Multifamily

EIG Secures $52M in Construction Financing for Apartment Community in Miami

by Camren Skelton November 7, 2017

MIAMI — Estate Investments Group (EIG) has secured $52 million in construction financing for the development of Soleste Blue Lagoon, a new 33-unit apartment community that will be located at 5375 N.W. 7th St. in Miami. EIG secured the financing through Florida Community Bank. Soleste Blue Lagoon will feature studio, one-, two- and three-bedroom units ranging in size from 400 to 1,100 square feet, with rents starting at $1,300 per month. Community amenities will include a resort-style pool, sun deck with private cabanas, private beach with sand volleyball court, health and fitness club and a rooftop garden. Construction is slated for completion by summer 2019.

November 7, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $48M Refinancing for Multifamily Property in St. Petersburg

by Camren Skelton November 7, 2017

PETERSBURG, FLA. — CBRE has arranged a $48 million Fannie Mae loan for the refinancing of Peridot Palms, a 381-unit apartment community in St. Petersburg. Benjamin Roelke of CBRE arranged the long-term financing on behalf of the borrower, Parkland Development Corp. Delivered in March, the property features wood-style flooring, European-style cabinets and granite or quartz countertops. Community amenities include a clubhouse, fitness center and a resort-style swimming pool. In addition, the property has an energy-efficient certification from the Green Building Initiative.

November 7, 2017

Florida Multifamily Seniors Housing Southeast Top Stories

Griffin-American Healthcare REIT IV Acquires Nine-Property Seniors Housing Portfolio in Central Florida for $110M

by Katie Sloan November 7, 2017

TAMPA AND ORLANDO, FLA. — Griffin-American Healthcare REIT IV Inc., co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a nine-property seniors housing portfolio totaling 1,140 units in Central Florida. The properties are located in cities throughout greater Tampa and Orlando. Acquisitions include Spring Haven Retirement in Winter Haven; Lake Morton Plaza in Lakeland; Renaissance Retirement in Sanford; Forest Oaks in Spring Hill; Bayside Terrace in Pinellas Park; Balmoral Assisted Living in Lake Placid; Bradenton Oaks in Bradenton; and The Grande and Spring Oaks, both located in Brooksville. The portfolio contains 814,000 square feet of assisted living, independent living and memory care space and has an aggregate occupancy rate of approximately 84 percent. The properties have undergone renovations by the former owner, New Senior Investment Group, over the course of the last three years. The acquisition was completed via a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the portfolio on a day-to-day basis. Griffin-American Healthcare owns approximately 98 percent of the joint venture. “The addition of the Central Florida seniors housing portfolio provides the REIT with a significant footprint in Florida amidst a large and aging population that is increasingly likely to transition to senior …

November 7, 2017

California Multifamily Western

Davlyn Investments Purchases Colony Apartments Near Los Angeles for $24.2M

by Nellie Day November 6, 2017

SIMI VALLEY, CALIF. — Davlyn Investments has purchased the 88-unit Colony apartments in the San Fernando Valley market of Simi Valley for $24.2 million. The Class A community is located at 1750 First St. Davlyn plans to rebrand the project as 1750 on First. The 31-year old, value-add property’s interior, exterior and grounds have been maintained, though the asset has never been renovated. The company plans to upgrade the interiors and enhance staffing and marketing. The seller was not disclosed. Vince Norris of Berkadia facilitated the purchase. Ryan Blair of City National Bank spearheaded the lending.

November 6, 2017

Arizona Multifamily Western

Wood Partners Sells 350-Unit Apartment Complex in Phoenix

by Nellie Day November 6, 2017

PHOENIX — Wood Partners has sold the 350-unit Altera Highland apartments in Phoenix for an undisclosed sum. The community is located at 1602 E. Highland Ave. The buyer was not disclosed. Altera Highland was built in 1998. It features one- to three-bedroom units, all of which were renovated in 2017. The owners also renovated the clubhouse, fitness center, resort-style pool and spa area, private cabanas, outdoor kitchen and outdoor fireplace. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented Wood Partners in the transaction.

November 6, 2017

Colorado Multifamily Western

Inland Real Estate Buys 141-Unit Village Gardens Apartments in Fort Collins

by Nellie Day November 6, 2017

FORT COLLINS, COLO. — Inland Real Estate Acquisitions has purchased the 141-unit Village Gardens Apartments in Fort Collins for an undisclosed sum. The community is located at 1025 Oxford Lane. Village Gardens contains 12 buildings with one- to three-bedroom units. Community amenities include a fitness center, dog park, fire pit with gas grills, sand volleyball court, life-size chess set and an all-season indoor pool. The property was 97 percent occupied at the time of closing. Inland Real Estate was represented in-house by Matthew Tice.

November 6, 2017

Indiana Midwest Multifamily

Woda Group Opens 38-Unit Affordable Seniors Housing Property in Kendallville, Indiana

by Kristin Harlow November 6, 2017

KENDALLVILLE, IND. — The Woda Group Inc. has opened Atz Place in Kendallville in northeastern Indiana. The 38-unit affordable seniors housing property features 24 one-bedroom units and 14 two-bedroom units. Amenities include a lobby, community room, grandchild room, fitness room and laundry. Funding for Atz Place, built on the site of the former Atz Ice Cream Shoppe at 301 E. Wayne St., was made possible through federal housing tax credits allocated by the Indiana Housing Community and Development Authority. R4 Capital invested in the housing tax credits, while Huntington Bank provided the construction loan. Preferred Building Supply LLC provided a construction donation for the project.

November 6, 2017

Loans Multifamily Southeast Virginia

KeyBank Arranges $73.3M Acquisition Loan for Multifamily Property in Metro D.C.

by Camren Skelton November 6, 2017

ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $73.3 million acquisition loan for The Parker at Huntington Metro, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C. Chris Black and Caleb Marten of KeyBank arranged the 10-year Fannie Mae loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Constructed in 2016, The Parker features a 24-hour fitness center, bike racks, outdoor TVs, pool, virtual golf simulation room, game room, dog park and a pet spa. Of the 360 units, 54 are reserved for affordable housing.

November 6, 2017

Multifamily South Carolina Southeast

Berkadia Arranges $11.4M Sale of Apartment Asset Near Charleston

by Camren Skelton November 6, 2017

HANAHAN, S.C. — Berkadia has arranged the $11.4 million sale of Lakewood Lodge, a 130-unit multifamily property in Hanahan, located roughly 15 miles northwest of Charleston. Mark Boyce and Blake Coffey of Berkadia arranged the transaction on behalf of the seller, South Carolina-based Arim Lakewood LLC. New Jersey-based Eskay Management LLC acquired the asset. Constructed in 1975, Lakewood Lodge offers one- and two-bedroom floor plans. Community amenities include a clubhouse, pool, recreational room, playground, laundry room, courtyard and a business center.

November 6, 2017

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville’s Multifamily Market Proves It’s Better to Arrive Late than Never

by John Nelson November 6, 2017

Sometimes there are benefits to being late to the party. Louisville, having lagged behind larger surrounding cities in multifamily development post-recession, is now experiencing a boom in apartment construction, much of which is being supplied by out-of-state developers. For similar reasons, including Louisville’s sustained economic growth fueled by continued strength as an international distribution center alongside a stable manufacturing base, national investor demand for Louisville multifamily properties has intensified. Traditionally known for the Kentucky Derby and the bourbon industry, Louisville is now raising eyebrows with a growing population, robust job growth and balanced multifamily supply and demand. Big Business, Jobs At the heart of this burgeoning story is UPS Worldport, the primary global air hub for the world’s largest package delivery company. UPS, the largest private employer in Kentucky, continues to expand its presence in Louisville, having recently announced a $310 million expansion of its Centennial hub sorting facility. Ford Motor also recently announced that it is investing $900 million in its Kentucky Truck Plant, in addition to the $1.3 billion and 2,000 jobs created at that plant in late 2015 to build Ford Super Duty trucks. Additionally, Qingdao Haier Co., having acquired Louisville-based GE Appliances in June 2016, announced …

November 6, 2017

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