Multifamily

High Street, Principal Break Ground on 226-Unit Residential Project in Austin

by Taylor Williams June 4, 2019

AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., and Principal Real Estate Investors have broken ground on the final phase of Crestview Commons in Austin, a project that will add 226 residential units to the state capital’s supply. Phase IV of Crestview Commons, which is located in the city’s North Central submarket, will feature one-, two- and three-bedroom units ranging in size from 525 to 1,451 square feet. Amenities will include a pool, outdoor grilling areas, fitness center, entertainment kitchen, conference room, business center, rooftop club and package lockers. JHP Architecture designed the project, and Andres Construction is serving as general contractor. Amegy Bank provided construction financing. Leasing is scheduled to begin in March 2020.

June 4, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 116-Bed Skilled Nursing Property in Gainesville, Texas

by Taylor Williams June 4, 2019

GAINESVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of River Valley Health and Rehabilitation Center, a 116-bed skilled nursing facility in Gainesville, located north of Fort Worth near the Texas-Oklahoma border. The property was built in 1971 and averaged an occupancy rate of approximately 50 percent in 2018. Matthew Alley of SLIB represented the seller, a regional owner-operator, in the transaction. The buyer, a Texas-based owner-operator, plans to renovate the asset to boost occupancy.

June 4, 2019

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 384-Unit Community in San Antonio

by Taylor Williams June 4, 2019

SAN ANTONIO — The Multifamily Group, a Dallas-based brokerage firm, has arranged the sale of The Preserve at the Port, a 384-unit apartment community in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, playground and a fitness center. Paul Yazbeck and Will Clarke of The Multifamily Group represented the locally based seller in the transaction and procured the new owner-operator. Both parties requested anonymity.

June 4, 2019

Development Multifamily Washington Western

Wood Partners Breaks Ground on 243-Unit Alta Columbia City Multifamily Project in Seattle

by Amy Works June 4, 2019

SEATTLE — Wood Partners has broken ground on Alta Columbia City, a multifamily development in Seattle’s historic Columbia City neighborhood. Slated to open in summer 2021, Alta Columbia City will feature 243 studio, one- and two-bedroom apartments, along with 27,000 square feet of retail and commercial space. On-site amenities will include a private lounge, entertainment area, gourmet kitchen, fitness center, co-working space, outdoor courtyard, heated greenhouse, rooftop deck and dog run. Once completed, the property will be Wood Partners’ third multifamily community in the Seattle area.

June 4, 2019

Development Multifamily New York Northeast Seniors Housing

HANAC Completes Construction of $36M Affordable Senior Living Community in Queens

by Taylor Williams June 4, 2019

NEW YORK CITY — Developer HANAC Inc., in partnership with Enterprise Community Partners and Chase Bank, has completed construction of Corona Senior Residence, an affordable community for seniors over the age of 62 in Queens. The property totals 67 units exclusively for seniors, 21 units of which have been reserved for the homeless. The development includes an onsite preschool administered by the New York City School Construction Authority that currently serves nearly 60 children. Social services, medical care coordination and mental health assessments will be available to residents of the property.

June 4, 2019

California Development Multifamily Seniors Housing Western

Cadence Living Starts Construction of 97-Unit Seniors Housing Community Near Los Angeles

by Amy Works June 4, 2019

RANCHO CUCAMONGA, CALIF. — Cadence Living has broken ground on Cadence at Rancho Cucamonga, a seniors housing community in the Town Center neighborhood of Rancho Cucamonga, approximately 40 miles east of Los Angeles. Cadence is developing the property in partnership with Coyne Development. When complete, the community will offer 97 units of independent living, assisted living and memory care. The community is scheduled to open in the fall of 2020.

June 4, 2019

Development Kansas Midwest Multifamily Seniors Housing

Hunt Midwest, Principal Senior Living Group Open Assisted Living Community in Olathe, Kansas

by Kristin Harlow June 4, 2019

OLATHE, KAN. — Hunt Midwest, in partnership with Senior Living Group, has opened Benton House of Olathe, an assisted living and memory care community in Olathe. This is the partnership’s ninth Benton House community in metro Kansas City. Benton House of Olathe features 55 studio and one-bedroom units. The single-story, 52,000-square-foot building is situated on 4.4 acres. The Beacon Neighborhood is a secured area dedicated to residents in need of additional memory care services and support. Monthly rental rates start at $3,000.

June 4, 2019

Acquisitions Florida Multifamily Southeast

American Landmark Acquires Multifamily Community in South Florida for $91.5M

by Alex Tostado June 3, 2019

BOCA RATON, FLA. — American Landmark has acquired Alister Boca Raton, a 448-unit multifamily community in Boca Raton, for $91.5 million. American Landmark will invest $6.2 million in capital improvements and rebrand the property as Cielo Boca. The property was originally developed between 1986 and 1988 and was renovated in 2018. Capital improvements will include glass backsplashes, new cabinets, updated lighting and USB ports for the unit interiors. Community area upgrades will include improved landscaping, parking lot repairs and new pool furniture. Existing amenities include a recently renovated clubhouse, fitness center, leasing office and two swimming pools. The property was 96 percent occupied at the time of sale. A joint venture between Mill Creek Residential and AIG sold the complex. Avery Klann, Hampton Beebe and Jonathan Senn of Newmark Knight Frank represented the seller in the transaction.

June 3, 2019

Affordable Housing Development Multifamily Southeast Tennessee

Woda Cooper Opens 60-Unit Affordable Housing Project in Knoxville

by Alex Tostado June 3, 2019

KNOXVILLE, TENN. — Woda Cooper has opened White Oak Crossing, an $8.5 million affordable housing project in Knoxville. Units were reserved for families that earn between 50 percent and 60 percent of the area median income. In Knox County, for example, this equates to $23,350 (50 percent AMI) and $28,020 (60 percent AMI) in annual income for a single person or up to $33,300 (50 percent AMI) and $39,960 (60 percent AMI) for a family of four. Larger families are also eligible. Monthly rents at White Oak Crossing range from $605 to $780 per month. The 60-unit community offers two- and three-bedroom floor plans and is located at 290 Quaker Way, six miles southeast of downtown Knoxville. Communal amenities include a community room with kitchenette, 24-hour fitness room and a playground. White Oak Crossing was made possible with the allocation of housing tax credits by the Tennessee Housing Development Agency (THDA). Regions Bank was the primary equity investor and provided a construction-to-permanent loan through HUD’s 221(d)(4) program. Woda Construction Inc. served as the general contractor, and Nashville-based Bernard L. Weinstein & Associates was the architect.

June 3, 2019

California Loans Multifamily Western

George Smith Partners Closes $128.1M Loan for 566-Unit Multifamily Property in Los Angeles

by Amy Works June 3, 2019

LOS ANGELES — George Smith Partners has secured $128.1 million in financing for Orsini II, an institutional-quality multifamily property in downtown Los Angeles. Gary Tenzer of George Smith Partners arranged the funding for the undisclosed borrower. The non-recourse, 10-year, fixed-rate, interest-only loan features a 4.24 percent interest rate and a 55 percent loan-to-value ratio. The new loan replaces a $115.2 million floating-rate loan that George Smith Partners secured for the property in 2016. The original loan had a remaining term of more than eight years and pre-payment penalties in place. Located at 550 N. Figueroa St. in downtown Los Angeles, Orsini II features a five-story residential portion offering a total of 566 units above a three-level parking garage.

June 3, 2019

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