Multifamily

Evergreen Real Estate Group to Manage Nine Affordable Housing Properties in Midwest

by Kristin Harlow January 7, 2019

CHICAGO — Evergreen Real Estate Group has been retained to manage nine affordable housing communities totaling 1,071 units across Illinois, Kansas, Ohio and Wisconsin. The properties include a mix of affordable housing for families, seniors and people with disabilities. Chicago-based Evergreen now manages more than 8,500 units across the country. The new assignments include: Brookhaven Apartments in Gurnee, Ill.; Carter Manor Apartments in Cleveland; Johnstown Towers in Salina, Kan.; Oakdale Plaza Apartments in Salina, Kan.; Legacy Lofts in Milwaukee; The Martha Washington Apartments in Chicago; Martin Avenue Apartments in Council Grove, Kan.; and Neilan Park Apartments in Hamilton, Ohio. As property manager, Evergreen will oversee operations. Additionally, in some communities Evergreen will make improvements and upgrades to the buildings using low-income housing tax credits and other subsidies.

January 7, 2019

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $15.1M HUD Refinancing for Chicago-Area Assisted Living Community

by Kristin Harlow January 7, 2019

PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization schedule.

January 7, 2019

Acquisitions Alabama New York Northeast Seniors Housing Southeast Top Stories

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

by John Nelson January 7, 2019

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …

January 7, 2019

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Metro Atlanta’s Multifamily Market Poised for Growth Despite Construction Costs

by John Nelson January 7, 2019

Driven by continued job and population growth, metro Atlanta’s multifamily market remains strong. Rarely a week goes by without an announcement of another corporate relocation or expansion somewhere throughout the metro area. This, in addition to an increasing population seeking the region’s quality of life, relative affordability and dynamic economy, has sustained the current cycle of development in the multifamily market. Investors appear to share this conclusion and have made Atlanta a top destination for acquisitions over the past several years. Despite some potential challenges on the horizon, namely rising construction costs, metro Atlanta’s apartment market is poised to continue its expansion over the near term. Market Fundamentals While new supply has outpaced absorption, most data providers still show metro Atlanta’s overall occupancy rate above 94 percent. Many market observers estimate that the multifamily market is on the cusp of, or has just moved past, its short-term peak of deliveries. Spiraling land and construction costs, coupled with the current labor shortage being felt across the economy, are acting governors of future supply expansion. These increases in costs are also translating into much higher required rents, which are testing the size of the renter pool capable of affording them. Despite concerns …

January 7, 2019

Loans Multifamily New York Northeast

HFF Secures $32M Refinancing for Caesura Apartment Building in Brooklyn

by David Cohen January 4, 2019

NEW YORK CITY — HFF has secured a $32 million loan to refinance Caesura, a newly completed, 123-unit apartment building in Brooklyn’s cultural district. Located at 280 Ashland Place, the 12-story property comprises a mix of 74 market-rate and 49 affordable units. Amenities at Caesura include walk-in closets, in-unit washers and dryers, and a fitness center. Steven Klein and Geoff Goldstein of HFF secured the 10-year, fixed-rate financing on behalf of the borrower, Jonathan Rose Companies through lender Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.

January 4, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 306-Unit Apartment Complex in Memphis

by Alex Tostado January 4, 2019

MEMPHIS, TENN. — A joint venture between Balfour Beatty Communities, American National Insurance Co. and ApexOne Investment Partners has acquired Preserve at Southwind, a 306-unit apartment complex in Memphis. The community was built in 2000 and features one-, two- and three-bedroom floor plans. The property is situated in the city’s Germantown/Collierville area about 15 miles east of Memphis International Airport and about 22 miles east of downtown Memphis. As part of the ownership agreement, Balfour Beatty will provide property management services. Newmark Knight Frank brokered the acquisition. The seller and sales price were undisclosed.

January 4, 2019

Development Multifamily Oklahoma Texas

American Residential Group to Build Six-Story Apartment Project in Tulsa Arts District

by John Nelson January 4, 2019

TULSA, OKLA. — American Residential Group (ARG) plans to build The View, a six-story multifamily property that will be located in the Tulsa Arts District. The 198-unit project will feature high-end finishes, a rooftop amenity deck and an attached parking structure. Situated just outside Tulsa’s central business district, The View will be located directly across the street from the ONEOK Field, the home baseball park of the Tulsa Drillers. ARG will break ground early this year on The View with a projected completion date of late 2020. ARG purchased the entire square block on the southeast corner of Archer Street and Elgin Avenue from the Tulsa Stadium Trust in 2015. The lot falls within a Qualified Opportunity Zone.

January 4, 2019

Acquisitions Loans Multifamily Texas

NXT Capital Provides $18M Acquisition Loan for Houston Multifamily Community

by John Nelson January 4, 2019

HOUSTON — NXT Capital has provided an $18 million loan to finance the acquisition of a 216-unit, Class B apartment community in Houston. The property name was undisclosed, but the asset is situated 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with a business center, fitness center, sand volleyball court, outdoor fire pits, outdoor grills, dog park, putting green and a swimming pool with a sun deck. Steve Whitehead of NorthMarq Capital’s Dallas office placed the loan with NXT Capital on behalf of the undisclosed borrower.

January 4, 2019

California Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Western

Joint Venture to Develop 131-Acre Mixed-Use Project in San Luis Obispo, California

by Amy Works January 4, 2019

SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …

January 4, 2019

Development Illinois Midwest Multifamily

Lendlease, John Buck Co. to Develop 586-Unit Apartment Complex in Chicago’s West Loop

by Kristin Harlow January 4, 2019

CHICAGO — Lendlease and The John Buck Company are developing 845 West Madison, a 586-unit luxury apartment complex in Chicago’s West Loop. The property will include two 17-story towers totaling approximately 720,000 square feet of residential space and 10,000 square feet of ground-floor retail space. Both towers will share a one-acre outdoor amenity deck, featuring green spaces, two pools and a lounge area with grills and fireplaces. Additional amenities will include a fitness center, yoga room, game room, resident lounge, coffee bar, demonstration kitchen, dog park, co-working space and parking garage. Danny Kaufman, Christopher Knight and Mary Dooley of HFF arranged $61.8 million in joint venture equity through Intercontinental Real Estate Corp. for the project.

January 4, 2019

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