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Multifamily

Tennyson-Place-Denver-CO
ColoradoLoansMultifamilyWestern

JLL Arranges $14.7M Refinancing for Tennyson Place Apartment Community in Denver

by Amy Works

DENVER — JLL has secured a $14.7 million loan for the refinancing of Tennyson Place, an apartment community in Northwest Denver’s Berkeley neighborhood. The borrower is Allante Properties and Investments. Brock Yaffe and Josh Simon of JLL Capital Markets arranged the fixed-rate, balance-sheet loan for the borrower. Proceeds were used to refinance an existing loan. Located at 3885 N. Tennyson St., the property features 81 apartments in a mix of studio and one-bedroom units ranging from 365 square feet to 769 square feet. Community amenities include an indoor/outdoor community room, business center, 24-hour fitness center, sky deck, pet spa and garage parking. The property was built in 2017.

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AcquisitionsAlabamaMultifamilySoutheast

Newmark Knight Frank Arranges $73M Sale of Multifamily Portfolio in Metro Birmingham

by Alex Tostado

HOOVER, ALA. — Newmark Knight Frank (NKF) has arranged the $73 million sale of two multifamily properties in Hoover: The Falls of Hoover and Woods of Hoover. Together, the properties total 696 units and were 94 percent occupied at the time of sale. The two communities offer one- through three-bedroom floor plans. The Falls of Hoover and Woods of Hoover were built in three phases between 1996 and 2002. Communal amenities include three swimming pools, fitness centers, clubhouses, a playground, and three tennis courts. Bo Flurry and Justin Uffinger of NKF represented the seller, Heritage Income Properties, and the buyer, BH Equities, in the transaction.

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glasshouse-pittsburgh
DevelopmentMultifamilyNortheastPennsylvania

HSR, Northwestern Mutual Complete 319-Unit Multifamily Building in Pittsburgh

by Alex Patton

PITTSBURGH — High Street Residential, the multifamily development arm of Dallas-based Tramell Crow Co., and Northwestern Mutual have completed construction of Glasshouse, a 319-unit multifamily building in Pittsburgh’s South Shore neighborhood. The five-story property offers junior, one- and two-bedroom apartments ranging in size from 610 to 1,300 square feet and 3,000 square feet of ground-floor retail space. Amenities include a fitness center, clubroom and pool. Hord Coplan Macht designed the building and landscaping, and Rycon Construction was the general contractor.

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14-01-astoria-queens
LoansMultifamilyNew YorkNortheast

Greystone Provides $37M Loan for Refinancing of Multifamily Property in Queens

by Alex Patton

NEW YORK CITY — Greystone Capital Advisors has arranged a $37 million permanent loan for the refinancing for 14-01 Broadway, an 82-unit multifamily building in the Astoria neighborhood of Queens. Amenities include a fitness center, roof terrace and outdoor lounge Greystone provided the 10-year Fannie Mae loan, which carried a fixed interest rate, for an affiliate of the Shirian Family’s Lions Group. The loan replaced a previous construction loan that was provided by Bank Leumi. Drew Fletcher, Matthew Klauer and Bryan Grover of Greystone handled the transaction.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $3.6M Sale of Two Multifamily Properties in Boston

by Alex Patton

BOSTON — Marcus & Millichap has brokered the $3.6 million sale of 338-342 Warren Street and 74-76 Rockland Street, two multifamily properties located in the Roxbury neighborhood of Boston. The asset at 338-342 Warren St., which comprises six three-bedroom apartments and two commercial spaces, sold for $2.2 million. The asset at 74-76 Rockland St., which comprises six apartments in two- and three-bedroom floor plans, sold for $1.3 million. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered both sales. The deal closed at a capitalization rate of 6.11 percent.

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DevelopmentIllinoisMidwestMultifamilyStudent Housing

Opus Completes 14-Story Student Housing Building Adjacent to University of Illinois at Urbana-Champaign

by Kristin Harlow

CHAMPAIGN, ILL. — The Opus Group has completed Seven07, a new student housing building near the campus of the University of Illinois at Urbana-Champaign. The 14-story building is home to 218 units with 548 beds. Amenities include a fitness center, indoor basketball court, spa, lounge, café and study areas. The fourth-floor clubroom features pin ball machines, shuffle board and ping pong tables. The project was a joint venture between Opus and The Carlyle Group. Opus served as developer, design-builder, architect and structural engineer. Creative License was the interior designer. Asset Living will manage the property. SunTrust Commercial Real Estate provided project financing.

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AcquisitionsMidwestMinnesotaMultifamily

Redwood Capital Sells 320-Unit Apartment Property in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — Redwood Capital Group LLC has sold Southwind Village, a 320-unit apartment property in Burnsville. An Indianapolis-based investment firm purchased the asset. CBRE brokered the sale. Southwind Village consists of five two-story, townhome-style buildings. Amenities include a fitness center, two swimming pools, an outdoor kitchen, package delivery system and community room. Redwood has updated a portion of the units with new plumbing fixtures, countertops, appliances and lighting. The buyer and sales price were not disclosed.

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IllinoisLoansMidwestMultifamilySeniors Housing

CBRE Arranges $45.7M Refinancing for Two Seniors Housing Communities in Illinois

by Kristin Harlow

WESTMONT AND LAKE ZURICH, ILL. — CBRE has arranged a $45.7 million refinancing for Aspired Living of Westmont and Azpira Place of Lake Zurich, both seniors housing communities outside of Chicago.The borrower is a joint venture between Virtus Real Estate Capital and Pathway to Living, the latter of which will continue to operate the communities. Aspired Living of Westmont is a 107-unit assisted living and memory care community in the affluent submarket of Westmont, approximately 25 miles west of Chicago. Within a five-mile radius of the community the average household income is $126,000, according to CBRE. Azpira Place of Lake Zurich is a 120-unit assisted living community approximately 45 miles northwest of Chicago in Lake Zurich. Within a five-mile radius of the community the average household income is $158,000, according to CBRE. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing secured the five-year, floating-rate loan with 36 months of interest-only payments from a regional bank.

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AcquisitionsMultifamilyTexas

Greystone Arranges Sale of 247-Unit Apartment Community in Dallas for $13.4M

by Taylor Williams

DALLAS — Greystone’s Investment Sales Group has arranged the sale of Villas del Lago, a 247-unit apartment community located in the Bachman Lake submarket of Dallas. The sales price was $13.4 million. Built in 1974 and renovated in 2013, the property features one- and two-bedroom units, as well as an outdoor grilling and picnic area. Todd Franks of Greystone represented the seller in the transaction. Other terms of the sale were not disclosed.

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FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Orlando Apartment Market Shows Long Runway for Future Growth

by Alex Tostado

The Orlando multifamily market may have an appearance of being oversupplied and on shaky ground, but it is actually thriving and has a long runway for growth ahead. The Orlando MSA has an inventory of approximately 165,000 rental units and about 10,000 units under construction. While that new supply approaches historical high-water marks, the lack of inventory of entry-level, single-family homes and the complexion of the household formation leads us to the conclusion that we are undersupplied in the multifamily space. That being said, within the overall numbers there is likely an oversupply of Class A inventory and an undersupply of workforce housing. Vacancies are hovering in the 6 percent range and rent growth has slowed to around 3 percent after having stronger years. The undersupply of workforce housing is being exacerbated by the value-add business model being employed on most of the Class B and C buyers over the last five years, catapulting the average rents and straining the ability of the working-class to keep rent as a percentage of income at a healthy level. Overall, single-family homebuilding is at a 10-year high, but still well below the pre-recession days. Permits are also soaring, but the makeup of the …

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