Multifamily

Avison Young Brokers $15.6M Sale of Apartment Complex in Los Angeles

by Amy Works July 11, 2018

LOS ANGELES — Avison Young has arranged the sale of The Culver, an apartment complex located at 3325 S. Canfield Ave. in the Culver City/Palms neighborhood of Los Angeles. Palm Heights LLC sold the property to Mapleton Culver City LLC for $15.6 million. Built in 2006, the four-story building features 28 apartment units in a mix of studio, two- and three-bedroom floorplans. Each unit features nine-foot ceilings, in-unit washer/dryers and balconies. On-site amenities include a rooftop deck with seating and grills, fitness center, coffee station and business center. Peter Sherman of Avison Young’s Los Angeles office represented the seller in the deal.

July 11, 2018

Acquisitions California Development Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Four Land Plots for Assisted Living Developments in California

by Amy Works July 11, 2018

LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers planning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is located in Lincoln, adjacent to an existing active adult community named Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, acquired those seven acres for $8.7 million. Carefield Senior Living acquired the remaining three plots, totaling 14 acres, for $6 million. The location of those properties was not disclosed. Blueprint’s Jacob Gehl, supported by Giancarlo Riso and Scott Frazier, handled the transactions.

July 11, 2018

Acquisitions Arizona Multifamily Western

Neilstate Investment Properties Sells Multifamily Community in Phoenix for $5.5M

by Amy Works July 11, 2018

PHOENIX — Neilstate Investment Properties has completed the disposition of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93-unit community offers a value-add opportunity to renovate and reposition the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the transaction.

July 11, 2018

Acquisitions Multifamily Southeast Virginia

CBRE Arranges $48.4M Sale of Apartment Community in Metro D.C.

by Camren Skelton July 11, 2018

STERLING, VA. — CBRE has arranged the $48.4 million sale of Chase Heritage, a 236-unit apartment community located at 1212 Chase Heritage Circle in Sterling, roughly 30 miles west of Washington, D.C. Continental Realty Corp. sold the asset to Chandler Management Corp. Jonathan Greenberg, Bill Roohan, Bob Dean, Mike Muldowney, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction. Located in the Dulles Tech Corridor, the community is located near the future Innovation Center Metro Station, scheduled to open in 2019 or 2020. Chase Heritage, constructed in 1986, features a playground, fitness center, pool, picnic area and private balconies or patios.

July 11, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $39M Sale of Three-Property Multifamily Portfolio in Mobile

by Camren Skelton July 11, 2018

MOBILE, ALA. — Cushman & Wakefield has brokered the $39 million sale of a three-property multifamily portfolio located in Mobile. Entities managed by StoneRiver Co. acquired the properties, which include Huntleigh Woods, Southern Oaks and Ashford Place. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, PEM Real Estate Group. The properties, constructed between 1975 and 1983, total 625 units. Community amenities across the portfolio include dog parks, fitness centers, picnic areas, coffee bars and swimming pools.

July 11, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

HFF Secures $19.4M in Acquisition Financing for Lehigh University Student Housing Portfolio

by David Cohen July 10, 2018

BETHLEHEM, PA. — HFF has secured $19.4 million in acquisition financing for a student housing portfolio at Lehigh University in Bethlehem. A private investment vehicle managed by Hong Kong-based Beacon Assets acquired the 71-building, 383-bed portfolio. HFF secured the five-year, fixed-rate acquisition loan for the borrower through Natixis. During the last two academic years, the portfolio achieved close to 99 percent occupancy, according to HFF. Lehigh University has an enrollment of more than 7,000.NEWINGTON, CONN. — Colliers International has brokered the sale of 445 and 445A Willard Ave., a 9,760-square-foot office condominium in Newington. Nickerson Properties LLC purchased the property for $2 million. Terri Rockefeller of Colliers International represented the seller, Rotundo Developers LLC, in the transaction. The property is currently 100 percent occupied by a Davita Dialysis Center and Family Adult Day Care, a senior care facility.

July 10, 2018

Loans Midwest Missouri Multifamily

NorthMarq Arranges $251.3M Refinancing for Multifamily Portfolio in Kansas City, Dallas

by Kristin Harlow July 10, 2018

KANSAS CITY, MO. — NorthMarq Capital has arranged a $251.3 million Fannie Mae loan for the refinancing of a 12-property multifamily portfolio located in metro Kansas City and Dallas. The portfolio totals 3,165 units. Price Brothers was the borrower, but property names were not disclosed. The 15-year loan features a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan.

July 10, 2018

Acquisitions Maryland Multifamily Southeast

HFF Arranges $87.8M Sale of 468-Unit Multifamily Property in Germantown, Maryland

by Camren Skelton July 10, 2018

GERMANTOWN, MD. — HFF has arranged the $87.8 million sale of Rolling Hills, a 468-unit apartment community in Germantown. Walter Coker, Brian Crivella and Stephen Conley of HFF arranged the transaction on behalf of the seller, Clark Enterprises Inc., and procured the buyer, Pantzer Properties Inc. In addition, Jamie Leachman and Nicole Brickhouse of HFF arranged a Freddie Mac loan on behalf of Pantzer for the acquisition of the property. HFF will service the securitized loan. Rolling Hills includes 39 three-story buildings with a mix of two- and three-bedroom units. Community amenities include a resort-style pool, fitness center, renovated clubroom, dog parks, soccer fields and picnic/grilling areas. The property is located adjacent to a MARC train station.

July 10, 2018

Acquisitions Florida Multifamily Southeast

Passco Acquires 380-Unit Apartment Community in Jacksonville for $70M

by Camren Skelton July 10, 2018

JACKSONVILLE, FLA. — Passco Cos. has acquired The Point at Tamaya, a 380-unit apartment community located at 3050 Tamaya Blvd. in Jacksonville, for $70 million. Brian Moulder and Dhaval Patal of Walker & Dunlop arranged the transaction on behalf of both Passco and the seller, a partnership between Waypoint Residential and Rohdie Management. Waypoint Residential completed construction on the property in 2017. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. The Point at Tamaya features a Peloton studio, fitness center, resort-style pool, yoga pavilion, outdoor sports bar, coffee bar, outdoor fire pit, business center and a pet park. The property is located near St. Johns Town Center, one of Florida’s largest retail centers, as well as the

July 10, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $49M Sale of Multifamily Community in Central Florida

by Camren Skelton July 10, 2018

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $49 million sale of Arrow Ridge Apartment Homes, a 320-unit multifamily community in the Central Florida community of Kissimmee. Jay Ballard and Ken Delvillar of Cushman & Wakefield arranged the transaction on behalf of the seller, Waypoint Residential. Mitch Sinberg and Matthew Robbins of Berkadia arranged a $37.9 million Freddie Mac acquisition loan on behalf of the buyer, Insula Cos. The 10-year loan features five years of interest-only payments. Arrow Ridge includes 16 three-story buildings and features a mix of one- to four-bedroom units. Community amenities include a business center, swimming pool, gazebo, covered picnic areas, sand volleyball court, children’s play area and a fitness center. Waypoint Residential recently upgraded all unit interiors, which allowed the company to increase rental rates.

July 10, 2018

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