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Multifamily

GeorgiaLoansSeniors HousingSoutheast

Newmark Arranges $140M Recapitalization for Corso Atlanta Seniors Housing Community

by John Nelson

ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.

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GeorgiaLoansMultifamilyNorth CarolinaSoutheast

Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina

by John Nelson

AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.

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One-City-Block-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Global Investment Manager Sells 302-Unit One City Block Apartment Community in Uptown Denver

by Amy Works

DENVER — A global investment manager has completed the disposition of One City Block, a multifamily property in Denver’s Uptown neighborhood. InterCapital Group and Pamera North America acquired the asset for an undisclosed price. Built in 2013, One City Block offers 302 apartments spread across four four-story buildings, as well as a lap pool, private courtyard, fitness center, yoga studio, four rooftop decks, lounges and 10,000 square feet of ground-floor retail space. Shane Ozment, Terrance Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, while Cord Ernst provided in-house representation for Pamera North America in the deal.

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Trailhead-Preserve-Bremerton-WA
LoansMultifamilyWashingtonWestern

CBRE Arranges $22.8M Refinancing for Trailhead at the Preserve Apartment Complex in Bremerton, Washington

by Amy Works

BREMERTON, WASH. — CBRE, on behalf of Sage Homes Northwest, has arranged a $22.8 million loan for the refinancing of Trailhead at Preserve, a new apartment complex located at 1970 N.E. Fuson Road in Bremerton. Built in May 2024, Trailhead at Preserve offers 109 studio, one- and two-bedroom apartments and private access to nature trails at the Illahee Preserve. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE Capital Markets’ Debt & Structured Finance in Seattle represented the borrower in securing a full-term, interest-only bridge loan with a prominent debt fund lender to refinance the borrower’s existing construction loan.

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Willowbrook-Crossing-Westminster-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Advisors Directs $13.5M Sale of Willowbrook Crossing Multifamily Community in Westminster, Colorado

by Amy Works

WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Willowbrook Crossing, an apartment property in Westminster. The asset traded for $13.5 million, or $142,105 per unit. Willowbrook Crossing features 95 studio and one-bedroom apartments. Josh Newell and Jake Waxter of The Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller and the undisclosed buyer in the deal.

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DevelopmentMidwestMultifamilyWisconsin

McShane Completes Construction of 70-Unit Apartment Complex in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — McShane Construction Co. has completed The Derby, a 70-unit apartment complex with affordable housing units in Madison. Lincoln Avenue Communities was the developer. Income restrictions were not provided, but 14 of the units meet Wisconsin Housing and Economic Development Authority accessibility requirements. The project features 1,100 square feet of ground-floor office space for a local community group and 2,600 square feet of amenity spaces with a kitchen, fitness room, laundry room, outdoor space, playground and dog park. Knothe & Bruce Architects designed the four-story property. The project is Enterprise Green Communities Certified and features a full solar array system on the roof to power the common areas.

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210-220-E.-22nd-St
AcquisitionsMultifamilyNew YorkNortheast

JLL Negotiates $104.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has negotiated the $104.5 million sale of a 204-unit apartment building located in Manhattan’s Gramercy Park neighborhood. The seven-story building at 210-220 E. 22nd St. comprises 82 studios, 75 one-bedroom units, 39 two-bedroom residences and eight three-bedroom apartments. Amenities include a fitness center, resident lounge and onsite laundry facilities. Andrew Scandalios, Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between New York-based Canvas Property Group, Declaration Partners and Tokyu Land US Corp. The property was 95 percent occupied at the time of sale.

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AcquisitionsIllinoisMidwestSeniors HousingTop Stories

JLL Brokers Sale of 20-Property National Seniors Housing Portfolio for $725M

by John Nelson

CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Northmarq Arranges $41.8M Sale of South Tryon Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Northmarq has arranged the $41.8 million sale of South Tryon Apartments, a 216-unit multifamily community located at 7601 Holliswood Court in Charlotte. McDowell Properties acquired the asset from MAA. Andrea Howard, Allan Lynch, John Currin, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq’s Carolinas Multifamily Investment Sales team represented the seller in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq secured a $24.8 million acquisition loan on behalf of the buyer. The permanent, fixed-rate loan features a five-year term with a 35-year amortization schedule. Built in 2002 and renovated in 2022, South Tryon Apartments features units in one-, two- and three-bedroom layouts. Amenities at the property include 36 detached garages, 42 storage spaces, a fitness center, pool, dog park, grilling area, car care center and playground. The community is situated roughly nine miles from both Charlotte Douglas International Airport and Uptown Charlotte.

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AcquisitionsFloridaMultifamilySoutheast

MLG Capital Acquires 180-Unit Venetian at Capri Isles Multifamily Community in Venice, Florida

by John Nelson

VENICE, FLA. — MLG Capital has acquired Venetian at Capri Isles, a 180-unit multifamily community located at 1050 Capri Isles Blvd. in Venice. MLG purchase the property from an undisclosed buyer through its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sales price was also not disclosed. The buyer plans to make capital improvements to the property, including upgrades to the unit interiors, exteriors and amenities. This marks MLG’s 24th acquisition in the state of Florida.

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