Multifamily

CBRE Brokers $21.8M Sale of Copperleaf Place Apartment Complex in Fort Collins, Colorado

by Amy Works August 14, 2019

FORT COLLINS, COLO. — CBRE has arranged the sale of Copperleaf Place, a multifamily community in Fort Collins. Brinkman sold the asset to California-based Warm Springs Holdings for $21.8 million. Located at 3425 S. Shields St., Copperleaf Place features 94 apartments across three rental buildings on 2.8 acres. At the time of sale, the property was 96.8 percent occupied. Built in 2018, the community features a clubhouse, 24-hour fitness center and dog park. Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE Capital Markets represented the seller in the transaction.

August 14, 2019

Acquisitions Arizona Multifamily Western

Berkadia Negotiates $13.5M Sale of Two-Property Multifamily Portfolio in Metro Phoenix

by Amy Works August 14, 2019

PHOENIX AND SCOTTSDALE, ARIZ. — Berkadia has brokered the sale of a two-property multifamily portfolio located in Phoenix and Scottsdale. Colorado-based Birch LLC sold the portfolio to Phoenix-based ZH Multifamily for $13.5 million. The properties are Oak Tree, a 76-unit community located at 3620 E. McDowell Road in Phoenix built in 1984, and Scottsdale 5th Avenue, a 59-unit complex located at 6405 E. Indian School Road in Scottsdale built in 1968. Scottsdale 5th Avenue sold for $6.6 million, or $111,864 per unit, and Oak Tree sold for $6.9 million, or $90,789 per unit. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.

August 14, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 265-Unit Apartment Complex in Fort Worth

by Taylor Williams August 14, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.

August 14, 2019

Acquisitions Midwest Multifamily Ohio

Reichle Klein Group Brokers $29.4M Apartment Portfolio Sale in Ohio

by Kristin Harlow August 14, 2019

TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.

August 14, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 253-Unit Multifamily Asset in Dallas

by Taylor Williams August 14, 2019

DALLAS — Minneapolis-based Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Sedona Ranch, a 253-unit multifamily asset in Dallas. The property features one-, two- and three-bedroom units and amenities such as a two pools, a picnic area and onsite laundry facilities. Dougherty arranged the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 2749 Sedona Ranch LLC.

August 14, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 33-Unit Memory Care Community in Dallas

by Taylor Williams August 14, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.

August 14, 2019

Market Reports Multifamily New York Northeast Northeast Market Reports

NYC Multifamily Investors Pivot to Find New Opportunities After Rent Reform Laws

by Taylor Williams August 14, 2019

On June 14th, the New York State legislature passed a series of stringent rent regulation reforms. The laws damaged property owners’ means of making money by strengthening tenant protections, capping rent increases and keeping units permanently stabilized. A quick Google search will explain the specifics regarding IAIs, J51s, eviction, buyouts, vacancy bonus and decontrol. In short, landlords will face rising taxes, higher water and sewer bills and elevated construction costs with no mechanism to raise rents to outpace or even match these expenses. Gloom was in the air until an auspicious turn of events occurred on June 21st, just one week after the new rent laws passed. A Pennsylvania woman won a momentous victory in the U.S. Supreme Court that opened the doors for property owners to go directly to federal court without going to state court first. The timing was nothing short of incredible. Essentially, the decision paves the way for New York City landlords to get a fast-track hearing by the Supreme Court, which may view the these new rent laws as going too far and violating owners’ constitutional rights. In weeks to follow, property owners spoke with each other and with major law firms to get a …

August 14, 2019

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $14.5M Refinancing for Seniors Housing Property Near Akron, Ohio

by Kristin Harlow August 13, 2019

TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.

August 13, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Buy 300-Unit Apartment Complex in West Jacksonville

by Alex Tostado August 13, 2019

JACKSONVILLE, FLA. — A partnership between Balfour Beatty and ApexOne Investment Partners has bought Landings at Lake Gray, a 300-unit apartment complex in west Jacksonville. The property was built in 2005 and offers one-, two- and three-bedroom floor plans averaging 952 square feet. Community amenities include a swimming pool, fitness center, clubhouse, outdoor kitchen and a playground. The buyers plan to immediately renovate the 14-acre property, which will encompass improvements to landscaping and curb appeal, an upgraded amenity package and interior renovations to further modernize kitchens, lighting and flooring. Shelton Granade, Joe Ayers and Cliff Taylor of CBRE represented the seller in the transaction, American Landmark. The sales price was not disclosed.

August 13, 2019

Acquisitions Florida Multifamily Southeast

Bell Partners Acquires 249-Unit Multifamily Community in South Florida

by Alex Tostado August 13, 2019

POMPANO BEACH, FLA. — Bell Partners has acquired Overlook Pointe, a 249-unit multifamily community in Pompano Beach. The Greensboro, N.C.-based investor will rename the community Bell Lighthouse and manage the property. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, barbecue area with grills, fitness center, free Wi-Fi in common areas, coffee bar and a six-story parking garage with 413 spaces. The seller and sales price were not disclosed.

August 13, 2019

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