Multifamily

Davlyn Investments Acquires 187-Unit Multifamily Asset in Inland Empire for $60M

by Amy Works July 31, 2019

RIVERSIDE, CALIF. — Davlyn Investments has closed escrow on the $60 million off-market purchase of Metro Gateway, a multifamily property located in Riverside. MBK Rental Living sold the property for $60 million. Constructed in 2017, the Class A asset features 187 apartments and a modern amenity package. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller. Ryan Blair of City National Bank arranged acquisition financing for the buyer. This is Davlyn’s 11th acquisition in Southern California’s Inland Empire.

July 31, 2019

Acquisitions Connecticut Multifamily Northeast

JLL Negotiates Sale of 304-Unit Multifamily Asset in Stamford, Connecticut

by Alex Patton July 30, 2019

STAMFORD, CONN. — JLL has negotiated the sale of AVA Stamford, a 304-unit multifamily property in Stamford, a city on the southwest coast of Connecticut. The property has since been renamed Sofi at 50 Forest. The 18-story tower offers one-, two- and three-bedroom units averaging more than 1,000 square feet, each equipped with laundry appliances and patios or balconies. Amenities include a heated pool, fitness center, clubhouse and a 1.1-acre private park with tennis courts. The property, construction of which was completed in 2001, was 95 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was West Coast-based multifamily investor Pacific Urban Residential. The exact sales price was undisclosed.

July 30, 2019

Lehigh-University-Bethlehem-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Brokers $21.4 Million Sale of Student Housing Portfolio in Bethlehem, Pennsylvania

by Alex Patton July 30, 2019

BETHLEHEM, PA. — Rittenhouse Realty Advisors has brokered the $21.4 million sale of a student housing portfolio located near Lehigh University in Bethlehem, a town near the eastern border of Pennsylvania. The portfolio consists of 44 properties totaling 219 beds. The buyer in the transaction was an undisclosed family office new to the student housing market. The seller was also undisclosed.

July 30, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of 154-Unit Multifamily Portfolio in Minnesota

by Kristin Harlow July 30, 2019

MINNEAPOLIS AND SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Oak Park Village and Holmes Greenway Apartments, a multifamily portfolio comprising 154 units in Minneapolis and Saint Louis Park. Built in 1983, Holmes Greenway Apartments consists of 54 units. The six-story complex is located within a mile of downtown Minneapolis at 418 Central Ave. SE. The second property, Oak Park Village, is a 100-unit complex with floor plans ranging from 729 to 1,284 square feet. The community is located at 7267 Oak Park Village Drive in Saint Louis Park, about five miles southwest of Minneapolis. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller.

July 30, 2019

Acquisitions Florida Multifamily Southeast

Epoch Residential Sells 293-Unit Apartment Complex in Metro Orlando

by Alex Tostado July 30, 2019

MAITLAND, FLA. — Epoch Residential has sold Maitland Station Apartments, a 293-unit apartment complex located adjacent to the Maitland SunRail station in Maitland. The transient-oriented community offers one-, two- and three-bedroom floor plans averaging 942 square feet. Communal amenities include a swimming pool, fire pit, outdoor kitchen with gas grills, 24-hour fitness facility with separate CrossFit studio, cyber café, media room, game room, community kitchen, conference room, business center and a pet park with a dog washing station. Maitland Station Apartments is located at 801 Orlando Ave., nine miles north of downtown Orlando. Brett Moss and Elliott Throne of JLL represented the seller in the transaction. Nicol Investment Co. acquired the property for an undisclosed price.

July 30, 2019

Acquisitions California Loans Multifamily Western

PCCP Provides $268.4M in Financing for Acquisition of Two Apartment Towers in Los Angeles

by Amy Works July 30, 2019

LOS ANGELES — PCCP has provided $268.4 million in financing for the acquisition of two newly built, 28-story apartment towers in downtown Los Angeles. Known as The Grace and The Griffin, the Class A properties offer a total of 575 units and were delivered in late 2018 by the seller, Holland Partners. The properties are located at 732 and 755 South Spring St. Totaling 275 units, The Griffin features a mix of six studios, 155 one-bedroom, 55 two-bedroom and 59 three-bedroom apartments and 9,726 square feet of ground-floor retail space. The Grace offers 300 units in a mix of 18 studios, 195 one-bedroom, 61 two-bedroom and 26 three-bedroom layouts, as well as 7,569 square feet of ground-floor retail space. The units feature open floor plans with integrated kitchens, quartz countertops, stainless steel hardware and appliances, in-unit washers/dryers, recessed light fixtures, vinyl plank flooring and 9.5-foot ceiling heights. Each building features a resort-style infinity pool and spa, observatory rooftop lounge, bar and entertainment lounge, dog wash and run, two-story fitness center and yoga studio, business center, package delivery lockers, dry cleaning drop-off, electric vehicle charging stations and a coffee bar. Currently nearly 50 percent leased, the undisclosed buyer plans to hold …

July 30, 2019

Avesta-Residences-Hamilton-Hill-Novato-CA

California Development Multifamily Seniors Housing Western

Sundt Starts Construction of Seniors Housing Community in Bay Area

by Amy Works July 30, 2019

NOVATO, CALIF. — Sundt Construction Inc. has started construction of Avesta Residences at Hamilton Hill, a seniors housing community in the Bay Area city of Novato. The four-story building will sit on four acres and total 68,000 square feet. The community will offer 80 units of assisted living and memory care. The architect on the project is LPAS. The project is scheduled for completion by fall 2020.

July 30, 2019

Features Multifamily Seniors Housing

Despite Headwinds, Demand Remains High for Seniors Housing, Says CBRE Survey

by Jeff Shaw July 30, 2019

LOS ANGELES — Appetite for seniors housing remains strong despite higher operating costs, with nearly two-thirds of investors planning to increase their buying over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. CBRE is a global real estate services firm based in Los Angeles. The survey polled more than 100 seniors housing investors, developers, lenders and brokers throughout the United States. The results reflect pricing and sentiment at the end of 2018. The majority of investors (62 percent) aim to expand the size of their portfolios over the next year. More than one third (34 percent) are expecting no change to their level of acquisitions. The percentage of investors who plan to increase (or maintain) their level of investment in seniors housing is essentially unchanged from last year’s survey. “Senior housing demand should remain at relatively healthy levels through 2019, given expected steady economic growth and lower mortgage rates,” says Jeanette Rice, Americas head of multifamily research at CBRE. “Demographic trends are positive for the asset class, with the baby boomers nearing the traditional age for seniors housing and nearly 9,000 turning 70 every day this year.” Investors remain focused on “lifestyle” seniors housing, …

July 30, 2019

Acquisitions Multifamily Texas

Saxony Capital Acquires 310-Unit Apartment Community in Longview, Texas

by Taylor Williams July 30, 2019

LONGVIEW, TEXAS — Saxony Capital Management has acquired Pine Knoll, a 310-unit multifamily community in Longview, located about 120 miles east of Dallas. Built in 1983, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, a spa and onsite laundry facilities. Mark Brandenburg of JLL originated an undisclosed amount of fixed-rate acquisition financing through Freddie Mac for the deal. The seller was not disclosed.

July 30, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $36M for Houston Multifamily Assets

by Taylor Williams July 30, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans totaling $36 million for a pair of multifamily assets in southwest Houston. In the first transaction, Jamie Mullin of LMI Capital placed a $21 million loan for the refinancing of a 430-unit property. The loan featured a 3.99 percent interest rate and five-years of interest-only payments. In the second deal, Mullin arranged a $15 million, floating-rate loan for the acquisition of a 275-unit community. The borrowers and property names were not disclosed.

July 30, 2019

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