Multifamily

Cushman & Wakefield Secures $18.8M Sale of Multifamily Community in Birmingham

by Camren Skelton August 28, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.

August 28, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Arranges $13M Sale of Apartment Community in Philadelphia

by David Cohen August 27, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of AQ Overbrook Flats, a 128-unit apartment community in the Overbrook Farms neighborhood of Philadelphia. The property sold for $13 million, or approximately $101,770 per unit. Clarke Talone, Andrew Townsend and Ridge MacLaren of Marcus & Millishap represented the seller, a limited liability company, in the transaction. The buyer is an affiliate of Aquinas Realty Partners. The property is located at 6358 Lancaster Ave. and 6312 Sherwood Road.

August 27, 2018

Conservatory-at-Champion-Forest-Spring-Texas

Development Multifamily Seniors Housing Texas

Discovery Completes Renovation of Seniors Housing Community in Metro Houston

by Taylor Williams August 27, 2018

SPRING, TEXAS — Discovery Senior Living, an operator of 50-plus seniors housing communities across the country, has completed the renovation of Conservatory at Champion Forest, a seniors housing property located in Houston suburb of Spring. The Florida-based company overhauled the apartments, clubhouse amenities and dining areas. Although development costs were not officially released, Discovery described the project as a “multimillion-dollar remodel.”

August 27, 2018

Development Kentucky Multifamily Southeast Tennessee

Doster Construction Breaks Ground on Two Multifamily Developments in Tennessee, Kentucky

by Camren Skelton August 27, 2018

BIRMINGHAM, ALA. — Birmingham-based Doster Construction Co. has broken ground on two new multifamily properties for Continental Properties in Tennessee and Louisville. The projects include the 296-unit Springs at Forest Hill that will be located at 3735 S. Forest Hill Irene Drive in Tennessee’s Shelby County, roughly 25 miles southeast of Memphis. The second community, Springs at La Grange, will be located in Louisville. The project will include 11 buildings with a total of 236 units. Both developments will feature amenities such as resort-style swimming pools, community clubhouses and fitness centers. A construction timeline for the projects was not disclosed.

August 27, 2018

Loans Multifamily South Carolina Southeast

Hunt Real Estate Capital Provides $17M Acquisition Loan for Apartment Community in Greenville

by Camren Skelton August 27, 2018

GREENVILLE, S.C. — Hunt Real Estate Capital has provided a $17 million loan for the acquisition and rehabilitation of Azalea Hill, a 160-unit apartment community in Greenville. The borrower, Willow Creek Partners, plans to use proceeds of the loan to renovate the property and stabilize operations. Constructed in 1998, Azalea Hill includes a mix of studio, one- and two-bedroom units and features a fitness center, dog park, resident clubhouse, swimming pool, coffee bar and concierge dry cleaning and package service.

August 27, 2018

Development Midwest Multifamily Wisconsin

McShane to Construct 177-Unit Apartment Complex in West Allis, Wisconsin

by Kristin Harlow August 27, 2018

WEST ALLIS, WIS. — McShane Construction Co. will serve as general contractor for Six Points Apartments in West Allis, a western suburb of Milwaukee. Mandel Group Inc. is the developer. The first level of the four-story apartment complex will consist of a parking structure. Three levels of apartments comprising 177 units will be situated above the parking structure. Amenities will include a club area, fitness center and rooftop patio. This is McShane’s first major assignment in Wisconsin since opening an office in Madison earlier this year. Zimmerman Architectural Studios will serve as project architect.

August 27, 2018

Acquisitions Midwest Multifamily Ohio Seniors Housing

Inspirit Senior Living Buys Two Communities in Ohio

by Kristin Harlow August 27, 2018

CUYAHOGA FALLS, OHIO — Inspirit Senior Living has acquired The Gardens of Cuyahoga Falls and The Gardens of Liberty Park (formerly the Gardens of Western Reserve) in Ohio. The acquisitions bring the Virginia-based owner-operator into Ohio for the first time, and increase its portfolio size to eight communities. Inspirit partnered with Venue Capital LLC, a New York City-based real estate and asset management firm, on the two acquisitions. Both communities offer assisted living and memory care. The Gardens of Liberty Park features 120 units, while The Gardens of Cuyahoga Falls features 130 units. Inspirit plans to extensively renovate the buildings and grounds. The seller was senior care industry veteran Rich Piekarski.

August 27, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $2.2M Sale of Multifamily Property in Schiller Park, Illinois

by Kristin Harlow August 27, 2018

SCHILLER PARK, ILL. — Marcus & Millichap has arranged the sale of a 32-unit multifamily property in Schiller Park for $2.2 million. The property consists of two adjacent buildings at 3871-3873 Ruby St. Floor plans range from studios to two-bedroom units. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the private investor buyer.

August 27, 2018

Acquisitions Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers Sale of 277-Unit Age-Restricted Community in Utah for $51.4M

by Amy Works August 27, 2018

DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.

August 27, 2018

Acquisitions Affordable Housing California Multifamily Western

AHF Buys Historic Hotel in Downtown Los Angeles to Repurpose as Affordable Housing

by Amy Works August 27, 2018

LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles St. in downtown Los Angeles. The purchase price and seller were not disclosed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. The non-profit organization also owns the 150-room King Edward Hotel, the 202-room Madison Hotel and the 27-room Sunrise on Sunset hotel in Los Angeles.

August 27, 2018

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