Multifamily

IPA Negotiates $58.3M Sale of Apartment Complex in Phoenix

by Amy Works April 24, 2018

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex located at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apartment units, a resident lounge with billiards tables and views of Camelback Mountain. Steve Gebing and Cliff David of IPA represented the seller and procured buyer in the transaction.

April 24, 2018

California Development Multifamily Student Housing Western

GMH Capital, AGC Equity Partners Plan 305-Bed Student Housing Community Near California State University – Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — GMH Capital Partners and AGC Equity Partners have announced plans for The Academy on 65th, a 305-bed student housing community located near California State University – Sacramento. The property will offer fully furnished units, alongside shared amenities including a fitness center, game room, motion studio, private and group study spaces, an outdoor courtyard and a hot tub. The main entrance will be situated along 65th Street, steps away from the Hornet Crossing entrance, a pedestrian and bike trail leading directly to campus. GMH recently announced its new partnership with AGC to acquire and develop core and value-add student housing properties. GMH University Housing will manage the community, with leasing set to begin in August 2018.

April 24, 2018

Acquisitions California Loans Multifamily Western

Greystone Provides $28.5M Fannie Mae Acquisition Loan for Multifamily Property in Sacramento

by Amy Works April 24, 2018

SACRAMENTO, CALIF. — Greystone has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento. Located at 7826 Center Parkway, the garden-style multifamily property features 22 two-story buildings offering a total of 332 residences. On-site amenities include two outdoor swimming pools, a spa, fitness center, clubhouse, playground, dog park, tennis court and five laundry rooms. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone arranged the financing for the undisclosed borrower.

April 24, 2018

California Loans Multifamily Western

Greysteel Arranges $9M Refinancing for Multifamily Property in North Hills, California

by Amy Works April 24, 2018

NORTH HILLS, CALIF. — Greysteel has arranged $9 million in refinancing for Appletree Village Apartments, a multifamily property located at 9229 Sepulveda Blvd. in North Hills. John Mullen of Greysteel secured the 12-month bridge-to-HUD financing on behalf of a Los Angeles-based affordable housing developer. Built in 1982, the property features 125 units in a mix of two- and three-bedroom layouts.

April 24, 2018

Development Multifamily Seniors Housing Texas

SQLC Completes $72M Expansion Project at Seniors Housing Community in Houston

by Taylor Williams April 24, 2018

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a developer and manager of seniors housing communities throughout Texas, has completed a $72 million expansion project at The Buckingham, a seniors housing community in Houston. The project delivered roughly 80 new assisted living, skilled nursing and memory support units, an augmented physical therapy gym and new rooms for speech and occupational therapies. The project, construction of which began in late 2015, also included the development of an 11-story tower that features 100 independent living residences, a fitness center, outdoor courtyard and a dining venue with a wine room.

April 24, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $2.1M Sale of Apartment Building in Tucson

by Amy Works April 24, 2018

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Bellevue Winstel Apartments, an apartment building located at 3737 E. Bellevue St. in Tucson. Gould Family Properties VIII LLC sold the property to 3737 E. Bellevue Street LLC for $2.1 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.

April 24, 2018

Florida Loans Louisiana Multifamily Southeast Student Housing

KeyBank Provides $37.5M Freddie Mac Financing for Two Student Housing Properties in Louisiana, Florida

by Camren Skelton April 24, 2018

BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a $15.8 million, floating-rate loan for the first phase of Eagle Landing Apartments. The 144-unit community serves students attending Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. The community is the first phase of a three-phase development and was built in 2015. The property’s second phase was built in 2016. The third phase is currently under construction, and is expected to be completed in time for the fall 2018 semester. The names of the borrowers were not disclosed.

April 24, 2018

Development Louisiana Multifamily Southeast

Doster Construction Completes 252-Unit Multifamily Community in Southwest Louisiana

by Camren Skelton April 24, 2018

LAKE CHARLES, LA. — Doster Construction Co. has delivered Springs at Country Club, a 252-unit multifamily community located in the southwest Louisiana city of Lake Charles. Continental Properties developed the community, which includes a mix of studio, one-, two- and three-bedroom units. Community amenities include a resort-style pool, clubhouse, complimentary coffee bar, 24-hour fitness center, dog park and a pet spa area.

April 24, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Chicago Pacific Founders Acquires 100-Unit Seniors Housing Community in Central New York

by Amy Works April 23, 2018

LIVERPOOL, N.Y. – Chicago Pacific Founders (CPF) has acquired Parkrose Estates, a 100-unit independent living community in the Syracuse suburb of Liverpool, for an undisclosed price. CPF made the purchase along with its subsidiaries, Grace Management and CPF Living Communities. Grace Management will take over operations at the community. CPF plans to make improvements to the campus, but further details were not disclosed.

April 23, 2018

Seashore-Gardens-Living-Center-Galloway-NJ

Loans Multifamily New Jersey Northeast Seniors Housing

Lancaster Pollard Secures $23.1M Refinancing for Seniors Housing Property in New Jersey

by Amy Works April 23, 2018

GALLOWAY, N.J. – Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt-service payments each year. The loan features a fixed interest rate and 35-year term. Tony Ruberg led the transaction for Lancaster Pollard.

April 23, 2018

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