Multifamily

Blueprint Negotiates Sale of 87-Unit Seniors Housing Community Near San Diego

by Amy Works March 5, 2019

SAN DIEGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 87-unit assisted living and memory care community in North County, just outside San Diego. A publicly traded REIT sold the community to a San Diego-based owner-operator with an existing California portfolio. The name of the community and price were not disclosed. The property was sold as a value-add proposition, as new competition in the area had lowered occupancy. The buyer intends to renovate the community and capitalize on operational synergies within its larger management platform. Ben Firestone, Michael Segal and Scott Frazier of Blueprint facilitated the transaction.

March 5, 2019

Arizona Loans Multifamily Western

Dougherty Mortgage Closes $9.5M Fannie Mae Loan for Tuscano Village Apartments in Arizona

by Amy Works March 5, 2019

GLENDALE, ARIZ. — Dougherty Mortgage has closed a $9.5 million Fannie Mae loan for the acquisition of Tuscano Village Apartments. The borrower is 6816 W. Bethany Home Rd PCPRE LLC, through a partnership with Pinnacle Financial Group, a Marcus & Millichap company. Located in Glendale, Tuscano Village Apartments features 119 market-rate apartment units.

March 5, 2019

Acquisitions California Multifamily Western

Private Buyer Acquires 76-Unit Multifamily Property in Los Angeles’ Koreatown for $12.6M

by Amy Works March 5, 2019

LOS ANGELES — 1057 S Western LLC, a private buyer, has purchased Western Arms, an apartment property located at 1057 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Prana Growth Fund 1, an entity of Prana Investments, sold the property for $12.6 million. Cole Martens and Cory Stehr of Lee & Associates-LA North/Ventura represented the buyer and seller in the transaction. Originally built in 1926 as a hotel, Western Arms features 76 studio and one-bedroom units. The buyer plans to update the property with tech and service amenities.

March 5, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $6.9M Sale of University Gardens Apartment Building in Northridge, California

by Amy Works March 5, 2019

NORTHRIDGE, CALIF. — Marcus & Millichap has arranged the sale of University Gardens, a multifamily property located in Northridge. A foreign investor sold the property to an undisclosed buyer for $6.9 million. University Gardens features 29 apartments. Paul Darrow, Gregory Harris, Kevin Green and Joe Grabiec of THG Multifamily in Marcus & Millichap’s South Bay office represented the seller in the deal.

March 5, 2019

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Buys 423-Unit Multifamily Complex Near Phoenix for $89.2M

by Amy Works March 5, 2019

PHOENIX — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Tempo at McClintock Station Apartments, a Class A, mid-rise multifamily property in Tempe. P7 McClintock Station Owner LLC sold the asset for $89.2 million, or $210,377 per unit. Constructed in 2017, the gated community features 423 apartments in a mix of one-, two- and three-bedroom layouts. On-site amenities include a barbecue/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, dog park with a self-service dog grooming area, community clubhouse and a 24/7 fitness center with separate yoga and spin studios. The buyer plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors. Oaktree Real Estate Finance II provided debt financing, which Brian Eisendrath, Brandon Smith and Annie Rice of CBRE arranged for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.

March 5, 2019

Loans Midwest Multifamily Wisconsin

Love Funding Provides $15M Loan for Brewery Lofts Project in Milwaukee

by Kristin Harlow March 5, 2019

MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.

March 5, 2019

Loans Midwest Missouri Multifamily

NorthMarq Arranges $1.6M Refinancing for Apartment Building in St. Louis

by Kristin Harlow March 5, 2019

ST. LOUIS — NorthMarq Capital has arranged a $1.6 million loan for the refinancing of SOHA Lofts in St. Louis. The apartment building features 15 units. Dan Baker of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. Ready Capital provided the loan.

March 5, 2019

Acquisitions Multifamily Texas

NorthMarq Brokers Sale of 650-Unit Multifamily Asset in Dallas

by Taylor Williams March 5, 2019

DALLAS — NorthMarq Capital has brokered the sale of Montecito Creek, a 650-unit multifamily community in Dallas. The property was built in 1983 on 23 acres and features five pools, two spas, a business center and onsite laundry services. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller, NAPA Ventures, in the transaction. The buyer was Exponential Property Group, a locally based investment firm, which will upgrade the interior and exterior elements of the property.

March 5, 2019

Development Multifamily Texas

Gardner Tanenbaum to Develop 516-Unit Apartment Community in Oklahoma City

by Taylor Williams March 5, 2019

OKLAHOMA CITY — Gardner Tanenbaum Holdings will develop Liberty Creek Village, a 516-unit apartment community in Oklahoma City. Designed by Gardner Architects, the property will offer two pools, outdoor entertainment areas, a full-size basketball court, fitness center and a dog park. Units will feature quartz countertops, stainless steel appliances and washer/dryer connections. Liberty Creek Village is expected to open in 2020.

March 5, 2019

Loans Multifamily Student Housing Texas

Berkadia Provides $48.6M Freddie Mac Loan for Refinancing of Lubbock Apartments

by Taylor Williams March 5, 2019

LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.

March 5, 2019

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