Multifamily

SLIB Negotiates $2.3M Sale of Assisted Living Community in Milwaukee

by Kristin Harlow February 24, 2020

MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee. The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. Under this state designation, residents have individual apartments with kitchens and bathrooms. They also receive up to 28 hours per week of supportive, personal and nursing services. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale. An ownership group based in Wisconsin with seven other communities across the state acquired the property for $2.3 million. After extensive due diligence, the buyer received a credit of $500,000 for improvements to St. Clare’s physical plant, including repairs deferred by prior ownership. The buyer plans to rebrand the facility under the name Willow View and invest significant capital into the renovation of the facility. Ryan Saul, Bradley Clousing and Joe Young of SLIB handled the transaction.

February 24, 2020

Acquisitions California Multifamily Western

Vista Investment Buys Park Winona Apartments, Leeward Apartments in Los Angeles

by Amy Works February 24, 2020

LOS ANGELES — Vista Investment Group has closed on the first two properties in a $50 million portfolio acquisition of four Los Angeles-area, rent-controlled multifamily communities totaling 167 units. The company acquired Park Winona, a three-story building located at 1840 Winona Blvd. in Hollywood. Built in 1963, the property features 50 apartments in a mix of studio, one- and two-bedroom layouts. Vista plans to implement a capital improvement program that includes upgrading apartment interiors with high-end finishes and renovating common areas and amenities. Tony Azzi of Marcus & Millichap represented the undisclosed seller in the deal. Vista also purchased Leeward Apartments, a three-story building located at 2810 Leeward Ave. in Koreatown. Built in 1923, the 19,776-square-foot property features mostly studio apartments, as well as a limited number of one-bedroom units. Bryan Glenn of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

February 24, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

Acquisitions Florida Multifamily Southeast

JLL Negotiates $96M Sale of Apartment Complex in Fort Myers

by Alex Tostado February 21, 2020

FORT MYERS, FLA. — JLL has negotiated the $96 million sale of The Retreat at Vista Lake, a 640-unit, garden-style apartment complex in Fort Myers. The property comprises 32 two- and three-story buildings spanning 35 acres. The community offers one-, two- and three-bedroom floor plans averaging 867 square feet. Communal amenities include two pools, a fitness center, gazebo with grilling area, tennis courts, racquetball court, lakeside basketball court, dog park and a business center. The Retreat at Vista Lake is situated at 3701 Winkler Ave., five miles southeast of downtown Fort Myers. Matt Mitchell, Zach Nolan Brett Moss, Drew Jennewein, Jarrod Smith and Bailey Smith of JLL represented the undisclosed seller in the transaction. The buyer was an undisclosed private partnership.

February 21, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $33.5M Sale of Apartment Community in South Charlotte

by Alex Tostado February 21, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $33.5 million sale of The Flats at Arrowood, a 301-unit multifamily community in Charlotte’s Montclaire South neighborhood. The property offers studio to three-bedroom floor plans ranging from 525 to 1,270 square feet. Communal amenities include a courtyard, fitness center, pool, sundeck, clubhouse and a business center. The Flats at Arrowood was originally developed in 1980. The seller, Blackfin Real Estate Investors, renovated the community in 2017. The property is situated at 8508 Lodge S. Circle, nine miles south of downtown Charlotte. Marc Robinson, Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller in the transaction. Quantum Equities acquired the asset.

February 21, 2020

New York Multifamily Rent and Occupancy Forecast 2020

Content Partner Features Lument Market Reports Multifamily New York Northeast Northeast Market Reports RED Capital Group

Expanded Rent Stabilization Law Freezes NYC Stabilized Multifamily Property Market, Generates Buying Opportunities for Intrepid Investors

by Sarah Daniels February 21, 2020

New York state authorities last year passed legislation designed to maintain rental affordability and housing stability in the Empire State. Mandated changes for units not currently subject to stabilization were mostly technical in nature — relating to rent increase notification periods, evictions and security deposits — but the impact on the New York City’s nearly 1 million regulated units was significant. Previously, an owner’s ability to raise stabilized unit rents was limited by a city board, except upon vacancy or after major property or unit improvements were made. These exceptions were curtailed by the legislation, largely negating the appeal of buying, renovating and repositioning older properties. The regulations sent a chill through the recently hot New York City multifamily property market. Sales volume dropped by half last year to about $3.3 billion, with the largest declines coming after the law took effect at mid-year. Indeed, volume in the typically busy fourth quarter plunged to less than $200 million, the lowest single-quarter sales total since recessionary 2010. Although obscured by thin volume, cap rates appeared to rise. After hovering near 4 percent throughout 2018, institutional B/B+ quality asset purchase yields gapped higher, drifting up to about 4.25 percent at mid-year and …

February 21, 2020

Acquisitions Arkansas Florida Multifamily Southeast Student Housing

East To West Capital Sells Three-Property Student Housing Portfolio in Florida, Arkansas

by Alex Tostado February 21, 2020

TALLAHASSEE AND GAINESVILLE, FLA.; AND FAYETTEVILLE, ARK. — UK-based investor East To West Capital has sold a three-property student housing portfolio located in Florida and Arkansas for an undisclosed price. The portfolio includes Gator Cottages, a three-unit, 18-bed property built in 2018 serving students at the University of Florida in Gainesville; Whitham Cottages, a 10-unit, 40-bed community also constructed in 2018 located near the University of Arkansas in Fayetteville; and Seminole Gardens, a 10-unit complex ranging from 2,213 to 2,571 square feet serving students attending Florida State University in Tallahassee. Kevin Dufour and Director Kyle Peco of FourPoint Investment Sales Partners represented the seller in the transaction. The buyer was undisclosed.

February 21, 2020

Georgia Loans Multifamily ORIX Southeast

Hunt Provides $9.4M Acquisition, Renovation Loan for Affordable Multifamily Complex in North Georgia

by Alex Tostado February 21, 2020

ROME, GA. — Hunt Real Estate Capital has provided a $9.4 million Freddie Mac acquisition and renovation loan for Callier Forest Apartments, a 130-unit, mixed-income multifamily complex in Rome. The borrower, Memphis-based Envolve Communities (formerly LEDIC Realty Co.), plans to invest $7.3 million to upgrade unit interiors, including adding new kitchen cabinets, flooring, paint, fixtures and full bathroom renovations. Hunt Real Estate Capital closed the 17-year, tax-exempt loan featuring a 35-year amortization schedule through Freddie Mac’s Targeted Affordable Housing (TAH) program. Callier Forest comprises 17 two- and three-story buildings. The property was built in 1981 and renovated in 2004, utilizing low-income housing tax credits (LIHTC). Paul Weissman of Hunt Real Estate Capital says the property will benefit from a new, 20-year housing assistance payment (HAP) Section 8 contract. Callier Forest was fully occupied with an 87-household waitlist at the time of the transaction. Envolve Communities is an owner-operator of affordable housing properties, with a portfolio spanning 33,000 units in the Southeast, Southwest and Midwest.

February 21, 2020

Acquisitions Multifamily Nevada Western

Mystic Sands Divests of Inspirado Apartments in Las Vegas for $52M

by Amy Works February 21, 2020

LAS VEGAS — Mystic Sands has completed the sale of Inspirado Apartments, a 247,072-square-foot multifamily property in Las Vegas’ Centennial Hills neighborhood. NNC Apartment Ventures acquired the asset for $52 million. Located at 6885 W. Lone Mountain Road, Inspirado Apartments features 116 one-bedroom/one-bath, 120 two-bedroom/two-bath and 16 three-bedroom/two-bath units. Built in 2010 on 11.1 acres, the property offers a European-style swimming pool, hot tub, cabana area with built-in grill, fitness facility and business center. At the time of sale, the property was 95.6 percent occupied. Taylor Sims, Carl Sims, Brady Cleary of Cushman & Wakefield’s Nevada Multifamily Advisory Group represented the seller in the deal.

February 21, 2020

GenCare-Lifestyle-Point-Ruston-Tacoma-WA

Development Multifamily Seniors Housing Washington Western

PMB Completes Seniors Housing Project as Part of Mixed-Use Development in Tacoma, Washington

by Amy Works February 21, 2020

TACOMA, WASH. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic food, walking paths, meeting spaces and seasonal public events. The site was formerly home to a copper mill for decades and produced 25 percent of the world’s copper, along with substantial toxic waste. The Environmental Protection Agency designated it as a Superfund site and has been implementing remediation efforts for more than 30 years. PMB’s development team worked with a master developer to finish the cleanup and create a functional area. “It’s amazing that this incredible waterfront master plan used to be one of the most contaminated sites in the country,” says Jake Rohe, partner at PMB. “The site is now home to a diverse and thriving community which has a phenomenally positive impact on the community.” PMB’s development and operating partner is GenCare Lifestyle. Other partners providing health systems …

February 21, 2020

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