Multifamily

Cushman & Wakefield Brokers $17.4M Sale of Apartment Community in Metro Charlotte

by Camren Skelton March 29, 2018

ROCK HILL, S.C. — Cushman & Wakefield has brokered the $17.4 million sale of Cushendall Commons, a 168-unit multifamily community located in Rock Hill, a South Carolina suburb of Charlotte. Watson Bryant, Paul Marley and Jordan McCarley of Cushman & Wakefield arranged the transaction on behalf of the seller, Hamilton Point Investments LLC. Triangle Real Estate of Gastonia Inc. acquired the asset. Cushendall Commons offers a mix of one- to three-bedroom floor plans with walk-in closets and private balconies. Community amenities include a resort-style pool, fitness center and a business center.

March 29, 2018

Acquisitions Florida Multifamily Property Type Southeast Student Housing

Horizon Realty Buys 384-Bed Student Housing Community Near University of Central Florida

by Camren Skelton March 29, 2018

ORLANDO, FLA. — Horizon Realty Advisors has acquired The Quad, a 384-bed student housing community located two miles from the University of Central Florida in Orlando. The property offers fully furnished townhomes and features a resort-style pool, fitness center, clubhouse and a computer lab. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint Student Housing Investments represented the seller, an affiliate of Chance Partners LLC, in the transaction. Terms of the sale were not disclosed.

March 29, 2018

Colorado Development Multifamily Seniors Housing Western

Focus Property Group, Ascent Living Plan 200-Unit Seniors Housing Community in Denver

by Amy Works March 29, 2018

DENVER — Focus Property Group, a Denver-based property investor and developer, and Ascent Living Communities, an owner and operator of senior living communities based in nearby Centennial, have announced plans for a seniors housing community in Denver’s Hilltop neighborhood. The three-story property, which has not yet been named, will sit on 4.4 acres and feature 200 independent living, assisted living and memory care apartments. Focus Property Group acquired the site, a former milk processing and distribution center, in 2016. Focus teamed with Ascent Living Communities to co-develop, operate and manage the community. Construction is scheduled to begin in the first quarter of 2019, with initial move-ins planned for summer 2020. Hord Coplan Macht will design the project.

March 29, 2018

California Development Multifamily Western

CIM Group Starts Construction of 333-Unit Apartment Community in Oakland

by Amy Works March 29, 2018

OAKLAND, CALIF. — CIM Group has started construction of a residential development located at 40 Harrison St. at Jack London Square, a 12-acre entertainment and business destination on Oakland’s waterfront. The eight-story property will feature 333 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as 2,400 square feet of ground-floor retail space. On-site amenities will include communal gathering spots, outdoor terraces and lounges, fitness center, and a bike storage and care facility. Completion is slated for the end of 2020. The property is a continuation of CIM’s redevelopment of Jack London Square. In March 2016, CIM acquired seven buildings of Jack London Square that included three office buildings with ground- and second-floor retail, three retail buildings, a parking structure with ground-floor retail, and three land parcels, including 40 Harrison St.

March 29, 2018

Acquisitions Midwest Missouri Multifamily Property Type Top Stories

Monarch Investment Acquires Six-Property Multifamily Portfolio in St. Louis for $180M

by Camren Skelton March 29, 2018

ST. LOUIS AND VALLEY PARK, MO. — Berkadia has arranged the sale of a six-property multifamily portfolio located in St. Louis County. The 2,000-unit portfolio sold for nearly $180 million. Andrea Kendrick and Ken Aston of Berkadia represented the seller, New Jersey-based GEM Property Management. Joe Harms and Julie Irvin of Salivar Harms LLP acted as legal counsel to GEM. “This transaction is indicative of the strength of the St. Louis multifamily market,” says Aston. “It is the largest portfolio transaction in the history of St. Louis real estate.” Berkadia’s Peter Benedetto also arranged Fannie Mae acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group. “The portfolio included six apartment communities with long-term ownership,” says Kendrick. “In recent years, the seller invested more than $50 million into capital improvements.” Five of the properties in the portfolio are located in St. Louis: the 320-unit Canyon Creek, 256-unit Southwoods, 388-unit Heritage Estates, 550-unit Villages at General Grant and 196-unit Village Royale. The portfolio also includes the 260-unit Forest Woods in Valley Park, roughly 20 miles southwest of St. Louis. The garden-style communities feature amenities such as swimming pools, playgrounds, fitness centers, picnic areas and sports courts. Monarch will take …

March 29, 2018

Market Reports Midwest Midwest Market Reports Minnesota Multifamily Seniors Housing

Future Is Bright for Senior Living Development in the Twin Cities

by Kristin Harlow March 29, 2018

Exciting times are in store for the senior living industry. A massive generation of baby boomers is entering the golden years of retirement and beyond, driving a wave of demand for seniors housing. The U.S. Census Bureau estimates 78 million baby boomers were born between 1946 and 1964. The youngest boomers are 54 this year and the oldest are 72, so we are just eclipsing the front end of the wave. In 2029, just 11 years from now, all baby boomers will be at least 65 years old, with the vast majority beyond age 65. This group will represent 20 percent of the U.S. population, and that is when the wave may start to resemble a tsunami. Strength in numbers Demographers agree that circumstances are favorable for growth in the seniors housing market, and the real estate industry is responding. In the Twin Cities, market conditions are balanced with an adequate supply of seniors housing to handle the first groups of seniors moving in. At this time, we observe that the greatest demand is for independent living versus assisted living, memory care or skilled nursing. Overbuilding has not been an issue in the Twin Cities and most of the Midwest …

March 29, 2018

Acquisitions Multifamily Texas

S2 Capital Acquires 793-Unit Apartment Community in Southwest Houston

by Taylor Williams March 28, 2018

HOUSTON — S2 Capital, a multifamily investment firm based in the Dallas area, has acquired Brompton Court Apartments, a 793-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1973, the three-story property offers multiple pools, a fitness center and on-site laundry services. S2 Capital, which acquired the property from CMS Brompton Court LP, will upgrade the unit interiors and communal amenities. Mark Brandenburg of JLL arranged acquisition financing for the deal through Voya Investment Management LLC.

March 28, 2018

Acquisitions Massachusetts Multifamily Northeast

JLL Brokers Sale of 188-Unit Apartment Community in Suburban Boston for $53.6M

by David Cohen March 28, 2018

NORTON MASS. — JLL Capital Markets has brokered the sale of East Main Apartments in Norton for $53.6 million. Campanelli Construction built the 188-unit multifamily community in 2017. Michael Coyne, Travis D’Amato, Kevin Gleason and Brendan Shields of JLL arranged the sale on behalf of Campanelli and Thorndike Development. The buyer was Jones St. Investment Partners. Amenities at the Class A apartment community include a swimming pool, outdoor kitchen with grills, fitness center and an expansive clubhouse. The property is located 40 miles south of Boston.

March 28, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 138-Unit Apartment Property in San Angelo, Texas

by Taylor Williams March 28, 2018

SAN ANGELO, TEXAS — Marcus & Millichap has arranged the sale of Alamo Village, a 138-unit multifamily property located in the West Texas city of San Angelo. The property was built in 1977 and consists of one-, two- and three-bedroom units. William Stover and Mike Moffitt of Marcus & Millichap represented the seller, a partnership, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 28, 2018

Florida Loans Multifamily Property Type Southeast

Hunt Provides $14.4M in Freddie Mac Financing for Multifamily Portfolio in Palm Beach County

by Camren Skelton March 28, 2018

NEW YORK CITY — New York-based Hunt Mortgage Group has provided $14.4 million in Freddie Mac financing for the acquisition of three multifamily properties in Palm Beach County. New Jersey-based-Typhon Realty Limited LLC was the borrower. Hunt provided a $4.1 million loan for the acquisition of Villas Santorini. The 28-unit community is located in Lake Worth and is part of a larger 34-unit condominium complex. Typhon plans to buy the remaining six units over the next 12 months. The current 28 units are operated as a rental apartment community. The property was built in 2007 and features a clubhouse, swimming pool, sundeck and a playground. Hunt also provided a $4.8 million loan for Whispering Winds Townhomes, a 32-unit community located in Greenacres. The property features a clubhouse, swimming pool and a playground. In Palm Springs, Hunt provided a $5.5 million loan for the acquisition of Charles Landing Townhomes, a 40-unit community that features garage parking and a children’s play area. Each of the five-year loans featured one year of interest-only payments and 30-year amortization schedules.

March 28, 2018

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