Multifamily

HFF Arranges $46.5M Sale of Apartment Complex in Raleigh-Durham

by Alex Tostado June 28, 2019

MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.

June 28, 2019

Acquisitions California Multifamily Seniors Housing Western

Faris Lee Investments Brokers Acquisition of Seniors Housing Community in Bay Area for $39M

by Amy Works June 28, 2019

HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.

June 28, 2019

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 306-Unit Town Commons Multifamily Community Near Phoenix

by Amy Works June 28, 2019

GILBERT, ARIZ. — The Praedium Group has purchased Town Commons, a multifamily complex located in Gilbert, for an undisclosed price. The name of the seller was not released. Comprising 24 residential buildings, Town Commons features two two-story townhouse buildings, 10 two-story carriage homes and 12 three-story, garden-style buildings. Constructed in 2018, the property features 306 units in a mix of one-, two-, three- and four-bedroom layouts, ranging in size from 776 square feet to 2,197 square feet. Community amenities include a resort-style swimming pool, outdoor lounge, bonfire pits, barbecue grills, dog park, children’s splash pad, clubhouse with a cyber café, private work space with a 55-inch presentation television and fitness center.

June 28, 2019

Loans Multifamily Washington Western

NBS Financial Secures $5.5M in Financing for Soundview Apartments in Seattle

by Amy Works June 28, 2019

SEATTLE — Norris, Beggs & Simpson Financial Services has arranged $5.5 million in financing for Soundview Apartments in Seattle. The borrower, RSA Soundview LLC, plans to use the funds to refinance existing debt. Michael Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate financing through State Farm Life Insurance Co., a life company correspondent of NBS Financial. The 108,066-square-foot property features 85 apartments, a parking garage, rooftop deck, courtyard and 3,872 square feet of ground-floor retail space.

June 28, 2019

Development Midwest Multifamily Ohio

Woda Cooper Completes Conversion of Historic Bank Building Into Mixed-Income Housing in Lima, Ohio

by Kristin Harlow June 28, 2019

LIMA, OHIO — Woda Cooper Cos. Inc. has completed the conversion of an historic 1926 bank building in downtown Lima into a 47-unit mixed-income housing community. A grand opening ceremony took place Tuesday, June 25. Formerly the First National Bank & Trust Building, the 12-story building is listed on the National Register of Historic Places. Known as 43 Town Square, the property offers a mix of affordable and market-rate apartments. The building sat vacant for many years and was in need of substantial rehabilitation. Of the 47 units, 37 are designated as affordable for families and seniors with household incomes up to 60 percent of the area median income. Rents for the affordable units range from $313 to $675 per month. The 10 market-rate apartments rent for $769 to $916 per month. The project also includes a first-floor management office, two community rooms, a computer room and multiple laundry spaces. Project funding partners included the Ohio Housing Finance Agency, the U.S. Department of Interior, Ohio Development Services Agency, city of Lima and RiverHills Bank. CREA LLC is investing in the low-income housing tax credits and federal historic tax credits.

June 28, 2019

Development Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens $20M Skilled Nursing Center in Michigan

by Kristin Harlow June 28, 2019

ST. CLAIR SHORES, MICH. — Ciena Healthcare has opened Regency at St. Clair Shores, a $20 million skilled nursing center in north suburban Detroit. The 146-bed facility is located at 22700 Greater Mack Ave. Regency at St. Clair Shores is the fourth Ciena Healthcare center in Macomb County. More than 200 full- and part-time employees will work at the facility, which features 56 private deluxe suites and 43 semi-private suites. Amenities include 24-hour dining options, a full-service spa, salon and lounges. Skilled services include 24-hour nursing care, physical, occupational and speech therapy, as well as a rehabilitation gym.

June 28, 2019

Acquisitions Kansas Midwest Multifamily

NorthMarq Arranges Sale of Three Multifamily Properties in Topeka, Kansas

by Kristin Harlow June 28, 2019

TOPEKA, KAN. — NorthMarq has arranged the sale of three multifamily properties totaling 216 units in Topeka for an undisclosed price. The properties include the 117-unit Shawnee Lake, the 65-unit Wanamaker View, and the 34-unit Brentwood Apartments. Jeff Lamott of NorthMarq arranged the sale on behalf of both parties. Orozco Capital Trust sold the assets to Vertex Investments. Built in the 1990s, the Class B properties are nearly fully occupied.

June 28, 2019

Market Reports Multifamily Texas Texas Market Reports

Influx of Millennials Bolsters San Antonio’s Multifamily Fundamentals

by Taylor Williams June 28, 2019

An overwhelming number of residents are moving to San Antonio rather than leaving. The metro experienced a net in-migration of nearly 21,000 households in 2016, according to Moody’s Analytics, the latest data available at the time of this writing. The metro primarily draws from Austin and Houston with a notable cohort of new residents coming from Washington, D.C. Many newcomers to San Antonio from the nation’s capital are drawn to the city’s military and defense industries. Basic Numbers Among these in-migrants to San Antonio is a large proportion of millennials. At 14.4 percent, San Antonio ranked No. 2 in terms of the fastest-growing areas for young adult growth from 2010 to 2015, according to a 2018 report from The Brookings Institution. San Antonio’s rate of millennial population growth during that period outranked that of peer and non-peer cities such as Austin, Denver, Houston, Orlando and Seattle, among others. As a result, the San Antonio market skews younger with approximately 25 percent millennials and 28 percent Gen Z. The median age in San Antonio is 34, four years lower than the national average among comparable cities. In turn, the metro’s job growth both reinforces and is fueled by this in-migration, accounting …

June 28, 2019

Conference Coverage Features Multifamily Seniors Housing

Executive Directors Take on Heightened Importance in Evolving Seniors Housing Industry, Says InterFace Power Panel

by Jeff Shaw June 28, 2019

CHICAGO — Operators in the senior living space universally agree that the executive director holds the single most important position at their communities and that the job is a daily grind. These frontline administrators are not only tasked with providing the best care possible for residents, but they must also demonstrate strong financial acumen. They are frequently thrust into the role of crisis manager, all the while they are expected to be strategic thinkers. Rather than simply give lip service to the idea that the executive director is an invaluable part of the overall operation, Charter Senior Living is putting its money where its mouth is. The operator of 14 senior living communities in nine states is exploring the possibility of giving executive directors an ownership stake in its communities. “I know that’s been talked about for years, but we are actually in a position [to provide that incentive] on top of a very competitive financial package,” said Keven Bennema, president and CEO of Charter Senior Living, which offers independent living, assisted living and memory care across its properties concentrated in the Midwest and Southeast. It’s important for department heads to feel a sense of ownership as well, added Bennema, …

June 28, 2019

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Vibrant Cities Receives $31.3M in Construction Financing for Mixed-Use Project in Seattle

by Amy Works June 27, 2019

SEATTLE — Vibrant Cities has received $31.3 million in construction financing for the development of Pivot, a mixed-use property in Seattle’s Capitol Hill neighborhood. Brandon Roth and Zack Goodwin of HFF secured the five-year, floating-rate loan through H.I.G. Realty Partners for the borrower. The project will replace an existing parking lot with a pedestrian-inspired development along the Pike/Pine corridor. Once complete, Pivot will features 71 apartments above a sub-grade parking garage, street-level retail space and 11,000 square feet of office space.

June 27, 2019

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