Multifamily

Dominion Realty, Amzak Capital Break Ground on $47.6M Apartment Complex in Richmond

by Alex Tostado April 15, 2019

RICHMOND, VA. — Dominion Realty Partners (DRP) and Amzak Capital Management have broken ground on Boulders Lakeside, a $47.6 million apartment project in Richmond. The 248-unit asset is situated on 24 acres within a Qualified Opportunity Zone. Boulders Lakeside is expected to open to its first residents in mid-2020 and be finalized in late 2020. Community amenities will include a swimming pool, green activity lawn, automated package delivery system, fitness center, designer club area and a game room. Interior amenities will feature lake views, large kitchen prep islands, oversized windows, sliding glass doors, private unit balconies, exterior storage and keyless unit entry. Roger Edwards and Justin Good of HFF arranged equity placement for the development, and Citizens Bank will provide construction financing. The design team includes architect Rule Joy Trammell + Rubio, general contractor Armada Hoffler Construction and civil engineer RK&K.

April 15, 2019

Acquisitions Georgia Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $47M Sale of New Multifamily Community in Atlanta’s West Midtown

by Alex Tostado April 15, 2019

ATLANTA — Walker & Dunlop has arranged the $47 million sale of Westside Heights, a 282-unit multifamily community in West Midtown Atlanta. The asset was built in 2017 and is located near the Atlanta BeltLine. The property offers one- and two-bedroom floor plans and features community amenities such as a complimentary continental breakfast and coffee bar, swimming pool, clubhouse, fitness center, conference room, rooftop lounge and package receiving services. Pat Jones and Chris Goldsmith of Walker & Dunlop represented the buyer, Canadian-based Starlight U.S. Multi-Family, in the transaction. The seller was not disclosed. David Gahagan and Niki Perez, also with Walker & Dunlop, arranged acquisition financing through a life insurance company on behalf of the buyer.

April 15, 2019

Acquisitions Midwest Multifamily Nebraska

Investors Realty Brokers $9.2M Sale of Apartment Property in Lincoln, Nebraska

by Kristin Harlow April 15, 2019

LINCOLN, NEB. — Investors Realty Inc. has brokered the sale of Williamsburg Apartments in Lincoln for $9.2 million. The 11-building, 138-unit complex is located at 3400 Serenity Circle. The property was constructed between 1978 and 1984. John Heine and R.J. Neary of Investors as well as Todd Watson of Century Sales & Management LLC represented the seller. The buyer, a private investor, purchased the asset as part of a 1031 tax-deferred exchange.

April 15, 2019

California Development Multifamily Seniors Housing Western

Meta Housing Breaks Ground on $51.4M Affordable Seniors Housing Community in Los Angeles

by Amy Works April 15, 2019

LOS ANGELES — Meta Housing Corp., a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, a Southern California-based nonprofit corporation, has broken ground on Vermont Corridor Apartments. The six-story, transit-oriented, affordable community is located in the Koreatown neighborhood of Los Angeles. The $51.4 million project will provide affordable housing for seniors age 62 and older earning between 25 and 60 percent of area median income. Of the 72 units to be built at the property, 36 will include supportive services funded through the County of Los Angeles’ Measure H and subsidized rents for residents experiencing varying levels of homelessness. These units were constructed with funding from Proposition HHH from the City of Los Angeles and a partnership with the Housing Authority of the City of Los Angeles (HACLA), the Los Angeles Housing and Community Investment Department (HCID) and the County of Los Angeles. “Affordable seniors housing is extremely difficult to find in Los Angeles,” says Kasey Burke, president of Meta Housing. “Los Angeles needs more affordable alternatives for older residents, and we are delivering that alternative in this project. This is a great example of public-private partnership working together to improve the community and the lives …

April 15, 2019

Acquisitions Arizona Multifamily Western

IPA Directs $30M Sale of 265-Unit Multifamily Community in Arizona’s Southeast Valley

by Amy Works April 15, 2019

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit. Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

April 15, 2019

Kentucky Loans Multifamily Seniors Housing Southeast

PGIM Provides $15.3M Financing for Two New Seniors Housing Communities in Kentucky

by Alex Tostado April 12, 2019

DANVILLE AND RUSSELL, KY. — PGIM Real Estate Finance has provided two refinancing loans for seniors housing communities in Kentucky totaling $15.3 million. The first property, Morning Pointe Danville, is a 60-unit assisted living and memory care facility that was built in 2017. PGIM provided a $7.5 million, 10-year, fixed-rate loan for the 90 percent-occupied asset, which is located in Danville near a regional medical center and 35 miles south of downtown Lexington. Amenities include a fitness center, library, beauty salon, lounges and numerous common areas. The second property is The Lantern at Morning Pointe Russell, a 44-unit memory care facility constructed in 2017 in Russell. PGIM provided a $7.8 million, 10-year, fixed-rate loan for The Lantern, which was built in 2017 and is 97.7 percent occupied. Amenities include a fitness center and security. The borrower was Tennessee-based Independent Healthcare Properties LLC, which develops, owns and operates senior care facilities under the Morning Pointe and Lantern brands.

April 12, 2019

Florida Loans Multifamily Southeast

Berkadia Provides $13.6M Acquisition Loan for Multifamily Property Near Tampa

by Alex Tostado April 12, 2019

DUNEDIN, FLA. — Berkadia has provided a $13.6 million Freddie Mac loan for the acquisition of Promenade at Edgewater, a 188-unit apartment community in Dunedin. The 10-year, fixed-rate loan includes full-term interest-only payments. Promenade at Edgewater is located at 257 Milwaukee Ave., 25 miles west of downtown Tampa. The asset was built in 1973 and comprises six two- and three-story buildings offering one- and two-bedroom floor plans. Community amenities include a swimming pool, fitness center, designated dog walking area, picnic areas with grills and views of the lakes at Dunedin Highland Memorial Park. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia’s Miami office provided the loan on behalf of the buyer, Pensam Capital. The seller was not disclosed.

April 12, 2019

Loans Multifamily New Jersey Northeast

Berkadia Provides $18.5M Refinancing for Apartment Community in New Jersey

by David Cohen April 12, 2019

SOMERS POINT, N.J. — Berkadia has provided an $18.5 million loan to refinance Bayview Court, a 202-unit apartment community in Somers Point. Located at 555 Shore Road, the property was built in the 1960s. Jim Badolato of Berkadia’s Philadelphia office arranged the financing for the borrower, The Streamwood Co. Terms of the Freddie Mac loan included an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The Freddie Mac Optigo loan offers an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The property was 75 percent occupied at closing with steady leasing velocity.

April 12, 2019

Development Massachusetts Multifamily Northeast

Wood Partners Begins Construction of 261-Unit Multifamily Community in Massachusetts

by David Cohen April 12, 2019

STONEHAM, MASS. — Wood Partners has begun construction of Langwood Commons, a 261-unit multifamily community in Stoneham. The three-building community is scheduled to open in March 2020. The site is located adjacent to the 2,200-acre Middlesex Fells Reservation, known locally as The Fells, a year-round outdoor space that provides outlets for hiking and biking. Wood Partners broke ground on the project in November 2018. It is the company’s 12th project in the greater Boston area.

April 12, 2019

Acquisitions Multifamily Texas

Westmount Realty Capital Acquires 300-Unit Apartment Community in San Antonio

by Taylor Williams April 12, 2019

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Pointe at Ramsgate, a 300-unit apartment community in San Antonio. Built in 1975, the property offers one- and two-bedroom units averaging 682 square feet. Amenities include two pools, a fitness center, outdoor grilling area, resident clubhouse with a full kitchen and a dog park. Westmount will renovate the property’s unit interiors by upgrading the flooring, lighting, cabinetry and plumbing fixtures. Amenity spaces, as well as the signage, paint job and parking lot, will also be refreshed. The property will be rebranded Joule Apartment Homes.

April 12, 2019

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