Multifamily

FCP, Terwilliger Pappas Sell Two Multifamily Communities in Charlotte Totaling $128.6M

by Alex Tostado December 19, 2018

CHARLOTTE, N.C. — FCP and Terwilliger Pappas Multi Family Partners (TPMP) have sold two multifamily communities in Charlotte. The partners sold Solis Waverly for $84.4 million to Dallas-based Lan Properties/Lantower Residential and Solis Ballantyne for $44.2 million to Baltimore-based Continental Realty Corp. Solis Waverly is a 375-unit community located about 14 miles south of downtown Charlotte. Completed in 2016, the property features a pool with a sundeck, 24-hour fitness center, conference room, electric car charging station and an outdoor terrace. It is part of Waverly, a master-planned development with office space, retail space, single-family homes and a hotel. Solis Ballantyne was also completed in 2016 and is located about 14 miles south of downtown Charlotte. The community includes 194 units and features a pet washing station, pool, fitness center, bike storage and package service. Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE represented the sellers in the transaction for Solis Waverly. Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL represented the sellers in the transaction for Solis Ballantyne. Fortune Johnson was the general contractor for both developments.

December 19, 2018

Acquisitions Maryland Multifamily Southeast

JLB, Crow Holdings Sell Multifamily Complex in Annapolis for $75.6M

by Alex Tostado December 19, 2018

ANNAPOLIS, MD. — A joint venture between JLB Partners and Crow Holdings has sold The James, a 236-unit multifamily community in Annapolis, for $75.6 million to an undisclosed buyer. The James was delivered in 2016 and features a pool, entertainment lounge and a wellness center. The property is located about four miles west of the United States Naval Academy. Al Cissel and Ryan Ogden of Newmark Knight Frank represented the seller in the transaction.

December 19, 2018

Loans Multifamily New Jersey Northeast

Juniper Capital Group Secures $23.3M Acquisition Loan for Apartment Community in New Jersey

by David Cohen December 19, 2018

BRIDGEWATER, N.J. — New York-based financial advisory firm Juniper Capital Group has secured $23.3 million in acquisition financing for Woodmont Square, a 100-unit apartment community in Bridgewater. Amenities at the property include quartz counter tops, stainless steel appliances, a gym, clubhouse, game room, basketball courts and electronic keyless entry systems. Nate Lowy of Juniper secured the 10-year loan through a local bank on behalf of the borrower, a local investor. Terms of the financing include a 4 percent interest rate.

December 19, 2018

Acquisitions Multifamily Texas

Muskin Commercial Brokers Sale of 228-Unit Apartment Community in Killeen, Texas

by Taylor Williams December 19, 2018

KILLEEN, TEXAS — Austin-based Muskin Commercial LLC has brokered the sale of River Oaks Apartments, a 228-unit multifamily community in Killeen, about 65 miles north of Austin. Muskin Commercial represented the seller, 101 S. Twin Creek LLC, which acquired the asset in 2015 and upgraded the unit interiors and amenity spaces. Rich Heine of Southwest Investment Properties represented the buyer, California-based Redford Park LLC, in the transaction.

December 19, 2018

Leasing Activity Midwest Multifamily Ohio

City Club Apartments Negotiates Leases for Restaurant, Market at Cincinnati Property

by Kristin Harlow December 19, 2018

CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.

December 19, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 252-Unit Multifamily Community in Massachusetts

by David Cohen December 19, 2018

LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.

December 19, 2018

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Negotiates Sale of Vacant Skilled Nursing Facility in Concord, Massachusetts

by David Cohen December 19, 2018

CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.

December 19, 2018

California Development Multifamily Seniors Housing Western

Joint Venture to Develop 338-Unit Seniors Housing Community in Los Angeles

by Amy Works December 19, 2018

LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile of a variety of dining and shopping options, plus the 264-bed Kaiser Permanente Woodland Hills Medical Center. Pre-leasing will begin in fourth-quarter 2019 in advance of a planned opening in fourth-quarter 2020. Los Angeles-based West Bay Senior Living will operate the community upon opening.

December 19, 2018

Loans Multifamily Washington Western

Newmark Arranges $21.7M in Financing for Birch Hills Apartments in Pullman, Washington

by Amy Works December 19, 2018

PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.

December 19, 2018

Loans Multifamily Seniors Housing Utah Western

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

by Amy Works December 19, 2018

SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.

December 19, 2018

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