Multifamily

Zargo Invest Acquires Student Housing Community Near University of Georgia for $8.4M

by Alex Tostado January 22, 2019

ATHENS, GA. — Zargo Invest has acquired Farmer’s Exchange, a 121-bed student housing community located near the University of Georgia campus in Athens, for $8.4 million. The name of the seller was undisclosed. Zargo plans to invest $1 million in renovations, including interior and exterior painting, installation of smart security systems in units, a new business center and lounge and new security cameras. CollegeTown Properties has been tapped to manage the community. A renovation timeline has yet to be announced.

January 22, 2019

Acquisitions California Multifamily Seniors Housing Washington Western

HFF Arranges Sale of Three Aegis Seniors Housing Communities on West Coast

by Amy Works January 22, 2019

BELLEVUE AND KIRKLAND, WASH., AND APTOS, CALIF. — HFF has arranged both the sale of and acquisition financing for three Class A seniors housing communities totaling 253 units on the West Coast. The sale structure essentially added a joint-venture partner, with Áegis Living as the seller and a venture between Blue Moon Capital Partners and Áegis affiliates as the buyer. The price was not disclosed. The portfolio offers a blend of assisted living and memory care units and has a combined average occupancy of nearly 95 percent. The two Seattle-area properties in the portfolio are Áegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Áegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property, Áegis of Aptos, is located in Aptos, an oceanside community approximately eight miles east of Santa Cruz and less than 40 miles south San Jose. The HFF investment advisory team representing the seller included David Fasano, Ryan Maconachy, Chad Lavender, Ross Sanders, Mark Wintner and Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

January 22, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $17.3M Sale of Lakewood Court Apartments in San Jose

by Amy Works January 22, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a multifamily property located at 1953 Via Reggio Court in downtown San Jose. Sridhar Equities acquired the property from a private family for $17.3 million. Built in 1988 and situated on 1.6 acres, Lakewood Court Apartments features 48 units in a mix of one- and two-bedroom layouts. The pet-friendly asset features garage parking and a community pool and spa. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston of Marcus & Millichap represented the seller and buyer in the deal.

January 22, 2019

Acquisitions Affordable Housing California Development Multifamily Western

Affirmed Housing Group to Develop 78-Unit Affordable Housing Development in San Diego

by Amy Works January 22, 2019

SAN DIEGO — Affirmed Housing Group has acquired a 10,000-square-foot land parcel located in downtown San Diego. Central Auto Parks LLC sold the property for $3.7 million. Affirmed Housing Group plans to develop a 78-unit affordable housing property on the currently vacant parcel at the southeast corner of Front and Beech streets. Victor Krebs of Colliers International San Diego Region represented the seller, while Affirmed Housing Group was self-represented in the transaction.

January 22, 2019

Development Midwest Missouri Multifamily

Copaken Brooks, Burns & McDonnell Break Ground on 14-Story Apartment Building in Kansas City

by Kristin Harlow January 22, 2019

KANSAS CITY, MO. — Copaken Brooks and Burns & McDonnell have broken ground on Reverb, a 14-story apartment building in the Crossroads Arts District of Kansas City. Completion is slated for summer 2020. The property’s 132 units will sit atop a two-story parking garage. The design also calls for 2,000 square feet of retail space, which will be situated on the ground level, as well as space for food trucks and a sidewalk park. About 10 percent of the units will meet Kansas City’s affordability standards. CP Real Estate Capital is the investment partner for the project. Total investment is expected to be approximately $40 million. The name Reverb comes from the reverberation.

January 22, 2019

Development Illinois Midwest Multifamily

Summit Begins Construction of Six-Story Apartment Building in Chicago

by Kristin Harlow January 22, 2019

CHICAGO — Summit Design + Build LLC has begun construction of 6145 N. Broadway in Chicago’s Edgewater neighborhood. City Pads, Catapult Real Estate Solutions, Cagan Management Group and Built Form make up the project team. Construction commenced with the demolition of an existing single-story building. The new apartment building will span 79,000 square feet and six stories. The project will feature 105 apartment units ranging from studios to two bedrooms as well as 3,700 square feet of first-floor retail space and 45 parking spaces. Amenities will include a bike room, fitness center, outdoor patio and storage lockers. Completion is slated for spring 2020.

January 22, 2019

Acquisitions Michigan Midwest Multifamily Retail

NAI Wisinski Brokers Sale of Retail-Residential Property in Grand Rapids

by Kristin Harlow January 22, 2019

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of 958 Fulton in Grand Rapids for an undisclosed price. The 13,400-square-foot property includes six retail bays on the first floor and nine apartment units on the second floor. Retailers include Mercury Head Frame Shop, Perrin’s Upholstery, Rinaldi’s Pizza and a party store. Russ Bono and Cameron Timmer of NAI Wisinski represented both the buyer, a group of local investors, and the seller, L&M Properties.

January 22, 2019

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $3.3M Sale of Multifamily Property in Chicago

by Kristin Harlow January 22, 2019

CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.

January 22, 2019

Development Multifamily Texas

Wood Partners Breaks Ground on 338-Unit Multifamily Project in Houston

by Taylor Williams January 21, 2019

HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta Med Main, a 338-unit multifamily property that will be located within the Texas Medical Center in Houston. The community will include a structured parking garage and amenities such as a pool, fitness center, communal office space, dog park and a courtyard. Completion is slated for spring 2020.

January 21, 2019

Acquisitions Multifamily Southeast Virginia

Marcus & Millichap Brokers $33.2M Sale of Multifamily Portfolio in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.

January 21, 2019

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