Multifamily

Jupiter Equities Acquires 140-Unit Caliber at Cornerstar Apartment Complex in Colorado for $40.7M

by Amy Works July 16, 2019

AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.

July 16, 2019

Development Multifamily Oregon Western

Wood Partners Breaks Ground on 314-Unit Alta Art Tower in Portland, Oregon

by Amy Works July 16, 2019

PORTLAND, ORE. — Wood Partners has broken ground on Alta Art Tower, a Class A multifamily property located at 1516 SW Alder St. in Portland. The high-rise tower will feature 314 units in a mix of studio, one-, two- and three-bedroom floor plans. Units will feature quartz kitchen countertops; stainless steel Energy Star appliances, including gas cooking ranges; vinyl-wood flooring; en-suite master baths with custom-framed mirrors; tile shower surrounds and soaking tubs; walk-in closets; and solar shades. The community is central to a variety of art, cultural and retail in the Portland neighborhoods of Downtown, Pearl District, West End, Goose Hollow and Alphabet District.

July 16, 2019

Acquisitions Illinois Midwest Multifamily

Monument Capital Management Acquires 176-Unit Multifamily Property in Woodbridge, Illinois

by Kristin Harlow July 16, 2019

WOODBRIDGE, ILL. — Monument Capital Management, an A-Rod Corp. company, has acquired Townhomes at Highcrest in Woodbridge for an undisclosed price. Monument plans to make approximately $1.5 million in capital improvements, including the installation of new flooring, modern appliances, new landscaping and the addition of a fitness center. Built in 1968, the property includes a pool and laundry facilities. This is Monument’s third property in the Chicago area and is part of Monument Opportunity Fund IV, which was launched earlier this year. Highcrest Apartments LLC was the seller.

July 16, 2019

Acquisitions Georgia Multifamily Southeast

GPC Partners Acquires Multifamily Community on Atlanta BeltLine for $66.3M

by Alex Tostado July 15, 2019

ATLANTA — GPC Partners has acquired Alexan on Krog, a 222-unit multifamily community situated along the Atlanta BeltLine’s Eastside Trail and near Krog Street Market. Rule Joy Trammell Rubio (RJTR) developed the property, which opened in 2015. Located at 44 Krog St. NE in Atlanta’s Inman Park neighborhood, the property offers one- and two-bedroom floor plans, as well as communal amenities such as a clubhouse, business center, bark park, rooftop terrace, courtyard, pet washing station and a saltwater pool. GPC Partners will rebrand the property as Ayla on Krog. An undisclosed insurance company provided Miami-based GPC with a $42 million acquisition loan. JLL represented the borrower in obtaining the loan. The seller was not disclosed.

July 15, 2019

Acquisitions Multifamily South Carolina Southeast

SYNCO Properties Sells Two Apartment Complexes in North Carolina for $49.5M

by Alex Tostado July 15, 2019

GREENVILLE, N.C. — SYNCO Properties Inc. has sold two apartment complexes totaling 645 units in Greenville for $49.5 million. The two properties are The Madison and Southgate. The Madison offers one- and two-bedroom floor plans with communal amenities such as a 24-hour fitness center, swimming pool, clubhouse, pet park and a cyber café. Southgate offers one-, two- and three-bedroom floor plans. Communal amenities at Southgate include a fitness center, clubhouse, swimming pool, pet park and a grilling and picnic area. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the Charlotte-based seller in the transaction. Monarch Investment & Management acquired the properties.

July 15, 2019

Loans Multifamily Northeast Seniors Housing Vermont

Carnegie Capital Arranges $29M Loan for Refinancing of Seniors Housing Property in Vermont

by Taylor Williams July 15, 2019

VERMONT — Carnegie Capital, a financial intermediary based in Austin, Texas, has arranged a $29 million loan for the refinancing of a seniors housing community in Vermont. The Class A property, the name of which was not disclosed, includes 80 units and offers assisted living and memory care services. The one-year, interest-only loan will be used to refinance existing construction debt. The borrower was also undisclosed.

July 15, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 208-Unit Apartment Community in Dallas

by Taylor Williams July 15, 2019

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae acquisition financing for Northhaven Terrace, a 208-unit multifamily community in Dallas. The property was built in 1968 and consists of 26 two-story buildings and a leasing office. Dougherty arranged the funds through a partnership with Old Capital Lending on behalf of un undisclosed limited liability company.

July 15, 2019

California Loans Multifamily Western

JLL Arranges $222.5M Refinancing for Two Multifamily Properties in San Diego

by Amy Works July 15, 2019

SAN DIEGO — JLL has secured $222.5 million in refinancing on behalf of Sunroad Enterprises for two apartment assets within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market arranged the 10-year, fixed-rate loan for the borrower. Totaling 803 units, the portfolio includes Ariva, a 253-unit property, and Vive on the Park, a 550-unit asset. Built in 2014, Ariva features studio, one- and two-bedroom units ranging in size from 595 square feet to 1,241 square feet. Community amenities at Ariva include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall. Completed in 2019, Vive on the Park features studio, one-, two- and three-bedroom units with a variety of community amenities, including rooftop lounges, pool, spa, multi-level fitness center, business center, sand fire pits, wooded elevated deck, clubroom, game room, social club and on-site storage.

July 15, 2019

California Development Multifamily Seniors Housing Western

Public-Private Partnership Breaks Ground on $36M Alameda Point Senior Apartments in Bay Area

by Amy Works July 15, 2019

ALAMEDA, CALIF. — The City of Alameda, Eden Housing and Alameda Point Partners have broken ground on Alameda Point Senior Apartments, a 60-unit affordable seniors housing community in Alameda, just south of Oakland. Development costs are estimated at $36 million. The community will be located at Alameda Point’s Site A, a $1 billion mixed-use, transit-oriented waterfront development on the site of the former Naval Air Station Alameda, which closed over 20 years ago. Alameda Point Senior Apartments includes 48 one-bedroom and 12 two-bedroom apartments that will be available to seniors with annual incomes from 20 to 60 percent of the Alameda County Area Median Income. Thirty units will serve seniors experiencing homelessness, of which 28 will serve veterans exiting homelessness. “Alameda has stepped up to provide homes for those without housing, most importantly for homeless veterans who have served our county,” said City of Alameda Mayor Marilyn Ezzy Ashcraft. “I can’t think of a better place to do that than at the former Naval Air Station.” Supportive services will be delivered to residents through a collaboration between Operation Dignity, Eden Housing and the VA. This development is being built using green building techniques and materials and incorporates a number of …

July 15, 2019

Acquisitions Multifamily New Mexico Western

Marcus & Millichap Brokers Sale of 240-Unit Multifamily Property in New Mexico

by Amy Works July 15, 2019

HOBBS, N.M. — Marcus & Millichap has arranged the sale of Homestead, a multifamily property located in Hobbs. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not released. Built in 2016 and situated in 10.6 acres, Homestead features 240 apartments with high-end interior finishes. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer in the deal. Matt Reeves of Marcus & Millichap is the broker of record in New Mexico.

July 15, 2019

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