Multifamily

Marcus & Millichap Brokers $10.3M Condo Deconversion Sale in Chicago

by Kristin Harlow June 14, 2018

CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

June 14, 2018

California Loans Multifamily Western

G.H. Palmer Receives $158.8M Refinancing for 752-Unit Apartment Property in Santa Clarita

by Amy Works June 14, 2018

SANTA CLARITA, CALIF. — G.H. Palmer, a Southern California-based commercial real estate developer, has closed on $158.8 million in financing for Colony Townhomes, multifamily property located at 17621 Pauline Court in Santa Clarita. The property features 752 apartments in a mix of two- and three-bedroom layouts with personal garages. On-site community amenities include a fitness center, swimming pool and spa, and a picnic area. Gary Tenzer of George Smith Partners (GSP) arranged the financing for borrower. The new loan replaces a HUD loan, previously arranged by GSP, with a remaining term of 23 years and pre-payment penalties in place. The interest-only, non-recourse loan is fixed at a rate of 4.29 percent for a 10-year term. The loan represents 65 percent to value.

June 14, 2018

California Loans Multifamily Seniors Housing Western

CBRE Arranges $35.8M Acquisition Financing for 130-Unit Seniors Housing Community in Folsom, California

by Amy Works June 14, 2018

FOLSOM, CALIF. — CBRE has arranged financing for the acquisition of Prairie City Landing, a 130-unit independent living, assisted living and memory care community in Folsom, a suburb of Sacramento. A joint venture between AEW Capital Management, Tenfold Senior Living and Artēgan Senior Living acquired the property for an undisclosed price. The seller was another joint venture that developed the property. That group includes Tenfold, Artēgan and a global investment manager. The community opened in February 2017 and was over 90 percent occupied at the time of sale. Artēgan Senior Living will continue to operate the property. Aron Will of CBRE National Senior Housing arranged the $35.8 million Freddie Mac loan with a seven-year term, fixed rate and 48 months of interest-only payments.

June 14, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $28M Sale of Multifamily Property in Costa Mesa, California

by Amy Works June 14, 2018

COSTA MESA, CALIF. — Marcus & Millichap has negotiated the sale of Vio Costa Mesa, a multifamily property located in Costa Mesa. An undisclosed buyer acquired the property for $28 million in a 1031 exchange. Tyler Leeson, Kurt Hediger and Matt Kipp of Marcus & Millichap represented the buyer and arranged the sale of a 54-unit apartment asset in Westminster, Calif., in phase one of the exchange. Additionally, Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged $14.7 million in acquisition financing for the purchase of Vio Costa Mesa. The debt placement was structured on a nonrecourse basis with four years of interest-only payments and a $2 million post-closing earnout. Built in 1973, Vio Costa Mesa is currently under renovation and was sold in as-is condition after a 14-day due diligence period. The property features 84 apartment units.

June 14, 2018

Acquisitions Arizona Development Mixed-Use Multifamily Retail Western

Akara Partners Acquires Development Site in Phoenix for Mixed-Use Property

by Amy Works June 14, 2018

PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.

June 14, 2018

Westgate-Entertainment-District-Glendale-AZ

Acquisitions Arizona Mixed-Use Multifamily Office Restaurant Retail Western

CBRE Negotiates Sale of 533,116 SF Entertainment District in Metro Phoenix for $133M

by Amy Works June 13, 2018

GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.

June 13, 2018

Acquisitions California Multifamily Western

Pacific Urban Residential Buys 314-Unit Multifamily Community in Vista, California

by Amy Works June 13, 2018

VISTA, CALIF. — Pacific Urban Residential has acquired Monarch at Shadowridge, an institutional-quality residential community in Vista, for an undisclosed price. Built in 2005, Monarch at Shadowridge features 314 apartments spread across 29 buildings, a clubhouse and a saltwater pool on more than 21 acres. On-site amenities include a 19-seat movie theatre, outdoor barbecue areas, private cabanas, a community kitchen and dining room, coffee lounge, game room, fitness center and yoga room. Darcy Miramontes, Kip Malo, David Young, Jeff Price and John Cunningham of JLL represented the undisclosed seller in the deal.

June 13, 2018

Florida Loans Multifamily Southeast

HFF Arranges $53.2M Construction Financing for Multifamily Community in Miami’s Wynwood Neighborhood

by Camren Skelton June 13, 2018

MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.

June 13, 2018

Acquisitions Multifamily North Carolina Southeast

Phoenix Realty Group Buys 345-Unit Apartment Community in Durham for $37.2M

by Camren Skelton June 13, 2018

DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.

June 13, 2018

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 264-Unit Apartment Community in Dallas

by Taylor Williams June 13, 2018

DALLAS — Greysteel has arranged the sale of Artisan Ridge, a 264-unit multifamily community in Dallas. Built in 2004 on 14.7 acres, the property offers amenities such as a pool, clubhouse with a business center, playground, fitness center and storage units. Ari Firoozabadi, Doug Banerjee, Boyan Radic, Andrew Mueller, John Marshall Doss and Andrew Hanson of Greysteel represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

June 13, 2018

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