Multifamily

Pathway to Living, Caddis Open 96-Unit Seniors Housing Community in Orland Park, Illinois

by Kristin Harlow April 19, 2018

ORLAND PARK, ILL. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village of Orland Park, a 96-unit assisted living and memory care community. The 89,622-square-foot property is located at 7420 W. 159th St. The community’s 72 assisted living units range in size from 371 to 1,032 square feet, while the 24 memory care studios measure approximately 260 to 360 square feet. Amenities include a dining room, movie theater, chapel, salon and spa, fitness center, doctor’s suite and courtyard with a walking path. McShane Construction Co. was the general contractor.

April 19, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Blueprint Brokers Sale of Two Skilled Nursing Facilities in Southern Illinois for $5.5M

by Kristin Harlow April 19, 2018

EDWARDSVILLE, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation, both located in Edwardsville and totaling approximately 232 beds, for $5.5 million. The purchase price equates to approximately $24,000 per bed. The sale was prompted by the operator’s motivation to reduce its overall exposure to the state’s challenging reimbursement environment relating to delayed payments of Medicaid and its initial intention to not operate the facilities in the long term, according to a news release. Combined, the facilities were operating at approximately breakeven on nearly $12 million in total revenues. Josh Salzman, Michael Segal and Ben Firestone of Blueprint led the transaction. A St. Louis-based investor purchased the asset. A publicly traded REIT was the seller.

April 19, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $6.9M Sale of 22,236 SF Mixed-Use Building in Denver

by Amy Works April 19, 2018

DENVER – Pinnacle Real Estate Advisors has arranged the sale of Zuma Lofts, a mixed-use building located at 3455 W. 38th Ave. in Denver. Zuma Lofts LLC sold the property to RLC Zuma LLC for $6.9 million. The 22,236-square-foot building features 18 multifamily units and two ground-level retail units. Matt Lewallen of Pinnacle represented the buyer and seller in the deal.

April 19, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Brokers $7.2M Sale of Multifamily Building in Hamilton Heights

by David Cohen April 19, 2018

NEW YORK CITY — Ariel Property Advisors has brokered the sale of 523 West 135th Street, a 21-unit multifamily building in the Hamilton Heights neighborhood of Manhattan. The five-story, 13,770-square-foot property sold for $7.2 million, or $343,000 per unit. Victor Sozio, Shimon Shkury, Michael A. Tortorici, Matthew L. Gillis, and Orry Michael of Ariel Property Advisors represented the undisclosed seller and procured the buyer in the transaction, who was also undisclosed. The property is located two blocks from the subway system (the 1 Line), providing easy access to Manhattan and outer boroughs.

April 19, 2018

Loans Multifamily Washington Western

Hunt Mortgage Provides $5.1M Refinancing for Multifamily Property in Metro Seattle

by Amy Works April 19, 2018

FEDERAL WAY, WASH. – Hunt Mortgage Group has arranged a $5.1 million loan for the refinancing of Cedar Gardens Apartments, a multifamily property located at 2110 S.W. 337th Place in Federal Way. The borrower is Robert LaFountaine, a local real estate owner/operator. Built in 1980, the property comprises five two-story buildings totaling 49 apartment units. Glenn Gioseffi of Kidder Mathews arranged the Freddie Mac Small Balance loan, which features a five-year term, 30-year amortization schedule and a hybrid-adjustable interest rate. A hybrid-adjustable rate mortgage (hybrid ARM) is where a loan’s interest rate is fixed for an established amount of time and then transitions to an adjustable rate. Cedar Gardens was 98 percent occupied at the time of financing.

April 19, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Two Apartment Property Sales in New Jersey for Combined $3.5M

by David Cohen April 19, 2018

WEST NEW YORK, BAYONNE, N.J. — Marcus & Millichap has negotiated the sales of two apartment buildings in separate transactions in Hudson County, New Jersey, for a combined $3.5 million. In the first transaction, 5204 Palisade Ave., a 16-unit multifamily building in West New York, sold for $2.5 million. The property was 100 percent occupied at the time of sale. In the second deal, 265 Ave. B in Bayonne sold for $1 million. The property includes eight residential units and one storefront. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap’s New Jersey office represented the sellers, both private individuals, in the two transactions.

April 19, 2018

Conference Coverage Features Multifamily Texas Texas & Oklahoma Feature Archive

It’s the Ideal Time to Buy in Houston Multifamily Market, Says InterFace Panel

by Taylor Williams April 19, 2018

HOUSTON — After several years of sluggish rent growth, heavy concessions and tepid absorption brought on by the oil slump, investors are returning to Houston’s multifamily market with quite a bang. Rent growth and absorption were particularly weak in the city’s Class A multifamily space over the past few years. But with oil prices stabilizing (currently at about $68 per barrel of West Texas intermediate crude) and overall population growth still booming, multifamily investors are rethinking their positions on the Bayou City. “For the past two or three years, capital had been going elsewhere,” said Bruce McClenny, president of Houston-based research firm Apartment Data Services, during his keynote address at the second annual InterFace Houston Multifamily conference. “But that’s about to change.” Panelists at the event agreed that Houston’s construction pipeline for new apartments is thinning, stabilized properties are being brought to market and sellers are seeing more bids on assets they’re marketing. All this activity points to a previously overbuilt market turning the corner. Multifamily developers, lenders and brokers discussed these trends and others at the conference, held on Tuesday, April 17 at the Royal Sonesta Hotel in Houston’s Galleria neighborhood. The event drew about 150 real estate professionals. …

April 19, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.8M in Financing for Creation of Affordable Housing Community Near Boston

by David Cohen April 18, 2018

LAWRENCE, MASS. — MassHousing has provided $28.8 million in financing to Reed Realty Advisors for the creation of a 180-unit affordable housing community in Lawrence, about 30 miles north of Boston. Reed Realty will redevelop a section of the former Pacific Mills cotton complex into new mixed-income housing that will include 40 workforce housing units for moderate-income households. The project will be called Pac 10 Lofts. MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the City of Lawrence.

April 18, 2018

Development Multifamily Texas

JPI Breaks Ground on 409-Unit Apartment Community in Metro Dallas

by Taylor Williams April 18, 2018

FARMERS BRANCH, TEXAS — JPI has broken ground on Jefferson Alpha West, a 409-unit apartment community in Farmers Branch. The four-story property will be located within the Alpha + Inwood mixed-use development, which will include a 155-room ALOFT hotel, 296,000 square feet of office space and 22,000 square feet of retail space. Residential amenities will include a pool, rooftop lounge, clubhouse and a dog park. Occupancy at Jefferson Alpha West is scheduled for the end of 2019 and completion of the project is slated for mid-2020.

April 18, 2018

Acquisitions Multifamily Texas

Transwestern Brokers Sale of 320-Unit Apartment Community in Dallas

by Taylor Williams April 18, 2018

DALLAS — Transwestern has brokered the sale of Plaza Del Lago, a 320-unit multifamily community in Dallas. Built in 1982, the property is located on the city’s northwestern side near Dallas Love Field Airport. Amenities include two pools, outdoor grilling areas, on-site laundry facilities, a dog park and a playground. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, DIJ Plaza Del Lago LLC, in the transaction. The buyer and sales price were not disclosed.

April 18, 2018

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