Multifamily

CBRE Arranges $55M Sale of Apartment Community in Walpole, Massachusetts

by Alex Patton December 13, 2019

WALPOLE, MASS. — CBRE has arranged the $55 million sale of Alta Easterly, a 157-unit apartment community in Walpole, located approximately 20 miles southwest of Boston. The property, now rebranded Audubon Easterly, comprises 57 one-bedroom units, eight one-bedroom units with dens and 92 two-bedroom units. The community was delivered in 2018 and is located at 1100 Cricket Lane. Simon Butler and Biria St. John of CBRE procured the buyer, Audubon Capital, in the transaction. The CBRE team also represented the undisclosed seller.

December 13, 2019

Acquisitions Massachusetts Multifamily New Jersey Northeast Seniors Housing

Harrison Street Acquires 11-Property Seniors Housing Portfolio in Massachusetts, New Jersey and Maryland

by Alex Patton December 13, 2019

NEW JERSEY AND MASSACHUSETTS — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 seniors housing properties managed by Brightview Senior Living located throughout New Jersey, Massachusetts and Maryland. The portfolio totals 1,322 units. The New Jersey properties include Brightview Greentree in Marlton, Brightview Mount Laurel in Mount Laurel and Brightview Woodbury Lake in Deptford. The Massachusetts properties include Brightview Concord River in Billerica and Brightview North Andover in North Andover. The seller and sales price were undisclosed.

December 13, 2019

Florida Loans Multifamily Southeast

Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami

by Alex Tostado December 13, 2019

MIAMI — Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance an $85 million construction loan for the project. Located at 58 NE 14th St. in Miami’s Arts & Entertainment District, the Art Plaza multifamily tower consists of 667 rental apartments and 15,000 square feet of retail space. The building, which opened in June, is now 95 percent occupied. Located one block from the Metromover School Board station, Art Plaza features a pool, fitness center, social lounge and covered parking.

December 13, 2019

Acquisitions Development Florida Multifamily Southeast

Terra Buys Land in South Florida for $52M, Plans to Build Nearly 1,400 Multifamily Units

by Alex Tostado December 13, 2019

HIALEAH, FLA. — Terra plans to break ground early next year on 1,369 multifamily units across three master-planned subdivisions in Hialeah, about 20 miles northwest of downtown Miami. Prologis sold the land to Terra for $52 million. The 70-acre development site is situated along NW 170th Street near the border of Miami-Dade and Broward counties. The project will include a series of garden-style apartment buildings with each subdivision centered around a communal clubhouse with pools, resident amenities and fitness centers, while a network of green spaces will create outdoor recreation areas. Pascual, Perez, Kiliddjian Architecture (PPK) is designing the development’s master plan. Brian Smith of JLL represented Prologis in the land transaction. Jason Shapiro and Sean Harrington of Aztec Group arranged a $43 million acquisition loan through Synovus on behalf of Terra.

December 13, 2019

Development Multifamily Texas

JPI Secures Construction Financing for 430-Unit Jefferson Central Apartments in Uptown Dallas

by Taylor Williams December 13, 2019

DALLAS — Locally based multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Central, a 430-unit community in the Uptown neighborhood of Dallas. Scheduled to open in fall 2021, the property’s units will feature a minimum of 10-foot ceilings in every unit, island kitchens and hardwood-style flooring. Amenities will include a pool, fitness center with spin and yoga studios, business center, demonstration kitchen, a pet park with grooming station and a 1,675-square-foot lounge with views of downtown Dallas. BB&T served as the senior lender on the construction loan, specific terms of which were not disclosed.

December 13, 2019

Development Multifamily Texas

Leasing Underway at Alliance Residential’s 375-Unit Apartment Community in Houston

by Taylor Williams December 13, 2019

HOUSTON — Leasing activity is underway at Broadstone Summer Street, a 375-unit apartment community by Alliance Residential that is located in the Washington Arts District of Houston. The property offers one- and two-bedroom units averaging 793 square feet and featuring stainless steel appliances, quartz countertops and wood-plank flooring. Amenities include a pool, outdoor kitchen, gaming area and theater screening room. The property also offers 536 parking spaces.

December 13, 2019

Loans Multifamily Texas

Trevian Capital Provides $7.5M Acquisition Loan for Two Apartment Properties in Lubbock

by Taylor Williams December 13, 2019

LUBBOCK, TEXAS — New York-based Trevian Capital has provided a $7.5 million bridge loan for the acquisition of two apartment communities totaling 173 units in the West Texas city of Lubbock. A portion of the proceeds will be used to fund capital improvements at both properties. The borrower was a partnership between three undisclosed investors. The sellers and property names were also undisclosed.

December 13, 2019

Acquisitions California Development Mixed-Use Multifamily Retail Western

Bolour Associates Sells Multifamily Development Site in Metro Los Angeles for $8.5M

by Amy Works December 13, 2019

EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.

December 13, 2019

Acquisitions California Development Loans Multifamily Retail Western

Parkview Financial Funds $7M Acquisition, Development Loan for 28-Story Mixed-Use Project in San Diego

by Amy Works December 13, 2019

SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.

December 13, 2019

Acquisitions Iowa Midwest Multifamily

Four Mile Capital Acquires Multifamily Community in Waukee, Iowa for $25M

by Kristin Harlow December 13, 2019

WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines metro area. The seller was undisclosed.

December 13, 2019

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