Multifamily

Lee & Associates Brokers $36.5M Sale of Two Brooklyn Multifamily Buildings

by Taylor Williams July 5, 2019

BROOKLYN, N.Y. — Lee & Associates has brokered the sale of two multifamily buildings in Brooklyn for $36.5 million. The properties include 145 Henry St., a six-story, 45-unit elevator building; and 15-19 Wyckoff St., a four-story, 40-unit walkup property. The buyer, Isaac Abraham, plans to renovate the properties to modernize amenities. Both buildings are located close to public transportation lines. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun of Lee & Associates represented both the buyer and seller, the estate of Alan Frank, which previously owned and managed the buildings for more than 40 years.

July 5, 2019

Illinois Loans Midwest Multifamily

NorthMarq Arranges $5.6M Loan for Acquisition of Apartment Building in Chicago

by Kristin Harlow July 5, 2019

CHICAGO — NorthMarq has arranged a $5.6 million loan for the acquisition of 607 West Oakdale, an 18-unit apartment building in Chicago. The property also features street-level commercial space. Jeff Frankel of NorthMarq arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule. A life insurance company provided the loan.

July 5, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of 350-Unit Apartment Complex in Tampa Bay Area

by Alex Tostado July 5, 2019

CLEARWATER, FLA. — Berkadia has negotiated the sale of Turnbury at Countryside, a 350-unit apartment complex in Clearwater. The Tampa Bay property was built in 1974 on 15 acres, 23 miles west of downtown Tampa. The garden-style complex offers one-, two- and three-bedroom floor plans averaging 839 square feet. Communal amenities include two swimming pools, a dog park, tennis court, sand volleyball court, 24-hour fitness center and a Wi-Fi sundeck. Jason Stanton and Cole Whitaker of Berkadia represented the seller, McKinley Cos. LLC, in the transaction. MLG Capital purchased the property for an undisclosed price.

July 5, 2019

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Arranges $20.3M Sale of Multifamily Portfolio in Northwest D.C.

by Alex Tostado July 5, 2019

WASHINGTON, D.C. — Marcus & Millichap has arranged the $20.3 million sale of a multifamily portfolio in northwest Washington, D.C. The portfolio consists of two properties totaling 172 residential units. The communities include Walter Reed Apartments, which is located at 6939 Georgia Ave. NW at the entrance of The Parks at Walter Reed, a 66-acre redevelopment of the Walter Reed Army Medical Center that upon completion will include over 3.1 million square feet of mixed-use development. The other property is Longfellow Apartments, located at 5521 Colorado Ave. NW near Rock Creek Park in D.C.’s 16th Street Heights neighborhood. Marty Zupancic and Christian Barreiro of Marcus & Millichap brokered the transaction between the seller, an affiliate of Poretsky Building Group that is focused on providing affordable housing, and the buyer, an entity managed by Urban Investment Partners.

July 5, 2019

Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Negotiates $13.2M Sale of Seniors Housing Community in Savannah

by Alex Tostado July 5, 2019

SAVANNAH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in Savannah. A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The property offers 209 units approximately eight miles southwest of the city’s historic downtown district. The majority of the units — 149 — are designated for independent living. All the assisted living areas were recently converted from a personal care license to an assisted living license, giving the new owner flexibility to adapt to different acuity levels. The 178,281-square-foot facility was built in 1986 and renovated most recently in 1998. The new owners plan to make physical plant upgrades to the property. Savannah Commons was 74 percent occupied at the time of closing. The price translates to $63,271 per unit and a capitalization rate of 6.1 percent. Bradley Clousing of SLIB represented the seller, a limited liability company controlled by HJ Sims, in the transaction.

July 5, 2019

California Market Reports Multifamily Western Western Market Reports

Greater Los Angeles Apartment Sector Stays Strong After Record 2018

by Taylor Williams July 5, 2019

The City of Los Angeles checks all the boxes for an excellent apartment owner environment. This includes a booming economy, expensive housing, meaningful job growth, and an abundance of Millennials and professionals. Los Angeles enjoys an immense and fast-growing high-tech industry, especially within the media, tech, aerospace and advanced transportation industry with the likes of Netflix, Google, SpaceX and Northrop Grumman. Los Angeles County houses the nation’s largest international trade industry, the nation’s largest manufacturing base, and an increasing amount of venture capital investment startups. A growing economy is almost always paired with escalating housing costs, and Los Angeles is no exception. More than ever, residents are driven to rental housing as homeownership is prohibitively expensive and not conducive to job mobility and flexibility. Last year was a banner year for region’s apartment sector. The average market rent in the Los Angeles MSA has seen extremely impressive growth, increasing an average of 5.3 percent annually since the turn of the century, according to Axiometrics. This remarkable trajectory has been spurred by the extremely tight rental market, with annual occupancies averaging between 94 percent and 97 percent. Such indicators allow landlords to be extremely discerning when vetting tenants, which, in turn, …

July 5, 2019

Georgia Multifamily Seniors Housing Southeast

Monarch Private Capital Invests in $20M Affordable Seniors Housing Complex Near Atlanta

by Alex Tostado July 3, 2019

COVINGTON, GA. — Monarch Private Capital (MPC) has invested an undisclosed amount of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program. The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta. MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and Gateway Development Corp. to build the project, which is slated for completion in late 2020. According to MPC, the current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1 percent.

July 3, 2019

Acquisitions Multifamily Texas

American Landmark Acquires Four Apartment Communities in DFW Totaling 1,616 Units

by Taylor Williams July 3, 2019

TAMPA, FLA. — Tampa-based multifamily investment firm American Landmark has acquired four communities totaling 1,616 units throughout the Dallas-Fort Worth (DFW) metroplex. The properties include Meadows at Bedford, a 490-unit community in Bedford; Remington Hill, a 440-unit property in Fort Worth; Rock Ridge Apartments, a 226-unit asset in Arlington; and Summer Villas, a 460-unit community in Dallas. Other than Rock Ridge, which was built in 2003, all the properties were built in the 1980s and were between 91 and 96 percent occupied at the time of sale. The properties were acquired in conjunction with a 232-unit asset near Nashville, yielding a five-property portfolio that fetched a sales price of $246.7 million. American Landmark, which will invest about $18 million in capital improvements across the portfolio, now owns approximately 28,000 multifamily units throughout the Southeast and Texas.

July 3, 2019

Development Multifamily Texas

Wood Partners Breaks Ground on 304-Unit Apartment Community in Houston

by Taylor Williams July 3, 2019

HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta West Alabama, a 304-unit apartment community that will be located between the River Oaks and Greenway/Upper Kirby neighborhoods in Houston. The property will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities will include a pool, outdoor kitchen area, resident clubroom, business center, gaming lounge and a conference space. The opening is slated for the third quarter of 2020.

July 3, 2019

Loans Multifamily Texas

Greystone Provides $8.9M Green Loan for Refinancing of Apartment Complex in Metro Austin

by Taylor Williams July 3, 2019

GEORGETOWN, TEXAS — Greystone has provided an $8.9 million Fannie Mae Green Rewards loan for the refinancing of The Rail at Georgetown, a 113-unit apartment complex in Georgetown, a northern suburb of Austin. The property offers one- and two-bedroom units and amenities such as a playground, pet play area and onsite laundry facilities. D.J. Elefant of Greystone provided the loan, which was structured with a 10-year term and three years of interest-only payments, to The Rail at Georgetown LLC. The borrower will use a portion of the proceeds to implement water- and energy-saving measures.

July 3, 2019

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