Multifamily

John M. Corcoran & Co. Acquires Apartment Community Near Boston

by David Cohen October 3, 2018

CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.

October 3, 2018

Acquisitions Iowa Midwest Multifamily

Mandel Group Acquires 160-Unit Apartment Community in West Des Moines

by Kristin Harlow October 3, 2018

WEST DES MOINES, IOWA — Mandel Group Inc. has acquired Springs at Jordan Creek in West Des Moines for an undisclosed price. The 160-unit apartment community is situated on 12 acres at 8655 Bridgewood Blvd. Amenities include a pool, fitness center, clubhouse, business center and coffee bar. The garden-style property was 96 percent occupied at the time of sale. David Gaines, Sean Fogarty and Jules Sherwood of HFF represented the seller, Continental Properties.

October 3, 2018

Prado-University-of-Texas-at-San-Antonio

Acquisitions Multifamily Student Housing Texas

Arrimus Capital Acquires 472-Bed Student Housing Property in San Antonio

by Taylor Williams October 3, 2018

SAN ANTONIO — California-based investment and development firm Arrimus Capital has acquired Prado, a 472-bed student housing property located adjacent to the University of Texas at San Antonio in the Alamo City. The 160-unit property features amenities such as a pool, clubhouse with media area, game room, kitchen and study areas, 24-hour fitness center and a business center with study rooms. The property also includes two onsite restaurants, a coffee house and a barbershop. The seller was Dallas-based Fountain Residential.

October 3, 2018

Acquisitions Multifamily Texas

Greystone Brown Arranges $51.7M Sale of Apartment Property in San Antonio

by Taylor Williams October 3, 2018

SAN ANTONIO — Greystone Brown Real Estate Advisors has arranged the $51.7 million sale of Avocet Apartments, a 336-unit apartment property in San Antonio. Built in 2017, the community includes amenities such as a pool, fitness center, clubhouse, business center, coffee bar, car care center and a dog park. Atlanta-based Benimax Investment Group Inc. purchased the property from Stone River. Taylor Brown, Steve Mack and Bo Brown of Greystone Brown represented both parties in the transaction.

October 3, 2018

Development Multifamily Seniors Housing Texas

A&P Completes 109-Unit Seniors Housing Community in Dallas

by Taylor Williams October 3, 2018

DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.

October 3, 2018

Acquisitions Loans Maryland Multifamily Southeast

Charger Ventures Receives $30.1M in Acquisition Financing for Apartment Complex in Maryland

by Amy Works October 3, 2018

LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.

October 3, 2018

Acquisitions Multifamily Washington Western

Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

by Amy Works October 3, 2018

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing. Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet. The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.

October 3, 2018

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Buys 540-Unit Cornerstone Crossing Apartments in Las Vegas for $49.7M

by Amy Works October 3, 2018

LAS VEGAS — San Diego-based Tower 16 Capital Partners has purchased Cornerstone Crossing Apartments, a multifamily property located at 6666 W. Washington Ave. in northwest Las Vegas. An undisclosed seller sold the 540-unit property for $49.7 million. Built in 1984, the two-story complex features studios, one-, two- and three-bedroom apartments, ranging from 440 square feet to 1,000 square feet, with private patios and balconies. Community amenities include landscaped courtyards, three pools and spas, a barbecue area, business center, fitness center, basketball courts and sports courts. Tower 16 plans to invest $6.5 million in renovations and upgrades to the property. This is the company’s third acquisition in Las Vegas. Earlier this year, Tower 16 acquired Altura on Duneville and Altura on Tropicana in Spring Valley, Nev.

October 3, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $13.5M Sale of Multifamily Asset in Oakland

by Amy Works October 3, 2018

OAKLAND, CALIF. — Marcus & Millichap has negotiated the sale 315 Wayne Place, a 46-unit apartment asset located at 315 Wayne Place in Oakland. An undisclosed buyer acquired the property for $13.5 million, or $293,478 per unit. Constructed in 1966, the 40,041-square-foot property features five studios, 27 one-bedroom/one-bath units, 12 two-bedroom/one-bath apartments, a two-bedroom/two-bath penthouse and a three-bedroom/two-bath penthouse. Kevin Turner of Marcus & Millichap and Kristopher Lamont of Bay Apartment Advisors handled the transaction.

October 3, 2018

Affordable Housing Development Georgia Loans Multifamily Southeast

Capital One Provides $14.9M HUD Loan to Rehab Affordable Housing Community in Atlanta

by Amy Works October 3, 2018

ATLANTA — Capital One has provided a $14.9 million HUD 221(d)(4) rehabilitation and permanent financing loan for Bethel Towers Apartments, an affordable multifamily property located in Atlanta’s Sweet Auburn neighborhood. Capital One’s Carolyn Whatley originated the loan, which features a fixed interest rate and a 40-year term. The Benoit Group, the borrower, is partnering with the Big Bethel AME Church to renovate the community in accordance with Georgia Department of Community Affairs’ architectural and rehabilitation standards. Big Bethel AME Church built the community in 1972 and will share ownership of the newly rehabilitated development. The 16-story building features 180 units in a mix of one- and two-bedroom floorplans. The property is covered by a project-based rental assistance contract through the Section 8 program. Additionally, the property features 165 surface and garage parking spaces, a playground and access to a laundry facility and community meeting space in adjacent commercial and church buildings. The renovation program includes the replacement of electrical wiring, plumbing risers and flooring, kitchen and bath upgrades and the addition of accessible units, a fitness room, business center and picnic pavilion with a grilling area. The rehabilitation plan also calls for environmentally sustainable improvements including high-efficiency common area lighting, …

October 3, 2018

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