Multifamily

Real Capital Solutions Sells Park Place at Fountain Hills Apartment Asset in Arizona for $63.5M

by Amy Works April 10, 2020

FOUNTAIN HILLS, ARIZ. — Louisville, Colo.-based Real Capital Solutions has completed the disposition of Park Place at Fountain Hills, a Class A multifamily property in Fountain Hills. Hong Kong-based Button Capital Limited acquired the asset for $63.5 million. Built in 2018, Park Place at Fountain Hills features 230 units; two swimming pools with lounge areas; a fitness center and separate spin room; two-story clubhouse with game room and full kitchen; business center; and package locker system. Each individual residence offers high-end finishes, including nine-foot ceilings, stainless steel appliances, wood-plank flooring, quartz countertops, full-size washers and dryers, and private balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE structured the transaction for the seller. Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE Debt & Structured Finance arranged acquisition financing for the buyer in the transaction.

April 10, 2020

Loans Multifamily Washington Western

NorthMarq Arranges $22.5M Refinancing for Sawyer Trail Townhomes in Washington

by Amy Works April 10, 2020

FREDERICKSON, WASH. — NorthMarq has secured $22.5 million in refinancing for Sawyer Trail Townhomes, a multifamily property located at 17516 44th Ave. East in Frederickson. This is the third phase of the Sawyer Trails development, consisting of 90 townhome units. Bob Spiro and Scott Moline of NorthMarq arranged the permanent fixed-rate loan that was structured with a 10-year term on a 30-year amortization schedule. The firm secured financing for the undisclosed borrower through its in-house Fannie Mae team. According to Spiro, this is the third phase of an $80 million finance package over the last two years with Fannie Mae.

April 10, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $12.2M Sale of Three-Property Multifamily Portfolio in Denver

by Amy Works April 10, 2020

DENVER — CBRE has negotiated the sale of a three-property multifamily portfolio located in Denver’s Cheesman Park and Congress Park neighborhoods. A local investment group purchased the portfolio from a local private investor for $12.2 million. The asset includes the 27-unit Park Lafayette at 950 Lafayette St., the 12-unit 1120 York at 1120 York St. and the 12-unit 1136 York located at 1136 York St. The buyer plans to renovate the few remaining unrenovated units and update the common areas of the 51-unit, 31,280-square-foot portfolio. Select units in Park Lafayette offer premium finishes, including quartz countertops, new cabinets, stainless steel appliances and plank flooring. The property also has a pool, lounge area with a gas firepit and barbecue grill. Robert Bratley of CBRE’s Denver office represented the seller in the deal.

April 10, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 94-Site Manufactured Housing Community in Nash, Texas

by Taylor Williams April 10, 2020

NASH, TEXAS — Marcus & Millichap has arranged sale of Oakwood Mobile Home Park, a 94-site manufactured housing community in Nash, located just outside Texarkana in the northeast corner of the state. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

April 10, 2020

Development Illinois Midwest Multifamily Seniors Housing

Holland Construction Services Underway on 149-Unit Senior Living Community Near St. Louis

by Kristin Harlow April 10, 2020

O’FALLON, ILL. — Holland Construction Services is underway on a $39 million senior living community known as Keystone Place at Richland Creek in O’Fallon, about 20 miles east of St. Louis. Upon completion, the four-story building will offer 64 independent living units, 66 assisted living units and 19 memory care units. There will also be one guest suite. The five-acre development will also feature a memory garden and a courtyard. Keystone Senior Management Services Inc. is the developer. Completion is slated for early 2021. The project is being constructed next to Parkway Lakeside Apartments, which Holland built several years ago.

April 10, 2020

Market Reports Multifamily Texas Texas Market Reports

How Workforce Housing Owners in Texas Can Help Tenants Amid COVID-19 Crisis

by Taylor Williams April 10, 2020

Multifamily developers across the country know that these are unprecedented and uncertain times for nearly everyone due to COVID-19. Houstonians making up our workforce, which many consider “the essential class,” include professionals like teachers, police officers, nurses and firefighters who invest in other peoples’ betterment every day. These are the people who are working day in and day out to provide us with various fundamental needs during this time of mandated quarantine. Many of these individuals are tenants of workforce housing properties, and to the relief of developers, are most essential to the world right now. However, not all jobs can be kept, and with over 3 million people in the United States having lost their jobs in just a week’s time, necessary processes and procedures about how to work with residents who might be in a financial bind due to COVID-19 have become a requirement. In early March, developers including our firm began to work with both the National Apartment Association and the Houston Apartment Association for recommended guidelines to effectively help our tenants who need it most. Additionally, several landlords came together to better understand what other complexes are doing on the ground to best serve our residents. …

April 10, 2020

Features Multifamily Student Housing

The Art and Science of Branding, Repositioning Student Housing Communities

by Alex Tostado April 10, 2020

When prospective college student residents and their parents first encounter a housing property, be it in person or online, the brand is undoubtedly one of the first things they notice. Along with the name of the property, they’ll notice the logo and color scheme, and gradually the story told by other aspects of the building as well, from amenities to design choices. Returning students will usually have heard about the property one way or another, and will have an idea of what sort of reputation it enjoys around campus. Creating and maintaining a consistent, desirable brand is one of the paramount functions of student housing owners and operators, especially in today’s climate where there are usually many choices and discerning students carry high expectations into property tours. Student housing marketing agencies have in turn spent more and more time perfecting their brands in recent years, hoping to create an entity that aligns with students’ values. “It’s very important to establish your identity, understanding who your target market is, how you are unique and how you want to speak to the audience,” says Barbara Gretsch, co-owner and vice president of MSSmedia. “It’s really about building your perception among the customer base.” …

April 10, 2020

Development Florida Loans Multifamily Southeast

NKF Arranges $16.1M Construction Loan for Multifamily Community in Metro Tampa

by Alex Tostado April 9, 2020

ST. PETERSBURG, FLA. — Newmark Knight Frank (NKF) has arranged a $16.1 million construction loan for Gallery 3100, a planned 122-unit, four-story multifamily community in St. Petersburg. The borrower, a joint venture between Mosaic Development LLC and The Brookview Cos., plan to complete the project by spring 2021. Gallery 3100 will feature one- and two-bedroom floor plans ranging in size from 663 to 1,098 square feet. The community will also offer 17 workforce housing units. Matthew Williams and James Maynard of NKF arranged the loan through Synovus Bank.

April 9, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Negotiates Sale of 380-Unit Apartment Complex in Asheville

by Alex Tostado April 9, 2020

ASHEVILLE, N.C. — Cushman & Wakefield has negotiated the sale of The Reserve at Asheville, a 380-unit apartment complex in Asheville. The property offers studio to three-bedroom floor plans, as well as a business center, clubhouse, storage space, pool, fitness center, playground and a picnic area. The Reserve at Asheville is situated at 11 Asheville Springs Circle, seven miles west of downtown Asheville. The property has averaged 95 percent occupancy over the past two years. Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented the seller, Greensboro, N.C.-based Carlisle Residential Properties, in the transaction. Greenville, S.C.-based Graycliff Capital Partners acquired the property.

April 9, 2020

Acquisitions Illinois Midwest Multifamily

SPNA Buys Condo Property in Chicago for $44M, Plans Deconversion

by Kristin Harlow April 9, 2020

CHICAGO — SPNA has purchased 21 East Chestnut Condominiums in Chicago’s Gold Coast neighborhood for $44 million with plans to convert the condo property into apartment units. Built in 1962 and converted to condos in 1979, the 25-story multifamily tower features 163 units. Floor plans range from studios to two-bedroom units. Amenities include a rooftop lounge, sauna, fitness center, bike room and resident storage lockers. Sam Haddadin and Dan Cohen of CBRE represented the seller, 21 East Chestnut Condo Association. “The owners overwhelmingly voted in support of the deconversion sale,” says Haddadin. “They were able to receive a much higher value for their units by selling together as an association.” Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent.

April 9, 2020

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