Multifamily

InterFace Seniors Housing Panel: Connecting with Families is as Important as Operations

by Alex Tostado September 3, 2019

ATLANTA — For seniors housing operators, connecting to families is just as important as running a facility, according to Josh Crisp, founder and president of Knoxville, Tenn.-based Solinity Senior Living. Crisp urges his sales team to connect with prospective families to build trust so the company can educate the families. Crisp says he wants his team members to know a resident’s life story “so they can connect on a deeper level and help them transition to your community.” Crisp’s comments came during a panel titled “Operating Successfully in a Challenging Environment: How to Maximize Occupancy and Beat the Competition in Your Market,” at InterFace Seniors Housing Southeast. Traci Bild, CEO and president of Bild & Co. was the moderator of the panel. Panelists included Crisp; John Rauls, vice president of Southeastern Retirement Management; Jessica Heck, chief strategy officer of Blake Management Group; and Kevin Isakson, director of sales and marketing for Isakson Living. Hosted by France Media’s InterFace Conference Group and Seniors Housing Business at the InterContinental Buckhead Atlanta, the one-day conference was held Wednesday, Aug. 28 and attracted 436 professionals from all corners of the industry. Participants gathered to network and attend a variety of panel discussions that focused on timely …

September 3, 2019

Market Reports Multifamily Texas Texas Market Reports

Up To the Challenge: Dallas Apartment Market Absorbs Record Levels of New Supply

by Taylor Williams September 2, 2019

In 2019, Dallas/Fort Worth (DFW) once again represents the nation’s top metro for job creation and net migration. These market conditions are occurring at an opportune time as more than 26,000 multifamily units have been completed throughout the market this year, marking a record wave of annual deliveries. This influx of new apartments will increase the metro’s rental inventory by 3.3 percent, yet robust demand for new supply allows net absorption to match delivery volume, lowering overall vacancy by 20 basis points. Prolonged Absorption Over the past three years ending in June, DFW’s apartment stock expanded by 10 percent, or 74,000 units, yet vacancy adjusted moderately during this period. Unit availability hovered in the high-4 to high-5 percent range, with demand supported by the creation of 400,000 jobs, robust in-migration and the widening gap between a monthly mortgage payment and average rent. The extended period of strong leasing velocity was highlighted by the second quarter of 2019, when a record 12,000 apartments were absorbed. Performance during this three-month stretch lowered vacancy by 90 basis points on a quarter-over-quarter basis. With employment growth slated to further improve during the second half of this year — the result of corporate relocations and …

September 2, 2019

Acquisitions Georgia Multifamily Southeast

Vista Realty Partners Sells Two Multifamily Communities in Metro Atlanta for $70M

by Alex Tostado August 30, 2019

ATLANTA — Vista Realty Partners has sold the 280-unit Longwood Vista Apartments and the 324-unit Lakeside Vista Apartments for a total of $70 million. Longwood Vista offers one-, two- and three-bedroom floor plans. The property is located at 2300 Global Forum Blvd. in northeast Atlanta. Communal amenities include a car care center, business center, clubhouse, conference room, swimming pool and a fitness center. Lakeside Vista is located at 2100 Ellison Lakes Drive in Kennesaw, 26 miles northwest of downtown Atlanta. The property offers one- through three-bedroom floor plans and communal amenities including a clubhouse, business center, storage space, fitness center, swimming pool, playground and a tennis court. Atlanta-based Vista Realty Partners developed both communities in 2006 using Low-Income Housing Tax Credits. Fairfield Residential, which specializes in affordable housing, was the buyer.

August 30, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

Capstone Sells Student Housing Community Near University of Alabama

by Alex Tostado August 30, 2019

TUSCALOOSA, ALA. — Capstone Real Estate Investments (CREI) has sold Landmark Apartments, a student housing community located near the University of Alabama in Tuscaloosa. CREI purchased the asset in January 2018 before beginning extensive renovations. Terms of the transaction and the identity of the buyer were not disclosed. Landmark Apartments offers one-, two- and three-bedroom units. Shared amenities include a 24-hour fitness center, business center and printing station, a game room, yoga studio, swimming pool, an outdoor fireplace and grilling station, a tanning bed, lounge, hot tub, sauna, steam room and a pet park.

August 30, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Acquisitions Multifamily Texas

Greystone Arranges Sale of 232-Unit Multifamily Asset in Killeen

by Taylor Williams August 30, 2019

KILLEEN, TEXAS — Greystone has arranged the sale of The Willows Apartments, a 232-unit multifamily asset located in the Central Texas city of Killeen. Built in 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and an outdoor picnic area. Nicholas Brown of Greystone represented the seller and procured the out-of-state buyer in the transaction. Both parties requested anonymity.

August 30, 2019

Acquisitions Multifamily Texas

Draper & Kramer Buys 211-Unit Apartment Community in McKinney, Texas

by Taylor Williams August 30, 2019

MCKINNEY, TEXAS — Draper & Kramer Inc. has purchased St. Paul’s Square, a 211-unit multifamily community in McKinney, a northeastern suburb of Dallas. The property offers one-, two- and three-bedroom units ranging in size from 735 to 2,073 square feet and featuring wood-plank flooring, granite countertops, stainless steel appliances and washer and dryer connections. Amenities will include a pool, fitness center, outdoor grilling areas, a coffee bar, business center and rentable storage units. The transaction marks Draper & Kramer’s third acquisition in Texas.Will Balthrope, Drew Kile, Tommy Lovell III, Joey Tumminello, Richard Robson and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Himalayan Ventures LLC in the transaction.

August 30, 2019

Acquisitions Arizona Multifamily Western

Trillium Residential Sells 297-Unit Trillium 44 in Central Phoenix for $56M

by Amy Works August 30, 2019

PHOENIX — Trillium Residential has completed the disposition of Trillium 44, a multifamily property located at 111 N. Dupont Circle in central Phoenix. An affiliate of ConAm Group acquired the asset for $56 million. The four-story apartment community features 297 units, a swimming pool area with private cabanas, grilling area, resident sports lounge, wine storage room, cybercafé, fitness center, movie theater, dog park and multiple courtyards. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

August 30, 2019

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Re-Enters Tucson Multifamily Market with $40.3M Acquisition

by Amy Works August 30, 2019

TUCSON, ARIZ. — Seattle-based Thayer Manca Residential (TMR) has re-entered the Tucson multifamily market with its first purchase since 2000. The company acquired Palm Canyon Apartments for $40.3 million. The name of the seller was not released. Located at 2255 W. Orange Grove Road, Palm Canyon Apartments features 368 units. The low-density, value-add property was built in 1986. TMR has more than $5 million planned for renovations to the property with both interior and exterior spaces to receive resident-focused upgrades. Additionally, the property will undergo a full rebranding, and receive a revamped clubhouse, office interiors, fitness facility, two swimming pool areas, package lockers, landscaping, exterior amenities and interior unit renovations.

August 30, 2019

Acquisitions Colorado Multifamily Western

Greystar Acquires 150-Unit Griffis at Lowry Apartment Community in Denver for $45.7M

by Amy Works August 30, 2019

DENVER — Irvine, Calif.-based Greystar has purchased Griffis at Lowry, a multifamily property located at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood. Denver-based Griffis Residential sold the asset for $45.7 million. Built in 2011, Griffis at Lowry consists of eight rental buildings situated on 6.2 acres. Originally planned as a condominium development, the 150 units feature an average size of 1,130 square feet, in-unit full-size washers/dryers, at least nine-foot ceilings and attached garages in select floorplans. Approximately 40 percent of the units were renovated prior to the community’s sale. At the time of sale, occupancy was more than 97 percent. The property is located within the redevelopment of the former Lowry Air Force Base, an 1,800-acre site that includes 500 acres of residential use, 800-plus acres of recreational and open space, 1.8 million square feet of office space, 130,000 square feet of retail space and a 160-acre educational campus. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.

August 30, 2019

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