Multifamily

Berkadia Funds $79.5M Refinancing Loan for Apartment Community in South Florida

by Alex Tostado May 20, 2019

PALM BEACH GARDENS, FLA. — Berkadia has provided a $79.5 million Freddie Mac refinancing loan for Turnbury at Palm Beach Gardens, a 540-unit apartment community in Palm Beach Gardens. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated the seven-year, fixed-rate loan with three years of interest-only payments on behalf of Advenir at PGA LLC. Turnbury was built in 1974 and offers one-, two- and three-bedroom floor plans. Community amenities include three swimming pools, lounge furniture, an outdoor kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and a dog park.

May 20, 2019

Acquisitions Multifamily Texas

Olympus Property Sells 374-Unit Multifamily Asset in Northwest Houston

by Taylor Williams May 20, 2019

HOUSTON — Fort Worth-based Olympus Property Group has sold The Tradewinds at Willowbrook, a 374-unit multifamily community in northwest Houston. The property was built in 2007 and consists of 14 three-story buildings. Floor plans comprise one-, two- and three-bedroom units averaging 920 square feet, with select units offering wood floors, patios and fireplaces. Amenities include a resort-style pool, jogging trails, a business center, fitness center and outdoor picnic area with gas grills and lake views. Ryan Epstein and Jennifer Ray of Berkadia handled the sale on behalf of Olympus. The buyer was Cortland, an Atlanta-based multifamily owner-operator, which purchased the community for an undisclosed price.

May 20, 2019

Acquisitions Multifamily Texas

NKF Brokers Sale of 330-Unit Apartment Community in Metro Austin

by Taylor Williams May 20, 2019

ROUND ROCK, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of The Ace, a 330-unit multifamily community located in the northern Austin suburb of Round Rock. The Class A property is located near the corporate campuses of Dell, Apple and Samsung, as well as The Domain, a shopping and dining destination. Units at the property, which was built in 2018, average 918 square feet and offer wood-style flooring, stainless steel appliances and granite countertops. Amenities include a pool, multiple outdoor recreation areas, 24-hour fitness center and coworking facility with private offices and collaborative space. Patton Jones of NKF represented the seller, Birmingham-based LIV Development, which sold the property to Virginia-based Weinstein Properties for an undisclosed price. The Ace was 95 percent occupied at the time of sale.

May 20, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.4M Sale of Apartment Building in Becker, Minnesota

by Jeff Shaw May 20, 2019

BECKER, MINN. — Marcus & Millichap has brokered the $1.4 million sale of Martin Estates in Becker, which is 46 miles northwest of Minneapolis. The 24-unit apartment building is located at 12051 Hancock St. Built in 1977, the property features a mix of one- and two-bedroom units. Chris Collins, Evan Miller, Abe Roberts and Ryan Spengler of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Collins and Miller procured the buyer, a private investor.

May 20, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 40-Unit Seniors Housing Community Near Austin

by Taylor Williams May 20, 2019

PFLUGERVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Heatherwilde Assisted Living, located in the Austin suburb of Pflugerville. A local partnership looking to exit the seniors housing industry sold the property to a Fort Worth-based owner-operator for an undisclosed price. Heatherwilde features 40 units on a 2.6-acre lot. The community is situated adjacent to Pflugerville Health Care Center and Pflugerville Middle School. Matthew Alley of SLIB arranged the sale as a value-add opportunity for the buyer.

May 20, 2019

Berkeley-at-Waypointe-Norwalk-ConnecticutWaypointe-at-Berkeley-Norwalk-Connecticut

Connecticut Loans Multifamily Northeast

CBRE Arranges $53.5M Loan for Refinancing of Multifamily Assets in Norwalk, Connecticut

by Taylor Williams May 20, 2019

NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.

May 20, 2019

Loans Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

by Taylor Williams May 20, 2019

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.

May 20, 2019

Acquisitions Multifamily Nevada Western

MAXX Properties Acquires 609-Unit Villas at Green Valley Multifamily Community Near Las Vegas

by Amy Works May 20, 2019

HENDERSON, NEV. — MAXX Properties has purchased Villas at Green Valley, a multifamily property located in Henderson, for an undisclosed price. The name of the seller was not released. Developed in 1984 and 1986, Villas at Green Valley features 609 apartments spread across 38 buildings. The community offers one-, two- and three-bedroom floor plans with an average unit size of 781 square feet. Community amenities include two swimming pools, a spa, fitness center, playground, sports court, two dog parks, picnic pavilions with barbecue grills, parcel lockers, business center and resident lounge with game room. MAXX plans to complete a modernization program at the property, including improvements to the clubhouse, all common areas and unit interiors. The acquisition was partially capitalized through the sale of Cedar Run Apartments in Denver. Additionally, MAXX entered into a long-term, fixed-rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.

May 20, 2019

Acquisitions Multifamily Washington Western

Security Properties, Rockwood Capital Buy 512-Unit Multifamily Property in Washington

by Amy Works May 20, 2019

MOUNTLAKE TERRACE, WASH. — A partnership between Security Properties and Rockwood Capital has acquired Taluswood, a multifamily property located in Mountlake Terrace. Neither the acquisition price nor the seller’s name were released. Originally built in 1987 and situated on 41 acres, the asset features 512 apartment units. The buyer plans to renovate the unit interiors, update the common areas and paint the exteriors. Security Properties Residential, an affiliate of Security Properties, will manage the community.

May 20, 2019

Acquisitions Multifamily Oregon Western

Pathfinder Partners Sells Sienna Lofts Apartment Community in Portland for $14M

by Amy Works May 20, 2019

PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the disposition of Sienna Lofts, a multifamily property located in Portland’s Gresham neighborhood. San Diego-based Street Properties LLC and Street Properties Inc. acquired the asset for $14 million. Located at 22744 S.E. Stark St., Sienna Lofts features eight studio units, 63 one-bedroom units and four two-bedroom units, with an average unit size of 747 square feet. The apartments feature stainless steel appliances, modern-style laminate countertops, glass mosaic backsplash, upgraded plumbing and electrical fixtures, in-unit washers/dryers and new flooring. The property was built in 2004 as a for-sale condominium community. However, since Pathfinder’s acquisition in 2016, the property has been operated as a rental community.

May 20, 2019

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