Multifamily

Blueprint Arranges $15.3M Sale of Two Skilled Nursing Facilities in Arizona

by Nellie Day September 19, 2017

MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.

September 19, 2017

California Multifamily Student Housing Western

UC Davis Opens Three Residence Halls, Community Building

by Nellie Day September 19, 2017

DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consisting of three residence halls and a community building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a television, game tables and three video-gaming stations for use by all Tercero residents. Olive Hall, the new community building, includes a large main lounge with a community demonstration kitchen. The $59.1 million project is part of a long-term development plan that aims to increase student beds on campus from about 9,400 in 2015 to 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall.

September 19, 2017

Arizona Multifamily Seniors Housing Western

Spectrum Debuts 159-Unit Seniors Housing Community in Phoenix

by Nellie Day September 19, 2017

PHOENIX — Spectrum Retirement Communities has opened The Enclave at Anthem Senior Living, a 159-unit independent living, assisted living and memory care community in Phoenix’s North Black Canyon Corridor. The 160,000-square-foot community is located on 6.5 acres. It is Spectrum’s fourth in the Phoenix metro area, with four more currently under construction. Spectrum both owns and operates the community. Denver-based Spectrum Retirement Communities LLC operates 36 senior living communities in 12 states from New York to Oregon totaling more than 4,200 units. The company has an additional 16 communities currently under construction.

September 19, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers $7.5M Sale of Apartment Property in Southern New Jersey

by Amy Works September 19, 2017

LINDENWOLD, N.J. — Gebroe-Hammer Associates has arranged the sale of Summit Place, a multifamily property located at 411 E. Gibbsboro Road in Lindenwold. A private investor acquired the property from ARD Lindenwold for $7.5 million. Built in 1971, the property features 148 garden-style apartments and has undergone comprehensive capital improvements. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

September 19, 2017

Alabama Multifamily South Carolina Southeast Student Housing

Mallory & Evans Breaks Ground on Two Student Housing Communities in Alabama, South Carolina

by Camren Skelton September 19, 2017

FLORENCE ALA. AND CONWAY, S.C. — Mallory & Evans Development has broken ground on two student housing communities in Alabama and South Carolina. The projects include Bellamy Florence, a $24 million, 420-bed community located near the University of North Alabama in Florence, and Bellamy Coastal, a $32 million, 480-bed community located adjacent to Coastal Carolina University in Conway. Both developments will offer fully furnished units with bed-to-bath parity. Shared amenities will include a pool, sundeck, 24-hour fitness center, study areas, covered outdoor patios with TVs, tanning beds, a clubhouse, fire pits and grills. Caliber Living, a subsidiary of Mallory & Evans, will lease and manage both communities, which are slated for completion next fall.

September 19, 2017

Loans Multifamily South Carolina Southeast

NXT Provides $33M Acquisition Loan for Apartment Community in Metro Charlotte

by Camren Skelton September 19, 2017

ROCK HILL, S.C. — NXT Capital has provided a $33 million first mortgage loan for the acquisition of Gateway at Rock Hill Apartments, a 312-unit multifamily community located in downtown Rock Hill, located five miles from Winthrop University and roughly 20 miles south of Charlotte in South Carolina. Michael Ortlip and Joshua Davis of Grandbridge Real Estate Capital arranged the transaction. The borrower was not disclosed. Gateway at Rock Hill’s community amenities include a business center, fitness center, movie theater, grill and a picnic area.

September 19, 2017

Loans Multifamily Texas

Hunt Mortage Secures $20.5M Refinancing for Two Multifamily Assets in Metro Austin

by Taylor Williams September 19, 2017

ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured the funds on behalf of an undisclosed management firm with a portfolio of roughly 30,000 multifamily units.

September 19, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

Stellar Management Refinances 13-Property Portfolio in New York City with $105M Loan Package

by Amy Works September 18, 2017

NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.

September 18, 2017

Multifamily New York Northeast

CNY Construction Tops Out 22-Story Apartment Building in Manhattan

by Amy Works September 18, 2017

NEW YORK CITY — CNY Construction, as general contractor, has topped out 21 East 12th, a 22-story apartment building being developed by William Macklowe Co. and Goldman Sachs. Located in Manhattan’s Greenwich Village, the building will feature 51 one-, two-, three- and four-bedroom units, a residents’ lounge, fitness room and garden. Additionally, the property will feature 19,487 square feet of retail space. The project team consists of SLCE Architects and Selldorf Architects. Completion is slated for fourth quarter 2018.

September 18, 2017

Multifamily New Jersey Northeast Seniors Housing

Walters Group Opens 102-Unit Age-Restricted Community in New Jersey

by Amy Works September 18, 2017

TOMS RIVER, N.J. — The Walters Group has opened Cornerstone at Toms River, a 102-unit active adult community in Toms River, approximately 60 miles south of New York City. A grand opening was held Sept. 14 for the community, which is restricted to residents over the age of 55. The Walters Group developed the three-story property. Cornerstone at Toms River also features income-restricted units, and gives residency priority to seniors whose homes were impacted by Superstorm Sandy.

September 18, 2017

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