Multifamily

Callahan Completes 225-Unit Seniors Housing Community Near Cape Cod

by Alex Patton October 4, 2019

BARNSTABLE, MASS. — Callahan Construction Managers has completed construction of The Everleigh Cape Cod, a 225-unit independent seniors housing community in Barnstable. The property comprises a four-story, 338,695-square-foot building with one- and two-bedroom units for residents aged 55 and up. The development features more than 17,000 square feet of recreational space, including a pool, dog park, pickleball and bocce courts, theater and a fitness center. The Architectural Team designed the property, and Greystar owns and manages it.

October 4, 2019

Loans Multifamily Texas

Stratus Properties Refinances 448-Unit Apartment Community in Austin

by Taylor Williams October 4, 2019

AUSTIN, TEXAS — A subsidiary of Stratus Properties Inc., a publicly traded investment and development firm, has received a $75 million loan for the refinancing of The Santal, a 448-unit apartment community located in the Barton Creek area of Austin. ACRC Lender LLC provided the non-recourse loan, which carries a three-year term with two 12-month extension options and bears a 4.8 interest floor. A portion of the proceeds will be used to retire construction debt. The Santal features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and package handling service.

October 4, 2019

Development Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $35.4M Construction Loan for Retail-to-Multifamily Project in Florida Panhandle

by Alex Tostado October 4, 2019

MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.

October 4, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 116-Unit Multifamily Asset in Temple

by Taylor Williams October 4, 2019

TEMPLE, TEXAS — A limited liability company has acquired Magnolia Greens Apartment Homes, a 116-unit multifamily asset located in the Central Texas city of Temple. The property was built in 1974 and features a pool, fitness center, playground, clubhouse, volleyball court and onsite laundry facilities. Dougherty Mortgage LLC arranged a $5 million Fannie Mae loan for the acquisition through a partnership with Old Capital Lending.

October 4, 2019

Acquisitions Georgia Multifamily Southeast

Fogelman Properties, Thackeray Partners Buy 246-Unit Apartment Complex in Metro Atlanta

by Alex Tostado October 4, 2019

DOUGLASVILLE, GA. — Fogelman Properties and Thackeray Partners have acquired Lakeside at Arbor Place, a 246-unit apartment complex in Douglasville. The property offers one-, two- and three-bedroom floor plans and was 96 percent occupied at the time of sale. Communal amenities include a clubhouse, fitness center, swimming pool, dog park and a tennis court. The buyers plan to upgrade unit interiors and upgrade amenities, including making improvements to the fitness center and clubhouse, as well as adding a sports court and outdoor kitchen. The community was built in two phases in 1988 and 1996, and rents range from $904 to $1,385. Lakeside at Arbor Place is located at 3000 Georgia 5, 24 miles west of downtown Atlanta. The seller and price were not disclosed.

October 4, 2019

Acquisitions Colorado Multifamily Western

Brass Enterprises Sells 328-Unit Multifamily Property in Denver for $99.2M

by Amy Works October 4, 2019

DENVER — Toronto-based Brass Enterprises has completed the sale of Lugano Cherry Creek, an apartment community located at 9601 E. Iliff Ave. in Denver. Minneapolis-based IRET acquired the property for $99.2 million, or $302,591 per unit. Built in 2010, the five-story asset features 328 apartments and 13,262 square feet of retail space. Units feature spacious floor plans, at least nine-foot ceilings, a patio or balcony on every unit, and select loft units. Community amenities include an outdoor resort-style swimming pool and spa with heated deck, 24-hour fitness center, 4.5-acre private park, outdoor lounge with fire pit and two structured parking garages. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. The buyer, IRET, is a listed REIT with more than $1.8 billion in multifamily assets across the Midwest.

October 4, 2019

Acquisitions California Multifamily Western

IPA Brokers $88.6M Sale of Township Apartments in Redwood City, California

by Amy Works October 4, 2019

REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Township Apartments, a multifamily asset located in Redwood City. Nuveen Real Estate sold the property for $88.6 million, or $671,591 per unit or $735 per square foot. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal. Built in 2014 on 2.3 acres, Township Apartments features 132 units averaging 914 square feet, with equipped luxury finishes including quartz countertops and stainless steel appliances. Community amenities include a resort-style setting with communal gathering spaces.

October 4, 2019

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Buys Two Seniors Housing Assets in California’s Central Valley for $22.8M

by Amy Works October 4, 2019

MODESTO AND SACRAMENTO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two healthcare facilities in California’s Central Valley in a pair of off-market transactions. The two properties include Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento. CareTrust leased both assets to Kalesta Healthcare LLC, an existing CareTrust tenant. In addition to operational and other changes being made at the two facilities, Kalesta has rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living. CareTrust’s total initial investment for the two assets was $22.8 million, inclusive of transaction costs. Scheduled cash rent for the first two years is approximately $3.9 million, with CPI-based escalators thereafter. CareTrust has also committed to provide a $1 million fund for capital expenditures to improve the City Creek facility. The Kalesta master lease has approximately 14 years remaining on the initial term, with two five-year renewal options. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

October 4, 2019

California Development Multifamily Western

VTBS Architects Tapped for 436-Unit Multifamily Project in Downtown Sacramento

by Amy Works October 4, 2019

SACRAMENTO, CALIF. — Van Tilburg, Banvard & Soderbergh (VTBS Architects) is working with Weidner Apartments Homes and Deacon Construction to develop Sacramento Commons, a multifamily project in downtown Sacramento. The development team has broken ground on the two mid-rise buildings. Upon completion, the project will feature 436 apartments in a mix of studio, one- and two-bedroom layouts, with ground-floor retail space for restaurants, stores and neighborhood services. Sacramento Commons will be the center of the area’s mega block, a four-square-block residential area between Fifth and Seventh streets and N and P streets. Construction is expected to take approximately 32 months.

October 4, 2019

Loans Midwest Multifamily ORIX Wisconsin

ORIX Provides $40M Construction Loan for 263-Unit Multifamily Development in Wisconsin

by Kristin Harlow October 4, 2019

MIDDLETON, WIS. — ORIX Real Estate Holdings (ORIX) has provided a $40 million construction loan for a 263-unit multifamily development in Middleton, a suburb of Madison. The project will also feature 31,000 square feet of ground-floor commercial space, including a food hall. The units will be standard one-floor apartments as well as two-story lofts. Completion is slated for February 2021. The borrower was not disclosed.

October 4, 2019

Newer Posts

Older Posts