Multifamily

CBRE Negotiates $29.5M Sale of Multifamily Complex in Metro Tampa

by Alex Tostado September 16, 2019

LARGO, FLA. — CBRE has negotiated the $29.5 million sale of Enclave on East, a 196-unit multifamily complex in Largo. The property was 95 percent occupied at the time of sale. Enclave on East is located at 3660 E. Bay Drive, 20 miles west of downtown Tampa. Communal amenities include a swimming pool, playground, picnic tables, hammocks, clubhouse, business center and a car wash area. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the seller, Insula Cos. The buyer was Providence Acquisitions LLC.

September 16, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Community in Southwest Atlanta for $23.2M

by Alex Tostado September 16, 2019

ATLANTA — FCP has acquired Ashford at Spring Lake, a 180-unit multifamily community in southwest Atlanta, for $23.2 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, playground, fitness center and a swimming pool. The complex is located at 6200 Bakers Ferry Road, 13 miles west of downtown Atlanta. Pinnacle Management, which manages 17 communities for FCP throughout the Southeast, will manage Ashford at Spring Lake. Matt White, Andrew Mays and Paul Vetter of Berkadia represented the undisclosed seller in the transaction.

September 16, 2019

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 172-Unit Apartment Community in Dallas

by Taylor Williams September 16, 2019

DALLAS — Greysteel has brokered the sale of Royal Lane, a 172-unit multifamily community in Dallas. Built in 1966, the property offers one-, two- and three-bedroom units averaging 807 square feet and amenities such as a playground and onsite laundry facilities. Doug Banerjee and Scott Simon of Greysteel represented the undisclosed seller, which previously upgraded the property’s flooring, lighting and cabinets, in the transaction. The duo also procured the buyer.

September 16, 2019

Loans Multifamily Texas

Dougherty Originates Acquisition Loan for 168-Unit Apartment Community Near Fort Worth

by Taylor Williams September 16, 2019

BEDFORD, TEXAS — Dougherty Mortgage has originated an undisclosed amount of Fannie Mae acquisition financing for Waters Park Luxury Apartments, a 168-unit multifamily community in Bedford, located northeast of Fort Worth. The pet-friendly property offers one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center and pet park. Dougherty originated the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending. The borrower was not disclosed.

September 16, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Knapp Group Brokers $7.5M Sale of Two Seniors Housing Communities in Irwin, Pennsylvania

by Alex Patton September 16, 2019

IRWIN, PA. — The Knapp Group, a division of Marcus & Millichap, has brokered the $7.5 million sale of two seniors housing properties in Irwin, located approximately 20 miles southeast of Pittsburgh. Combined, the communities comprise 95 units of independent living and assisted living. One of the properties was built in 1999 and the other in 1959. The names of the facilities were not disclosed. The seller was a physician within the community looking to retire from the seniors housing business. A local owner-operator acquired the communities for $7.5 million. Joseph Knapp of the Knapp group represented the seller.

September 16, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges $61M Sale of Continuing Care Retirement Community in Suburban Indianapolis

by Kristin Harlow September 16, 2019

CARMEL, IND. — Cushman & Wakefield has arranged the $61 million sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community in Carmel, a suburb of Indianapolis. The 372,000-square-foot campus includes 137 independent living units, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Amenities include a café, salon, fitness center, activity rooms, dining rooms and walking trails. Built in 2013, the property is situated on a nearly 20-acre site at 1335 S. Guilford Road. Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield represented the seller, Texas-based Senior Quality Lifestyles Corp. Prairie Landing Community Inc., an affiliate of Indianapolis-based BHI Senior Living, acquired the asset through a bankruptcy sale process.

September 16, 2019

Development Illinois Midwest Multifamily

Opus Completes Construction of 113-Unit Apartment Complex in Des Plaines, Illinois

by Kristin Harlow September 16, 2019

DES PLAINES, ILL. — The Opus Group has completed construction of Ellison Apartments, a 113-unit apartment complex in Des Plaines. The project, which includes 1,349 square feet of street-level retail space, was a joint venture with Berkshire Residential Investments. Amenities include a fitness center, clubroom, pet spa, game lounge and outdoor amenity deck. A grand opening event is scheduled for Thursday, Sept. 26. Opus served as developer, design-builder and structural engineer. ESG Architects designed the property.

September 16, 2019

Development Midwest Multifamily Ohio

Casto, Homeport to Build 180-Unit Workforce Housing Community in Clintonville, Ohio

by Kristin Harlow September 16, 2019

CLINTONVILLE, OHIO — Casto and its nonprofit partner, Homeport, have unveiled plans to develop Graceland Flats, a workforce housing community in Clintonville near Columbus. Of the property’s 180 units, 50 percent will be designated for renters who earn between 80 and 100 percent of the area median income. Project financing comes from the Federal Housing Administration’s construction loan program and the Affordable Housing Trust for Columbus and Franklin County. Amenities at the property will include a pool, outdoor fireplace and bike storage. A timeline for completion was not disclosed.

September 16, 2019

Acquisitions California Multifamily Western

Bascom, Artemis Buy 248-Unit Phoenix Townhomes Apartment Community in Fresno for $35M

by Amy Works September 16, 2019

FRESNO, CALIF. — The Bascom Group, in partnership with Artemis Real Estate Partners, has acquired Phoenix Townhomes, a condominium-style apartment complex located at 5355 N. Valentine Ave. in Fresno. An undisclosed seller sold the asset for $35 million, or $141,129 per unit. Constructed in 2004, Phoenix Townhomes features 248 apartments in a mix of two- and three-bedroom layouts. The property is located six miles northeast of downtown Fresno and within minutes of Fresno State University, as well as State Highways 99, 41 and 180. Mark Mimm of SVN/MJM & Associates brokered the transaction.

September 16, 2019

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

CCR North Starts Construction of Phase II at Crismon Gateway Village in Mesa, Arizona

by Amy Works September 16, 2019

MESA, ARIZ. — CCR North LLC has started construction on Phase II of Crismon Gateway Village, an approximately $40 million mixed-use project situated at the northeast corner of Crismon and Baseline roads in Mesa. The second phase will bring a mix of tenants, including Martin Dental, Vantage West and Sassy’s Café & Bakery. Current tenants include Black Rock Coffee, Bella Nail Bar, Filiberto’s, Radius Fitness and Doc’s Artisan Ice Cream. Upon completion, the master-planned community will include 22,040 square feet of retail, restaurant and office space and a 128-unit multifamily property with individual suite patios. Mary Nollenberger and Nicole Ridberg of SVN/Desert Commercial Advisors are handling leasing efforts for the development.

September 16, 2019

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