Multifamily

Liberty Multifamily to Break Ground on 240-Unit Community in Wilmer, Texas

by Taylor Williams March 19, 2018

WILMER, TEXAS — Liberty Multifamily LLC will break ground on the residential portion of EMLI at Liberty Crossing, a 100-acre mixed-use development in Wilmer, a southern suburb of Dallas. This phase of development will deliver 240 residential units across 10 buildings. Amenities will include a pool, playground, fitness center, pet park and an internet café. The mixed-use project will eventually incorporate retail and healthcare components as well. The groundbreaking is scheduled for 5:30 p.m. on Tuesday, March 20.

March 19, 2018

Development Hospitality Multifamily Texas

Renaissance to Develop Mixed-Use Project in Metro Fort Worth

by Taylor Williams March 19, 2018

HURST, TEXAS — Renaissance Development will develop Quarry Falls, a mixed-use project at the site of an abandoned limestone quarry in Hurst, a northeastern suburb of Fort Worth. The project will be situated on an 80-acre site and is expected to feature multifamily, hospitality and entertainment components. According to the Fort Worth Star-Telegram, construction could begin this year and span three to four years with costs as high as $280 million.

March 19, 2018

Belle-Harbour-Senior-Community-Bellevue-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Plans $70M, 140-Unit Seniors Housing Community Near Seattle

by Amy Works March 19, 2018

BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.

March 19, 2018

California Loans Multifamily Western

Quantum Capital Secures $25 Million Refinancing for Apartment Community Near USC

by Amy Works March 19, 2018

LOS ANGELES — Quantum Capital Partners has secured a $25 million refinancing on behalf of Park City LLC for City Park Apartments, a 130-unit community located near the University of Southern California in downtown Los Angeles. The property consists of two four-story buildings offering two- and three-bedroom units. Shared amenities include on-site parking, a fitness center and a recreation room. Although the property is not operated as traditional student housing, the community’s proximity to USC has made it an option for students. The community was 99 percent occupied at the time of financing.

March 19, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Acquires 110-Unit Multifamily Property in Tucson for $10.5M

by Amy Works March 19, 2018

TUCSON, ARIZ. — Alpha Wave Investors has purchased Orange Tree Village, a townhome-style multifamily property located at 645 W. Orange Grove Road in the Casas Adobes neighborhood of Tucson. A Texas-based private investor sold the property for $10.5 million. Alpha Wave plans to invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations and a dog park. Constructed in 1981, the property features one-, two- and three-bedroom floor plans with private patios. At the time of acquisition, the 110-unit property was 85 percent occupied. Alon Shnitzer of ABI Multifamily represented the buyer, while John Ibrahim, also of ABI Multifamily, represented the seller in the deal. David Walkin of Meridian Capital Group arranged the acquisition financing for the buyer. Thorofare Capital funded the loan.

March 19, 2018

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $2.6M Sale of Apartment Building in Downtown Tempe

by Amy Works March 19, 2018

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of an apartment building located at 407-419 W. Seventh St. in Tempe. An out-of-state 1031 exchange investor acquired the property from a local limited liability company for $2.6 million, or $184,557 per unit. The property features 14 apartment units. Rich Butler of Marcus & Millichap represented the seller and buyer in the transaction.

March 19, 2018

Development District of Columbia Multifamily Property Type Southeast

Skanska USA Tops Out Apartment Tower in D.C.’s NoMa Neighborhood

by John Nelson March 19, 2018

WASHINGTON, D.C. — Skanska USA has topped out RESA, a 12-story, 326-unit apartment community located at 22 M St. in Washington, D.C.’s NoMa neighborhood. Situated 1.5 blocks from the NoMa/Gallaudet U Metro station, the apartment tower is the multifamily portion of Tyber Place, a three-building mixed-use development that will also feature 585,000 square feet of office space, 30,000 square feet of retail and restaurants and an open-air courtyard. RESA’s amenity package will include a rooftop “plunge” pool and lounge; rooftop penthouse with a catering kitchen; second-floor courtyard with grills, TV, bar and outdoor fireplace; 24-hour concierge services; resident lounges; fitness center; pet spa; bike storage; and a three-level, underground parking garage. RESA is Skanska USA’s first multifamily development in Washington, D.C.

March 19, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.8M Sale of Apartment Property in St. Paul

by Kristin Harlow March 19, 2018

ST. PAUL, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Hoyt Avenue Apartments in St. Paul. The 36-unit apartment property spans two buildings with a mix of one- and two-bedroom units. Apartments range in size from 700 to 850 square feet. Recent upgrades include new balconies, sliding doors and improvements to a majority of the units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller, a partnership, and procured the buyer, a private investor.

March 19, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $97M Three-Building Portfolio Sale in Upper West Side

by David Cohen March 16, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $97 million sale of a three-property multifamily portfolio in the Upper West Side. Located in the Manhattan Valley neighborhood, the portfolio consists of three adjacent six-story elevator apartment buildings at 210, 220 and 230 W. 107th St. with a total of 180 units spanning 153,786 square feet. The buildings, built in 1925, sold for 15.15 times the current rent roll at a 4.66 cap rate. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction. Brooklyn-based investor Isaac Kassirer was the buyer. Orbach Group, a New Jersey-based firm that acquired the three buildings in 2013 for $70 million, was the seller.

March 16, 2018

Connecticut Loans Multifamily Northeast Seniors Housing

Grandbridge Provides $35M Freddie Mac Refinancing for Community in Connecticut

by David Cohen March 16, 2018

NEW CANAAN, CONN. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has provided a $35 million Freddie Mac refinancing for Brightview on New Canaan. The 90-unit seniors housing community is located in New Canaan, a suburb of Norwalk approximately 35 miles northeast of New York City. The permanent, fixed-rate financing features a 10-year term and 30-year amortization. Richard Thomas and Meredith Davis originated the loan.

March 16, 2018

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