Multifamily

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

by Amy Works October 24, 2018

MIAMI GARDENS, FLA. — Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager based in Denver, for the value-add opportunity. Additionally, Eyzenberg & Co. helped to structure $25.4 million in Freddie Mac financing that capitalized the acquisition. The buyers plan to add a swimming pool and renovate the individuals units at the property, which was built in 1972. Additional onsite community amenities include a fitness center, laundry facilities, a grill and picnic area and business center.

October 24, 2018

Acquisitions Affordable Housing Multifamily Northeast Rhode Island

Standard Communities Purchases 106-Unit Affordable Housing Community in Rhode Island

by David Cohen October 23, 2018

PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this work.

October 23, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $39.4M for Redevelopment of Apartment Property in Cleveland

by Kristin Harlow October 23, 2018

CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartment units in 1964, with renovations in 2008 and 2010. The 198-unit apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance for 144 units for tenants earning between 30 to 60 percent of the area median income. Rehabilitation plans call for the replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors. Jeff Rodman, Kelly Frank and Victoria O’Brien of KeyBank originated the financing. Ohio Housing Finance Agency, the city of Cleveland and The Community Builders were financing partners.

October 23, 2018

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Development Multifamily Texas

JPI to Develop 400-Unit Apartment Community in Fort Worth

by Taylor Williams October 23, 2018

FORT WORTH, TEXAS — Irving-based JPI will develop Jefferson River East, a 400-unit multifamily community that will be located adjacent to the Trinity River near downtown Fort Worth. Amenities will include two pools, two clubhouses, two sky lounges, a fitness center and a yoga studio. Fifth Third Bank is the senior lender on the project and CrossHarbor Capital Partners is providing preferred equity. JPI broke ground on the property on Oct. 19. The first units are expected to be available for occupancy by spring 2020.

October 23, 2018

Colorado Development Multifamily Seniors Housing Western

CA Senior Living Starts Construction of 137-Unit Seniors Housing Community in Metro Denver

by Amy Works October 23, 2018

WESTMINSTER, COLO. — CA Senior Living LLC has started construction of Atria Westminster, a five-story, 137-unit senior living community in Westminster, approximately 10 miles northwest of Denver. When complete, Atria Westminster will offer 107 assisted living apartments, 30 memory care studios, and a single-story dining and amenity wing. Assisted living units will range in size from 410-square-foot studios to 970-square-foot two-bedrooms, while memory care studios will range from 275 to 310 square feet. Designed by OZ Architects and built by Brinkmann Constructors, Atria Westminster is located less than a half-mile from a variety of shopping, dining and entertainment offerings. Louisville, Ky.-based Atria Senior Living has been retained as the operator for the community. The property is expected to open in early 2020. CA Senior Living is the seniors housing investment and development division of Chicago-based CA Ventures. The company currently has 22 communities operating or under construction throughout the U.S. Atria Westminster will be the fourth CA Senior Living property operated by Atria Senior Living.

October 23, 2018

Alabama Development Multifamily Southeast Student Housing

CA Student Living Renovates 628-Bed Student Housing Community Near University of Alabama

by Amy Works October 23, 2018

TUSCALOOSA, ALA. — CA Student Living has completed capital improvements on Harbor on Sixth, a 628-bed property located near the University of Alabama in Tuscaloosa. Improvements to the community — now named Evolve Tuscaloosa — included a fitness center expansion with the addition of a new yoga studio; and upgrades to the pool area including the addition of cabanas, grilling areas and in-pool lounges. The property offers two- and three-bedroom fully furnished units with bed-to-bath parity. Additional shared amenities include a computer lab, study lounges, a clubroom with a kitchenette and fireplace, free tanning and a shuttle service to campus. The property originally opened in 2017.

October 23, 2018

Arkansas Loans Multifamily Southeast

Hunt Real Estate Capital Funds $9M Green Acquisition Loan for Multifamily Property in Arkansas

by Amy Works October 23, 2018

JONESBORO, ARK. — Hunt Real Estate Capital has provided a $9 million Fannie Mae conventional loan for the acquisition of Stadium Place Apartments, a 200-unit multifamily property located at 3719 Stadium Blvd. in Jonesboro. Chad Thomas Hagwood led the Hunt Real Estate Capital team that closed the financing. Built in 2000, Stadium Place comprises 10 three-story garden-style buildings on a 10.4-acre site. Totaling 179,880 square feet of rentable area, the property offers a mix of one-, two- and three-bedroom layouts. Onsite community amenities include a fitness center, swimming pool, playground, basketball court, grilling stations and a large open green space. Loan terms include a 75 percent, 12-year Green Rewards loan with four years of interest-only payments. As per terms of the Green Rewards loan, the undisclosed borrower will implement efficiency upgrades within 12 months of loan closing. With this property, most of the efficiency upgrades will take the form of water savings.

October 23, 2018

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Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Brokers $5.8M Sale of North Georgia Assisted Living

by Amy Works October 23, 2018

DAWSONVILLE, GA. — Senior Living Investment Brokerage has arranged the sale of North Georgia Assisted Living, a 32-unit community in Dawsonville, approximately 60 miles north of Atlanta. Gryphon Senior Living and Senior Solutions acquired the property from a local partnership for $5.8 million. The property was 97 percent occupied at the time of sale. The price represents an 8.1 percent capitalization rate and a price per unit of $181,250. Hunt Real Estate Capital provided a $6.2 million bridge loan for the buyer in connection with the transaction. The financing will help fund a 12-unit expansion at the property. Bradley Clousing of Senior Living Investment Brokerage handled the transaction.

October 23, 2018

Development District of Columbia Multifamily Southeast Top Stories

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

by Katie Sloan October 23, 2018

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop terraces on the 20th floor. Shared amenities at the property include a sky lounge with a rooftop terrace; landscaped courtyard with a swimming pool, grilling stations and fire pits; game room; business center and flexible work area with conference capabilities; secured parking garage with bike storage; and professional-style pet washing area. The community also boasts an extensive fitness center with personal training rooms, as well as a bike training facility where residents can virtually train and use a sports simulator. The LEED-Gold certified property offers views of Washington, D.C., Arlington and the Potomac River, as well as easy access to both cities, The Pentagon and Ronald Reagan Washington National Airport. The starting rent for a studio apartment is $2,011 per month. “Crystal City is an active, lively neighborhood with an exciting arts …

October 23, 2018

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 212-Unit Apartment Property in Metro Houston

by Taylor Williams October 22, 2018

CONROE, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Redford Park Apartments, a 212-unit multifamily property in Conroe, a northern suburb of Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a tennis court, pool and resident clubhouse. ClearWorth Capital will implement a value-add program to the asset, the seller of which was not disclosed. Nathan Stone of Berkadia arranged acquisition financing for the deal.

October 22, 2018

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