Multifamily

SLIB Negotiates Sale of 71-Bed Skilled Nursing Facility in Pekin, Illinois

by Kristin Harlow April 9, 2020

PEKIN, ILL. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and includes 71 beds. The long-term care property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB handled the transaction.

April 9, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $18.2M Sale of Multifamily Development Site in Brooklyn

by Alex Patton April 9, 2020

NEW YORK CITY — JLL has brokered the $18.2 million sale of a development site located at 171 N. 1st St. in the Williamsburg neighborhood of Brooklyn. The buyer, Los Angeles-based developer Gemini Rosemont Commercial Real Estate, plans to develop a multifamily property on the site. The lot currently houses a 13,867-square-foot warehouse with 17-foot ceilings that was constructed in 1920. Gemini plans to demolish the warehouse before beginning ground-up construction. No further details of the development plan were disclosed. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Stanislaw Rys/Kevsta Inc.

April 9, 2020

Company News Multifamily Texas

Camden Property Trust Establishes $5M Relief Program for its Renters Affected by COVID-19

by Taylor Williams April 9, 2020

HOUSTON — Camden Property Trust, a Houston-based multifamily developer and operator, has established a $5 million resident relief fund for renters experiencing financial hardships as a result of the COVID-19 outbreak. The fund is intended to help affected residents by providing financial assistance for living expenses such as food, utilities, medical expenses, insurance, childcare and/or transportation. Grants would be offered to Camden residents in good standing and not currently on notice to vacate. Financial assistance would be capped at $2,000 per apartment home.

April 9, 2020

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Arranges Sale of 325-Unit Multifamily Portfolio in Denton

by Taylor Williams April 9, 2020

DENTON, TEXAS — Walker & Dunlop has arranged the sale of Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio and Locust Street Terrace Apartments, six apartment communities totaling 325 units and 18,000 square feet of commercial space in Denton. Each of the Class A, mid-rise properties was built between 2009 and 2014, and the portfolio had a collective occupancy rate of 94 percent at the time of sale. Kyle Palmer led a Walker & Dunlop team that brokered the transaction between the buyer and seller, both of which were locally based private equity investors. Jeremy Nussbaum, also with Walker & Dunlop, arranged acquisition financing for the buyer, which will implement $3.2 million in capital improvements across the portfolio, through a national debt fund. Loan terms included a fixed 4.5 percent interest rate, an 80 percent loan-to-value ratio and three years of interest-only payments.

April 9, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

BMO Harris Provides $12.3M Refinancing for Two Seniors Housing Properties in Pennsylvania

by Alex Patton April 9, 2020

LEBANON AND MOUNT JOY, PA. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $12.3 million refinancing for two seniors housing properties owned by Juniper Communities LLC. The loan will refinance the mortgages on Juniper Village at Lebanon and Juniper Village at Mount Joy, both located in southeastern Pennsylvania. The Lebanon location features 40 independent living and 83 assisted living units, while the Mount Joy location features 63 assisted living units. An affiliate of Juniper Communities LLC, Juniper Management LLC, has managed the Lebanon and Mount Joy locations since acquisition in 2012.

April 9, 2020

Acquisitions Multifamily Texas

Colliers Brokers Sale of 160-Unit Bella Oaks Apartments in Longview, Texas

by Taylor Williams April 9, 2020

LONGVIEW, TEXAS — Colliers International has brokered the sale of Bella Oaks, a 160-unit multifamily community in Longview, about 120 miles east of Dallas. Built in 1971, the property features one-, two- and three-bedroom units ranging in size from 688 to 1,088 square feet with granite countertops and walk-in closets. Amenities include a pool, playground and onsite laundry facilities. Mark Allen and Courtland Charles of Colliers represented the seller in the transaction. The buyer was a California-based investor that acquired the asset via a 1031 exchange.

April 9, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $26.4M Sale of Phoenix Multifamily Community

by Amy Works April 9, 2020

PHOENIX — Marcus & Millichap has arranged the $26.4 million sale of San Marina Apartments, a multifamily property located at 7002 W. Indian School Road in Phoenix. A local nonprofit organization sold the asset to an out-of-state apartment investment and management company for $65,398 per unit. Situated on 19 acres, San Marina Apartments features 400 units in a mix of one- and two-bedroom floor plans, all of which offer energy-efficient, full-size appliances, carpet and vinyl flooring, dishwashers and microwaves. Select single-level “casitas” feature private patios. Onsite amenities include security gates, two laundry facilities, a park-like atmosphere with a playground and basketball court area, a pool, spa and covered parking. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

April 9, 2020

Acquisitions Affordable Housing California Development Mixed-Use Multifamily Retail Western

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works April 9, 2020

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

April 9, 2020

Georgia Loans Multifamily Southeast

NXT Capital Provides $29.9M Acquisition Loan for Apartment Complex in Savannah

by Alex Tostado April 8, 2020

SAVANNAH, GA. — NXT Capital has provided a $29.9 million acquisition loan for Liberty Oaks in Savannah. The 300-unit property offers one-, two- and three-bedroom floor plans with rental rates ranging from $795 to $1,095 per month. Communal amenities include a fitness center, pool, playground and walking/biking trails. The community is situated at 5110 Garrad Ave., six miles southwest of downtown Savannah. Richard Jordan of CBRE originated the loan on behalf of the undisclosed borrower. The seller was also not disclosed.

April 8, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $11.8M Sale of Multifamily Community in Huntsville

by Alex Tostado April 8, 2020

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $11.8 million sale of Chaney Place, an 80-unit multifamily community in Huntsville. The property offers two- and three-bedroom, townhome-style floor plans averaging 1,350 square feet. The property, which was delivered in 2015, is situated at 1060 Chaney Place Drive, 10 miles south of downtown Huntsville. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Morrison Avenue Capital Partners, in the transaction. Birmingham-based Red Street Investment Co. acquired the property.

April 8, 2020

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