Multifamily

NXT Capital Provides $31M Refinancing for Apartment Community in Chicago

by Kristin Harlow March 13, 2019

CHICAGO — NXT Capital has provided a $31 million loan for the refinancing of X Chicago, a 99-unit apartment community in Chicago. The project, completed in September 2018, is part of developer PMG’s national portfolio of X Social Communities. X Chicago is located within the University Village neighborhood and is near the Illinois Medical District and the University of Illinois at Chicago. Amenities include a bike room, coworking lab, fitness studio, communal kitchen and rooftop green space. Jimmy Conley of HFF arranged the loan, terms of which were undisclosed.

March 13, 2019

Market Reports Massachusetts Mixed-Use Multifamily Northeast Northeast Market Reports Office

Greater Boston Commercial Market Remains Robust

by David Cohen March 13, 2019

While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …

March 13, 2019

Alabama Loans Multifamily Southeast

Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama

by Alex Tostado March 12, 2019

HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.

March 12, 2019

Acquisitions Arizona Multifamily Western

Bridge Acquisitions Buys 460-Unit Laguna Village in Arizona for $70.2M

by Amy Works March 12, 2019

CHANDLER, ARIZ. — Salt Lake City-based Bridge Acquisitions has purchased Laguna Village, an apartment community located at 102 Palomino Drive in Chandler. Scottsdale, Ariz.-based PB Bell sold the property for $70.2 million. Built in 1985, the property consists of 31 two-story buildings totaling 363,684 square feet. The 460-unit property features one- and two-bedroom units, averaging 792 square feet with full-size, in-unit washers and dryers. The buyer plans to modernize the property. Cindy Cooke and Brad Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal.

March 12, 2019

Colorado Development Multifamily Western

Shea Apartments Opens 140-Unit Tangent Apartments in Denver Tech Center

by Amy Works March 12, 2019

DENVER — Shea Apartments, a division of Shea Properties, has opened Tangent Apartments, an apartment community located along Interstate 25 in Denver Tech Center. Located at 4300 S. Monaco St. in Denver, Tangent Apartments features 140 apartments in a mix of studio, one- and two-bedroom layouts, ranging in size from 566 square feet to 1,150 square feet. Interiors feature a modern design with granite countertops, wood-style flooring, stainless appliances and high-end finishes. On-site amenities includes a 24-hour fitness center, resort-style pool and spa, grilling stations, fire pits, resident lounge with pool table, and business center.

March 12, 2019

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of Community in Harker Heights, Texas

by Taylor Williams March 12, 2019

HARKER HEIGHTS, TEXAS — The Multifamily Group (TMG) has arranged the sale of Lions Run, an apartment community located in the central Texas city of Harker Heights. Built in the mid-1980s, the property features one- and two-bedroom units and amenities such as a pool, spa and outdoor grilling area. Paul Yazbeck and Will Clarke of TMG represented the Dallas-based seller and procured the buyer in the transaction.

March 12, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

New Perspective Senior Living to Develop Community in Suburban Milwaukee

by Kristin Harlow March 12, 2019

WAUKESHA, WIS. — New Perspective Senior Living is developing a 173,000-square-foot facility in Waukesha. The new community will offer 94 independent living and assisted living apartments as well as 34 memory care apartments. An official groundbreaking ceremony will take place this spring, with completion slated for summer 2020. Amenities will include a two-story lobby and reception area, three dining venues, an indoor pool, wellness center, beauty salon, activity center, movie theater and dance hall. Residents can also take advantage of weekly housekeeping, activity transportation, on-site physical therapy and wellness services. For those requiring additional assistance, care will be available 24 hours per day.

March 12, 2019

California Conference Coverage Features Seniors Housing Western Western Feature Archive

ProMatura’s Wylde: Seniors Housing Must Get Back to Basics

by John Nelson March 12, 2019

LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors. “We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. We can cut out some amenities and invest more in rentable space and give them a better home to live in.” Wylde made the comments during her keynote address at InterFace Seniors Housing West, held March 7 at the Omni Los Angeles. The audience for her address was nearly 300 seniors housing industry professionals. The latest data from Mississippi-based research firm ProMatura notes that amenities aren’t identified as a priority to seniors, though they can make their families feel optimistic about a facility. The actual residents are focused on the type of unit, floor plan and price. “Gardening areas, libraries — they don’t help,” said Wylde. “It’s not about how much we can cram in to entertain. …

March 12, 2019

Acquisitions Multifamily Southeast Tennessee

Graycliff Acquires 240-Unit Apartment Community Near Nashville

by Alex Tostado March 11, 2019

WHITE HOUSE, TENN. — Graycliff Capital Partners LLC has acquired The Standard at White House, a 240-unit apartment community in White House. The Standard at White House offers one-, two- and three-bedroom floor plans ranging from 830 to 1,325 square feet. Amenities include a saltwater swimming pool, clubhouse, fitness center, courtyard and grilling stations. The property is located at 126 Madeline Way, about 26 miles north of downtown Nashville. The seller and sales price were not disclosed.

March 11, 2019

Florida Loans Multifamily Southeast

Coastline Buys Apartment Community in Tampa for $33M

by Alex Tostado March 11, 2019

TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.

March 11, 2019

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