Multifamily

ARA Newmark Brokers $72.3M Sale of New Apartment Community in Central Florida

by Camren Skelton May 22, 2018

CASSELBERRY, FLA. — ARA Newmark has arranged the $72.3 million sale of Bainbridge Crossing, a 336-unit apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. Scott Ramey and Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller and developer, The Bainbridge Cos. TH Real Estate, an affiliate of Nuveen, acquired the asset. Matthew Williams of NKF Capital Markets secured acquisition financing on behalf of TH Real Estate. Constructed in 2017, Bainbridge Crossing features a clubhouse, resort-style pool, fitness center with a separate yoga room and a dog park. The community was approximately 96 percent occupied at the time of sale.

May 22, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges $64.5M Sale of Multifamily Community in Orlando

by Camren Skelton May 22, 2018

ORLANDO, FLA. — CBRE has arranged the $64.5 million sale of Alexan Crossroads, a 314-unit apartment community located at 7261 Crossroads Garden Drive in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and property developer, Trammell Crow Residential. Harbor Group International acquired the asset, which was completed in 2016 and stabilized in 2017. Alexan Crossroads features a clubhouse, saltwater pool with cabanas and grilling stations.

May 22, 2018

Acquisitions Colorado Multifamily Seniors Housing Western

Confluent Sells 69,000 SF Seniors Housing Property in Fort Collins to Kayne Anderson

by Amy Works May 22, 2018

FORT COLLINS, COLO. — Confluent Senior Living has sold MorningStar of Fort Collins, an assisted living and memory care community in Fort Collins. Kayne Anderson Real Estate purchased the property for an undisclosed price. Confluent co-developed the project with MorningStar Senior Living, which will stay on as operator following the transaction. The 79-unit, 69,000-square-foot community opened in December 2015.

May 22, 2018

Acquisitions Multifamily Nevada Western

Northcap Multifamily Brokers $8.2M Sale of Multifamily Property in Las Vegas

by Amy Works May 22, 2018

LAS VEGAS — Northcap Multifamily has arranged the sale of Decatur Point, a multifamily property located at 1760 N. Decatur Blvd. in Las Vegas. Vegas Venture Holdings LLC sold the asset to an undisclosed buyer for $8.2 million. The property features 100 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily arranged the transaction.

May 22, 2018

Acquisitions California Multifamily Seniors Housing Western

Clearwater Living Acquires Independent Living Community from The Wolff Company in Southern California

by Amy Works May 22, 2018

OXNARD, CALIF. — Clearwater Living has acquired Clearwater at Riverpark, a newly delivered, 136-unit independent living community in Oxnard. Clearwater already operated the community, which seller The Wolff Company developed. The transfer of ownership was part of the development plan, according to Clearwater. The price was not disclosed. The property is located along the Santa Clara River approximately 75 miles west of Los Angeles. It is adjacent to The Collection at Riverpark, a 600,000-square-foot lifestyle retail center including restaurants, shops and theaters. Clearwater already operates nine communities in Western markets, but this is the first community the company will also own.

May 22, 2018

Development Illinois Midwest Multifamily

Medici Living Group Opens 75-Unit Co-Living Concept in Chicago

by Kristin Harlow May 22, 2018

CHICAGO — Medici Living Group is opening QUARTERS in Chicago’s Fulton Market this month. The co-living concept will feature 75 apartment units, with 175 bedrooms known as “quarters.” Floor plans range from studios to five-bedroom units with a communal kitchen and bathrooms. The property also includes a common kitchen, outdoor lounge and rooftop deck. Co-living is aimed at young professionals, entrepreneurs and millennials because it provides all-inclusive housing. Each quarter is fully furnished with appliances and even mattresses, sheets and pillows. Leases are available for as little as three months. Medici has previously opened QUARTERS in Germany and New York City. Locally based Caton Commercial Real Estate Group assisted Medici with bringing the concept to Chicago.

May 22, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.4M Sale of Apartment Building in Minneapolis

by Kristin Harlow May 22, 2018

MINNEAPOLIS — Marcus & Millichap has brokered the $1.4 million sale of Colfax Avenue in the Uptown neighborhood of Minneapolis. The 12-unit apartment building is located at 2500 Colfax Ave. Built in 1967, the property features nine one-bedroom units and three studios. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap brokered the transaction. Both the buyer and the seller were private investors.

May 22, 2018

Loans Multifamily Texas

Arbor Provides $21.4M Fannie Mae Refinancing of 354-Unit Apartment Asset in Houston

by Taylor Williams May 21, 2018

HOUSTON — Arbor Realty Trust Inc., a New York-based direct lender, has provided a $21.4 million Fannie Mae loan for the refinancing of Casa del Mar, a 354-unit multifamily community in Houston. The property is situated on Interstate 45 on the city’s north side. Floor plans include one- and two-bedroom units and amenities include two pools, a playground, on-site laundry facilities and a tennis court. The borrower was not disclosed.

May 21, 2018

Peppertree-Spanish-Oak-Apartments-Odessa-Texas

Loans Multifamily Texas

NorthMarq Arranges $8M Acquisition Loan for Apartment Community in Odessa

by Taylor Williams May 21, 2018

ODESSA, TEXAS — NorthMarq Capital has arranged approximately $8 million in financing for the acquisition of Peppertree & Spanish Oak Apartments, a 180-unit multifamily community located in the West Texas city of Odessa. Amenities at the property include a pool, tennis and basketball courts, a business center and on-site laundry facilities. Carl Pankratz of NorthMarq arranged the financing on behalf of an undisclosed borrower through a bridge/mezzanine lender.

May 21, 2018

Development Multifamily North Carolina Southeast

Alliance Residential Breaks Ground on 260-Unit Apartment Community Near Uptown Charlotte

by Camren Skelton May 21, 2018

CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Queen City, a 260-unit apartment located at the convergence of Charlotte’s South End and Uptown districts. The community will feature a mix of studio, one- and two-bedroom units and will feature a Sky Lounge on the top floor overlooking the Uptown skyline. Other amenities will include a resort-style pool, 24-hour fitness center with a separate studio, garage parking, pet spa with grooming station, 24-hour package delivery system, electric car charging stations and bike storage. The community is expected to open in spring 2020.

May 21, 2018

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