Multifamily

139-Unit Senior Living Community Opens in Stillwater, Minnesota

by Kristin Harlow July 8, 2019

STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of Stillwater LLC, the parent company of The Lodge at The Lakes at Stillwater. Phase II, Birchwood Landing, is underway and will offer 30 two-bedroom lake homes for rent. Phase III, Sandhill Shores, will offer 70 one- and two-bedroom luxury apartment residences for ages 55 and up. The Goodman Group expects to employ more than 70 individuals and serve more than 139 residents. JBG Design & Development is the development partner.

July 8, 2019

Development Loans Multifamily Southeast Virginia

Berkadia Provides $22.6M HUD Construction Loan for Multifamily Community in Fishersville, Virginia

by John Nelson July 8, 2019

FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 percent loan-to-cost ratio.

July 8, 2019

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 336-Unit Apartment Community in Southeast Charlotte

by John Nelson July 8, 2019

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance Residential plans to begin construction later this year and open the community in 2020. Cline Design Associates designed Broadstone Lemmond Farm, which will feature a mix of one-, two- and three-bedroom apartments averaging 924 square feet.

July 8, 2019

Loans Maryland Multifamily Southeast

Hunt Originates Fannie Mae Loan to Refinance 223-Unit Apartment Community in Baltimore

by John Nelson July 8, 2019

BALTIMORE — Hunt Real Estate Capital has provided a Fannie Mae loan to refinance Porter Street Apartments, a 223-unit multifamily community located at 1401 Porter St. in Baltimore. The 12-year loan features a 30-year amortization schedule. Porter Street Apartments includes a 600-space parking garage and its unit mix comprises 57 studios, 107 one-bedroom apartments and 59 two-bedroom units. Hunt’s John Hurley originated the loan in connection with David Strouse of Birchwood Capital Partners on behalf of the borrower, a partnership between Mark Sapperstein and Kinsley Equities. The LEED Silver-certified property opened in 2017 as part of McHenry Row, a mixed-use project in Baltimore’s Locust Point neighborhood that is anchored by Harris Teeter.

July 8, 2019

Development Multifamily Washington Western

Binjiang, Molasky Buy Multifamily Development Site for $11.3M in Bellevue, Washington

by Jeff Shaw July 8, 2019

BELLEVUE, WASH. — Holly Yang and Mike Yeh of Kidder Mathews have negotiated the $11.3 million sale of a 16,674-square-foot multifamily development site at 10050 NE 10th St. in downtown Bellevue. Binjiang Limited Partnership and The Molasky Group of Companies purchased the property. Binjiang is a subsidiary of Binjiang Real Estate, a Chinese publicly traded real estate company. Aotong Bellevue 10th Street LLC, a private real estate investor located in Kirkland, Wash., was the seller. Aotong and architecture firm Link Design Group obtained approval in February for a seven-story, 102-unit residential apartment building with underground parking for 111 vehicles. A demolition permit has also been issued.

July 8, 2019

Acquisitions California Multifamily Western

CBRE Arranges Sale of 12-Unit Apartment Complex in Orange County

by Jeff Shaw July 8, 2019

PLACENTIA, CALIF. — CBRE has arranged the $2.9 million sale of a 12-unit multifamily property in Placentia. CBRE’s Dan Blackwell represented the seller, a private investor. Located at 911 Cypress Ave., the 9,216-square-foot property consists of 12 single-story cottages on a lot just under one acre. Each unit is 768 square feet and features two bedrooms and one bathroom, as well as a washer and dryer. The property is located in an Opportunity Zone. The complex sits within one mile of both the CA-91 and CA-57 freeways connecting Placentia to Los Angeles and Riverside counties. California State University, Fullerton is located two miles north of the site.

July 8, 2019

Acquisitions Multifamily Nevada Top Stories Western

Waterton Acquires 720-Unit Multifamily Portfolio in Las Vegas for $140M

by Taylor Williams July 8, 2019

LAS VEGAS — Waterton, a national owner-operator that specializes in multifamily and hospitality assets, has acquired a two-property, 720-unit multifamily portfolio in Las Vegas. According to the Las Vegas Review-Journal, the sales price was $140 million. The seller was not disclosed. Mirasol is a 400-unit community that was built in 1996 and features amenities such as a resident clubhouse, fitness center, pool and dog park. Fairways on Green Valley spans 320 units, was built in 1989 and offers a clubhouse, recreation center and a pool. Both properties are located about 10 miles south of downtown Las Vegas. Waterton had previously disposed of all its Las Vegas holdings in June 2017, but has re-entered the market due to exceptionally strong job growth and affordability relative to other western cities, according to company officials. “These well-located, commuter-friendly assets offer easy access to a range of high-quality schools, businesses and lifestyle amenities,” says Peter Kuzma, vice president of acquisitions at Waterton. “As the costs of homeownership continue to rise and the pool of renters increases, the value proposition for multifamily housing in this area has become particularly attractive.” Chicago-based Waterton’s initial investment plans include interior renovations and improvements to residences, as well as …

July 8, 2019

Acquisitions Arizona Multifamily Western

NorthMarq Brokers $56.7M Sale of Park at Deer Valley Apartments in Phoenix

by Jeff Shaw July 5, 2019

PHOENIX — NorthMarq has brokered the sale of Park at Deer Valley Apartments, a multifamily community located near 19th Avenue and Bell Road in Phoenix, for $56.7 million. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the transaction. Tides at Deer Valley Owner LLC, an entity formed by Los Angeles-based Tides Equities, was the buyer. Tides acquired the asset with a $49.1 million bridge loan arranged by James DuMars and Griffin Martin of NorthMarq’s debt and equity team. Park at Deer Valley LLC, an entity formed by Billah Khan of Chandler, Ariz., was the seller. Built in 1984, the 436-unit apartment community feature studio, one- and two-bedroom apartments, along with two swimming pools, five playgrounds, a dog park and multiple sport courts.

July 5, 2019

Affordable Housing Development Idaho Loans Multifamily Western

KeyBank Arranges $27M Financing for Affordable Housing Complex in Idaho

by Jeff Shaw July 5, 2019

HAILEY, IDAHO — KeyBank Community Development Lending and Investment (CDLI), along with KeyBank Real Estate Capital (KBREC), has secured $27 million to refinance and renovate Balmoral Apartments. The property is located in Hailey, a small city in central Idaho approximately 125 miles east of Boise. The financing included $10.1 million provided by CDLI, as well as $17.3 million from Freddie Mac arranged by KBREC’s commercial mortgage group. Completed in 2002, the property is a 192-unit, affordable garden-style apartment complex on four acres. Balmoral comprises 19 two- and three-story buildings offering five different floor plans with one-, two- and three-bedroom units. Site amenities include a clubhouse, fitness center, playground, picnic areas and access to an adjacent park with a soccer field and basketball courts. Dominium, which acquired the property in 2015, intends to moderately rehabilitate the property with a construction budget estimated at $52,000 per unit. The renovations will be conducted during a nine-month period while tenants are in place. Balmoral operates under the Section 42 LIHTC Program with seven units reseved for residents making up to 30 percent of area median income (AMI), 11 units at 40 percent AMI and 174 units at 60 percent AMI. Kelly Frank of Key’s …

July 5, 2019

Development Multifamily Texas

GenCap Partners Begins Work on 350-Unit Multifamily Project in Metro Houston

by Taylor Williams July 5, 2019

HUMBLE, TEXAS — Dallas-based GenCap Partners Inc. has begun construction on The Sarah at Lake Houston, a 350-unit multifamily project in the northern Houston suburb of Humble. Situated on 17 acres, the community will offer one-, two- and three-bedroom units ranging in size from 560 to 1,616 square feet. Units will feature nine-foot ceilings, wood-style flooring, quartz countertops with tile backsplashes, custom cabinets and stainless steel appliances. Amenities will include a club area with flat-screen TVs, a private party room, fitness center, pool with a sundeck and cabanas, an onsite spa and a pet park. Completion is slated for the second quarter of 2020. JHP Architects is designing the project, and Oden Hughes Taylor Construction is the general contractor. Amegy Bank provided construction financing. Chris Bergmann Jr. of JLL, along with Anne Vickery & Associates, represented GenCap Partners in the land acquisition.

July 5, 2019

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