Multifamily

Kennedy Wilson Buys 222-Unit Alpine Meadows Apartments Near Salt Lake City for $49M

by Amy Works December 4, 2018

SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.

December 4, 2018

The-Elliott-Pecan-District-Pflugerville-Texas

Development Mixed-Use Multifamily Texas

Presidium Begins Phase I of 45-Acre Mixed-Use Project in Metro Austin

by Taylor Williams December 4, 2018

PFLUGERVILLE, TEXAS — Presidium Group has begun work on Phase I of Pecan District, a 45-acre mixed-use project in the northern Austin metro of Pflugerville. Phase I will deliver The Elliott, a 272-unit multifamily property that is expected to be ready for occupancy in 2020. Designed by Mark Odom Studio, The Elliott will feature one- and two-bedroom units averaging 855 square feet per unit and amenities such as a pool, fitness center, business center and outdoor kitchen area. Pecan District is a 10-phase development that will feature 1,150 residential units, 998,000 square feet of office space and 228,000 square feet of retail and restaurant space upon its expected completion date in 2028.

December 4, 2018

Acquisitions Multifamily Texas

Wellington Brokers Sale of 216-Unit Apartment Property in Wichita Falls, Texas

by Taylor Williams December 4, 2018

WICHITA FALLS, TEXAS — Wellington Realty has brokered the sale of Northpark Village Apartments, a 216-unit multifamily property in Wichita Falls, a city in North Texas near the Oklahoma border. The community was built in 2005 and features one-, two- and three-bedroom units and amenities such as a pool, fitness center and onsite storage space. David Shaffer, Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung of Wellington brokered the deal. The buyer, seller and sales price were not disclosed.

December 4, 2018

Conference Coverage Features Multifamily Seniors Housing

Clear Information, Smart Analysis Fuel Successful Seniors Housing Market Studies

by Kristin Harlow December 4, 2018

PHILADELPHIA — If you own a piece of land that you think might be suitable for a seniors housing development, what is your best course of action to determine the feasibility of such a project? “The first step is to do a desktop study,” advises Cheri Clarke-Doyle, senior vice president of Trammell Crow Co. In other words, conduct a supply-demand analysis that projects demand based on current supply and population growth within a radius of five to seven miles, or a 15- to 20-minute drive time. If those analytics turn out to be favorable and help justify the site to the prospective operator or equity partner, proceed to the next step, urges Clarke-Doyle, who is responsible for sourcing and overseeing new healthcare, wellness and science development in the Northeast for Trammell Crow. “Once you get the results of that desktop study, I think you go into other factors relative to the site. Those factors include the size of the site: Will it support what you want to build? If you’re doing a specific prototype, will the prototype fit on that piece of land? It’s important to go through several checks on the land before you go into a more detailed study.” The …

December 4, 2018

Loans Multifamily Southeast Virginia

PGIM Provides $78M Green HUD Loan to Refinance Alexandria Apartment Complex

by Alex Tostado December 3, 2018

ALEXANDRIA, VA. — PGIM Real Estate Finance has provided a $78 million FHA refinancing loan to Bonaventure Realty Group for Encore Apartments, a 461-unit apartment community in Alexandria. The 35-year, fixed-rate loan is fully amortizing, non-recourse and approved for green certification through HUD’s Green MIP program. The borrower, Bonaventure, will use the loan proceeds to recover costs incurred for capital improvements. Amenities at Encore Apartments include a swimming pool, movie theater/clubroom, fitness center and free community shuttle service.

December 3, 2018

Development Multifamily South Carolina Southeast

FCA Partners, Spectrum Break Ground on $43M Multifamily Development in North Charleston

by Alex Tostado December 3, 2018

NORTH CHARLESTON, S.C. — Charlotte, N.C.-based companies FCA Partners and Spectrum have kicked off the construction of a multifamily development in North Charleston. The joint venture acquired the land in late October for the project, which is expected to cost $43 million and bring 286 units near Charleston International Airport. Amenities are set to include a saltwater pool, two-story clubhouse, fitness center and a dog park. Completion is slated for summer 2020. This is the second project under development for the firms’ partnership. In September, the joint venture began construction on a 199-unit apartment complex in Greenville. This is the first time since 2014 FCA has capital investment in the multifamily sector.

December 3, 2018

Loans Multifamily Northeast Pennsylvania

New York Life Provides $45M Refinancing for Apartment Building in Philadelphia

by David Cohen December 3, 2018

PHILADELPHIA — New York Life Real Estate Investors has provided a $45 million loan to refinance The Versailles, a 113-unit apartment building in the Rittenhouse Square section ofPhiladelphia. Located at 530 Locust St., the property was built in the 1920s and was recently renovated. New York Life Real Estate Investors, whose parent company is New York Life Insurance Co., provided the 12-year, fixed-rate loan for the borrower, Philadelphia-based family office Spring Creek.

December 3, 2018

Loans Multifamily New Hampshire Northeast

KeyBank Secures $35.6M Acquisition Loan for Multifamily Community in New Hampshire

by David Cohen December 3, 2018

BEDFORD, N.H. — KeyBank Real Estate Capital has secured a $35.6 million loan for the acquisition of Heritage on the Merrimack, a 240-unit multifamily community in Bedford. Built in 1998, the garden-style community is comprised of eight, three-story buildings on more than 27 acres. Paul Angle of KeyBank Commercial Mortgage Group secured financing for the undisclosed borrower through Fannie Mae. The fixed-rate, interest-only loan is for a period of 10 years.

December 3, 2018

Acquisitions Development Multifamily New Jersey Northeast

Cushman & Wakefield Brokers Sale of Six-Acre Development Site in Kearny, New Jersey

by David Cohen December 3, 2018

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of a six-acre development site in Kearny. The sales price was undisclosed. A multifamily community is planned at the property, which is located at 60 Passaic Ave. The site is a former industrial property that has sat vacant for three decades. Brian Whitmer, Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowdof Cushman & Wakefield represented the seller, a family estate, in the transaction. The buyer was Russo Development.

December 3, 2018

Loans Multifamily New Hampshire Northeast

Cornerstone Realty Capital Arranges $6.7M Refinancing for Apartment Community in New Hampshire

by David Cohen December 3, 2018

HOOKSETT, N.H. — Cornerstone Realty Capital has arranged a $6.7 million loan to refinance Merrimack Heights, a 70-unit apartment community in Hooksett. Located at 512 W. River Road in Merrimack County, the property is comprised of two connected apartment buildings and features studio, one- and two-bedroom units. Patrick Brady of Cornerstone arranged the fully amortized, fixed-rate financing for the undisclosed borrower. The lender was not disclosed.

December 3, 2018

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