Multifamily

CBRE Arranges Sale of 224-Unit Assisted Living Portfolio in Houston

by John Nelson January 11, 2019

HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two separate five-year, non-recourse, floating-rate loans on an interest-only basis from a debt fund. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the portfolio.

January 11, 2019

Acquisitions Multifamily Texas

NorthMarq Brokers Sale of Two Multifamily Assets Totaling 391 Units in El Paso

by John Nelson January 11, 2019

EL PASO, TEXAS — NorthMarq Capital has brokered the sale of two multifamily assets totaling 391 units in El Paso. Las Vegas-based MKL Capital Group LLC purchased the 232-unit Indian Springs from Arizona-based Talos Holdings LLC, and a Los Angeles-based private investment firm acquired the 159-unit Desert Peaks from SCP El Paso LLC. Indian Springs offers a business center and fitness center, and Desert Peaks includes a basketball court. Both communities feature pools and dog parks. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq represented the buyers and sellers in both deals.

January 11, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 48-Unit Apartment Property in San Antonio

by John Nelson January 11, 2019

SAN ANTONIO — JLL has negotiated the sale of 333 Place Apartments, a 48-unit multifamily community located near the Pearl Brewery in San Antonio. The property offers one- and two-bedroom units, as well as a pool and onsite laundry facilities. The buyer, Austin-based Joseph Cos., will implement a capital improvement program to the unit interiors that features smart-home technology and stainless steel appliances. Zar Haro, Moses Siller and Robert Arzola of JLL brokered the deal. The seller was not disclosed.

January 11, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $15.5M Sale of Apartment Building in Brooklyn

by David Cohen January 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $15.5 million sale of a six-story, pre-war apartment building in the Madison section of Brooklyn. Located at 2261 Ocean Ave., the 52,812-square-foot property consists of 54 rent-stabilized apartments. Erik Yankelovich of GFI represented the seller, a group of local investors, in the transaction. Josh Orlander of GFI represented the buyer, who was undisclosed.

January 11, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $4.1M Sale of Multifamily Building in Brooklyn

by David Cohen January 11, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $4.1 million sale of a multifamily building in the Carroll Gardens neighborhood of Brooklyn. Located at 306 Union St., the 4,620-square-foot property includes four units. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 11, 2019

Acquisitions Multifamily Oregon Western

MG Properties Group Buys Two Multifamily Properties in Metro Portland for $92.1M

by Amy Works January 11, 2019

WILSONVILLE, ORE. — MG Properties Group has acquired two multifamily properties in Wilsonville, a suburb of Portland, for a total of $92.1 million. The company acquired Domaine at Villebois, a 274-unit property built in 2008, from a partnership between Holland Partner Group and Hetiman for $69.5 million and the 126-unit Haven at Charbonneau, built in 1990, from TruAmerica Multifamily for $22.6 million. Both properties feature a mix of floor plans and a variety of on-site amenities, including outdoor pools and hot tubs, fitness centers and updated clubhouses. Ira Virden and Carrie Kahn of HFF represented the sellers in the deal. Charles Halladay, Rick Salinas, Scott Gilson and Charlie Wilson of HFF arranged financing for the acquisition. MG Properties has purchased 12 properties in the past 12 months, totaling more than 3,200 units and over $880 million in combined valued. The company is targeting additional acquisitions in Washington, Oregon, Arizona, California, Colorado and Nevada.

January 11, 2019

Acquisitions Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Provides $6M Acquisition Loan for Multifamily Property in Little Rock

by John Nelson January 11, 2019

LITTLE ROCK, ARK. — Hunt Real Estate Capital has provided a $6 million Fannie Mae loan to an undisclosed borrower for the purchase of Northwest Hills Apartments in Little Rock. The loan has a 10-year term with a fixed interest rate of 5.52 percent, amortizing over 30 years after two years of interest-only payments. The apartment community comprises 42 one-bedroom units and 84 two-bedroom units across 13 two-story buildings. The asset was originally built in 1984. Amenities include a swimming pool with a sun deck and hot tub, wooden entertaining deck and a clubhouse.

January 11, 2019

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers Sale of 309-Unit Multifamily Community in Kansas City

by Kristin Harlow January 11, 2019

KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of View High Lake, a 309-unit multifamily community in Kansas City. The sales price was not disclosed. Built in 1973, the property is situated near I-470 and Highway 350. Nick Fluellen, Bard Hoover and Max Helgeson of Marcus & Millichap brokered the transaction. In addition to the apartment complex, the sale includes a 31-acre parcel to the south and an 18-acre parcel to the north that will enable the new owner to construct common area amenities, additional apartment buildings or single-family homes, according to Fluellen.

January 11, 2019

Acquisitions Multifamily North Carolina Southeast Top Stories

Waterton Purchases Multifamily Portfolio in North Carolina for $169M

by Alex Tostado January 10, 2019

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …

January 10, 2019

Acquisitions Multifamily North Carolina Southeast

Novare Group Sells Multifamily High-Rise in Uptown Charlotte to CBRE Global for $190M

by Alex Tostado January 10, 2019

CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.

January 10, 2019

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