Multifamily

Norris & Stevens Brokers Sale of 44-Unit Springhaven Apartments in Oregon for $6.7M

by Amy Works May 23, 2019

WOODBURN, ORE. — Portland-based Norris & Stevens has arranged the sale of Springhaven Apartments, a duplex and townhome project in Woodburn. An investment group led by Portland-based Russell Hosner LLC acquired the asset for $6.7 million as part of a 1031 tax-deferred exchange. The sellers were The James A. Halter Revocable Living Trust and David L. & Gaylene M. Lund. Located at 1108-1196 Park Circle and 1625-1667 Park Ave., the property consists of 19 buildings on 45 separate tax lots offering a total of 44 duplex and townhome rental units, all with attached garages. At the time of sale, the property was 95 percent occupied. The complex was completed in phases from 1983 to 1992. David Chatfield of Norris & Stevens represented both parties in the transaction.

May 23, 2019

Development Kansas Midwest Multifamily Seniors Housing

Tutera Underway on $1.5M Renovation of Senior Living Community in Overland Park, Kansas

by Kristin Harlow May 23, 2019

OVERLAND PARK, KAN. — Tutera Senior Living & Health Care is underway on a $1.5 million renovation of its senior living community in Overland Park known as The Atriums. This month, Tutera expects to complete Phase I of the project, which includes renovation of the first-floor common living areas. Tutera will also begin Phase II, an expected $1 million remodel of the property’s 203 units. Amenities within the 50,000-square-foot common living area include a dining area, pub, billiards room, reading corner and community lounges. The property features 168 independent living units and 35 assisted living units. The residences will be updated with new lighting, flooring, paint and other upscale finishes. Phase II is slated for completion in the next 12 to 18 months.

May 23, 2019

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 196-Unit Apartment Community in East Dallas

by Taylor Williams May 23, 2019

DALLAS — CBRE has negotiated the sale of Treymore Eastfield, a 196-unit apartment community located at 2631 John West Road in East Dallas. Utah-based Peak Capital Partners purchased the property from Dallas-based developer Carlton Laprada Ltd. for an undisclosed price. Chris Deuillet and Chandler Sims of CBRE’s Dallas office, along with Jeff Kunitz and Alex Medeiros of CBRE’s Seattle office, brokered the deal on behalf of the seller. According to apartments.com, Treymore Eastfield, which was built in 2001 and was 93 percent occupied at the time of sale, includes amenities such as a pool, fitness center, resident clubhouse and a playground.

May 23, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 77-Unit Manufactured Housing Property in Beaumont

by Taylor Williams May 23, 2019

BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Oak Forest Mobile Home Park, a 77-unit manufactured housing property located in the East Texas city of Beaumont. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer in the deal, both of which were private investors. Additional terms of sale were not disclosed.

May 23, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 684-Unit Apartment Complex in Metro Atlanta

by Alex Tostado May 23, 2019

NORCROSS, GA. — Cushman & Wakefield has arranged the sale of Canopy, a 684-unit apartment complex in Norcross. Canopy was built in 1987 on 59 acres in metro Atlanta’s Gwinnett County, one of the fastest growing counties in the country for more than 20 years. Canopy offers community amenities such as a fitness center, two swimming pools, soccer field, resident clubhouse with children’s library, playgrounds and dog parks. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the sellers, Atlanta-based Cortland and Oaktree Capital Management, in the transaction. Priderock Capital Partners acquired the property for an undisclosed price.

May 23, 2019

Alabama Development Multifamily Southeast

Joint Venture Breaks Ground on 268-Unit Multifamily Project in Birmingham

by Alex Tostado May 23, 2019

BIRMINGHAM, ALA. — A joint venture between Novare Group, Prestwick Cos. and Batson-Cook Development Co. (BCDC) has broken ground on Foundry Yards, a 268-unit multifamily project in Birmingham’s Parkside District. Foundry Yards will offer studio, one- and two-bedroom floor plans across two buildings. Community amenities will include an outdoor kitchen, grilling areas, bocce ball court, dog park, swimming pool, 24-hour fitness center, club room and coworking space. The two buildings will be separated by a landscaped green space. Birmingham-based Doster Construction Co. is the general contractor. ELV Associates Inc., BBVA Compass and Cadence Bank provided construction financing. A timeline for completion was not released.

May 23, 2019

Features Multifamily Seniors Housing

Survey: Investor Confidence in Seniors Housing Still High Despite Occupancy Challenges, Slower Transaction Volume

by Jeff Shaw May 22, 2019

CHICAGO — Investors are still cautiously optimistic about the seniors housing market even after the sector experienced a slight dip in transaction volume in 2018, according to the results of JLL’s Spring 2019 Seniors Housing Survey. The Chicago-based commercial real estate services firm surveyed more than 1,000 specialists in the seniors housing and care space. The results point to generally positive sentiment around the market, and notes that while transaction volume reached just over $13 billion in 2018 (a decline over recent years), the total number of transactions was up 41 percent year-over-year. “There simply weren’t as many large deals with big price tags in 2018 in comparison to the preceding few years,” says Brian Chandler, managing director of JLL Valuation & Advisory Services. “Though there were fewer large transactions, single assets and small portfolios have remained liquid.” Communities that feature the full continuum of care except for skilled nursing remain the most favored product. Eighty-eight percent of survey respondents said these assets were “very” or extremely” desirable, a 2 percent jump over the last quarter’s survey. Freestanding nursing facilities remained the least favorite asset type, though only 41 percent of survey respondents said they were “not at all desirable,” …

May 22, 2019

Acquisitions Florida Multifamily Southeast

Toro Real Estate Acquires Three Multifamily Properties in Jacksonville for $39M

by Alex Tostado May 22, 2019

JACKSONVILLE, FLA. — Toro Real Estate Partners has acquired three multifamily properties in Jacksonville for $39 million. The portfolio includes Whispering Oaks, Highlander Apartments and River City Landing, which total 552 units. Toro plans to invest $4 million to renovate the three properties. Renovations will include exterior and amenity enhancements, rebranding and interior improvements. Ben Weddington of CBRE arranged two Freddie Mac small balance loans for Toro’s acquisition of Whispering Oaks and Highlander. Jeremy Nussbaum of Walker & Dunlop arranged the acquisition loan for River City Landing. Dhaval Patel, also with Walker & Dunlop, represented Toro in the sale of River City Landing. Toro purchased the other two assets in off-market deals. Toro has hired Lisa Massis of Lofty Asset Management to manage all three properties.

May 22, 2019

Acquisitions Multifamily North Carolina Southeast

Carlisle Residential Sells Apartment Complex in Greensboro for $33.9M

by Alex Tostado May 22, 2019

GREENSBORO, N.C. — Carlisle Residential Properties has sold Encore North Apartments, a 237-unit apartment complex in Greensboro, for $33.9 million. Denver-based Grimley Residential acquired the property, which was 95 percent occupied at the time of sale. Encore North was built by Lomax Construction in 2016 and is situated five miles north of downtown Greensboro. Carter-Haston will handle leasing efforts on behalf of the buyer. Encore North offers one- and two-bedroom floor plans and communal amenities such as a saltwater swimming pool, resident lounge and a community game room.

May 22, 2019

Development Multifamily Student Housing Texas

Park7 Group Breaks Ground on 701-Bed Student Housing Project in Arlington

by Taylor Williams May 22, 2019

ARLINGTON, TEXAS — New York City-based developer Park7 Group has broken ground on Park Place Arlington, a student housing project that will feature 701 beds for students attending the University of Texas at Arlington. The property, located one block from campus in downtown Arlington, will also house 9,000 square feet of ground-floor retail space. Park Place Arlington’s 298 units will offer designer wood cabinetry, stainless steel appliances and washers and dryers. All units also come equipped with a 50-inch flatscreen TV. Amenities will include an oversized pool, half-court basketball court, volleyball court, spa, movie theater, golf simulator, study courtyards, a two-story fitness center and a resident-only clubroom. Humphreys & Partners Architects designed the project, which is slated for completion in summer 2020.

May 22, 2019

Newer Posts

Older Posts