Multifamily

Capstone Apartment Partners Brokers $32.2M Sale of Apartment Property in Fort Wayne, Indiana

by Kristin Harlow February 5, 2019

FORT WAYNE, IND. — Capstone Apartment Partners has brokered the sale of Three Rivers Apartments in Fort Wayne for $32.2 million. New York-based real estate investment firm Besyata purchased the 371-unit apartment property from VTT Management. Built in 1966, the community features a pool, sauna, on-site convenience store, business center and two fitness centers. The property was 94 percent occupied at the time of sale. Monthly rents average $822. A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy and Bryse Toothaker of Capstone Apartment Partners brokered the sale.

February 5, 2019

Development Multifamily Nevada Seniors Housing Western

Clearwater Living Starts Construction of Seniors Housing Community within Mixed-Use Development in Reno

by Amy Works February 5, 2019

RENO, NEV. — Clearwater Living, in partnership with Goldman Sachs, has started construction of Clearwater at Rancharrah, an assisted living and memory care community. The property will be located within the Rancharrah master-planned development in the heart of Reno. The surrounding Rancharrah community will offer a variety of retail, restaurants and recreation to residents. “We are excited about this location within the Rancharrah master-planned community as well as being adjacent to our partners at Revel Rancharrah, an independent living community,” says Tony Ferrero, Clearwater’s CEO. “Clearwater at Rancharrah completes the full continuum of care providing residents assistance with activities of daily living in a state-of-the-art assisted living community.” The two-story community will offer a total of 118 units.

February 5, 2019

Acquisitions California Multifamily Top Stories Western

Integral, Wanxiang Sell High-Rise Apartment Building in Denver for $110.5M

by Amy Works February 5, 2019

DENVER — A partnership between Atlanta-based The Integral Group and Chicago-based Wanxiang America Real Estate Group has sold EVIVA on Cherokee, a high-rise apartment building located at 1250 Cherokee St. in Denver’s Golden Triangle neighborhood. The partnership developed the 18-story property in 2017. The buyer and sales price were undisclosed, but multiple media outlets report that an affiliate of Chicago-based Equity Residential purchased the asset for $110.5 million. EVIVA on Cherokee features apartments averaging 820 square feet with industrial-inspired finishes, including exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows. Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services. Jordan Robbins, Anna Stevens, Mack Nelson and Chris White of HFF represented the seller in the transaction. “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset,” says HFF’s Robbins. Founded in 2010, Wanxiang America Real Estate Group LLC has invested more than $1 billion of equity into nearly 100 commercial real estate investments of all product …

February 5, 2019

Acquisitions Kentucky Multifamily Southeast

Middleburg Buys Apartment Complex in Louisville, Plans $16M Renovation

by Alex Tostado February 4, 2019

LOUISVILLE, KY. — Middleburg has acquired Arcadia Park, a 418-unit apartment complex in Louisville that is mostly abandoned. The sales price was not disclosed, though Middleburg is planning a $16 million renovation for the asset, which will be rebranded as Vesta Derby Oaks. The property currently offers two-bedroom floor plans. Middleburg plans to renovate all 418 units to offer a mix of one-, two- and three-bedroom floor plans. Further renovations include new siding, windows, roofs, interiors, plumbing, HVAC and electrical systems, new Energy Star-rated appliances, LED lighting and improved sidewalks and landscaping. The name Vesta Derby Oaks is a tribute to Churchill Downs, which is situated less than one mile from the apartment complex.

February 4, 2019

Acquisitions Connecticut Multifamily Northeast

Pearce Commercial Negotiates $1.9M Sale of Apartment Property in Connecticut

by David Cohen February 4, 2019

WEST HAVEN, CONN. — Pearce Commercial has negotiated the $1.9 million sale of an 18,728-square-foot apartment building in West Haven. Located at 405 Main St., the three-story property contains 16 units. The building was recently renovated with new kitchens and appliances as well as hardwood floors throughout. Jamie Cuzzocreo of the Pearce North Haven Commercial office represented the buyer, Cocolorus Properties, in the transaction. The seller was Vesta Greenview Apartments LLC.

February 4, 2019

Loans Multifamily Texas

NorthMarq Arranges Refinancing for 28-Acre Mobile Home Community in Metro Houston

by John Nelson February 4, 2019

KATY, TEXAS — NorthMarq Capital has arranged refinancing for Trinity Hunter Mobile Home Community, a 28-acre property located at 2800 Katy Hockley Cutoff in the western Houston suburb of Houston. Built in 2002, the community features 199 individual sites and gated access, a clubhouse and a management office. Dale Stewart and Chris Bailey of NorthMarq Capital arranged the 10-year, non-recourse financing through Fannie Mae on behalf of the undisclosed borrower.

February 4, 2019

Loans Michigan Midwest Multifamily

iBorrow Provides $8.8M Refinancing for Suburban Detroit Multifamily Portfolio

by Kristin Harlow February 4, 2019

DETROIT — iBorrow has provided an $8.8 million loan for the refinancing of a three-property multifamily portfolio in suburban Detroit. The properties, located in Cherry Hill, Riverview and Lincoln Park, total 281 units and 238,000 square feet. The borrower, the Reda family, plans to make capital improvements to the buildings, which were built in the 1960s and 1970s. The one-year loan features a fixed rate.

February 4, 2019

Acquisitions Illinois Midwest Multifamily

Michael P. Jakubiec Investment Real Estate Brokers $3.3M Sale of Apartment Building in Illinois

by Kristin Harlow February 4, 2019

MERRIONETTE PARK, ILL. — Michael P. Jakubiec Investment Real Estate Inc. has brokered the $3.3 million sale of a 48-unit apartment building in Merrionette Park, about 18 miles south of Chicago. The property, built in 1966, is located at 3170-84 115th St. Michael Jakubiec represented both the private buyer and seller. Jakubiec brokered the sale of the same building in 2004.

February 4, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Brokers Sale of Two-Property Seniors Housing Portfolio in New Mexico

by Amy Works February 4, 2019

AZTEC AND LOVINGTON, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale two seniors housing properties in New Mexico for an undisclosed price. The portfolio consisted of 150 skilled nursing beds and 25 independent and assisted living units. One property is located in Aztec, in the northwest corner of the state, and the other is in Lovington, in the southeast corner of the state. Blueprint handled the transaction on behalf of the seller, Sioux Falls, S.D.-based The Evangelical Lutheran Good Samaritan Society, a nonprofit owner-operator for which the assets represented a non-core disposition. A Southern California-based private investor interested in expanding in New Mexico was the buyer. Amy Sitzman and Hayden Behnke of Blueprint led the transaction.

February 4, 2019

District of Columbia Market Reports Multifamily Southeast Market Reports

D.C.’s Multifamily Market Sees Strong Demand for its Healthy Development Pipeline

by Alex Tostado February 4, 2019

Washington, D.C.’s multifamily market has enjoyed success in recent years, and 2018 has been no exception. The regional economy continues to function at an extremely healthy level, adding 77,100 new jobs in the trailing 12 months ending July 2018, much more than the annual average of 41,000 since 2010. The region has outgrown its previous dependence on the federal government, which contracted by 4,800 jobs over the same period, further highlighting the strength of the region’s private sector. This sustained economic upside is only further enhanced by the looming possibility of Amazon’s HQ2, Apple and other large tech contracts. The strong job growth has been matched by a steady increase in population, which has grown 10.44 percent since 2010, to roughly 6.25 million people. To accommodate such growth, the supply pipeline has been equally as robust, delivering nearly 13,000 units per year for the past five years. In addition to all the recent deliveries, absorption has remained steady and strong, with the market absorbing a net positive of 7,570 units over the trailing 12 months. Furthermore, Class A rents have still managed to grow 1.4 percent over the past year, while overall market rent growth has grown an even higher …

February 4, 2019

Newer Posts

Older Posts