Multifamily

CBRE | Richmond Arranges $39.3M Sale of Historic Apartment Community in Downtown Richmond

by Camren Skelton July 5, 2018

RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.

July 5, 2018

Florida Loans Multifamily Southeast

M&T Realty Capital Provides $31.1M HUD Construction Loan for Multifamily Community in Tampa Bay Area

by Camren Skelton July 5, 2018

BRADENTON, FLA. — M&T Realty Capital Corp. has provided a $31.1 million construction loan for Blue Heron Lakes, a 192-unit, market-rate apartment community in the Tampa Bay community of Bradenton. Paula Quigley and Brian Benzel of M&T Realty originated the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development (HUD)’s 221(d)(4) program on behalf of the project developer, Cedarwood Development Inc. Blue Heron Lakes is the second phase of the Blue Heron community. The property will include a mix of one-, two- and three-bedroom units with granite countertops and private screened balconies or patios. Community amenities will include a clubhouse and entertainment deck, as well as cross-access to additional amenities at its sister community, Blue Heron Creek. A construction timeline for the development was not disclosed.

July 5, 2018

Acquisitions Multifamily Southeast Student Housing Tennessee

NAI Global Brokers Sale of 360-Bed Student Housing Community Near University of Tennessee

by Camren Skelton July 5, 2018

KNOXVILLE, TENN. — NAI Global has arranged the sale of Tower at Morgan Hill, a 360-bed student housing community located roughly two miles from the University of Tennessee in Knoxville. Rick Ross, Alex Waddey, David Ellis and Colin Moore of NAI Global arranged the transaction on behalf of the undisclosed seller. FPA Multifamily acquired the property for an undisclosed price. The Tower at Morgan Hill features one- and two-bedroom, fully furnished apartments. Community amenities include a resident clubhouse, fitness center, computer room, study lounge, business center, pool and an on-site parking garage.

July 5, 2018

Acquisitions Multifamily Nevada Western

SDS Realty Corp. Acquires Multifamily Property in Las Vegas for $3.2M

by Amy Works July 5, 2018

LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apartments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sackley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction.

July 5, 2018

InterFace Seniors Housing Midwest, Chicago

Conference Coverage Features Multifamily Seniors Housing

Smart Seniors Housing Developers Know How to Utilize Market Studies, Say InterFace Panelists

by Jeff Shaw July 5, 2018

CHICAGO — What are the limitations of a market study? In light of overbuilding concerns in some major metros, it’s a salient question. J.P. LoMonaco, president of Valuation & Information Group, moderated a panel discussion on the impact of market studies on new development during the InterFace Seniors Housing Midwest conference in June. The textbook definition of a market study is a comparison of supply and demand within a defined geographic area. It is a risk-assessment tool. Rick Banas, vice president of development and positioning at Gardant Management Solutions, considers a market study to be a snapshot in time that can help an owner or operator formulate strategies for developing a community. “[A market study] helps you identify red flags, caution flags. It may provide a green light, but it is not the only element that can give you an indication whether a project is a go, no go, or whether it is going to be successful,” said Banas. Dave Erickson, vice president of real estate development for the Ryan Cos., said one step he takes early on in the market study process is to mesh the National Investment Center for Seniors Housing & Care (NIC) data on supply and …

July 5, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

by David Cohen July 3, 2018

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

July 3, 2018

Acquisitions Multifamily Texas

IPA Arranges Sale of Multifamily Portfolio Totaling 2,048 Units in DFW

by Taylor Williams July 3, 2018

DALLAS AND FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of the Quality Estates Value-Add Portfolio, which features eight properties totaling 2,048 units in the Dallas-Fort Worth area. Four of the properties totaling 992 units are located in Fort Worth and two assets totaling 492 units are located in Garland. Communities in Grand Prairie and Arlington featuring 292 and 272 units, respectively, were also included in the portfolio. Will Balthrope, Drew Kile and Joey Tumminello of IPA, along with Al Silva and Ford Braly of Marcus & Millichap, represented the seller, a private investor based in Canada, in the transaction. Carl Pankratz of NorthMarq Capital and Jeremy Sain of HFF co-brokered acquisition financing through a life company for six of the properties on behalf of the buyer, Texas-based Exponential Property Group. The properties were built between 1977 and 1985 and held by a single owner/seller for nearly 30 years, on average.

July 3, 2018

Development Midwest Minnesota Multifamily

Doran Opens 257-Unit Apartment Development in Maple Grove, Minnesota

by Kristin Harlow July 3, 2018

MAPLE GROVE, MINN. — Doran Cos. has opened The Reserve at Arbor Lakes, a 257-unit apartment development in Maple Grove, a northwestern suburb of Minneapolis. The luxury apartment community features more than 80,000 square feet of amenity space, including a 25,000-square-foot clubhouse and two terraces with an outdoor pool, spa, grilling stations, lounge areas, bocce ball courts and a putting green. In addition to 243 apartments, the four-story property features 12 townhomes and two guest suites. Monthly rents for one-bedroom units start at $1,525.

July 3, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $17M Refinancing for Apartment Property in Detroit

by Kristin Harlow July 3, 2018

DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the loan.

July 3, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $4.5M Sale of Apartment Building in Savage, Minnesota

by Kristin Harlow July 3, 2018

SAVAGE, MINN. — Marcus & Millichap has arranged the $4.5 million sale of Lynn Court Apartments in Savage, about 15 miles south of Minneapolis. The 45-unit apartment building is located at 4350 W. 124th St. All of the units are one-bedroom units. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller. Neither the name of the buyer nor the seller was disclosed.

July 3, 2018

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