Multifamily

CA Student Living Renovates 628-Bed Student Housing Community Near University of Alabama

by Amy Works October 23, 2018

TUSCALOOSA, ALA. — CA Student Living has completed capital improvements on Harbor on Sixth, a 628-bed property located near the University of Alabama in Tuscaloosa. Improvements to the community — now named Evolve Tuscaloosa — included a fitness center expansion with the addition of a new yoga studio; and upgrades to the pool area including the addition of cabanas, grilling areas and in-pool lounges. The property offers two- and three-bedroom fully furnished units with bed-to-bath parity. Additional shared amenities include a computer lab, study lounges, a clubroom with a kitchenette and fireplace, free tanning and a shuttle service to campus. The property originally opened in 2017.

October 23, 2018

Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Funds $9M Green Acquisition Loan for Multifamily Property in Arkansas

by Amy Works October 23, 2018

JONESBORO, ARK. — Hunt Real Estate Capital has provided a $9 million Fannie Mae conventional loan for the acquisition of Stadium Place Apartments, a 200-unit multifamily property located at 3719 Stadium Blvd. in Jonesboro. Chad Thomas Hagwood led the Hunt Real Estate Capital team that closed the financing. Built in 2000, Stadium Place comprises 10 three-story garden-style buildings on a 10.4-acre site. Totaling 179,880 square feet of rentable area, the property offers a mix of one-, two- and three-bedroom layouts. Onsite community amenities include a fitness center, swimming pool, playground, basketball court, grilling stations and a large open green space. Loan terms include a 75 percent, 12-year Green Rewards loan with four years of interest-only payments. As per terms of the Green Rewards loan, the undisclosed borrower will implement efficiency upgrades within 12 months of loan closing. With this property, most of the efficiency upgrades will take the form of water savings.

October 23, 2018

North-Georgia-Assisted-Living-Dawsonville-GA

Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Brokers $5.8M Sale of North Georgia Assisted Living

by Amy Works October 23, 2018

DAWSONVILLE, GA. — Senior Living Investment Brokerage has arranged the sale of North Georgia Assisted Living, a 32-unit community in Dawsonville, approximately 60 miles north of Atlanta. Gryphon Senior Living and Senior Solutions acquired the property from a local partnership for $5.8 million. The property was 97 percent occupied at the time of sale. The price represents an 8.1 percent capitalization rate and a price per unit of $181,250. Hunt Real Estate Capital provided a $6.2 million bridge loan for the buyer in connection with the transaction. The financing will help fund a 12-unit expansion at the property. Bradley Clousing of Senior Living Investment Brokerage handled the transaction.

October 23, 2018

Development District of Columbia Multifamily Southeast Top Stories

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

by Katie Sloan October 23, 2018

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop terraces on the 20th floor. Shared amenities at the property include a sky lounge with a rooftop terrace; landscaped courtyard with a swimming pool, grilling stations and fire pits; game room; business center and flexible work area with conference capabilities; secured parking garage with bike storage; and professional-style pet washing area. The community also boasts an extensive fitness center with personal training rooms, as well as a bike training facility where residents can virtually train and use a sports simulator. The LEED-Gold certified property offers views of Washington, D.C., Arlington and the Potomac River, as well as easy access to both cities, The Pentagon and Ronald Reagan Washington National Airport. The starting rent for a studio apartment is $2,011 per month. “Crystal City is an active, lively neighborhood with an exciting arts …

October 23, 2018

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 212-Unit Apartment Property in Metro Houston

by Taylor Williams October 22, 2018

CONROE, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Redford Park Apartments, a 212-unit multifamily property in Conroe, a northern suburb of Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a tennis court, pool and resident clubhouse. ClearWorth Capital will implement a value-add program to the asset, the seller of which was not disclosed. Nathan Stone of Berkadia arranged acquisition financing for the deal.

October 22, 2018

Acquisitions Multifamily Washington Western

Colliers Brokers $20M Sale of Tyee, Levere Apartments in Seattle’s University District

by Amy Works October 22, 2018

SEATTLE — Colliers International has arranged the sale of Tyee Apartments and Levere Apartments, two multifamily properties located in Seattle’s University District. Kennedy Tyee LLC and Levere LLC sold the properties to Seattle University District LP for $20 million. The transaction is the first time the assets have traded in more than 50 years. Built in 1963 and located at 4115 Brooklyn Ave. NE, Tyee Apartments features 48 units in a mix of studios and one-bedroom units. Constructed in 1927 and located at 4105 Brooklyn Ave. NE, Levere Apartments offers 40 studio, one- and two-bedroom units. Tim McKay, Dan Chhan, Sam Wayne and Arvin Vander Veen of Colliers International handled the transaction.

October 22, 2018

Golden-Orchard-Assisted-Living-Littleton-CO

Acquisitions Colorado Multifamily Seniors Housing Western

Haven Senior Investments Negotiates $4.2M Sale of Memory Care Community Near Denver

by Amy Works October 22, 2018

LITTLETON, COLO. — Haven Senior Investments has arranged the sale of Golden Orchard Assisted Living, a 40-bed memory care facility in Littleton. The property was 85 percent occupied at the time of closing and the price was $4.2 million. Neither the buyer nor seller were disclosed. John Hauber, founder of Haven Senior Investments, facilitated the sale. Live Oak Bank provided acquisition financing.

October 22, 2018

Development Midwest Multifamily Wisconsin

Korb + Associates, Thornton Tomasetti Unveil Design for Proposed 21-Story Timber Tower in Milwaukee

by Kristin Harlow October 22, 2018

MILWAUKEE — Korb + Associates Architects and structural engineering firm Thornton Tomasetti have unveiled the design for a proposed 21-story timber tower in downtown Milwaukee. New Land Enterprises is the developer for the 410,000-square-foot project known as Ascent. The multifamily building will include street-level retail space. At 238 feet tall, the tower is poised to become the tallest timber structure in the western hemisphere, according to Thornton Tomasetti. Mass timber structures help absorb carbon dioxide and save energy. They performs as well as, or better than, traditional materials in fire, earthquake and wind conditions, according to the project team. Construction is expected to begin in the fall of 2019.

October 22, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Greystone Provides $19.5M Acquisition Financing for Skilled Nursing Facility in Pittsburgh

by David Cohen October 19, 2018

PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh. The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements. Fred Levine of Greystone originated the non-recourse, floating-rate loan. The financing features a 24-month term, two six-month extension options and interest-only payments for the life of the loan. The borrower intends to refinance the bridge loan with a fixed-rate, HUD-insured permanent takeout loan.

October 19, 2018

Development Multifamily Student Housing Texas

WGC Development Breaks Ground on 405-Bed Student Housing Property Near University of Houston

by Taylor Williams October 19, 2018

HOUSTON — WGC Development, in conjunction with an undisclosed institutional investor, has broken ground on Tower 5040, a 405-bed student housing community located near the University of Houston. The eight-story building will offer one-, two- and four-bedroom units. Select apartments will feature large balconies with fire pits. Shared amenities will include a swimming pool with an adjacent movie screen, a fitness center, conference room, business center, private study rooms, a game room, indoor and outdoor socializing areas and a dog park. Humphreys & Partners Architects designed the community, and Arch-Con Construction will handle construction. Nick Gonzalez of GRC Capital arranged equity and debt financing on behalf of the partnership. The property is set to open in summer 2020.

October 19, 2018

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