Multifamily

Fore Property Acquires Mixed-Use Development Site in Downtown Phoenix for $9.3M

by Amy Works August 27, 2019

PHOENIX — Fore Property has purchased of the former O’Neil Printing facility, located at 366 N. Second Ave. in downtown Phoenix, for $9.3 million. The development site consists of 2.6 acres with three sides of street frontage. The buyer plans to develop a high-end, mixed-use project on the site. Totaling 285,000 square feet, the seven-story development will feature 323 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail and restaurant space, a rooftop deck with views of Phoenix, a pool and fitness center. Construction is slated to begin the first quarter of 2020, with completion scheduled for mid-2022. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors represented the buyer in the deal. The name of the seller was not released.

August 27, 2019

Development Multifamily Texas

Cypressbrook Breaks Ground on 316-Unit Multifamily Project in Metro Houston

by Taylor Williams August 26, 2019

SPRING, TEXAS — Cypressbrook Development Co. has broken ground on Ariza Gosling, a 316-unit multifamily project that will be situated on 12.1 acres in the northern Houston suburb of Spring. The property will feature a pool, fitness center, game room, business center, dog park and walking trails. An expected construction completion date was not provided, but it is anticipated to coincide with the arrival of more than 5,000 new jobs in the nearby Springwoods Village development. Arroyo Energy Investors recently announced its relocation to Springwoods Village, the first office lease executed at the new property.

August 26, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 299-Unit Apartment Community in Corpus Christi

by Taylor Williams August 26, 2019

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital has acquired The Palm on South Padre, a 299-unit apartment community in Corpus Christi. Built in 1973, the property features one-, two- and three-bedroom units and amenities such as two pools, dog park and outdoor grilling areas. ClearWorth will implement a value-add program that will deliver new flooring, cabinetry, backsplashes, lighting and plumbing to unit interiors, as well as upgraded signage and landscaping.

August 26, 2019

Development Multifamily North Carolina Seniors Housing Southeast

Cambridge Village Breaks Ground on 205-Unit Active Adult Community in Raleigh

by Alex Tostado August 26, 2019

RALEIGH, N.C. — Cambridge Village Optimal Living has broken ground on The Cambridge at Brier Creek, a 205-unit active adult community in Raleigh. A sales office is scheduled to open in March 2020 in advance of a planned opening in late summer 2021. Phase I of the project is located on 6.4 acres of the 12.5-acre site, and will include the community’s publicly available wellness center, Cambridge Fitness. The property is five miles from the Raleigh-Durham International Airport and will be located across the street from WakeMed’s Brier Creek Emergency Care Unit. The developer plans to partner with WakeMed to provide physical, occupational and speech therapy at the community.

August 26, 2019

Acquisitions Georgia Multifamily Southeast

Wilkinson, Torchlight Investors Buy 454-Unit Apartment Community in Metro Atlanta

by Alex Tostado August 26, 2019

MARIETTA, GA. — Wilkinson Corp. and Torchlight Investors have acquired The Arbors at East Cobb, a 454-unit apartment community in Marietta. The value-add property offers one-, two- and three-bedroom floor plans. The Arbors, previously known as The Crawford at East Cobb, was originally built in 1975. The new ownership plans to upgrade the interiors and exteriors of the property. Communal amenities include two swimming pools, a sports court, tennis court, outdoor lounge with fireplace, fitness center with yoga and spinning studio, pet care center, cybercafé and a business center. Cushman & Wakefield represented the undisclosed sellers in the transaction.

August 26, 2019

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $300M Sale of Multifamily Portfolio in New Jersey

by Alex Patton August 26, 2019

NEW JERSEY — Gebroe-Hammer Associates, a New Jersey-based firm, has brokered the $300 million sale of a multifamily portfolio with over 1,800 units in the Northeast Essex and Bergen counties of New Jersey. The portfolio comprises 134 buildings that primarily offer one- and two-bedroom layouts, as well as some duplex-style options. Ken Uranowitz, Joseph Brecher, Greg Pine, Debbie Pomerantz and Tim Blashford of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was a local investor.

August 26, 2019

Loans Multifamily New York Northeast

Amerant Provides $47M Acquisition Loan for Multifamily Property in Manhattan

by Alex Patton August 26, 2019

NEW YORK CITY — Amerant Bank has provided a $47 million acquisition loan for a 15-story multifamily and retail building in Manhattan. The residential portion of the property offers a mix of one- and two-bedroom apartments, while the retail portion is leased to boutique tenants. The loan was provided to a partnership between Ashkenazy Acquisition Corp, and Black Spruce Management. Additional terms of the loan were undisclosed.

August 26, 2019

Development Indiana Midwest Multifamily Seniors Housing

Leo Brown Group Breaks Ground on 129-Unit Seniors Housing Community in Indiana

by Kristin Harlow August 26, 2019

COLUMBUS, IND. — Leo Brown Group has started construction of Traditions of Columbus, a 129-unit independent living, assisted living and memory care community. Located in Columbus, about 45 miles south of Indianapolis, the community will sit on 17 acres. Traditions Management, a wholly owned management company of Leo Brown Group, will run the operations. Leo Brown Group is headquartered in Indianapolis and has developed more than 15 seniors housing communities in the Midwest totaling more than 2,000 units.

August 26, 2019

Development Loans Multifamily Nevada ORIX Seniors Housing Western

Propero Provides Equity Investment for $22M Independent Living Community in Reno

by Amy Works August 26, 2019

RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.

August 26, 2019

California Development Multifamily Seniors Housing Western

Advocacy Development Partners Breaks Ground on 32-Unit Memory Care Community in San Dimas, California

by Amy Works August 26, 2019

SAN DIMAS, CALIF. — Advocacy Development Partners has broken ground on The Terraces at Via Verde, a 32-unit memory care community in San Dimas, a city in the San Gabriel Valley of Los Angeles County. The project is scheduled to open in early fall 2020. Upon opening it will be the only standalone memory care community in the San Dimas area, according to the developers. The community will be split into two 15,000-square-foot neighborhoods with 16 suites each, all located on 1.2 acres near parks and shopping centers. Frontier Management will operate the community upon completion. Irwin Partners Architects designed the project, with PacifiCore Construction serving as general contractor and Conley Design handling interiors. Fremont Bank, which recently announced an expansion of its seniors housing lending platform, is providing the construction and bridge financing for the project.

August 26, 2019

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