Multifamily

Aria-Fla-Ave-North-Capitol-St-Washington-DC

Aria Development Acquires Land Parcel for Mixed-Use Development in Washington, D.C.

by Amy Works October 1, 2018

WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.

October 1, 2018

Development Multifamily Seniors Housing South Carolina Southeast

Sunshine Retirement Breaks Ground on Seniors Housing Community in Upstate South Carolina

by Amy Works October 1, 2018

MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.

October 1, 2018

Acquisitions Florida Multifamily Southeast

Redwood Capital Sells 220-Unit Apartment Complex in Orlando

by Amy Works October 1, 2018

ORLANDO, FLA. — Chicago-based Redwood Capital Group has completed the disposition of Reserve at Conway, an apartment community located at 3149 Landtree Place in Orlando. Virginia-based Chandler Residential acquired the property for an undisclosed price. Reserve at Conway features 220 garden-style apartments in a mix of one- and two-bedroom floor plans, averaging 748 square feet. At the time of sale, the property was 98.2 percent occupied. ARA Newmark brokered the transaction.

October 1, 2018

Acquisitions Michigan Midwest Multifamily Student Housing

Berkadia Arranges $19M Sale of Student Housing Property in Kalamazoo, Michigan

by Kristin Harlow October 1, 2018

KALAMAZOO, MICH. — Berkadia has arranged the sale of 700 SoHo near Western Michigan University in Kalamazoo for $19 million. The 488-bed student housing property, located at 700 S. Howard St., consists of four-bedroom units. Amenities include a resort-style pool and renovated clubhouse. Kevin Larimer and Greg Gonzalez of Berkadia brokered the sale. A Pittsburgh-based real estate company acquired the asset.

October 1, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $3.7M Condo Deconversion Sale in Evanston, Illinois

by Kristin Harlow October 1, 2018

EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

October 1, 2018

Acquisitions Multifamily Texas

Keener Investments Acquires 272-Unit Multifamily Asset in Texas City

by Taylor Williams September 28, 2018

TEXAS CITY, TEXAS — Houston-based Keener Investments has acquired The Breakers, a 272-unit apartment property in Texas City, located about 45 miles southeast of Houston. The garden-style property was built in 1983 and features a pool, fitness and business centers, a lakeside jogging trail and private fishing piers. Keener, which acquired the property from an undisclosed seller, will renovate the community’s amenity spaces and unit interiors. Warren Hitchcock of NorthMarq Capital arranged a five-year acquisition loan on behalf of Keener Investments that featured an 80 percent loan-to-cost ratio.

September 28, 2018

Loans Multifamily Texas

Berkadia Provides $21.7M Freddie Mac Acquisition Loan for Apartment Community in Midland

by Taylor Williams September 28, 2018

MIDLAND, TEXAS — Berkadia has provided a $21.7 million Freddie Mac acquisition loan for Anatole on Briarwood, a 250-unit apartment community in Midland. Built in 2014, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, coffee bar and TV lounge. Tucker Knight and Nicholas Murphy of Berkadia arranged the loan, which includes a fixed interest rate and five years of interest-only payments, on behalf of the buyer, Fort Worth-based Olympus Property. The seller was not disclosed.

September 28, 2018

Affordable Housing Development Multifamily Texas

Fort Construction Breaks Ground on $19M Affordable Housing Project in Fort Worth

by Taylor Williams September 28, 2018

FORT WORTH, TEXAS — General contractor and design/build firm Fort Construction has broken ground on Vineyard on Lancaster, a 104-unit affordable housing project in Fort Worth. The development costs will total approximately $19 million, according to The Fort Worth Star-Telegram. The builder has partnered with Union Gospel Mission of Tarrant County for the project, which is aiming to begin leasing units by December.

September 28, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $32.5M Sale of Multifamily Community in New Jersey

by David Cohen September 28, 2018

BRIDGEWATER, N.J. — Gebroe-Hammer Associates has negotiated the $32.5 million sale of Woodmont Square Apartments, a 100-unit multifamily community in Bridgewater. The market-rate apartment community was built in 2012 and is located at 100 Bellis Court. Amenities include a clubhouse, fitness center, game room, business center, basketball court and picnic area. Greg Pine, Stephen Tragash and Eli Herskowitz of Gebroe Hammer represented the seller, Woodmont Properties at Bridgewater LLC, in the transaction. The buyer was undisclosed.

September 28, 2018

Affordable Housing California Loans Multifamily Western

Berkeley Point Capital Provides $52.4M Refinancing for Affordable Housing in San Diego

by Amy Works September 28, 2018

SAN DIEGO — Berkeley Point Capital has provided a $52.4 million multifamily affordable housing refinancing for Lantana Hills Apartment Homes in San Diego. The borrow is an affiliate of the Convermat Corp. Lantana Hills Apartments Homes was built in two phases with 300 units constructed in 1955 and the remaining 80 units constructed in 1986. The complex comprises one- and two-bedroom apartments, 23 acres of landscaping and parks, two swimming pools, a newly remodeled fitness center, and garage and surface parking. The new loan, provided via Fannie Mae’s Affordable Housing Group, features a 12-year term with eight years of interest-only payments. The financing was used to retire tax-exempt, variable-rate bonds totaling $37.5 million that were issued by the City of San Diego in 2004. The complex underwent a $5.9 million in renovations between 2014 and 2017 that included new wood flooring, quartz kitchen countertops, new kitchen appliances and accessories, while also becoming a pet-friendly community. The borrower plans on spending an additional $1.4 million in capital expenditures in 2018. Mitch Clarfield of Berkeley Point’s Santa Monica, Calif., office facilitated the loan for the borrower.

September 28, 2018

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