Multifamily

Admiral Capital, Security Properties Buy Lakefront Multifamily Community in Nashville

by John Nelson June 25, 2018

NASHVILLE, TENN. — A partnership between Admiral Capital Group and Security Properties has purchased Hamptons at Woodland Pointe, a 240-unit multifamily community situated roughly 100 yards from Percy Priest Lake in Nashville. The seller and sales price were not disclosed. Built in 2001 by Bristol Development, the Class B, garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 1,092 square feet. Security Properties will add washer and dryer appliances, stainless steel appliances, quartz or stone countertops, lower breakfast bars and modern cabinet faces to unit interiors. The Seattle-based investor and developer will also extend the pool deck to the clubhouse, as well as expand the fitness center into the theater room. Security Properties’ affiliate Security Properties Residential will manage Hamptons at Woodland Pointe.

June 25, 2018

Acquisitions Midwest Multifamily Ohio

Colliers Negotiates $2.1M Sale of Apartment Building in Columbus, Ohio

by Kristin Harlow June 25, 2018

COLUMBUS, OHIO — Colliers International has negotiated the sale of Cambridge Apartments in Columbus for $2.1 million. The apartment building, located at 3170 Cleveland Ave., includes 66 units. Will Mathews, Russ Williamson, Carter Brehm, Tyler Hague and Jack Maloney of Colliers represented the seller, AMG Mario LLC. Ravi Chenna, a private buyer, purchased the asset.

June 25, 2018

Colorado Development Multifamily Western

LMC, Weitz Co. Top Out 18-Story, 329-Unit Multifamily Development in Downtown Denver

by Amy Works June 25, 2018

DENVER — Developer LMC, A Lennar Co., and general contractor The Weitz Co. have topped out vertical construction for Radiant, a high-rise multifamily property located in downtown Denver. The 18-story, 486,000-square-foot tower will feature 329 apartment units, an amenity deck with a pool and hot tub on the fifth floor, a fitness center and patio on the sixth floor, a club room on the 17th floor, and a four-level parking garage. Situated in Denver’s Welton corridor, the project is located on the L Route of the Regional Transportation District Light Rail System offering a transit-oriented living options for residents. Designed by RNL, the property is slated for completion in June 2019.

June 25, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates $13.6M Acquisition of Multifamily Community in Redwood City, California

by Amy Works June 25, 2018

REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.

June 25, 2018

Acquisitions Multifamily Student Housing Top Stories

Greystar Agrees to Acquire EdR in $4.6B Merger

by Taylor Williams June 25, 2018

CHARLESTON, S.C. — An affiliate of multifamily development firm Greystar has agreed to acquire student housing developer Education Realty Trust Inc. (NYSE: EDR) in an all-cash transaction that will take the company private. The sales price of $4.6 billion includes existing debt. Under the terms of the agreement, which is expected to close during the second half of the year, EdR’s stockholders will receive $41.50 per share in cash. The price represents a premium of 13.6 percent over the May 31 closing share price, the last day before rumors of the sale were published. According to the company’s annual report, in 2017, Memphis-based EdR owned 70 student housing properties totaling 36,420 beds across 24 states. The company also managed 16 communities totaling 9,832 beds across 10 states. “As a public company, one of our priorities is to maximize stockholder value and we believe this transaction with Greystar accomplishes that goal,” says Randy Churchey, CEO and chairman of EdR. “Since the current EdR management team took over on January 1, 2010 — and including this transaction — EdR stockholders will have received a total stockholder return of 293 percent.” According to Alex Goldfarb, managing director and senior REIT analyst at New York-based Sandler …

June 25, 2018

Florida Market Reports Multifamily Property Type Southeast Southeast Market Reports

Miami’s Multifamily Market Sees Prolonged Sales Activity for First Time in Years

by John Nelson June 25, 2018

Driven by the delivery of new product, the Miami multifamily market is experiencing a period of increased transaction activity. Always in high demand, but generally a thinly traded market, Miami has seen a significantly higher volume of market-rate multifamily sales in the last two years. While Miami-Dade County has maintained strong fundamentals overall, its sales volume has historically trailed nearby markets in Broward and Palm Beach counties. In 2014 and 2015, Miami saw an average total sales volume of $150 million, compared to $935 million in Broward County and $675 million in Palm Beach County. Although Miami-Dade County is home to half of South Florida’s population, it has historically accounted for just 20 percent of South Florida’s multifamily sales volume. Part of the reason is that Miami is in high demand because institutional, foreign and private investors are enamored with Miami-Dade County and want these multifamily assets in their portfolio. Likewise, each of these groups tend to hold Miami-Dade properties for extended periods of time. Further, in the early 2000s, the condo conversion trend eliminated much of Miami’s Class A rental inventory, increasing the scarcity of this type of multifamily product. In 2017, however, Miami saw over $820 million in …

June 25, 2018

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of 142-Unit Apartment Property in Metro Dallas

by Taylor Williams June 22, 2018

FARMERS BRANCH, TEXAS — Greysteel has negotiated the sale of Villa Gardens, a 142-unit multifamily property in the Dallas metro of Farmers Branch. The property features studio, one-, two- and three-bedroom units. Amenities include a pool, playground and on-site laundry facilities. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel represented the seller and procured the buyer, both of whom requested anonymity.

June 22, 2018

Development Loans Multifamily Oregon Western

Guardian Real Estate Receives Construction Financing to Build 110-Unit Multifamily Project Near Portland

by Amy Works June 22, 2018

MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.

June 22, 2018

Conference Coverage Features Multifamily Seniors Housing

InterFace Panel: Seniors Housing Lenders’ Scrutiny of Potential Deals Increases As Market Conditions Shift

by Jeff Shaw June 21, 2018

Billy Meyer, managing director of Seattle-based Columbia Pacific Advisors, doesn’t mince words when talking about the bridge lender’s cautious approach to financing seniors housing product today. “We don’t underwrite hope as a strategy anymore. It’s just not a good execution strategy, we believe.” Against the backdrop of elevated levels of construction, rising interest rates and operational challenges in seniors housing, Columbia Pacific Advisors is scrutinizing operators heavily before providing funding. “We’re bridge lenders. That is all that we do. Our average loan is 19 months. It’s a short horizon of how far away our exit is, so we need to make sure that [pathway] is very real and clear,” said Meyer. Meyer’s insights on the loan underwriting process came during InterFace Seniors Housing Midwest on Thursday, June 7. The one-day event, which took place at the recently opened four-star Marriott Marquis Chicago at McCormick Place, drew 372 professionals from across the region. Panel discussions focused on everything from design to development to growth strategies for operators, in addition to the state of the capital markets. Moderated by Mike Taylor, senior vice president and group manager for healthcare lending at First Midwest Bank, the capital markets panel also included Ari Adlerstein, …

June 21, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

EagleBridge Capital Secures $21.5M Acquisition Loan for Multifamily Portfolio in Southern New England

by David Cohen June 21, 2018

SOUTHERN NEW ENGLAND — EagleBridge Capital has secured a $21.5 million acquisition loan for a 370-unit multifamily portfolio in Southern New England. The portfolio is made up of multiple buildings ranging in size from two to 18 units. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing through an agency lender. The borrower was undisclosed. The 10-year non-recourse mortgage carries a long-term fixed interest rate with a 30-year amortization.

June 21, 2018

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