Multifamily

Landmark Properties Acquires 2,289-Bed Student Housing Community at University of California, Davis

by Kristin Harlow February 26, 2020

DAVIS, CALIF. — Landmark Properties has acquired Sol at West Village, a 2,289-bed student housing community at the University of California, Davis (UC Davis) campus, which is situated about 15 miles west of Sacramento. While the sales price was not disclosed, the transaction is the largest single-asset sale to date in the student housing sector, according to sources. Amenities at the on-campus property include a 24-hour study hall, fitness center, yoga studio, café, media theater, dog park and two swimming pools. Sol at West Village also includes 36,000 square feet of commercial space, which is currently leased to UC Davis. The community was built in three phases between 2011 and 2013. Sol at West Village is the largest net zero energy community in the United States, meaning it is designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design with renewable on-site energy production via solar panels installed throughout the community. “Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” says Wes Rogers, president and CEO of Landmark. “We continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship …

February 26, 2020

Kentucky Loans Multifamily North Carolina Seniors Housing Southeast

Monticello Provides $117M in Financing for Skilled Nursing Facility Portfolio in North Carolina, Kentucky

by Alex Tostado February 25, 2020

NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.

February 25, 2020

Acquisitions Development Multifamily Southeast Student Housing Virginia

Marymount University Acquires 267-Unit Multifamily Community in Northern Virginia, Plans Student Housing Conversion

by Alex Tostado February 25, 2020

ARLINGTON, VA. — Marymount University has acquired The Rixey, a 267-unit conventional multifamily community located in the Ballston neighborhood of Arlington, two miles south of the university. The university plans to convert the property into a 502-bed, college-affiliated community offering apartment-style units for upperclassmen, graduate students, faculty and staff. Marymount has tapped The Michaels Organization as a management partner for the community. Michaels will co-manage leasing efforts and solely handle the operations and resident life program at The Rixey. The new community will offer studio, one- and two-bedroom, fully furnished units. Shared amenities will include ground floor retail leased to Starbucks Coffee and Northwest Federal Credit Union, as well as an outdoor fire pit with cabanas, rooftop spa and a fitness center.

February 25, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 147-Unit Multifamily Property in Midtown Atlanta

by Alex Tostado February 25, 2020

ATLANTA — Cushman & Wakefield has arranged the sale of Lilli Midtown, a 24-story, 147-unit multifamily community in Midtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as 3,965 square feet of ground-level retail space. Communal amenities include a pool, clubhouse, grilling area, fitness center and bike storage. The community is situated at 693 Peachtree St., three miles north of downtown Atlanta. The sellers, JPX Works, Mariner Group and ELV Associates, delivered the property in 2016. Oxford Properties Group acquired the asset. Robert Stickel, Alex Brown and Chris Spain of Cushman & Wakefield represented the sellers in the transaction.

February 25, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $120M in Construction Financing for Jersey City Multifamily Project

by Alex Patton February 25, 2020

JERSEY CITY, N.J. — Progress Capital has arranged $120 million in construction financing for The Element, a multifamily project located at 400 Claremont Ave. in Jersey City. Tall Pines Capital provided an $84 million construction loan while private investors contributed $36 million in equity. The Element will include 631 units, including 277 studios with less than 500 square feet, which are also known as “micro-units.” The six-story building will also include approximately 70,000 square feet of amenities, including a fitness center, heated pool and rooftop terrace, as well as 15,500 square feet of additional retail space. The borrower was 400 Claremont Urban Renewal LLC.

February 25, 2020

Acquisitions California Multifamily Western

Levin Johnston Brokers $12.9M Sale of Apartment Community in San Mateo, California

by Amy Works February 25, 2020

SAN MATEO, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the sale of 600 Mariners Island, a multifamily property located in San Mateo. A private owner sold the asset to an undisclosed buyer for $12.9 million. Originally constructed in 1976, 600 Mariners Island features 24 apartments in a mix of six two-bedroom/one-bath layouts and 18 one-bedroom/one-bath units. Community amenities include a swimming pool, children’s swimming pool, clubhouse, boat launch, private storage, modern fitness center, dog park and playground. Adam Levin and Robert Johnston handled the transaction.

February 25, 2020

Acquisitions Colorado Multifamily Western

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works February 25, 2020

WESTMINSTER, COLO. — Denver-based Halaby Capital has completed the sale of The Willowbrook Apartments, a multifamily asset located at 7155 Raleigh St. in Westminster. Summit Communities of Denver sold the property for $11.7 million, or $123,684 per unit. Built in 1973, Willowbrook features 95 apartment units and is located directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the deal.

February 25, 2020

Development Multifamily New York Northeast Seniors Housing

Sunrise Completes 90-Unit Seniors Housing Community on Long Island

by Alex Patton February 25, 2020

HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, a 90-unit seniors housing community located in the Long Island town of Huntington. The community features assisted living and memory care services, as well as convenient access to Syosset Hospital and Plainview Hospital. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for the .

February 25, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels February 25, 2020

David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 25, 2020

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