Multifamily

Cushman & Wakefield Arranges $7.1M Sale of Multifamily Community in North Miami

by Camren Skelton November 15, 2017

NORTH MIAMI, FLA. — Cushman & Wakefield has arranged the $7.1 million sale of Holly House, a 57-unit apartment community in North Miami. Calum Weaver and Perry Synanidis of Cushman & Wakefield arranged the transaction on behalf of the seller, Barry University Inc. Holly House Partners LLC, a subsidiary of Freshwater Group, acquired the asset. The three-story community totals 45,496 square feet and was constructed in 1968. Barry University acquired the property in 2009 to serve as student housing. The building was vacated in May 2017. Holly House offers a mix of one- and two-bedroom units with an average size of 796 square feet. Community amenities include a pool, courtyard and a laundry room.

November 15, 2017

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Demand for Multifamily Units Keeps Pace With Increasing Supply in Boston

by Taylor Williams November 15, 2017

Despite the maturing commercial real estate cycle, Boston’s thriving economy continues to generate positive momentum for the metro’s multifamily property marketplace. Over the 12-month period ending June 30, 2017, area employers added 55,700 positions, growing the employment base by 2.1 percent. Job creation was driven by the typically high-wage healthcare and professional fields, and more than 30 percent of the new roles created were in office-using sectors. This healthy growth has supported a surge in household formation, which — along with the high cost of homeownership — is sustaining substantial demand for rental units. The significant affordability gap between renting and homeownership favors renting over homeownership by $591 per month. This, in combination with rising office-using employment, continues to boost apartment demand, which will support this year’s robust construction pipeline. Developers are on track to deliver more than 9,500 units to the marketplace in 2017, marking the highest point of the current cycle. Builders have focused their efforts in the urban core, particularly in the Fenway, Brookline and Brighton submarkets, and in first-ring suburbs. Nearly two-thirds of incoming units will be inside the city limits or in the closest suburban markets like Cambridge and Revere. The two largest deliveries each …

November 15, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

KeyBank Arranges $67.3M Construction Loan for 260-Unit Seniors Housing Facility in New Jersey

by Amy Works November 14, 2017

PLAINSBORO TOWNSHIP, N.J. — KeyBank Real Estate Capital has arranged a $67.3 million construction loan for a 260-unit independent living facility located on the Princeton University Healthcare Campus in Plainsboro Township. A joint venture led by SBLP Senior Living Fund I owns the property. The sponsor of the fund is a joint venture between South Bay Partners and LAMB Properties. Sage Senior Living will manage the property. Grant Saunders, Peter Trazzera and Jake Hollinger of Key’s Healthcare Group arranged the financing.

November 14, 2017

The-Residence-Waterton-Square-Watertown-MA

Loans Massachusetts Multifamily Northeast Seniors Housing

LCB Senior Living, Washington Capital Receive $45M Recapitalization for Seniors Housing in Near Boston

by Amy Works November 14, 2017

WATERTOWN, MASS. — LCB Senior Living and Washington Capital Management have received a $45 million loan for the recapitalization of The Residence at Watertown Square, located at 20 Summer St. in Watertown. Built in 2014, the property features 90 independent living, assisted living and memory care units. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged the financing for the borrower. LCB will continue to operate the community.

November 14, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Avison Young Brokers $1.2M Sale of Development Site in Wilton, Connecticut

by Amy Works November 14, 2017

WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.

November 14, 2017

Colorado Multifamily Western

Castle Lanterra Properties Buys 280-Unit Multifamily Community in Westminster, Colorado

by Nellie Day November 14, 2017

WESTMINSTER, COLO. — Castle Lanterra Properties has purchased the 280-unit Sunset Ridge Townhomes in Westminster for an undisclosed sum. The community is located at 8300 Sheridan Blvd. Sunset Ridge was built in 1972. It was 95 percent occupied at the time of sale. Community amenities include an updated clubhouse, Wi-Fi Café, lounge area, fireplace, zero entry swimming pool, barbecue grills, dog park, parking lot and playground. ARA Newmark represented the seller, WillMax Capital Management, in this transaction.

November 14, 2017

California Multifamily Seniors Housing Western

Sunrise Opens 83-Unit Assisted Living Community in Bay Area

by Nellie Day November 14, 2017

PLEASANTON, CALIF. — Sunrise Senior Living has opened the doors on Sunrise of Pleasanton, an 83-unit assisted living and memory care community in the Bay Area city of Pleasanton. The two-story, 63,800-square-foot community can serve up to 103 residents. It features easy access to ValleyCare Medical Center. Sunrise recently opened another seniors housing community near San Diego, and plans to open 10 communities over the next two years. Based in McLean, Va., Sunrise Senior Living operates 322 communities in the United States, Canada and the United Kingdom totaling 28,700 units.

November 14, 2017

Illinois Midwest Multifamily

Lowe Enterprises Investors Acquires 400-Unit Apartment Property in St. Charles, Illinois

by Kristin Harlow November 14, 2017

ST. CHARLES, ILL. — Lowe Enterprises Investors (LEI) has acquired AMLI at St. Charles in the Chicago suburb of St. Charles for an undisclosed price. Now called Ascend St. Charles, the 400-unit apartment property is located at 100 Lakeside Drive. Built in 2000, the property features 20 three-story buildings on 25 acres. The buildings include a mix of one- and two-bedroom units. Amenities include a pool with sundeck, clubhouse, sand volleyball court, business center, multimedia center and fitness center. Andy Sands of LEI led the acquisition team. Moran & Co. represented AMLI in the transaction, while Hunt Mortgage Group arranged acquisition financing. Greystar has been retained to provide property management services.

November 14, 2017

Florida Multifamily Southeast

ARA Newmark Arranges $41.5M Sale of Multifamily Community Near Fort Lauderdale

by Camren Skelton November 14, 2017

CORAL SPRINGS, FLA. — ARA Newmark has arranged the $41.5 million sale of ARIUM San Remo, a 180-unit apartment community in Coral Springs, roughly 20 miles northwest of Fort Lauderdale in Broward County. Avery Klann, Hampton Beebe, Jonathan Senn, Matthew Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark represented the seller, Atlanta-based Carroll Organization, in the transaction. South Florida-based KVR Properties LLC acquired the asset. Constructed in 1995, ARIUM San Remo features two- and three-bedroom townhomes and villas with walk-in closets, screened-in patios and upgrades in approximately 66 percent of the units. Community amenities include a clubhouse, fitness center, pool, picnic area with grills, dog park and a playground. At the time of sale, the property was 96 percent occupied.

November 14, 2017

Florida Multifamily Southeast

Altman Cos., Mattoni Group Break Ground on Apartment Project in Tampa

by Camren Skelton November 14, 2017

TAMPA, FLA. — The Altman Cos., in partnership with Mattoni Group, has broken ground on Altís Grand Central, a 314-unit apartment community in Tampa. The eight-story tower will be located within walking distance of the University of Tampa and Oxford Exchange, a mixed-use development with original walls dating back to 1891. Today, the development is home to food and goods retailers and a shared work environment. Altís Grand Central will offer studio to three-bedroom units, ranging in size from 619 to 1,380 square feet. Community amenities will include a rooftop pool and sky lounge, Zen garden, dog park, dog spa, fitness area, bicycle repair and storage room and gaming area with a pinball machine, PlayStation units, a pool table and a bowling lounge. The community is expected to open in early 2019.

November 14, 2017

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