Multifamily

Immanuel Lutheran Communities Finishes Independent Living Addition to CCRC in Montana

by Amy Works October 30, 2018

KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.

October 30, 2018

Development Multifamily Oregon Seniors Housing Western

Wolff Co. Breaks Ground on 143-Unit Seniors Housing Community in Hillsboro, Oregon

by Amy Works October 30, 2018

HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.

October 30, 2018

Connecticut Loans Multifamily Northeast

KeyBank Secures $16M Refinancing for Multifamily Property in Connecticut

by David Cohen October 29, 2018

VERNON, CONN. — KeyBank has secured a $16 million first mortgage loan through Freddie Mac for Vernon Gardens Apartments in Vernon. Built in 1965, the property is comprised of 10, two-story buildings and has undergone a number renovations and upgrades since 2014. John Ward of KeyBank secured the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program on behalf of an undisclosed borrower. The loan is structured with five years of interest-only payments on a 30-year amortization schedule.

October 29, 2018

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $45M Bridge Loan for Affordable Housing Portfolio in Manhattan

by David Cohen October 29, 2018

NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.

October 29, 2018

Development Multifamily Student Housing Texas

Lincoln Ventures Breaks Ground on 239-Bed Student Housing Community in Austin

by Taylor Williams October 29, 2018

AUSTIN, TEXAS — Austin-based Lincoln Ventures has broken ground on The Ruckus 2.0, a 239-bed student housing community serving the University of Texas at Austin. The 67-unit property is located at 2401 Rio Grande St. and features amenities such as a gym, sky lounge, study lounge, conference rooms and package service. Completion is slated for fall 2019.

October 29, 2018

Acquisitions Multifamily Texas

SVN Negotiates Sale of 155-Unit Apartment Community in North Houston

by Taylor Williams October 29, 2018

HOUSTON — SVN | Investment Sales Group has negotiated the sale of The Alara, a 155-unit apartment community in north Houston. The Class B property offers one- and two-bedroom units and amenities such as a pool, playground and a business center. Mark Allen and Todd Franks of SVN represented the seller and procured the buyer, both of which were out-of-state investors, in the transaction.

October 29, 2018

Acquisitions Illinois Midwest Multifamily

Redwood Capital Group Acquires 231-Unit Luxury Apartment Complex in Orland Park, Illinois

by Kristin Harlow October 29, 2018

ORLAND PARK, ILL. — Redwood Capital Group LLC has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in the southwest Chicago suburb of Orland Park. The purchase price was $70 million, according to Crain’s Chicago Business. Constructed in 2016, the property consists of four mid-rise buildings and 63 townhomes. Units average 980 square feet and townhomes range from 1,487 to 1,994 square feet. Amenities include a clubhouse, pool and fitness center. REVA Development Partners was the seller.

October 29, 2018

Acquisitions Florida Multifamily Southeast

Lindemann Multifamily Acquires New Apartment Community Near Orlando’s Mall at Millenia for $63.7M

by Amy Works October 29, 2018

ORLANDO, FLA. — Lindemann Multifamily Management has purchased The Addison on Millenia, a Class A multifamily property located at 4673 Garden Park Blvd. in Orlando. A partnership between Contravest, Case Pomeroy and BBX Capital sold the asset for $63.7 million. Completed in 2017, Addison on Millenia features 292 apartments equipped with high-end finishes, including nine- and 10-foot ceilings, granite countertops, tile backsplashes in the kitchen, pendant lighting, stainless steel GE appliance and full-sized washers and dryers. The community is located 3.7 miles from downtown Orlando and adjacent to Mall at Millenia, a 1.2-million-square-foot upscale retail destination. CBRE’s Shelton Granade, Luke Wickman and Justin Basquill represented the seller in the transaction. Paul Ahmed, Erin Efstahion and Mackenzie Fry of CBRE arranged a $38.2 million, 10-year loan with Fannie Mae on behalf of the buyer.

October 29, 2018

Acquisitions Georgia Multifamily Southeast

Coastal Ridge, Sefira Capital Buy Apartment Complex in Metro Atlanta for $34M

by Amy Works October 29, 2018

LOCUST GROVE, GA. — Columbus, Ohio-based Coastal Ridge Real Estate Partners and Miami-based Sefira Capital have acquired Eagle’s Brooke, an apartment community located on 31 acres at 100 Malago Way in Locust Grove. An undisclosed seller sold the metro Atlanta asset for $34 million. This transaction marks the 12th acquisition in 2018 for Coastal Ridge and its first in a new joint venture with Sefira. Built in 2009, Eagle’s Brook features 120 one-bedroom/one-bath units, 104 two-bedroom/two-bath units and 24 three-bedroom/two-bath units, with rents ranging from $957 to $1,396. Units include patios/balconies, ceiling fans, nine-foot ceilings, garden tubs, linen closets, separate dining areas and walk-in closets. On-site community amenities include a residents’ kitchen/lounge, swimming pool and controlled access gates.

October 29, 2018

Acquisitions Mississippi Multifamily Southeast

Majestic RV Resorts Acquires Beachfront Land Parcel in Biloxi, Plans Upscale RV Park

by Amy Works October 29, 2018

BILOXI, MISS. — Majestic RV Resorts has purchased 22.8 acres of beachfront property from Trustmark Bank for nearly $3 million. The buyer plans to develop an upscale RV park on the property, which is a vacant commercially zoned property. The property is located one block east of the Mississippi Coast Coliseum and adjacent to the former Broadwater Hotel. Sam Ford, an agent affiliated with Coldwell Banker Commercial Alfonso Realty, represented the seller. Marques Thomas with Biloxi-based Latitude Realty represented the buyer in the deal. Majestic RV Resorts has existing RV parks in Savannah, Ga., and Naples, Fla.

October 29, 2018

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