Multifamily

S.L. Nusbaum Opens 240-Unit Multifamily Asset in Northern Maryland

by Camren Skelton November 3, 2017

FREDERICK, MD. — Norfolk, Va.-based S.L. Nusbaum Realty Co. has opened The Fred, a 240-unit apartment community located in the Waverly View Planned Neighborhood Development in Frederick. Constructed by Morgan-Keller Construction Co., the property features mountain views, a clubhouse, fitness center, swimming pool, business center, car charging station and a playground. The Fred offers a mix of one- to three-bedroom units that feature vaulted ceilings, granite countertops, in-unit washers and dyers and patios or balconies.

November 3, 2017

Georgia Multifamily Southeast

Marcus & Millichap Arranges $13.5M Sale of Multifamily Community in Savannah

by Camren Skelton November 3, 2017

SAVANNAH, GA. — Marcus & Millichap has arranged the $13.5 million sale of Heritage Square, a 168-unit apartment community located at 9111 White Bluff in Savannah. John Brigel of Marcus & Millichap arranged the transaction on behalf of the undisclosed sellers and procured the buyer. Additional terms of the transaction were not disclosed. Constructed in 1971, Heritage Square includes one- and two-bedroom units and features a business center, fitness center, clubhouse and a swimming pool.

November 3, 2017

Loans Midwest Multifamily Ohio

KeyBank Arranges $20.7M Refinancing for Apartment Property in Gahanna, Ohio

by Kristin Harlow November 3, 2017

GAHANNA, OHIO — KeyBank Real Estate Capital has arranged a $20.7 million Fannie Mae loan for the refinancing of Parc Apartments in Gahanna, about nine miles northeast of Columbus. The 180-unit property is comprised of six, three-story buildings situated on 7.8 acres of land. Tim Weldon of Key arranged the 12-year loan, which features a 30-year amortization schedule.

November 3, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $4.9M Sale of Multifamily Property in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Uptown neighborhood for $4.8 million. The property is located at 4866 N. Magnolia Ave. The building, constructed in the 1920s, consists of mostly studio apartment units. Ben Smith, Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Local private investor Sandy Kahn purchased the asset from another local investor.

November 3, 2017

Illinois Michigan Midwest Multifamily Top Stories

CCA Sells Three Apartment Properties in Illinois, Michigan for $125M

by Kristin Harlow November 3, 2017

ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …

November 3, 2017

California Multifamily Seniors Housing Western

HCP Plans to Sell Six Communities for $275M to Reduce Brookdale Portfolio

by Nellie Day November 2, 2017

IRVINE, CALIF. — HCP Inc. (NYSE: HCP) has unveiled a plan to “significantly reduce” its concentration of Brookdale-operated seniors housing communities. The plan includes HCP selling six Brookdale properties for an estimated $275 million, as well as selling its remaining 40 percent stake in a joint venture to Columbia Pacific Advisors for $332 million. The joint venture — RIDEA II — owns 49 seniors housing properties, of which Brookdale operates 46. Irvine-based HCP is one of the “Big Three” seniors housing REITs. Headquartered in Brentwood, Tenn., Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,048 properties and 102,055 units, according to the American Seniors Housing Association, which is nearly triple the size of the next largest competitor. However, the company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 on March 2, 2015, to $11.80 on Feb. 8, 2016. The goal of HCP’s plan is to reduce its exposure to Brookdale-operated properties, increase its lease coverage of the Brookdale communities it will continue to own, …

November 2, 2017

Multifamily New Mexico Seniors Housing Western

Welbrook Starts Construction of Rehab Facility in New Mexico

by Nellie Day November 2, 2017

FARMINGTON, N.M. — Welbrook Senior Living has started construction of its second transitional rehabilitation facility, located in Farmington in the northwest corner of New Mexico. Welbrook partnered with Embree Asset Group, a development company based in Texas, to build the 50-bed property. Welbrook expects to begin accepting patients in late 2018.

November 2, 2017

Alaska Multifamily Seniors Housing Western

Boston Capital Invests in Affordable Community in Alaska

by Nellie Day November 2, 2017

WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage. Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles. Units will be available to residents aged 55 and over earning 60 percent or less of the Area Median Income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50 percent of AMI, and two units restricted to households with income at or below 30 percent of AMI. The investment marks Boston Capital’s 32nd partnership with The Pacific Companies, and its first property in Alaska.

November 2, 2017

Multifamily New Jersey Northeast

Greystar Buys 115-Unit Multifamily Property in Hoboken, New Jersey, for $70.3M

by Amy Works November 2, 2017

HOBOKEN, N.J. — Funds managed by Greystar Real Estate Partners have acquired Observer Park, a multifamily property located at 51 Garden St. in Hoboken, for an aggregate purchase price of $70.3 million. The seller was Invesco. Constructed in 1991, the 12-story building features 115 units. On-site amenities include a fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks Coffee, 24-hour laundry facilities, dry cleaning pickup and delivery, and controlled-access lobbies. Brian Whitmer, Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield represented the seller in the transaction.

November 2, 2017

Multifamily New Jersey Northeast

New York Life Real Estate Investors Acquires 296-Unit Multifamily Property in Mount Laurel, New Jersey

by Amy Works November 2, 2017

MOUNT LAUREL, N.J. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired Mount Laurel Crossing, a garden-style apartment community located in Mount Laurel, approximately 20 miles east of downtown Philadelphia. Built in 1999, the property comprises 13 residential buildings offering a total of 296 units. At the time of sale, the property was 95 percent occupied. The name of the seller and acquisition price were not released.

November 2, 2017

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