Multifamily

Dwight Capital Provides $18M HUD Refinancing for Apartment Community in Downtown San Antonio

by John Nelson January 7, 2019

SAN ANTONIO — Dwight Capital has provided a $18 million HUD 223(f) loan for the refinancing of Cadillac Lofts, a Class A apartment community located at 317 Lexington Ave. in San Antonio’s central business district. Originally built in 1922 and substantially rehabilitated in 1998, the property features 152 loft apartment residences. The undisclosed borrower renovated unit interiors in 2015 and 2016 and added a rooftop pool, terrace and fitness area. Cadillac Lofts is listed on the National Register of Historic Places as the former Goad Motor Company Building.

January 7, 2019

Acquisitions Multifamily Texas

Praedium Group Purchases Newly Built Multifamily Community in North Arlington

by John Nelson January 7, 2019

NORTH ARLINGTON, TEXAS — The Praedium Group has purchased Arlington Commons, a 353-unit apartment community in North Arlington. The seller and sales price were not disclosed, but The Dallas Morning News reports Nehemiah Co. was the developer. Built in 2018, the four-story building features an attached parking garage, swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on-demand, valet trash, elevators, dog park with dog wash station, electronic parcel lockers and a lounge deck with barbecue grills. Arlington Commons’ unit mix consists of one- and two-bedroom residences ranging from 580 to 1,418 square feet. Unit interiors include 10- to 12-foot ceilings, granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full-size washers and dryers and balconies or patios.

January 7, 2019

Development Multifamily Texas

Transwestern Development Sells Apartment Property in Austin to Invesco

by John Nelson January 7, 2019

AUSTIN, TEXAS — Transwestern Development Co. has sold The Arnold, a 346-unit apartment community located at 1621 E. Sixth St. in Austin. Atlanta-based Invesco Real Estate purchased the property for an undisclosed amount. Transwestern Development delivered The Arnold in July 2016. The community was 95 percent occupied at the time of sale. The Arnold features a resort-style pool; activity courtyard with bocce ball court, dining area, outdoor fireplace and grilling area; roof deck with views of downtown Austin, fire pit, outdoor seating and grilling kitchen; indoor lounge with interactive cooking kitchen, TV and business meeting areas; lounge with vintage video games, TVs, catering kitchen and keg refrigerator; fitness center with yoga studio, cardio equipment, free weights and classes by FX Fitness; bike storage; on-site Bike Share Austin bike station; and private storage units. Unit interiors include Whirlpool stainless steel appliances, quartz countertops, custom wood cabinets, kitchen island, full-sized washer and dryer connections, bike storage and private balconies.

January 7, 2019

Development Multifamily Northeast

Delancey Street Associates Opens 26-Story Apartment Building on Lower East Side

by David Cohen January 7, 2019

NEW YORK CITY — Delancey Street Associates has opened The Essex, a 98-unit, 26-story luxury apartment building on Manhattan’s Lower East Side. The Essex is the tallest building in the nine-site Essex Crossing project being developed by Delancey Street Associates. The ground floor of the building will include a 14-screen Regal Cinemas, the Essex Street Market and The Market Line, an expansive, bazaar-like marketplace. Essex Crossing comprises 1.9 million square feet of residential, commercial, and community space. Located at 125 Delancey St., The Essex consists of a mix of studios to three-bedroom apartments, starting at $4,295. Amenities at the property include a rooftop terrace, attended lobby concierge, a social lounge with billiards, a library lounge, private meeting room, children’s playroom and a fitness center. Handel Architects designed the building.

January 7, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Negotiates Sale of 200-Bed Skilled Nursing Portfolio in New Mexico

by Amy Works January 7, 2019

SANTA FE AND HOBBS, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities, located in Santa Fe and Hobbs and totaling 200 beds. The seller was a Texas-based regional owner-operator looking to divest non-core assets. O&M Investments acquired the Santa Fe facility, while a Southern California-based private REIT acquired the Hobbs property. The prices were not disclosed. Christopher Hyldahl and Gideon Orion of Blueprint were the lead advisors on the transaction.

January 7, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Brokers $3.7M Sale of Apartment Property in Denver

by Amy Works January 7, 2019

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an apartment building and duplex located at 2818-2836 Wyandot St. in Denver. An undisclosed seller sold the asset for $3.7 million. The 23-unit apartment building was built in 1962, while the duplex was built in 1886. Josh Newell and Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The name of the buyer was not released.

January 7, 2019

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $38M Residential Condo Deconversion Sale in Chicago

by Kristin Harlow January 7, 2019

CHICAGO — Kiser Group has brokered the $38 million deconversion sale of 1140 N. LaSalle Drive in Chicago’s River North neighborhood. The Flats on LaSalle Condominium Association agreed to a bulk sale of all 250 units. The buyer, ESG Kullen, will convert all of the units into apartments. The eight-story building was originally constructed in 1924 as a hotel. It was later converted into apartments and then condominiums in 2006. Lee Kiser, Michael D’Agostino and Jake Parker of Kiser brokered the sale. The team also introduced equity broker Alpha Capital to ESG Kullen, resulting in Harrison Street Capital becoming a partner in the deal.

January 7, 2019

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group to Manage Nine Affordable Housing Properties in Midwest

by Kristin Harlow January 7, 2019

CHICAGO — Evergreen Real Estate Group has been retained to manage nine affordable housing communities totaling 1,071 units across Illinois, Kansas, Ohio and Wisconsin. The properties include a mix of affordable housing for families, seniors and people with disabilities. Chicago-based Evergreen now manages more than 8,500 units across the country. The new assignments include: Brookhaven Apartments in Gurnee, Ill.; Carter Manor Apartments in Cleveland; Johnstown Towers in Salina, Kan.; Oakdale Plaza Apartments in Salina, Kan.; Legacy Lofts in Milwaukee; The Martha Washington Apartments in Chicago; Martin Avenue Apartments in Council Grove, Kan.; and Neilan Park Apartments in Hamilton, Ohio. As property manager, Evergreen will oversee operations. Additionally, in some communities Evergreen will make improvements and upgrades to the buildings using low-income housing tax credits and other subsidies.

January 7, 2019

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $15.1M HUD Refinancing for Chicago-Area Assisted Living Community

by Kristin Harlow January 7, 2019

PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization schedule.

January 7, 2019

Acquisitions Alabama New York Northeast Seniors Housing Southeast Top Stories

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

by John Nelson January 7, 2019

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …

January 7, 2019

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