Multifamily

IPA Negotiates $65.4M Sale of Aventura Multifamily Asset in Suburban Phoenix

by Amy Works July 18, 2019

AVONDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aventura, a multifamily property located at 10350 W. McDowell Road in Avondale, a western suburb of Phoenix. Boston Capital sold the property to an institutional investment manager for $65.4 million, or $160,294 per unit. Situated on 18.4 acres, Aventura features 408 apartments, a resort-style pool and 24-hour fitness center. Originally built in 2000, the property has undergone major improvements to its common areas and apartment interiors since 2016. Steve Gebing and Cliff David of IPA, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 18, 2019

California Development Multifamily Seniors Housing Western

Canyon Partners Invests $10.9M in West Oaks Seniors Housing Project in California

by Amy Works July 18, 2019

THOUSAND OAKS, CALIF. — Canyon Partners Real Estate LLC has provided $10.9 million of preferred equity to Griffin Living for the construction of a seniors housing community in Thousand Oaks, approximately 40 miles west of Los Angeles. The community is West Oaks, a Class A development featuring 58 assisted living units and 28 memory care units in a 103,704-square-foot, two-story building. Irwin Partners Architects designed the property. “The Thousand Oaks community is an underserved area for seniors housing and memory care with high projections for unmet demand by 2020, yet this project is currently one of only two senior living developments approved in Thousand Oaks,” says Paul Griffin, chief executive officer of Griffin Living. The transaction is Canyon’s fourth investment with Griffin since 2013. The other projects include: The Viano at Riverwalk apartments in Riverside, Calif.; the Georgian Lakeside, a 95-unit assisted living and memory care residence in Roswell, Ga; and VivaBella at Simi Valley, a 101-unit assisted living and memory care community in Simi Valley, Calif.

July 18, 2019

Acquisitions Development Multifamily Southeast Virginia

Washington Property Acquires Land in Northern Virginia, Plans 700-Unit Multifamily Community

by Alex Tostado July 17, 2019

TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown Washington, D.C. WPC plans to break ground on the twin mid-rise buildings in the next 12 to 24 months. Plans for unit interiors include quartz countertops, stainless steel appliances, wood flooring, large windows and private balconies. The property will also include 8,000 square feet of retail space. WPC has not yet selected a design team for the project.

July 17, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $44.1M Bond Financing for Seniors Housing Community Near Philadelphia

by Taylor Williams July 17, 2019

GLADWYNE, PA. — Ziegler has arranged $44.1 million in bond financing for Waverly Heights, which owns and operates a continuing care retirement community (CCRC) of the same name in Gladwyne, located northwest of Philadelphia. The 63-acre community was built in 1986 and includes 151 independent living apartments, 69 independent living villas, 33 personal care suites, 16 memory support rooms and 49 private skilled nursing rooms. The bond financing, along with other available funds, will be used to pay back existing bank debt.

July 17, 2019

Acquisitions Multifamily Northeast Rhode Island

Northeast Private Client Group Brokers $7.3M Sale of Rhode Island Apartments

by Taylor Williams July 17, 2019

PROVIDENCE, R.I. — Northeast Private Client Group (NPCG) has brokered the $7.3 million sale of Ambassador Apartments, a residential building in Providence that consists of 33 apartments and three single-family homes. The property is located near Brown University as well as the shops and restaurants of nearby Thayer Street. Tim McGeary of NPCG represented the seller, DiPrete Realty Investment, and procured the buyer, S.M.H. Grandview, both of which are based in Rhode Island. The deal closed at a capitalization rate of 5.91 percent.

July 17, 2019

Acquisitions Arizona Multifamily Western

Investors Capital Group Acquires 289-Unit Multifamily Property Near Tucson, Arizona

by Amy Works July 17, 2019

TUCSON, ARIZ. — Investors Capital Group has purchased Domain 3201, a multifamily property located within the Casas Adobes area of Tucson. Aspen Square Management sold the property for $37.7 million. Situated on more than 12 acres, Domain 3201 features 298 apartments, three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court. The property was constructed between 1985 and 1990. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 17, 2019

Arizona Development Multifamily Seniors Housing Western

Koelsch Communities Completes $40M Seniors Housing Property in Chandler, Arizona

by Amy Works July 17, 2019

CHANDLER, ARIZ. — Koelsch Communities has completed The Park at Copper Creek, an independent living community in Chandler. The $40 million property features more than 130 apartments. Amenities include a woodworking shop, theatre, veranda, and patio. In addition, there are two interior courtyards, outdoor exercise stations, and fitness center equipped with compressed air workout stations. A classic 1956 Dodge Custom Royal Lancer is also featured near the entrance, a unique feature of many Koelsch communities as an homage to the CEO’s father, who loved cars. Diana Escobedo is executive director of the new community.

July 17, 2019

California Development Multifamily Western

Intracorp Purchases Land Parcel for Apartment Development in Southern California

by Amy Works July 17, 2019

IRVINE, CALIF. — Intracorp has acquired a land parcel located at 2055 Main St. in Irvine’s Business Complex. LBA Realty sold the asset for an undisclosed price. Intracorp plans to develop a 178-unit apartment building on the 2.2-acre site, which is located at the corner of Main Street and Gillette Avenue. The property will feature five stories of residential living with a rooftop amenity deck. Construction is scheduled to begin in summer 2020, with leasing starting in late 2021.

July 17, 2019

Acquisitions Illinois Midwest Multifamily

Colliers Brokers $3.9M Sale of Two-Building Apartment Portfolio in Chicago’s Hyde Park

by Kristin Harlow July 17, 2019

CHICAGO — Colliers International has brokered the sale of a two-building apartment portfolio that contains 24 units in Chicago’s Hyde Park neighborhood for $3.9 million. The buildings are located at 5427-29 and 5430-32 S. University Ave. Both properties rise three stories and were built in the early 1900s. Tyler Hague of Colliers represented the seller, The Lutheran School of Theology at Chicago. RDG Funds LLC purchased the portfolio.

July 17, 2019

California Loans Multifamily Top Stories Western

Bellwether Enterprise Arranges $126.5M Refinancing for Newly Completed Apartment Complex Near Los Angeles

by Kristin Harlow July 17, 2019

BURBANK, CALIF. — Bellwether Enterprise Real Estate Capital LLC has arranged a $126.5 million loan for the refinancing of Talaria at Burbank in Los Angeles County. Completed in February, the apartment community is home to 241 luxury units, a ground-floor Whole Foods Market and subterranean parking. The four-story property is located at 3401-3425 W. Olive Ave. across the street from NBC, ABC, Warner Bros. and other major film/television studios. The complex features a mix of one-, two- and three-bedroom floor plans as well as two penthouse units. VTBS Architecture designed the project. Amenities at Talaria at Burbank include a resort-style pool, fitness club, rooftop bar and lounge, business center, bicycle repair shop, electronic vehicle charging stations and 24-hour concierge services. The 42,000-square-foot Whole Foods Market also features a restaurant and pub. Tom Kenny of Bellwether Enterprise arranged the 10-year loan on behalf of the borrower, Cusumano Real Estate Group. The structure enabled the borrower to lock in a long-term, fixed-rate loan prior to lease-up and included recouping a significant amount of equity at closing, according to Bellwether Enterprise. PGIM Real Estate Finance provided the funds. The mixed-use complex is somewhat infamous in the area for taking nearly 20 years to …

July 17, 2019

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