Multifamily

Wilkinson, Torchlight Investors Purchase Five-Property Multifamily Portfolio in Indianapolis for $121.5M

by Katie Sloan November 8, 2018

INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis. Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition. Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed management responsibilities of the communities. The joint venture plans to invest several million dollars to refresh the exterior designs, amenities and unit interiors. The properties will be rebranded with different names. The acquired communities include: Riverwood Apartments, a 120-unit community located at 5830 River Wood Drive on the north side of Indianapolis. The property will be rebranded The Preserve on Allisonville, and will receive a full renovation to the exterior and interiors. Woods Edge Apartments, a 190-unit community located at 6401 Woods Edge North Drive. The property will be rebranded Parkside at Castleton Square, and will receive interior renovations, as well as upgrades to the exterior and amenity spaces. Villa Nova Apartments, a 126-unit community located at 8760 LeMode Court. The community will be renamed The Elliott at College Park, and is set to undergo exterior and interior renovations, …

November 8, 2018

Acquisitions Multifamily Southeast Tennessee

Legacy Cos. Acquires Multifamily Property in Chattanooga for $35.9M

by Amy Works November 7, 2018

CHATTANOOGA, TENN. — The Legacy Cos. has purchased Elements of Chattanooga, a multifamily property in Chattanooga. Wicker Park Capital Management sold the property to Legacy for $35.9 million. Robbie O’Bryan and Brad Boston of Cushman & Wakefield represented the seller in the deal. Located at 7310 Standifer Gap Road, the property features 340 apartment units. Community amenities include a clubhouse, fitness center, swimming pool with sundeck, tennis and volleyball courts, on-site management and maintenance, picnic areas and a business center. Additionally, Dougherty Mortgage provided a $27 million Green Fannie Mae loan for the acquisition, as previously reported.

November 7, 2018

Development Multifamily New York Northeast Seniors Housing

Benchmark Opens 88,500 SF Senior Living Community on Long Island

by David Cohen November 7, 2018

SMITHTOWN, N.Y. — Benchmark has opened Whisper Woods of Smithtown, an assisted living and memory care community in Smithtown, located on Long Island. Whisper Woods is a three-story, 88,500-square-foot building that sits on 12.6 acres. The property, Benchmark’s first in New York, features 101 units that can serve up to 136 residents. “There has been a need for high-quality seniors housing on Long Island, where the 75-plus population has grown by 20 percent in the last eight years,” says Tom Grape, Benchmark’s chairman and CEO. “Whisper Woods is in an ideal location — close to downtown Smithtown and St. Catherine of Siena Medical Center.” Desiree Krajnyak-Baker is the community’s executive director, overseeing a team of 85. Based in Waltham, Mass., Benchmark operates 58 senior living communities offering independent living, assisted living, memory care and continuing care in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont.

November 7, 2018

California Loans Multifamily Western

Meridian Capital Arranges $16.5M in Financing for 83-Unit Kingsley Drive Apartments in Los Angeles

by Amy Works November 7, 2018

LOS ANGELES — Meridian Capital Group has secured a $16.5 million refinancing for Kingsley Drive Apartments, a multifamily property in Los Angeles. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian arranged the seven-year loan featuring full-term interest-only payments. A life insurance company provided the capital. Located at 737 S. Kingsley Drive in Los Angeles’ Koreatown neighborhood, the five-story complex consists of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Community amenities include a pool, spa, fitness center, putting green and driving range.

November 7, 2018

Acquisitions California Multifamily Western

CBRE Negotiates Sale of 368-Unit Apartment Community in South Orange County

by Amy Works November 7, 2018

SAN CLEMENTE, CALIF. — CBRE has negotiated the sale of Seacrest Apartment Homes, a multifamily property located at 240 Avenida Vista Montana in San Clemente. Newport Beach, Calif.-based TA Realty acquired the property from Western National Group, on behalf of Western National Realty Fund II, for an undisclosed price. Built in 1988, Seacrest Apartment Homes feature 368 units in a mix of one- and two-bedroom floor plans, ocean views, resort-style swimming pools and spas, a resident clubhouse with kitchen, barbecue and picnic areas, a business center, laundry facilities, and an open-air fitness center. Stewart Weston, Dean Zander and John Montakab of CBRE represented the seller. The buyer was self-represented in the transaction, which according to CBRE is the largest Orange County multifamily sale this year.

November 7, 2018

Colorado Development Loans Multifamily Western

Knighthead Funding Originates $10M Construction Loan for Multifamily Development in Denver

by Amy Works November 7, 2018

DENVER — Knighthead Funding has originated a $10 million non-recourse loan for the construction of The Condor, a 28-unit townhome development in Denver’s Berkeley neighborhood. First Stone Development is the borrower. Located at 4469 Tennyson St., the three-level townhomes will range in size from 1,100 square feet to 1,800 square feet and will include an attached single-car garage and rooftop deck. This is the second loan Knighthead has funded for the borrower.

November 7, 2018

Acquisitions Multifamily Nevada Seniors Housing Western

ESI Arranges $2.1M Sale of Memory Care Facility in Las Vegas

by Amy Works November 7, 2018

LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of Vintage Park at San Martín, a 30-unit memory care community in Las Vegas. A publicly traded company sold the property to a private equity firm with a Nevada footprint for $2.1 million, or $70,000 per unit. Built in 2010, Vintage Park at San Martín features both one- and two-bedroom units with a total of 60 beds. The community is located five miles southwest of downtown Las Vegas. At the time of listing, the community was 61 percent occupied. “Vintage Park at San Martín’s low occupancy will provide the opportunity for the new buyer to generate value-add type returns and allowed the seller to exit a legacy acquisition,” says Jason Stroiman, president of ESI.

November 7, 2018

Loans Multifamily Texas

Greystone Closes $23.7M HUD Loan for Apartment Community in Metro Dallas

by Taylor Williams November 7, 2018

WAXAHACHIE, TEXAS — Greystone has closed a $23.7 million HUD loan for Hunter’s Cove Apartments, a 192-unit multifamily community located in the southern Dallas suburb of Waxahachie. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse. Ana Ramos of Greystone placed the 30-year loan, which featured a fixed interest rate and a 30-year amortization period. The borrower was not disclosed.

November 7, 2018

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4.5M Condo Deconversion Sale in Chicago

by Kristin Harlow November 7, 2018

CHICAGO — Kiser Group has brokered the $4.5 million condo deconversion sale of a 20-unit property in Chicago’s East Lincoln Park neighborhood. Originally built in the late 1950s as a condominium development, the property features four studio, 14 one- and two two-bedroom units. The units range from 550 to 1,200 square feet. The property is located at 512 W. Wrightwood Ave. An affiliate of Horizon Realty Group purchased the property from 512 Wrightwood Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

November 7, 2018

Loans Multifamily Seniors Housing Southeast Tennessee

Dwight Capital Provides $13.2M Acquisition Financing for Three Skilled Nursing Facilities in Tennessee

by Amy Works November 6, 2018

KINGSPORT, LAWRENCEBURG AND HUNTSVILLE, TENN. — Dwight Capital has provided $13.2 million in financing for the acquisition of three skilled nursing facilities in Tennessee. The portfolio includes Brookhaven Manor in Kingsport, Countryside Healthcare and Rehabilitation in Lawrenceburg and Huntsville Manor in Huntsville. The properties feature a combined 270 beds. Dwight Capital provided $12.3 million in bridge-to-HUD acquisition financing, as well as $855,000 in mezzanine financing, representing a combined total of more than 90 percent of the purchase price. The borrower was not disclosed.

November 6, 2018

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