Multifamily

Cortland Partners Receives $340M Financing for Acquisition of Pure Multi-Family REIT

by Alex Patton April 3, 2020

ATLANTA — Walker & Dunlop has provided a $340 million loan for the acquisition of Pure Multi-Family REIT (TSX: RUF), a publicly traded Canadian real estate investment trust. Atlanta-based real estate firm Cortland Partners LLC acquired Pure late last year in a $1.2 billion all-cash transaction, which included a 22-property multifamily portfolio totaling 7,085 units. All properties in the portfolio are located in the Sun Belt region of the United States, which spans from the southern half of California to South Carolina. A large portion of the portfolio is located in Houston and Dallas, and the deal will make Cortland the largest multifamily owner-operator in the Dallas-Fort Worth area. Cortland plans to implement a capital improvement investment in each of the properties to improve the exteriors, landscaping, amenities and interior unit finishes. “The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” says Mike Altman, chief investment officer of Cortland. “By executing our financing on this acquisition, [Walker & Dunlop has] allowed us to continue our growth in these markets.” Aaron Appel, Keith Kurland and Jonathan Schwartz led the Walker & Dunlop financing team. Deutsche Bank served as a lending partner. — Alex Patton

April 3, 2020

Development Florida Multifamily Southeast

Fore Property, Canyon Partners to Develop 384-Unit Multifamily Community in Metro Orlando

by Alex Tostado April 2, 2020

KISSIMMEE, FLA. — A joint venture between Fore Property and Canyon Partners Real Estate LLC will develop 19 South, a planned 384-unit multifamily community in Kissimmee. BBVA provided a $49.6 million construction loan for the project, which is situated within an Opportunity Zone. Canyon Partners invested $29.8 million in the community, which is slated to open in May 2022. The project will comprise four four-story buildings offering studio to three-bedroom floor plans with chef-inspired gourmet kitchens, quartz countertops, energy-efficient stainless steel appliances, walk-in closets and hardwood-style flooring. Units will range in size from 670 to 1,437 square feet. Communal amenities will include two pools, an arcade, gaming area, 24-hour fitness center, park and a pet spa. Fore Construction LLC is leading the development of 19 South.

April 2, 2020

Colorado Development Loans Multifamily Western

JLL Arranges $18.8M Loan for Bloom at Cherry Creek Apartment Development in Denver

by Amy Works April 2, 2020

DENVER — JLL has arranged $18.8 million in financing for the development of Bloom at Cherry Creek, a multifamily property located at 4700 E. Kentucky Ave. in Denver. Kristian Lichtenfels and Matt Steffen of JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank. Situated on 1.1 acres within Denver’s Cherry Creek district, Bloom at Cherry Creek will feature 111 apartments in a mix of one- and two-bedroom layouts. Units feature white shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers. The five-story, podium-style property is slated for completion in mid-2021. Community amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.

April 2, 2020

California Development Loans Multifamily Western

Counterpointe Closes $14.5M in C-PACE Financing for Multifamily Project in Los Angeles

by Amy Works April 2, 2020

LOS ANGELES — Counterpointe Sustainable Real Estate (CounterpointeSRE) has closed a Commercial Property Assessed Clean Energy (C-PACE) transaction totaling $14.5 million in financing through the California Statewide Communities Development Authority’s Open PACE program. The financing will support energy efficiency, seismic strengthening and water conservation measures at a new multifamily property, which LiveWorkCreate is developing. Located at 2870 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles, the seven-story multifamily development will feature 126 units, ground-floor retail space and a parking garage. Upgraded sustainability features are projected to reduce electricity and water consumption, as well as greenhouse gas emissions. The upgraded multifamily property is slated for completion in 2022. The $14.5 million in C-PACE funding for the project is being used to directly support energy-efficient infrastructure investments throughout the building, including building envelope, interior lighting, HVAC, low-flow fixtures and high-efficiency domestic hot water.

April 2, 2020

Development Multifamily Washington Western

SummerHill Apartment Communities Buys Transit-Oriented Development Site in Metro Seattle for $12.3M

by Amy Works April 2, 2020

BELLEVUE, WASH. — SummerHill Apartment Communities has acquired a 1.4-acre transit-oriented development site, located at 1600 132nd Ave. NE in Bellevue. The property is situated next to the planned Bel-Red/130th East Link light rail station. A private family office sold the asset for $12.3 million, or $200 per land square foot. SummerHill received approval in March to construct a 249-unit multifamily building. Runberg Architecture Group designed the project, which will feature a courtyard that will face the new light rail station. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the deal.

April 2, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates Sale of Lakewood Memory Care in Colorado for $8.5M

by Amy Works April 2, 2020

LAKEWOOD, COLO. — Evans Senior Investments (ESI) has arranged the sale of Lakewood Memory Care, a 46-unit memory care facility, for $8.5 million, or $185,000 per unit. Located 10 miles south of downtown Denver in Lakewood, the facility totals 52 beds. The property was built in 2016 and is 100 percent private pay. It was 75 percent occupied at the time of sale. ESI represented the seller in the transaction, an independent investor group that had partnered with a national operator. This was the investor group’s only seniors housing asset. The buyer was a nonprofit owner-operator with a regionally focused seniors housing portfolio in Colorado.

April 2, 2020

Multifamily Texas

Texas Gov. Abbott Introduces Rental Assistance Program for Residents Upended by COVID-19

by Taylor Williams April 2, 2020

AUSTIN, TEXAS — Texas Gov. Greg Abbott and the Texas Department of Housing and Community Affairs (TDHCA) have introduced a tenant-based, rental assistance program for Texans experiencing financial hardships as a result of COVID-19. The governor has waived statutes related to HUD’s HOME Investments Partnership program, which provides grants in partnership with local nonprofits to build, buy and rehabilitate affordable housing. Waiving these statutes gives Texans more flexibility in using these funds to pay rent, and the governor’s office has officially requested federal waivers from HUD to allow funds to be reprogramed for that purpose. The move to help Texans maintain their housing coincides with the governor’s mandate, effective April 1, for all Texans to stay at home except for when engaging in essential activities. Texas had approximately 4,000 positive COVID-19 cases as of the morning of Thursday, April 2.

April 2, 2020

Acquisitions Multifamily Texas

FourPoint Arranges Sale of 278-Unit Windrush Apartments in Fort Worth

by Taylor Williams April 2, 2020

FORT WORTH, TEXAS — FourPoint Investment Sales Partners has arranged the sale of Windrush Apartments, a 278-unit multifamily community in Fort Worth. Built in 1984, the property features both apartment and townhomes with full-size appliances, vaulted ceilings, and fireplaces. Community amenities include two pools, a fitness center, basketball court and picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the seller, Shore to Shore Properties, in the off-market transaction. The California-based buyer will implement a value-add program.

April 2, 2020

Iowa Midwest Multifamily

Fourmidable to Manage Three Apartment Communities in Waterloo, Iowa

by Kristin Harlow April 2, 2020

WATERLOO, IOWA — Fourmidable has been awarded the management contract for three apartment communities in Waterloo, about 55 miles northwest of Cedar Rapids. This marks Fourmidable’s first properties in the state of Iowa. The assets include Camelot Apartments, an 82-unit affordable seniors housing community; Crossroads Square, an 81-unit affordable seniors housing property; and Hotel President Apartments, an 84-unit affordable housing property.

April 2, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $41M Acquisition Loan for Bela Apartments in Jersey City

by Alex Patton April 2, 2020

JERSEY CITY, N.J. — JLL has arranged a $41 million acquisition loan for Bela Apartments, a 104-unit luxury apartment building in Jersey City. Ares Commercial Real Estate Corp. provided the two-year, floating-rate loan to the borrower, Golden Glades Capital Management. Completed in 2019, the eight-story property features one- and two-bedroom apartments, a fitness center, yoga studio and approximately 2,600 square feet of ground-level retail. Thomas Didio and Matthew Pizzolato of JLL arranged the loan. Golden Glades acquired the property from a partnership between Alpine Development, Fields Development Group and Grade Development Co. in mid-March for $53.

April 2, 2020

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