Multifamily

SWBC Buys 248-Unit Apartment Community in Austin

by Taylor Williams August 1, 2019

AUSTIN, TEXAS — SWBC Real Estate, a Dallas-based multifamily development and investment firm, has purchased Falconhead Apartments, a 248-unit community in Austin. Built in 2003, the property is located near Lake Travis and was 94 percent occupied at the time of sale. Floor plans consist of one-, two- and three-bedroom apartments, and amenities include a pool, fitness center, clubhouse, outdoor pavilion, playground and a dog park. Kelly Witherspoon, Ryan Epstein and Justin Cole of Berkadia represented the seller, Connell Real Estate & Development Co., which invested roughly $4 million in capital improvements to the property over the last several years.

August 1, 2019

Acquisitions Multifamily Oklahoma Texas

Marcus & Millichap Arranges $8.7M Sale of Apartment Property in Oklahoma City

by Taylor Williams August 1, 2019

OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Chelsea Manor, a 187-unit apartment community in Oklahoma City. The sales price was approximately $8.7 million. Built on 7.2 acres in 1971, the property offers several different floor plans and amenities such as a pool, clubhouse and onsite laundry facilities. Derek Wilson of Marcus & Millichap represented the seller, a partnership that recently implemented a $500,000 renovation program, in the transaction. Wilson also procured the buyer, a limited liability company.

August 1, 2019

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $22.5M Sale of Multifamily Community in Miami

by Alex Tostado August 1, 2019

MIAMI — Marcus & Millichap has arranged the sale of Summer Grove Apartments, a 116-unit multifamily community in Miami. The property sold for $22.5 million, or $193,534 per unit. The community comprises 12 two-story buildings spanning five acres. Joseph Thomas, Adam Duncan, Brett McMahon and Elliot Blasser of Marcus & Millichap represented the seller, a personal trust, in the transaction. Jonathan De La Rosa, Eduardo Toledo, and Jorge Ruiz, also with Marcus & Millichap, represented the buyer, which is also a personal trust.

August 1, 2019

Development Midwest Missouri Multifamily Seniors Housing

Tutera Opens Tiffany Springs Senior Living Community in North Kansas City

by Kristin Harlow August 1, 2019

NORTH KANSAS CITY, MO. — Tutera Senior Living & Health Care has opened the 172-unit independent living portion of Tiffany Springs Senior Living Community in North Kansas City. The $55 million, 289,000-square-foot property is located at 9101 N. Ambassador Drive. Amenities include a day spa, heated pool, outdoor courtyard, yoga studio, art studio, theater room, chapel, dog park, multiple dining venues, concierge and transportation services. A breezeway connects the property to Tutera’s Tiffany Springs Rehabilitation & Health Care Center, which offers both short-term rehabilitation services and extended stays. The project team included Nearing Staats Prelogar & Jones Architects, BHC RHODES and Luke Draily Construction Co. A grand opening event is scheduled for Thursday, Sept. 26 to showcase the completion of the 89 memory care and assisted living units.

August 1, 2019

Acquisitions Indiana Midwest Multifamily

Berkadia Brokers 192-Unit Multifamily Property in Evansville, Indiana

by Kristin Harlow August 1, 2019

EVANSVILLE, IND. — Berkadia has brokered the sale of Woodbridge Place in Evansville for an undisclosed price. The 192-unit multifamily property, built in 1985, is located at 3550 Woodbridge Drive. The community was 97 percent occupied at the time of sale. Chris Bruzas and Alex Blagojevich of Berkadia’s Chicago office brokered the sale. Josh Finley of Berkadia’s Atlanta office secured acquisition financing on behalf of the buyer, Atlanta-based 4M Capital. The 12-year, fixed-rate loan features a 75 percent loan-to-value ratio. The seller was not disclosed.

August 1, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.3M Sale of Apartment Property in Clinton, Michigan

by Kristin Harlow August 1, 2019

CLINTON, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Pheasant Brook Apartments for $1.3 million. The 28-unit apartment property, built in 1986, is located at 820 Tecumseh Road in Clinton, about 21 miles southwest of Ann Arbor. The property features 14 one-bedroom units and 14 two-bedroom units. The sales price equates to $48,250 per unit. Buyer and seller information was not disclosed.

August 1, 2019

Acquisitions Arizona Multifamily Western

TruAmerica Multifamily Acquires 520-Unit Apartment Asset in Phoenix for $77.3M

by Amy Works August 1, 2019

PHOENIX — TruAmerica Multifamily has purchased Covington Park, a garden-style apartment community located in Phoenix’s Northwest Corridor. An undisclosed seller sold the asset for $77.3 million. Built in 1999, Covington Park features 520 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, private balconies or patios, walk-in closets and washers/dryers. Community amenities include a three-acre community park, lighted basketball and volleyball courts, three swimming pools, a playground, newly renovated fitness center, dog park, resident clubhouse and package receiving lockers. Additionally, the property includes 105 detached garages. TruAmerica will implement a multi-million-dollar capital improvement program at the property that will include the renovation of all unit interiors and targeted exterior and amenity space upgrades. The buyer leveraged 10-year floating-rate financing through Freddie Mac’s Multifamily Green Advantage platform for the acquisition. Brian Eisendrath of CBRE Capital Markets arranged the financing. Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch of CBRE’s Arizona office represented the seller in the deal.

August 1, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Marcus & Millichap Brokers Sale of 101-Bed Skilled Nursing Facility in New Mexico

by Amy Works August 1, 2019

FARMINGTON, N.M. — Marcus & Millichap has brokered the sale of Cedar Ridge Inn, a skilled nursing facility located at 800 Saguaro Trail in Farmington. A private investor sold the asset to another private investor for an undisclosed price. Built in 2002 on 4.5 acres, the single-story, 39,232-square-foot facility features 101 beds for seniors. Prior to the sale, the seller reduced operating capacity to fully renovate the 10-unit short-term rehabilitation wing. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office represented the seller, while Rod Llanos of Marcus & Millichap’s Houston office represented the buyer in the deal. Matthew Reeves, also of Marcus & Millichap, assisted in the transaction.

August 1, 2019

Development Multifamily New Jersey Northeast

WinnCompanies Completes $34M Renovation Project for Multifamily Asset in Bridgeton, New Jersey

by Alex Patton August 1, 2019

BRIDGETON, N.J. — WinnCompanies, a Boston-based multifamily developer, has completed renovations of a 156-unit affordable housing community in Bridgeton, about 40 miles south of Philadelphia. The project, which was valued at $34 million, upgraded appliances and HVAC systems of every unit, replaced roofs on all residential buildings and constructed a new community building with a management office and gym.

August 1, 2019

Acquisitions Multifamily New Jersey Northeast

NAI Mertz Arranges $5.2M Sale of Three Office Properties in Manalapan, New Jersey

by Alex Patton August 1, 2019

MANALAPAN, N.J. — NAI Mertz has arranged the $5.2 million sale of thee office properties totaling approximately 78,000 square feet in Manalapan, roughly 30 miles east of Trenton. The three properties, 100, 200 and 300 Craig Road, are located within Century Office Park. The NAI Mertz team also executed leases with several tenants to the properties prior to the sale, increasing occupancy to 70 percent. Jonathan Klear and Fred Meyer of NAl Mertz represented the undisclosed seller in the transaction.

August 1, 2019

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