seniors Housing Southeast

Cambridge Village Breaks Ground on 205-Unit Active Adult Community in Raleigh

by Alex Tostado August 26, 2019

RALEIGH, N.C. — Cambridge Village Optimal Living has broken ground on The Cambridge at Brier Creek, a 205-unit active adult community in Raleigh. A sales office is scheduled to open in March 2020 in advance of a planned opening in late summer 2021. Phase I of the project is located on 6.4 acres of the 12.5-acre site, and will include the community’s publicly available wellness center, Cambridge Fitness. The property is five miles from the Raleigh-Durham International Airport and will be located across the street from WakeMed’s Brier Creek Emergency Care Unit. The developer plans to partner with WakeMed to provide physical, occupational and speech therapy at the community.

August 26, 2019

Acquisitions Georgia Multifamily Southeast

Wilkinson, Torchlight Investors Buy 454-Unit Apartment Community in Metro Atlanta

by Alex Tostado August 26, 2019

MARIETTA, GA. — Wilkinson Corp. and Torchlight Investors have acquired The Arbors at East Cobb, a 454-unit apartment community in Marietta. The value-add property offers one-, two- and three-bedroom floor plans. The Arbors, previously known as The Crawford at East Cobb, was originally built in 1975. The new ownership plans to upgrade the interiors and exteriors of the property. Communal amenities include two swimming pools, a sports court, tennis court, outdoor lounge with fireplace, fitness center with yoga and spinning studio, pet care center, cybercafé and a business center. Cushman & Wakefield represented the undisclosed sellers in the transaction.

August 26, 2019

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $300M Sale of Multifamily Portfolio in New Jersey

by Alex Patton August 26, 2019

NEW JERSEY — Gebroe-Hammer Associates, a New Jersey-based firm, has brokered the $300 million sale of a multifamily portfolio with over 1,800 units in the Northeast Essex and Bergen counties of New Jersey. The portfolio comprises 134 buildings that primarily offer one- and two-bedroom layouts, as well as some duplex-style options. Ken Uranowitz, Joseph Brecher, Greg Pine, Debbie Pomerantz and Tim Blashford of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was a local investor.

August 26, 2019

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