Multifamily

Willis Development Opens 106-Unit Assisted Living Community in Tucson, Arizona

by Amy Works June 20, 2018

TUCSON, ARIZ. — Willis Development has completed construction of Sage Desert, an assisted living and memory care community in Northwest Tucson. The community features 86 assisted living units and 20 memory care units, with views of the surrounding desert and mountains. Dekel Strategic Investors provided equity capital for the development, while East West Bank provided construction financing. Milestone Retirement is operating the property. The design team included Jeffrey Demure + Associates and StudioSix5. W.E. O’Neill managed construction. This is the second senior living development project that Willis Development and Dekel have completed together, with a third in California scheduled for groundbreaking later this year.

June 20, 2018

Acquisitions Multifamily Northeast Pennsylvania Student Housing

HFF Brokers $30M Sale of Student Housing Portfolio at Lehigh University

by David Cohen June 19, 2018

BETHLEHEM, PA. — HFF has brokered the $30 million sale of a 71-building, 383-bed student housing portfolio at Lehigh University in Bethlehem. HFF represented the seller, Campus Apartments, in the transaction. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The portfolio has achieved close to 99 percent occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000 students.

June 19, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Arranges $14M in Financing for Apartment Community Near Boston

by David Cohen June 19, 2018

NEWTON, MASS. — Cornerstone Realty Capital has arranged $14 million in financing for the acquisition and redevelopment of Langley Terrace, a 66-unit multifamily community located at 392-404 Langley Road in Newton. The property currently features three apartment buildings and one duplex, which will be leveled for the construction of an additional three-floor, 20-unit apartment building. When complete, the property will include four apartment buildings and 89 parking spaces. Amenities will include a courtyard, grilling areas, fitness center and storage areas for bikes. Construction and renovations are expected to be completed by June 2019.

June 19, 2018

Acquisitions California Multifamily Western

Bascom Group Buys 25-Unit Apartment Community in Southern California for $7.5M

by Amy Works June 19, 2018

ANAHEIM HILLS, CALIF. — The Bascom Group has purchased Sleepy Hollow Apartments, an infill apartment community located in Anaheim Hills. An undisclosed seller sold the property for $7.5 million, or approximately $300,000 per unit. Built in 1964, the property features 25 apartment units in a mix of two- and three-bedroom units averaging more than 1,000 square feet. Manufacturers Bank provided debt financing for the acquisition. Scott Parker and Spencer Heichman of Triqor Group brokered the transaction. James D’Argenio and Chang Liu of Bascom sourced and managed the deal for the buyer.

June 19, 2018

Loans Lument Michigan Midwest Multifamily RED Capital Group

RED Capital Provides $18.1M Refinancing for Apartment Community in Macomb Township, Michigan

by Kristin Harlow June 19, 2018

MACOMB TOWNSHIP, MICH. — RED Mortgage Capital has provided an $18.1 million Fannie Mae loan for the refinancing of Redwood Neighborhood in Macomb Township, about 30 miles north of Detroit. The apartment community features 132 units, all of which are single-story and include two bedrooms and an attached garage. Fannie Mae’s Green Building Certification Program was used for the financing. The borrower, Redwood Living Inc., currently manages over 10,000 units across the Midwest and the Carolinas.

June 19, 2018

Florida Loans Multifamily Southeast

Berkadia Provides $29M Freddie Mac Acquisition Loan for Multifamily Community in South Florida

by Camren Skelton June 19, 2018

BOYNTON BEACH, FLA. — Berkadia has arranged a $29 million acquisition loan for Verona Boynton Beach, a 216-unit multifamily community in South Florida’s Boynton Beach. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia originated the 10-year loan through Freddie Mac’s Green Advantage program on behalf of the borrower, Robbins Property Associates. The floating-rate loan features seven years of interest-only payments. Verona at Boynton Beach, formerly known as Aventine, includes a mix of one- to three-bedroom units with nine-foot ceilings, crown molding, black stainless steel appliances, wood plank flooring and granite countertops. Community amenities include barbecue areas, a cardio room, conference room, putting green, business center and a clubhouse.

June 19, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Reno Multifamily Rent Growth Among Nation’s Highest as Vacancy Remains Low

by Taylor Williams June 19, 2018

Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …

June 19, 2018

Affordable Housing Loans Multifamily Texas

Hunt Mortgage Provides $12M Fannie Mae Loan for Affordable Housing Community in Dallas

by John Nelson June 18, 2018

DALLAS — Hunt Mortgage Group has provided a $12 million Fannie Mae loan for the refinancing of Cornerstone Apartments, a 240-unit affordable housing community in Dallas. Situated at 2606 Community Drive and 9709 and 9720 Starlight Road, Cornerstone was built in three phases between 1968 and 1976. Two of the phases were redeveloped in 1992 and 1995 through the Low-Income Housing Tax Credit program. The third phase comprises 38 market-rate apartment units without affordability restrictions. Community amenities include an on-site management/leasing office, four laundry rooms, a swimming pool and playground. Dallas-based Churchill Capital arranged the 12-year loan with a 30-year amortization schedule on behalf of the borrower, JAG CA Re-Development LLC, an entity backed by James E. Graham Jr. The company has invested $2 million in capital improvements to Cornerstone Apartments since taking over ownership, bringing the occupancy up from 70 percent to above 90 percent as of loan closing, according to Churchill Capital.

June 18, 2018

Arizona Development Multifamily Seniors Housing Western

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

by Amy Works June 18, 2018

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum’s Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now owns and operates seven seniors housing communities in the Phoenix metro. The developer is based in Denver.

June 18, 2018

Acquisitions Multifamily New Jersey Northeast

NAI Hanson Negotiates Sale of 48-Unit Condominium and Mixed-Use Development Site in New Jersey

by David Cohen June 15, 2018

PATERSON, N.J. — NAI James E. Hanson has negotiated the sale of Silk City Lofts, a 48-unit condominium building located at 175 Broadway, and an adjacent development site that has been approved for 195 rental units at 105 Fair St. in Paterson. Anthony Cassano of NAI Hanson represented the seller, Great Falls Realty LLC and the buyer, JCM Investors, in the transaction. Silk City Lofts features 48, one- and two-bedroom condominium units and was converted from a former silk mill. The property also features a 9,500-square-foot, ground-level commercial condominium that is currently vacant. An adjacent development site was also included in the transaction and has been approved for 195 rental units as well as ground-level retail.

June 15, 2018

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