Multifamily

Green Leaf Partners Sells 256-Unit Arrowhead Ranch Multifamily Asset in Glendale, Arizona

by Amy Works January 28, 2020

GLENDALE, ARIZ. — Green Leaf Partners has completed the sale of Green Leaf Arrowhead Ranch, an apartment property in Glendale. Baron Properties acquired the asset for an undisclosed price. Developed in 1996 within the five-phase, master-planned Arrowhead Ranch community, the property is located at the intersection of Loop 101 and 67th Avenue. The 15-building property features 256 apartments, two resort-style swimming pools, a 24-hour fitness center, covered parking and detached garages. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 28, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 240-Bed Skilled Nursing Facility in Philadelphia

by Alex Patton January 28, 2020

PHILADELPHIA — Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing facility in the Lexington Park neighborhood of Philadelphia. The center, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is located at 7800 Bustleton Ave. and is situated close to the Nazareth Hospital. Tryko plans to invest in a new therapy gym for the facility and to update patient rooms and mechanical systems. The sales price and seller were undisclosed.

January 28, 2020

Loans Multifamily New York Northeast

Voya Provides $17.4M Acquisition Loan for Multifamily Building in Brooklyn

by Alex Patton January 28, 2020

NEW YORK CITY — Voya Investment Management LLC has provided a $17.4 million loan for the acquisition and renovation of 79 Clifton Place, a 40-unit multifamily building in the Clinton Hill neighborhood of Brooklyn. The 52,375-square-foot building was converted to a multifamily use in 2000 after previously housing a knitting factory and now features one-, two-, three- and four-bedroom units. The borrower, The FREO Group, plans to implement a $1.75 million capital improvements plan to boost occupancy. Max Herzog, Marko Kazanjian and Matt Fagella of JLL secured the loan.

January 28, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 450-Unit Apartment Community Near Fort Worth

by Taylor Williams January 27, 2020

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Asher, a 450-unit apartment community in the Fort Worth suburb of Grapevine. The property was built on 19 acres in 2019 and features studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, resident lounge with a coffee bar, children’s play room, conference room, two dog parks and a demonstration kitchen. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA handled the transaction. The seller and buyer were not disclosed, but the property page indicates that the community has been rebranded as Bexley Grapevine, a brand of Virginia-based Weinstein Properties.

January 27, 2020

Acquisitions Multifamily Texas

Limited Liability Company Acquires 464-Unit Apartment Community in Dallas

by Taylor Williams January 27, 2020

DALLAS — MRT Avenido LLC has acquired Avenida Crossing, a 464-unit apartment community in Dallas. The property features newly renovated one- and two-bedroom units with fully equipped kitchens and amenities such as two pools and a playground. Dougherty Mortgage LLC arranged an undisclosed amount of acquisition financing for the buyer. The loan was secured through a partnership with Old Capital Lending and was structured with a 12-year term and a 30-year amortization schedule.

January 27, 2020

Acquisitions Multifamily Washington Western

IPA Negotiates $25.7M Sale of Silver Shadow Apartment Complex in Metro Seattle

by Amy Works January 27, 2020

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Silver Shadow, a multifamily property located in Federal Way. An undisclosed buyer acquired the asset for $25.7 million, or $194,697 per unit. Built in 1989 on 5.4 acres, Silver Shadow offers 132 garden-style apartments and close proximity to multiple mass transit services. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the undisclosed seller and procured the buyer in the deal.

January 27, 2020

Loans Multifamily Oregon ORIX Seniors Housing Western

Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon

by Amy Works January 27, 2020

MCMINVILLE, ORE. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.

January 27, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 320-Unit Multifamily Community in Charlotte

by Alex Tostado January 24, 2020

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 15 acres in south Charlotte to develop Broadstone Ayrsley, a planned 320-unit multifamily community. Alliance Residential will begin construction this year and expects to welcome its first residents in 2021. Named Broadstone Ayrsley, the property will comprise one-, two- and three-bedroom apartments and townhomes averaging 939 square feet. Amenities will include a pool, clubroom, fitness center, dog park and a walking path on property. Broadstone Ayrsley will be situated at 2215 Silver Crescent Drive, nine miles south of downtown Charlotte. Cline Design Associates served as the architect.

January 24, 2020

Acquisitions Multifamily Texas

RADCO Sells 2,769-Unit Multifamily Portfolio in Texas, Oklahoma

by Taylor Williams January 24, 2020

HOUSTON, TULSA AND OKLAHOMA CITY— The RADCO Companies, a value-add multifamily investment firm based in Atlanta, has sold a portfolio of 10 apartment properties totaling 2,769 units in Texas and Oklahoma. The communities were built in the 1970s and 1980s and are located in Houston, Tulsa and Oklahoma City. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE’s Southeast Multifamily team worked with CBRE’s Clint Duncan and Matt Phillips in Texas and Brian Donahue in Oklahoma to arrange the sale. The buyer was Wisconsin-based MLG Capital.

January 24, 2020

Acquisitions Multifamily Student Housing Texas

Harrison Street Acquires 515-Bed Lyndon Springtown Student Housing Community in San Marcos

by Taylor Williams January 24, 2020

SAN MARCOS, TEXAS — Chicago-based investment firm Harrison Street has acquired The Lyndon at Springtown, a 515-bed student housing community located near Texas State University in San Marcos. The 233-unit property features one-, two- and four-bedroom units and amenities such as an indoor and outdoor fitness center, pet park, pool and a recreation room. Kevin Larimer, Greg Gonzalez, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Austin-based Endeavor Real Estate Group, in the transaction.

January 24, 2020

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