Multifamily

Cushman & Wakefield Brokers Sale of 97-Unit Assisted Living Community in Silicon Valley

by Nellie Day December 12, 2017

FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.

December 12, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Talent, Technology Are Top Priorities for Multifamily Operators Today, Says InterFace Panel

by John Nelson December 12, 2017

ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …

December 12, 2017

Connecticut Loans Multifamily Northeast

CBRE Arranges $105.9M Sale, Acquisition Financing of Apartment Community in Norwalk, Connecticut

by Amy Works December 11, 2017

NORWALK, CONN. — CBRE has brokered the sale of 597 Westport, a Class A apartment community located in Norwalk. An affiliate of Hunt Investment Management sold the property to GDC Properties through a 1031 exchange for $105.9 million. Built in 2009, 597 Westport features 235 apartment units, a clubroom with full caterer’s kitchen, a media lounge and billiards room, a fitness center and an outdoor saltwater pool with sundeck, cabanas and an outdoor kitchen. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. Jim Gunning, Donna Falzarano and Kyle Saviano of CBRE procured first and mezzanine financing from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.

December 11, 2017

White-Plains-Institute-Nursing-White-Plains-NY

Multifamily New York Northeast Seniors Housing

Congress/Consigli Starts Construction of $60M Skilled Nursing Facility Near New York City

by Amy Works December 11, 2017

WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.

December 11, 2017

Multifamily New Jersey Northeast

Woodmont Properties Starts Construction on 220-Unit Apartment Community in Bayonne, New Jersey

by Amy Works December 11, 2017

BAYONNE, N.J. — Woodmont Properties, in partnership with Baker Residential, has broken ground for Woodmont Bay Club at Bayonne, an apartment community located in northwest Bayonne. Situated on four acres, the four-story property features nine studio, 123 one-bedroom, 64 two-bedroom and 24 three-bedroom units, ranging in size from 650 square feet to 1,500 square feet. Additionally, the 220-unit community features a 232-space ground-floor parking garage, a 3,000-square-foot rooftop terrace, a strength and cardio center, a business center, a game room, a pet spa, a golf simulator, a pool and sundeck, landscaped courtyards, picnic areas and a package collection service. Construction is slated for completion by spring 2019.

December 11, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $8.2M in Financing for Construction of 50-Unit Affordable Housing Project in Utica, New York

by Amy Works December 11, 2017

UTICA, N.Y. — KeyBank Community Development Lending & Investment has provided an $8.2 million credit enhancement for the construction of Roosevelt Residences in Utica. Being developed by Norstar Development USA and the Municipal Housing Authority of the City of Utica, the property will feature 50 units, with eight units reserved for homeless veterans and the chronically homeless. Additionally, 25 units will be contracted by a project-based Section 8 Housing Assistance Program through the Municipal Housing Authority of the City of Utica. John Berry and Joe Eicheldinger of KeyBank’s lending group arranged the construction financing. The project is being funded in partnership with the City of Utica, the State of New York Mortgage Agency, Housing Financing Agency, the Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and RBC Tax Credit Equity.

December 11, 2017

Multifamily Texas

RightQuest Breaks Ground on 144-Unit Apartment Project in Rio Grande Valley

by Taylor Williams December 11, 2017

EDINBURG, TEXAS — Dallas-based developer RightQuest has broken ground on Royal Vista Apartments, a 144-unit, Class A apartment community in the Rio Grande Valley (RGV) city of Edinburg. The property will be located along Sugar Road just west of Interstate 69, about three miles from the University of Texas Rio Grande Valley’s campus. The project also includes the development of two pad sites that can accommodate retail or hotel buildings. Amenities will include a media center, fitness center, resort-style pool with cabanas, a dog park and on-site storage facilities. The first units are expected to be available for occupancy in the summer of 2018. Houston-based Nations Construction Inc. will serve as general contractor on the project, which is being developed on behalf of Brownsville-based JTMR LLC.

December 11, 2017

Maryland Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on $27.5M Assisted Living Community in Maryland

by Camren Skelton December 11, 2017

FULTON, MD. — Capitol Seniors Housing has broken ground on Arbor Terrace Maple Lawn, an assisted living and memory care community in Fulton, approximately midway between Baltimore and Washington, D.C. The $27.5 million, 73,000-square-foot community will feature 86 apartments. Baltimore-based BCT Architects designed the structure, while Dallas-based Faulkner Design Group designed the interiors. The Arbor Co. will operate the community upon completion, which is scheduled for fourth-quarter 2018. Capitol Seniors Housing is a D.C.-based, private equity-backed acquisition, development and investment management firm. The company has acquired or developed more than 90 seniors housing communities since its inception in 2003.

December 11, 2017

Multifamily South Carolina Southeast

Berkadia Arranges $7.9M Sale of Apartment Community in Upstate South Carolina

by Camren Skelton December 11, 2017

ANDERSON, S.C. — Berkadia has arranged the $7.9 million sale of Huntington Apartments, a 152-unit multifamily community in South Carolina’s Upstate region. Located at 150 Continental St. in Anderson, Huntington Apartments includes one- to three-bedroom floor plans and features a swimming pool, 24-hour maintenance and laundry facilities. At the time of sale, the property was 96 percent occupied. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, Texas-based Huntington Apartments LLC. Arizona-based Sante Realty Investments acquired the asset.

December 11, 2017

Kansas Loans Midwest Multifamily

KeyBank Arranges $24.9M Acquisition Loan for Multifamily Property in Olathe, Kansas

by Kristin Harlow December 11, 2017

OLATHE, KAN. — KeyBank Real Estate Capital has arranged a $24.9 million Fannie Mae loan for the acquisition of Greenwood Reserve Apartment Homes in Olathe, about 22 miles southwest of Kansas City. The 228-unit apartment property consists of seven buildings. Built in 2016, the Class A property is situated on 13.2 acres. Chris Black and Caleb Morton of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

December 11, 2017

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