Multifamily

Goldman Sachs Buys 372-Unit Bailey Farm Apartments in Metro Seattle

by Amy Works March 1, 2019

BOTHELL, WASH. — Goldman Sachs Asset Management Private Real Estate has purchased Bailey Farm Apartments in Bothell, a suburb of Seattle. Terms of the transaction were not disclosed. Built in 2013, Bailey Farm Apartments features 372 units with nine-foot ceilings, direct-access garages, quartz countertops, vinyl plank flooring and stainless steel appliances. This transaction is the buyer’s 24th multifamily investment. The company currently owns approximately 6,450 multifamily units across the country.

March 1, 2019

Loans Midwest Multifamily Nebraska Seniors Housing

CBRE Arranges $11.9M Loan for Refinancing of Seniors Housing Community in Omaha

by Taylor Williams March 1, 2019

OMAHA, NEB. — CBRE has arranged $11.9 million in financing for Esprit Whispering Ridge, a 91-unit assisted living and memory care community in Omaha. The borrower is a joint venture between South Dakota-based real estate firm Hegg Cos. and management/consulting firm Paradigm Senior Living. Situated on 6.9 acres, the community is located less than five miles from the only full-service hospital in West Omaha. Aron Will and Austin Sacco of CBRE originated the 10-year, fixed-rate, Fannie Mae loan with 36 months of interest-only payments. The funds will be used to refinance the original construction loan for the property.

March 1, 2019

Development Multifamily Texas

Southern Land Tops Off 19-Story Apartment Community in Dallas

by Taylor Williams March 1, 2019

DALLAS — Southern Land Co., a Nashville-based developer, has topped off Novē at Knox, a 19-story luxury apartment community in the Knox-Henderson neighborhood of Dallas. The property, which is expected to open in 2020, will consist of 41 junior units, 159 one-bedroom residences, 90 two-bedroom apartments and 16 penthouses. Amenities will include a pool with cabanas, fitness center, a residents’ lounge, dog park, outdoor grilling areas and a 10,000-square-foot private open space that connects to McKinney Avenue. Local architecture firm GDA Architects designed the project.

March 1, 2019

Acquisitions Multifamily Texas

Fogelman, DRA Advisors Acquire 660-Unit Multifamily Asset in Houston

by Taylor Williams March 1, 2019

HOUSTON — A joint venture between multifamily investment and management firm Fogelman Properties and New York-based DRA Advisors has acquired Artesian on Westheimer, a 660-unit multifamily community in Houston. The property was built in phases between 2006 and 2009 and was 92 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom units. The new ownership will upgrade the property’s unit interiors and amenity spaces, including adding a new fitness center. The seller was not disclosed.

March 1, 2019

Market Reports Multifamily Texas Texas Market Reports

Why Arlington Should Be on Every Multifamily Developers’ Radar

by Taylor Williams March 1, 2019

Our borrowers’ favorite question is, “Where should we build next?” As a lender specializing in financing Texas apartment communities, it’s hard to get the answer wrong. Our state is full of cities adding jobs and people at faster rates than the nation as a whole. As we drill down to help our clients differentiate between “good markets” and “good opportunities,” we focus on several factors including the current rental market, supply and demand and location. When considering these factors, the city of Arlington stands out as an overlooked “good opportunity.” It’s surprising how little attention this city of 400,000 in the middle of the metroplex has received from multifamily developers in recent years. Even as home to an ever-expanding General Motors assembly plant, one of the state’s largest universities, an entertainment district featuring two $1 billion stadiums, an extensive highway system, easy access to Dallas-Fort Worth (DFW) International Airport and a pro-growth local government, we haven’t worked with a developer yet that had Arlington on its list before we talked. Yet the selling points are obvious. Current Rental Market Overall, market-rate properties in Arlington show steady occupancy at 93 percent with average rents of $1.20 per square foot and annual …

March 1, 2019

Acquisitions Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Complex in Metro Atlanta for $44.9M

by Alex Tostado February 28, 2019

LITHIA SPRINGS, GA. — PointOne Holdings LLC has sold Crestmark Apartments, a 334-unit apartment complex in Lithia Springs, for $44.9 million. The asset is situated about 14 miles west of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans with amenities including a business center, car wash area, jogging trails, two tennis courts, swimming pool and a spa with a hot tub. During its ownership, PointOne Holdings increased the property’s occupancy from 93 percent to 98 percent, according to PointOne’s Ben Colonomos. Chad DeFoor, now with Franklin Street but previously with ARA Newmark, marketed and brokered the sale of Crestmark Apartments. The buyer was not disclosed.

February 28, 2019

Acquisitions Development Multifamily New York Northeast Student Housing

Avison Young Brokers $68M Sale of Development Site on Upper East Side

by David Cohen February 28, 2019

NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant.

February 28, 2019

Acquisitions California Mixed-Use Multifamily Restaurant Retail Western

Colliers Brokers $9M Sale of Two Mixed-Use Properties in La Jolla, California

by Amy Works February 28, 2019

LA JOLLA, CALIF. — Colliers International San Diego Region has arranged the sale of two adjacent mixed-use properties in downtown La Jolla. Located at 7527-7535 and 7545-7553 Girard Ave., the assets sold for a combined total of $9 million. Bill Shrader of Colliers International San Diego Region’s Urban Property Team represented the seller of both properties, Rancho Girard LLC. Shrader also represented the buyer, YDNL LLC, of 7527-7535 Girard Ave., while Michael McNally of Pacific Commercial Management represented the undisclosed buyer of 7545-7553 Girard Ave. The 7545-7553 Girard Ave. property is a 7,649-square-foot restaurant and retail building occupied by Harry’s Coffee Shop and Everett Stunz. Situated on a 9,749-square-foot lot, the building at 7527-7535 Girard Ave. features two residential apartments and long-term retail tenants, including Dewhurst & Associates and Salon Spruce, among others.

February 28, 2019

Development Midwest Multifamily Ohio Seniors Housing

CA Senior Living Starts Construction of 192-Unit Seniors Housing Community Near Cleveland

by Taylor Williams February 28, 2019

MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.

February 28, 2019

Indiana Loans Midwest Multifamily

NorthMarq Arranges $4.3M Fannie Mae Supplemental Loan for Indianapolis Apartments

by Taylor Williams February 28, 2019

INDIANAPOLIS — NorthMarq Capital has arranged a $4.3 million Fannie Mae supplemental loan for Wildwood Apartments, a 324-unit multifamily property in Indianapolis. Wildwood Apartments features communal amenities such as a pool, fitness center, basketball court, tennis court and a playground. David Garfinkel of NorthMarq placed the loan, which carries a five-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower. Proceeds will be used to fund continued value-add programs and upgrades to the unit interiors and amenity spaces.

February 28, 2019

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