Multifamily

Four Retail Tenants Sign Leases at Apartment Complex Nearing Completion in Chicago

by Kristin Harlow November 11, 2019

CHICAGO — Fifield Cos. has signed leases with three restaurants and one retailer to occupy ground-floor space at its Logan Apartments in Chicago. Big Wig Tacos, Jersey Mike’s Subs, K-Fire Korean BBQ and Verizon will occupy a combined 6,800 square feet. Target previously leased 27,000 square feet at the new complex and will serve as the anchor retail tenant. The 220-unit Logan Apartments is slated to open in spring 2020. It is situated on the site of the former Mega Mall in the Logan Square neighborhood.

November 11, 2019

Acquisitions Loans Multifamily Nevada Western

KeyBank Provides $19.5M in Acquisition Financing for Multifamily Property in Nevada

by Amy Works November 11, 2019

LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas. Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations. Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.

November 11, 2019

Acquisitions Multifamily Nevada Western

NAI Vegas Negotiates $18.5M Purchase of Skyline Parc Apartments in Las Vegas

by Amy Works November 11, 2019

LAS VEGAS — NAI Vegas has arranged the sale Skyline Parc Apartments, a multifamily property located in Las Vegas. Pacific Ardent Capital acquired the asset from Cambridge Equity for $18.5 million, or $96,354 per unit. Located at 3675 Cambridge St., the property features 192 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the transaction.

November 11, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Capital One Funds $7.7M Acquisition Loan for Age-Restricted Community in California

by Amy Works November 11, 2019

MANTECA, CALIF. — Capital One has provided a $7.7 million Fannie Mae loan for the acquisition of Almond Blossom Estates. The 139-unit, age-restricted, manufactured housing community is located in Manteca, a Central Valley city 75 miles east of San Francisco. The sponsor is a long-time Capital One and Fannie Mae customer. Damon Reed and Monica Schroeder of Capital One originated the transaction. The fixed-rate loan has a 12-year term with five years of interest-only payments followed by a 30-year amortization schedule.

November 11, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $3.4M Sale of Assisted Living Community in East Texas

by Taylor Williams November 11, 2019

HUNTSVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Lexington Center, a 40-unit assisted living facility in Huntsville, approximately 70 miles north of Houston. A local family owner-operator exiting the industry was the seller. An independent, Houston-based owner-operator bought the property for $3.4 million. The 35,686-square-foot community sits on 6.7 acres and was built in 2004. The Lexington Center’s occupancy rate was 83 percent at the time of sale. Matthew Alley of SLIB arranged the transaction.

November 11, 2019

Loans Multifamily New Jersey Northeast

Madison Realty Capital Provides $168M Construction Loan for Residential Development in Jersey City

by Alex Patton November 8, 2019

JERSEY CITY, N.J. — Madison Realty Capital has provided a $168 million construction loan for Emerson Lofts, a 1,000-unit residential development project in Jersey City. The loan allows the borrower, Manhattan Building Co., to complete the first phase of the project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail space, an approximately 24,000-square-foot community center, a public park and parking. Amenities will include a 28,000-square-foot outdoor roof deck with a pool and a fitness center and spa.

November 8, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 175-Unit Apartment Community Near Fort Worth

by Taylor Williams November 8, 2019

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Tribecca Pointe, a 175-unit multifamily community in Hurst, located northeast of Fort Worth. Built in 1969, the property offers one-, two- and three-bedroom units and amenities such as a pool and a business center. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based investment firms that requested anonymity.

November 8, 2019

Acquisitions Multifamily Texas

Denver Realty Group Buys 165-Unit Multifamily Portfolio Near Oklahoma City

by Taylor Williams November 8, 2019

NORMAN, OKLA. — Denver Realty Group has purchased Broadmoor 24 and Plaza 24, a two-property, 165-unit multifamily portfolio located in Norman, a southern suburb of Oklahoma City. Both properties were built around 1970 and feature one- and two-bedroom units as well as pools and onsite laundry facilities. The seller and sales price were not disclosed. With this acquisition, Denver Realty Group now has a portfolio of 768 residential units in Oklahoma

November 8, 2019

Acquisitions Delaware Multifamily Northeast

Greysteel Arranges $24.7M Sale of Multifamily Property in Newark, Delaware

by Alex Patton November 8, 2019

NEWARK, DEL. — Greysteel has arranged the $24.7 million sale of The Vinings at Christiana, a 220–unit multifamily property in Newark, located approximately 40 miles southwest of Philadelphia. The property comprises a mix of one-, two- and three-bedroom units, 125 of which are reserved for tenants earning 60 percent or less of the area median income, while the remaining 95 are rented at market rates. Ari Firoozabadi and Henry Mathies of Greysteel represented the seller, Alden Torch Financial, in the transaction. The team also procured the buyer, CAPREIT.

November 8, 2019

Development Multifamily Texas

TDC Acquires Land in Downtown Austin for 147-Unit Multifamily Project

by Taylor Williams November 8, 2019

AUSTIN, TEXAS — Transwestern Development Co. has acquired land across the street from the newly renovated Austin Community College campus for the development of a new multifamily project. The new community will feature 147 micro apartments and 3,600 square feet of ground-floor retail space. Construction is scheduled to begin in summer 2020 and to be complete in 2022. TDC is also developing Block 36, a micro-unit community between East Third and East Fourth streets in downtown Austin. Additionally, TDC completed The Indie, its first micro-unit project in Austin, in 2018.

November 8, 2019

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