Multifamily

JRK Investors Acquires 698-Unit Apartment Community in Richfield, Minnesota

by Kristin Harlow November 30, 2018

RICHFIELD, MINN. — JRK Investors Inc. has acquired The Concierge, a 698-unit apartment community in Richfield. The purchase price was not disclosed. The property is located at 7600-7720 Penn Ave. in suburban Minneapolis. Originally built in 1968, the property spans six buildings and 457,620 square feet. Amenities include a pool, sun deck, fitness center, golf simulator and rock climbing wall. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, MSP Crossroads Apartments LLC.

November 30, 2018

Illinois Loans Midwest Multifamily

KeyBank Provides $24.3M Acquisition Loan for Multifamily Portfolio in Evanston, Illinois

by Kristin Harlow November 30, 2018

EVANSTON, ILL. — KeyBank Real Estate Capital has provided a $24.3 million Fannie Mae loan for the acquisition of a four-property multifamily portfolio in Evanston. The properties total 132 units and were built in the early 1920s. Erik Storz of KeyBank arranged the non-recourse, fixed-rate loan with a 10-year term. The borrower was not disclosed.

November 30, 2018

Acquisitions Arizona Multifamily Student Housing Western

Holualoa Cos. Purchases 552-Bed Student Housing Community in Tucson for $12.9M

by Amy Works November 30, 2018

TUSCON, ARIZ. — Tucson-based Holualoa Cos. has acquired Gateway at Tucson, a student housing property located at 2800 W. Broadway Blvd. in Tucson. Bethesda, Md.-based CW Capital Asset Management sold the property, which was marketed via RealINSIGHT Marketplace, for $12.9 million. Gateway at Tucson features 188 units, totaling 552 beds, in a mix of one-, two, three- and four-bedroom layouts, averaging 1,074 square feet. Each unit is rented fully furnished, including a full appliance package, and each bedroom features a private bathroom. Built in 2015, the property is comprised of 10 two-story residential buildings and two single-story common area buildings. Community amenities include a swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning beds and shuttle service to University of Arizona and Pima Community College. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

November 30, 2018

Acquisitions Multifamily Top Stories

Investcorp Acquires National Multifamily Portfolio for $311M

by Alex Tostado November 29, 2018

HOUSTON, SALT LAKE CITY AND TAMPA, FLA. — Investcorp’s New York City office has acquired six multifamily properties for a total of $311 million. Three of the properties are in Houston and comprise 1,392 units; one property is in Salt Lake City featuring 253 units; and two properties are in Tampa, comprising 1,231 units. All six properties are garden-style apartment communities. Investcorp did not release the specific names of the communities. “The U.S. multifamily sector continues to present attractive opportunities, and we are pleased to announce the addition of these six properties to our U.S. real estate portfolio,” says Rishi Kapoor, co-CEO of Investcorp. “These investments underscore our commitment to increasing Investcorp’s footprint in the U.S. market, a key driver of the firm’s overall growth strategy and a market on which we will be incredibly focused in 2019.” Investcorp now owns more than 13,000 multifamily units in the U.S. “Multifamily has always been a strong area of focus for Investcorp, and this portfolio is fully aligned with our strategy of investing in core-plus U.S. real estate,” says Michael Moriarty, principal in real estate investment at Investcorp. Investcorp is an international alternative investment firm based in Bahrain. The company employs approximately 390 people …

November 29, 2018

Acquisitions Florida Multifamily Southeast

Passco Acquires New Apartment Complex in Destin for $63.3M

by Alex Tostado November 29, 2018

DESTIN, FLA. — Passco Cos. has acquired a 288-unit apartment community in Destin for $63.3 million. Irvine, Calif.-based Passco bought Sea Glass from Atlanta-based Catalyst Development Partners. The apartment complex features one- , two- and three-bedroom floor plans, and its amenities include a swimming pool, fitness studio, clubroom, breakfast bar, indoor/outdoor bar area, package concierge and a business center. Sea Glass was built in 2017 and is directly across from Henderson Beach State Park. Matt Wilcox, Jubeen Vaghefi and Denny St. Romain of JLL Florida Capital Markets brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.

November 29, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $11.5M Sale of Apartment Community in East Harlem

by David Cohen November 29, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $11.5 million sale of a two-building apartment complex in East Harlem. Located at 334-348 E. 105th St., the 53,121-square-foot property contains 53 rent-stabilized residential units. John Stewart and Stephen Bell of Marcus & Millichap’s Manhattan office represented the seller, Reifer Management, in the transaction. Seth Glasser of Marcus & Millichap represented the buyer, a private investor.

November 29, 2018

Loans Multifamily Texas

Hunt Provides Two Loans Totaling $4M for Refinancing of Multifamily Assets in El Paso

by Taylor Williams November 29, 2018

EL PASO, TEXAS — Hunt Real Estate Capital has provided two Freddie Mac loans totaling $4 million for a pair of multifamily assets in El Paso. The company provided $2.8 million for the refinancing of the 104-unit Pebble Hills Apartments and $1.2 million for the refinancing of the 64-unit Veranda Apartments. The properties were 98 and 97 percent occupied, respectively, at the time of the loan closing. Both loans were structured with 10-year terms, fixed interest rates and 30-year amortization schedules through Freddie Mac’s Small Balance Loan program. The borrower was Pomajest and Pomajest 2 LLC, a Texas-based entity.

November 29, 2018

Acquisitions Colorado Multifamily Western

Newmark Knight Frank Negotiates $40.2M Sale of West Line Flats in Metro Denver

by Amy Works November 29, 2018

LAKEWOOD, COLO. — Newmark Knight Frank Multifamily has negotiated the sale of West Line Flats, a newly delivered Class A multifamily asset in Lakewood. 6500 W. 13th Denver LLC sold the property to an undisclosed buyer for $40.2 million. Located at 6500 13th Ave., the property offers 155 apartments featuring sliding barn doors, granite countertops, Energy Star appliances, wood-style flooring, walk-in closets, stacked full-size washers and dryers, and private balconies or patios. Community amenities include a rooftop deck with hot tub and fire pit, a 24-hour fitness center with a yoga and barre studio, detached garages, a ski and bike tune-up shop, and a dog park. West Line Flats was jointly developed by Oak Brook, Ill.-based Inland National Development Co. and Colorado-based Momentum Development.

November 29, 2018

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Brokers $12M Sale of Seniors Housing Community in Phoenix

by Amy Works November 29, 2018

PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square feet. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

November 29, 2018

Acquisitions Colorado Multifamily Student Housing Western

FourPoint Arranges Sale of 389-Bed Student Housing Community Near Colorado State University

by Amy Works November 29, 2018

FORT COLLINS, COLO. — FourPoint Student Housing Investments has arranged the sale of Stadium Apartments, a 389-bed student housing community located near Colorado State University in Fort Collins. The property offers fully furnished units with shared amenities including outdoor hot tubs, a fitness center, clubhouse and rooftop lounge. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, CSU Student Housing, in the transaction. A joint venture between an affiliate of Heitman and Timberline Real Estate Ventures acquired the property for an undisclosed price.

November 29, 2018

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