Multifamily

Calmwater Provides $12.6M Acquisition Loan for Student Housing Conversion in Auburn Hills, Michigan

by Kristin Harlow October 20, 2017

AUBURN HILLS, MICH. — Calmwater Capital has provided a $12.6 million loan for the acquisition and conversion of a 144-unit multifamily property to student housing near Oakland University in Auburn Hills. The property, located at 2770 Pine Knoll Drive, will soon be upgraded and converted into student housing and be known as The Edge. Some of the loan proceeds will be used for physical upgrades in addition to the implementation of student-focused marketing and resident programming. Formerly known as Knollwood Place and built in 1990, the property comprises six three-story buildings. A joint venture between Andover Real Estate Partners and M Group was the borrower. Campus Village will manage the property.

October 20, 2017

Illinois Midwest Multifamily

Essex Brokers $4.5M Condo Deconversion in Chicago’s Lincoln Square

by Kristin Harlow October 20, 2017

CHICAGO — Essex Realty Group has brokered the sale of the Sunnyside Lane Condominiums in Chicago’s Lincoln Square neighborhood for $4.5 million. All 18 condominium units were sold to one buyer in what is known as a condo deconversion. The property, located at 4459 N. Campbell Ave., consists of 17 two-bedroom units and one one-bedroom unit. Brian Kochendorfer & Brian Karmowski of Essex represented the condo owners, while Steve Livaditis & Joe Scheck represented the undisclosed buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

October 20, 2017

District of Columbia Loans Multifamily Southeast

MBA: Multifamily Lending Up 8 Percent in 2016

by John Nelson October 20, 2017

WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this summer the MBA predicted that 2017 volume for commercial and multifamily originations will dip by 3 percent. By dollar volume, the greatest market share (39 percent) went to the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The top five multifamily lenders in 2016 by dollar volume were Wells Fargo, JP Morgan Chase and Co., CBRE Capital Markets Inc., Berkadia and Walker & Dunlop. The report is based on data from the MBA 2016 Commercial/Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated originators and covered $491 billion in commercial and multifamily loans in 2016.

October 20, 2017

Massachusetts Multifamily Northeast

Hood Park LLC Breaks Ground on 177-Unit Residential Project in Boston Suburb

by Amy Works October 19, 2017

CHARLESTOWN, MASS. — Hood Park LLC has broken ground for 480 Rutherford Avenue, a multifamily project located in Charlestown, a suburb of Boston. The development is the first residential project at Hood Park, a 20-acre development permitted for more than 1.1 million square feet located at the former H.P. Hood Plant. The 177-unit multifamily development will feature a mix of studio, one- and two-bedroom units, including 23 affordable units. On-site amenities will include garage parking, bike storage, a resident lounge, a community kitchen, fitness/yoga studio, dog amenities, an outdoor courtyard with city views, 24/7 security and 10,500 square feet of retail amenity space. The project team includes Lee Kennedy Co. as construction manager, CBT as architect, Colliers International as project manager and Bozzuto Management Co. as management and leasing representative. Over the course of the next two years, the project will create approximately 250 construction jobs and another 40 permanent jobs once open. The entire development of Hood Park is scheduled for completion in late 2019.

October 19, 2017

Georgia Multifamily Southeast

Atlantic | Pacific Acquires 269-Unit Multifamily Community Near Atlanta Airport

by Camren Skelton October 19, 2017

HAPEVILLE, GA. — Atlantic | Pacific Cos. (A|P) has acquired The Atlantic Aerotropolis, a 269-unit multifamily community in Hapeville, two miles north of Hartsfield-Jackson Atlanta International Airport. Additional terms of the transaction were not disclosed. The Atlantic Aerotropolis features a saltwater swimming pool, fitness center, grill and picnic areas, gaming room with billiards and shuffleboard, a business center, conference room and a rooftop deck. A|P will invest in capital improvement to the property including updating unit interiors with quartz countertops and stainless steel appliances. A|P Management, the property leasing and management platform under A|P, will manage the property. The acquisition brings A|P’s regional portfolio to 18 multifamily communities.

October 19, 2017

Multifamily Oklahoma Texas

Knightvest Management Acquires 682-Unit Multifamily Community in Tulsa

by Taylor Williams October 19, 2017

TULSA, OKLA. — Knightvest Management, a Dallas-based multifamily investment and management firm, has acquired Waterside, a 682-unit apartment community located at 1703 S. Jackson Ave. W in Tulsa. The property includes a combination of one- and two-bedroom units and amenities such as a fitness center, business center, resort-style pool and convenient access to nearby jogging and biking trails. The company is planning a multimillion-dollar renovation to the property’s interior and exterior. The seller and sales price were not disclosed.

October 19, 2017

Multifamily Texas

HSM Arranges Sale of 68-Unit Apartment Community in Metro Dallas

by Taylor Williams October 19, 2017

GARLAND, TEXAS — Henry S. Miller Brokerage Co. (HSM) has arranged the sale of The Hickory Apartments, a 68-unit multifamily community located at 320 S. Jupiter Road in the Dallas metro of Garland. Mark Porterfield and Robert Henry of HSM represented the seller, JMY Investments, in the transaction. Dallas-based Blackwood Investments purchased the asset for an undisclosed price. The Hickory Apartments was built in 1963 and will be renovated over the next year.

October 19, 2017

Illinois Midwest Multifamily

Berkadia Arranges Sale of 208-Unit Apartment Property in St. Charles, Illinois

by Kristin Harlow October 19, 2017

ST. CHARLES, ILL. — Berkadia has arranged the sale of Ashford at St. Charles in suburban Chicago. The sales price was not disclosed. The 208-unit apartment property is located at 1690 Covington Court. The property features one- and two-bedroom units with a newly renovated clubhouse, fitness center and pool. Approximately 40 percent of the apartment units recently received upgrades. Ralph DePasquale and Alex Blagojevich of Berkadia arranged the sale on behalf of the seller, The Radco Cos. An affiliate of Chicago-based Ansonia Properties LLC purchased the asset.

October 19, 2017

Loans Michigan Midwest Multifamily

Love Funding Provides $6.6M Loan for Refinancing of Apartment Property in Detroit

by Kristin Harlow October 19, 2017

DETROIT — Love Funding has provided a $6.6 million HUD loan for the refinancing of Greenhouse Apartments in Detroit. The affordable seniors housing property consists of 208 one-bedroom units. Built in 1981, the 10-story building was renovated in 2008. KMG Prestige will continue to manage the property. Bruce Gerhart of Love Funding secured the loan.

October 19, 2017

Arizona Multifamily Seniors Housing Western

P.B. Bell Plans 165-Unit Seniors Housing Community Near Phoenix

by Nellie Day October 19, 2017

GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily community also located within Aspera. P.B. Bell is partnering on the project with Cadence Senior Living, a Scottsdale-based seniors housing development and management company. Floor plans range in size from a 367-square-foot studio in the memory care area to a 1,076-square-foot, two-bedroom residence in the independent living area. Inspira at Arrowhead is slated for completion in January 2019 with reservations scheduled to begin in mid-2018.

October 19, 2017

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