Multifamily

Waterton Purchases Apartment Community in Metro DC for $144M

by Camren Skelton August 24, 2017

ARLINGTON, VA. — Waterton has acquired Windsor at Shirlington Village, a 404-unit multifamily community located within The Village at Shirlington, a transit-oriented neighborhood in Arlington, roughly five miles southwest of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports the Chicago-based real estate owner and operator acquired the asset for $144 million. Constructed in 1992, the property will be rebranded as The Citizen at Shirlington Village and will undergo capital improvements including the upgrade of unit interiors, renovation of the fitness center and community room and enhancement of outdoor amenity spaces. The apartment community includes one- to three-bedroom floor plans and features a swimming pool, grilling stations, courtyard areas, clubhouse, fitness center and a racquetball court.

August 24, 2017

Florida Multifamily Southeast

Passco Buys Multifamily Asset in Key West for $101.5M

by Camren Skelton August 24, 2017

KEY WEST, FLA. — Passco Cos., an Irvine, Calif.-based multifamily investment firm, has acquired Ocean Walk Apartments, a 297-unit multifamily community located at 3900 S. Roosevelt Blvd. in Key West, for $101.5 million. Hampton Beebe of ARA Newmark brokered the transaction on behalf of the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae. The property features a clubhouse, swimming pool with a sundeck, tennis courts and a basketball court. Prior to Passco’s acquisition, the majority of the unit interiors of Ocean Walk Apartments were renovated with granite countertops, stainless steel appliances and new cabinetry and flooring. Passco plans to renovate the remaining 10 percent of units that were not updated during prior ownership.

August 24, 2017

Illinois Midwest Multifamily Student Housing Top Stories

JV Purchases 1,732-Bed Student Housing Development in Chicago for $201M

by John Nelson August 24, 2017

CHICAGO — A joint venture between real estate investment firms AXA Investment Managers – Real Assets and Blue Vista Capital Management has purchased University Center Chicago, a 1,732-bed student housing complex located at 525 S. State St. in Chicago’s South Loop district. Educational Advancement Fund (EAF) sold the asset to the joint venture for $201 million. University Center Chicago was jointly developed in 2004 by three major universities in Chicago – Columbia College Chicago, DePaul University and Roosevelt University. The 702,000-square-foot project features student housing, dining facilities, recreational areas, music practice rooms, conference center operations and ground-floor retail space. As part of the transaction, the three universities each negotiated a long-term lease with the new ownership to remain in the facility. John Jaeger, Dan Cohen and M.J. Zaring of CBRE represented EAF in the transaction in partnership with CBRE’s National Student Housing Team, headed by Jaclyn Fitts and William Vonderfecht. CBRE also partnered with Kevin Hoecker and Chris Good of RBC Capital Markets, as well as RBC’s Real Estate Investment Banking team. Peter Marino and Molly Green of CBRE’s Chicago office partnered with the Dallas CBRE Capital Markets Debt & Structured Finance team of Mike Bryant, Jon Wooton and Ben …

August 24, 2017

Conference Coverage Features Multifamily Seniors Housing Top Stories

Healthcare, Tax Reform Legislation Will Impact American Businesses, says Sen. Johnny Isakson

by Camren Skelton August 24, 2017

ATLANTA — Legislative decisions made over the next 18 months will have a substantial effect on American businesses, according to Sen. Johnny Isakson (R-Ga.). The remarks were made at the fourth annual InterFace Seniors Housing Southeast conference on Wednesday, Aug. 23. The event drew over 400 industry professionals. “If you’re in business in America, what happens in Washington has a lot to do with your business,” he says. “You’re going to begin to see pressure on elected officials to move out of partisan voting, and I think that’s good for the economy.” Before entering politics, Isakson worked in real estate for more than 40 years and has a long family history in the industry. His father helped establish the prominent Atlanta-area real estate firm Northside Realty, which Isakson led as president for 22 years. Johnny’s brother, Andy Isakson, founded Isakson Living, a seniors housing development company, based on the Isakson family’s own difficulty finding suitable retirement options for their parents. Currently serving his third term, the U.S. Senator delivered this year’s keynote address at the Westin Buckhead in Atlanta. According to Isakson, healthcare and tax reform top the list of issues that need be addressed by Congress over the next …

August 24, 2017

California Multifamily Western

Universe Holdings Purchases Nob Hill Towers Apartments in Los Angeles for $12.6M

by Nellie Day August 23, 2017

LOS ANGELES — Universe Holdings has acquired the 53-unit Nob Hill Towers in the Los Angeles submarket of Westlake for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. It features studio to three-bedroom units. The new owner plans to implement $917,000 in property improvements. These will include modernizing interiors with new flooring, appliance packages, counters and cabinets, in addition to updating exterior treatments with lighting, paint, enhanced common areas and new landscaping. The company also plans to convert dormant space in the basement level to a business center and fitness area.

August 23, 2017

Multifamily Northeast Pennsylvania Student Housing

University of Pennsylvania Completes $80M Renovation of 261-Unit Student Housing Property

by Jaime Lackey August 23, 2017

PHILADELPHIA — The University of Pennsylvania has completed the $80 million renovation of Hill College House, a 261-unit on-campus residence hall. The five-story, 195,000-square-foot property offers student lounges, seminar rooms and a 300-seat dining area. Mills + Schnoering Architects of Princeton, N.J., led the design and construction team for the project. The property was originally designed by Eero Saarinen and built in 1960 as a women’s dormitory. Renovations at the property included the restoration of the building’s ‘drawbridge’ entrance and landscaped ‘moat’; the removal, restoration and refitting of over 400 windows; an expansion of the dining facilities; the addition of new furniture and finishes; and the conversion of all bathrooms to individual restrooms and shower rooms.

August 23, 2017

Multifamily New York Northeast

Marcus & Millichap Arranges $15M Sale of 53-Unit Apartment Building in Brooklyn

by Jaime Lackey August 23, 2017

NEW YORK CITY — Marcus & Millichap has brokered the $15 million sale of The Jefferson-MacDonough Collection, a multifamily portfolio with 53 rent-stabilized units, located in Brooklyn. The portfolio consists of five multifamily apartment buildings located in the Bedford-Stuyvesant area, at 39 and 44 MacDonough Street between Marcy Avenue and Tompkins Avenue. Shaun Riney and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office along with Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. The team also secured the buyer, a developer.

August 23, 2017

Multifamily Texas

S2, Pennybacker Acquire 250-Unit Multifamily Community in Arlington

by Taylor Williams August 23, 2017

ARLINGTON, TEXAS — Addison, Texas-based S2 Capital LLC and partner Pennybacker Capital have acquired Mark at 2600, a 250-unit multifamily property in Arlington. Units at the garden-style community range in size from 718 to 1,488 square feet. Mark Brandenburg of JLL arranged acquisition financing through LegacyTexas Bank on behalf of the buyers

August 23, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 75-Unit Multifamily Property in Chicago

by Kristin Harlow August 23, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Wooded Isle Apartments in Chicago’s Hyde Park for an undisclosed price. The 75-unit multifamily community features studios, one- and two-bedroom units. 29SC has allocated approximately $1 million for capital improvements at the property, including interior upgrades such as granite countertops and stainless steel appliances. Exterior renovations will include roof repairs, lighting, signage and landscaping. A family-owned enterprise was the seller.

August 23, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Pinnacle Living Secures $50.6M Loan for Expansion of Seniors Housing Asset in Richmond

by Camren Skelton August 23, 2017

RICHMOND, VA. — Pinnacle Living, a Glen Allen, Va.-based provider of retirement and seniors housing communities, has secured a $50.6 million loan from SunTrust Bank for the renovation and expansion of Cedarfield, a 90-acre retirement community in Richmond. Formerly known as Virginia United Methodist Homes Inc., the company rebranded to Pinnacle Living in June. The company owns and operates seven seniors housing communities in Virginia. Cedarfield’s renovation will include upgrades to the dining spaces, including the addition of a new pub, marketplace and a fine dining concept. Other planned improvements include a new health and wellness center, additional parking and upgrades to additional facilities and outdoor gathering places.

August 23, 2017

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