Multifamily

IPA Negotiates Sale of Three-Property Seniors Housing Portfolio in Tennessee, Arkansas

by Camren Skelton August 6, 2018

CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal arranged a 75 percent bridge-to-HUD loan through Dwight Capital on behalf of the buyer, an owner/operator based in the Southwestern United States. The sale of the Clarity Pointe portfolio marks IPA’s fifth standalone memory care facility closing in the last 10 months.

August 6, 2018

Acquisitions Arizona Multifamily Western

P.B. Bell Divests 286-Unit Apartment Community in Suburban Phoenix for $64.3M

by Amy Works August 6, 2018

GLENDALE, ARIZ. — P.B. Bell has completed the disposition of Velaire at Aspera, a 286-unit multifamily property located at 7700 W. Aspera Blvd. in Glendale, approximately 20 miles northwest of downtown Phoenix. An undisclosed buyer acquired the property for $64.3 million, or $225,000 per unit. The community was built in 2016. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 6, 2018

Development Illinois Midwest Multifamily

48-Story Luxury Apartment Tower Opens in Chicago’s Streeterville Neighborhood

by Kristin Harlow August 6, 2018

CHICAGO — Jupiter Realty Co. has completed development of 465 North Park in Chicago’s Streeterville neighborhood. MetLife Investment Management and Allstate own the 48-story luxury apartment tower, which is managed by Bozzuto. Designed by Pappageorge Haymes Partners, the property features 444 rental units, more than 10,000 square feet of retail space and 181 parking spaces. Luxury amenity spaces include a pool with cabanas, 38th-floor skydeck, clubroom with billiards, fitness center with yoga room, demonstration kitchen and multiple gathering areas. Floor plans include a mix of studios, one-, two-, three- and penthouse units. Monthly rents start at $1,925 for studios.

August 6, 2018

Acquisitions Multifamily Nevada Student Housing Western

Academy West Acquires 395-Bed Student Housing Property Near the University of Nevada, Reno

by Amy Works August 6, 2018

RENO, NEV. — Academy West Investments has acquired Wolf Run Village and Wolf Run East, a 395-bed student housing property located two blocks from the University of Nevada, Reno campus. The acquisition also includes an adjacent five-acre parcel at which the company can develop approximately 310 additional beds. The 185-bed Wolf Run Village is set to undergo comprehensive interior and exterior improvements. Wolf Run East — completed for the 2017 school year — will be enhanced with new common area amenities including a gym, outdoor seating areas, fire pits and an indoor recreational area. Although the sale price was not disclosed, Highland Realty Capital secured joint venture equity and bridge financing totaling $33.1 million for the acquisition of the property. An undisclosed debt fund provided the $26 million senior financing, and Chicago-based Blue Vista Capital Management provided joint venture equity. A timeline for renovations has yet to be announced.

August 6, 2018

Loans Lument Michigan Midwest Multifamily RED Capital Group

RED Capital Provides $18M Refinancing of Multifamily Property in Macomb County, Michigan

by Kristin Harlow August 6, 2018

MACOMB COUNTY, MICH. — RED Capital has provided an $18 million Fannie Mae loan for the refinancing of Sycamore Glen by Redwood in Macomb County. The 134-unit multifamily property is located at 23241 Yarrow Ave. Built in 2015, the property features two-bedroom units with private attached garages. The borrower was not disclosed.

August 6, 2018

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $44.8M Bond Financing for 236-Unit CCRC in Seattle

by Amy Works August 6, 2018

SEATTLE — Ziegler, a specialty investment bank, has arranged $44.8 million in bond financing for The Hearthstone Corp. The bonds will fund an expansion at the company’s continuing care retirement community, The Hearthstone at Green Lake in Seattle. The Hearthstone comprises The Lakeside, a 10-story, 186,400-square-foot building constructed in 1966; and Cove West, a four-story, 48,243-square-foot building constructed in 2015 adjacent to The Lakeside. The combined buildings feature 147 independent living apartments, 37 assisted living apartments, 12 memory care apartments and 40 skilled nursing beds. The expansion project, known as Cove East, will be located adjacent to Cove West. The new building will offer 22 independent living units and underground parking, with a bistro on the ground floor. In addition to funding the expansion, the bonds also refinanced a set of existing bonds. The bonds are a combination of $36.1 million in tax-exempt bonds with a 35-year amortization and $8.7 million in tax-exempt bonds to be repaid with Cove East entrance fees.

August 6, 2018

Loans Multifamily New York Northeast Top Stories

Extell Receives $530M in Financing for 68-Story Residential Condo Development in Brooklyn

by Taylor Williams August 6, 2018

NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen Fox, the building will offer studio, one-, two- and three-bedroom units for sale. The property will feature 40,000 square feet of amenities, including rooftop and indoor pools, a fitness center, cocktail lounge, chef’s demonstration kitchen, game room, rock climbing wall, children’s playroom and screening/performance room. The ninth floor will offer a landscaped terrace with a putting green, fire pit and bar. “We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” says Ari Alowan Goldstein, senior vice president at Extell Development Co. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.” Pricing for studio to three-bedroom residences will start at $850,000. Purchasers will benefit from …

August 6, 2018

Development Multifamily Texas

RCM, ArchCo Break Ground on 227-Unit Apartment Community in Fort Worth

by Taylor Williams August 3, 2018

FORT WORTH, TEXAS — Irving-based Realty Capital Management (RCM) and Atlanta-based ArchCo Residential have broken ground on The Dylan, a 227-unit multifamily community in Fort Worth. The Class A property will also include 12,212 square feet of ground-floor commercial space. Residential amenities will include a pool and a fitness center. Dougherty Mortgage LLC secured a $31.8 million construction loan for the project through HUD’s 221(d)(4) program, the agency’s flagship program for financing the development and redevelopment of market-rate and affordable housing communities. The Dylan is currently slated for a January 2020 completion.

August 3, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains

by David Cohen August 3, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit. Marcus & Millichap represented the sellers, Manhattan-based residential development company the Daten Group and development partner Lighthouse Living. The buyer is a Westchester-based developer.

August 3, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE Arranges $44.2M Sale of Apartment Community Near Boston

by David Cohen August 3, 2018

HUDSON, MASS. — CBRE has arranged the sale of Matrix Hudson, a 176-unit apartment community in Hudson. The property sold for $44.2 million. Matrix Hudson was completed in 2017 and consists of three five-story apartment buildings. Simon Butler and Biria St. John of CBRE/New England represented the seller, Madison Place Hudson LLC., in the transaction. The buyer was PP Hudson Investors LLC.

August 3, 2018

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