Multifamily

KeyBank Provides $24.5M Financing for Acquisition, Renovation of Affordable Housing Communities

by David Cohen January 14, 2019

NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.

January 14, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $2.2M Sale of Apartment Building in Brooklyn

by David Cohen January 14, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a four-unit apartment building in the Stuyvesant Heights neighborhood of Brooklyn. The property is located at 231 Bainbridge St. Shaun Riney and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 14, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 280-Unit Apartment Community in Metro Dallas

by Taylor Williams January 14, 2019

MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Oates Creek, a 280-unit multifamily community in Mesquite, an eastern suburb of Dallas. Built in 1984, the Class B property recently underwent $2.2 million in capital improvements that upgraded 50 percent of the unit interiors. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity.

January 14, 2019

Acquisitions Illinois Midwest Multifamily

Joint Venture Acquires 558-Unit Apartment Community in Westmont, Illinois

by Kristin Harlow January 14, 2019

WESTMONT, ILL. — A joint venture between a fund managed by DRA Advisors LLC and Marquette Cos. has acquired Westmont Village Apartments, a 558-unit apartment community in Westmont, about 20 miles west of Chicago. The purchase price was not disclosed. The property consists of 31 buildings. Units average 1,100 square feet. The seller, Long Wharf Capital LLC, recently completed unit renovations and constructed a new resident clubhouse with a fitness center, outdoor swimming pool, dog park and picnic area. Kevin Girard, Marty O’Connell, Sean Fogarty and Wick Kirby of HFF represented the seller.

January 14, 2019

Development Kansas Midwest Multifamily Seniors Housing

Tutera Completes $55M Senior Living Community Near Kansas City

by Kristin Harlow January 14, 2019

PRAIRIE VILLAGE, KAN. — Tutera Senior Living & Health has completed construction of Mission Chateau Senior Living Community in Prairie Village, just south of Kansas City. Development costs for the 214,800-square-foot, 18.4-acre development were estimated at $55 million. The community features 22 independent living villas, 121 independent living apartments, 40 assisted living units and 40 memory care units. Other offerings include on-site home healthcare and several Tutera rehabilitation and skilled nursing facilities nearby. Tutera has also teamed up with 20/20 Fitness in Prairie Village to offer residents wellness services. Partners on the project included interior design firm studioSIX5, engineering firm BHC Rhodes, Nearing Staats Prelogar & Jones Architects and Luke Draily Construction Co.

January 14, 2019

Acquisitions Loans Seniors Housing Texas

CBRE Arranges Sale of 224-Unit Assisted Living Portfolio in Houston

by John Nelson January 11, 2019

HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two separate five-year, non-recourse, floating-rate loans on an interest-only basis from a debt fund. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the portfolio.

January 11, 2019

Acquisitions Multifamily Texas

NorthMarq Brokers Sale of Two Multifamily Assets Totaling 391 Units in El Paso

by John Nelson January 11, 2019

EL PASO, TEXAS — NorthMarq Capital has brokered the sale of two multifamily assets totaling 391 units in El Paso. Las Vegas-based MKL Capital Group LLC purchased the 232-unit Indian Springs from Arizona-based Talos Holdings LLC, and a Los Angeles-based private investment firm acquired the 159-unit Desert Peaks from SCP El Paso LLC. Indian Springs offers a business center and fitness center, and Desert Peaks includes a basketball court. Both communities feature pools and dog parks. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq represented the buyers and sellers in both deals.

January 11, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 48-Unit Apartment Property in San Antonio

by John Nelson January 11, 2019

SAN ANTONIO — JLL has negotiated the sale of 333 Place Apartments, a 48-unit multifamily community located near the Pearl Brewery in San Antonio. The property offers one- and two-bedroom units, as well as a pool and onsite laundry facilities. The buyer, Austin-based Joseph Cos., will implement a capital improvement program to the unit interiors that features smart-home technology and stainless steel appliances. Zar Haro, Moses Siller and Robert Arzola of JLL brokered the deal. The seller was not disclosed.

January 11, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $15.5M Sale of Apartment Building in Brooklyn

by David Cohen January 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $15.5 million sale of a six-story, pre-war apartment building in the Madison section of Brooklyn. Located at 2261 Ocean Ave., the 52,812-square-foot property consists of 54 rent-stabilized apartments. Erik Yankelovich of GFI represented the seller, a group of local investors, in the transaction. Josh Orlander of GFI represented the buyer, who was undisclosed.

January 11, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $4.1M Sale of Multifamily Building in Brooklyn

by David Cohen January 11, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $4.1 million sale of a multifamily building in the Carroll Gardens neighborhood of Brooklyn. Located at 306 Union St., the 4,620-square-foot property includes four units. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 11, 2019

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