Multifamily

NAI Wisinski Brokers $57M Sale of Luxury Apartment Community in Grand Rapids, Michigan

by Kristin Harlow October 9, 2017

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Ridges of Cascade Apartments in Grand Rapids for $57 million. The 237-unit luxury apartment community opened in August 2016 at 100 percent occupancy. The $240,506 per unit represents the highest price per unit ever recorded in Michigan for a suburban market-rate multifamily asset, according to NAI Wisinski. Craig Black and Scott Nurski of NAI Wisinski represented both the buyer, a Michigan-based private equity group, and the seller, a local developer.

October 9, 2017

Illinois Midwest Multifamily

JDL Opens 250-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow October 9, 2017

CHICAGO — JDL Development has opened SixForty North Wells, a 250-unit luxury apartment tower in Chicago’s River North neighborhood. The 23-story building is currently 41 percent leased and 37 percent occupied. Floor plans vary from studios to three-bedroom units and range in size from 500 to 1,600 square feet. Rents range from $1,850 to $5,820. Amenities include a rooftop deck, kitchen, gaming lounge, fitness center, golf simulator and grill area with fire pits. The Habitat Co. manages the property.

October 9, 2017

Loans Multifamily New York Northeast

Eastern Consolidated Secures $215M Construction Loan for Condominium Development in Manhattan

by Amy Works October 6, 2017

NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a 27-story condominium project at 537 Greenwich St. within the Special Hudson Square Zoning District in Manhattan. Adam Hakim and James Murad of Eastern Consolidated represented the borrower, Cape Advisors, and its new equity partner, Strategic Real Estate. Bank of the Ozarks provided the financing for the shovel-ready project. Designed by Loci Anima and Adamson Associates, the development will feature 170 units, 2,332 square feet of ground floor retail space and 31 on-site parking spaces. Residential units, designed by Sebastien Segers Architecture, will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.8 million. The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots—537 Greenwich St. and 110 Charlton St.— and air rights obtained from five adjacent and nearby properties. Strategic Real Estate will be the managing partner and lead developer for the project.

October 6, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Valencia Realty Capital Arranges $13M Acquisition Financing for Assisted Living Community in New Hampshire

by Amy Works October 6, 2017

RYE, N.H. — Valencia Realty Capital has arranged $13 million in financing for the $11 million acquisition of an assisted living community located at 295 Lafayette Road in Rye. The borrower and buyer is Murfreesboro, Tenn.-based National Health Investors Inc. The financing has a total capitalization of $13 million composed of a $10 million senior debt facility coupled with $3 million of equity. Built in 2013, the 40-unit assisted living community is devoted to individuals with memory disorders, including Alzheimer’s disease and dementia. Ed LaFrance of Valencia Realty arranged the transaction, which was executed under a 363 auction sale that presented tight timing constraints.

October 6, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Facilitates $6.9M Sale of 108-Unit Multifamily Property in Harrisburg, Pennsylvania

by Amy Works October 6, 2017

HARRISBURG, PA. — Marcus & Millichap has arranged the sale of Eastridge Apartments, a multifamily property located at 102 Worchester Ave. in Harrisburg. A limited liability company sold the property to a private partnership in a 1031 exchange for $6.9 million. Situated on 7 acres, the property features 108 units in a mix of one-, two- and three-bedroom layouts. According to Marcus & Millichap, the property features a 20-year family Housing Assistance Payments contract, which is expiring in 2024, on 98 percent of the units. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap.

October 6, 2017

Georgia Multifamily Southeast

Origin Investments Acquires New Apartment Community in Atlanta for $50.3M

by Camren Skelton October 6, 2017

ATLANTA — Origin Investments has acquired 675 North Highland Avenue, a 125-unit multifamily community located in Atlanta’s Poncey -Highland neighborhood. The sales price was undisclosed, but a source familiar with the transaction says Origin purchased the property for roughly $50.3 million. Atlanta-based Abraham Properties, the property’s developer, sold the property. Christopher Spain and Alex Brown of Cushman & Wakefield brokered the sale, and Mike Ryan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Origin. The first phase of 675 North Highland was completed in 2016 and features a mix of one-, two- and three-bedroom units that average more than 1,000 square feet. Community amenities include a fitness center, clubroom, package concierge system, pool deck, bocce ball court and grilling stations. The community was 96 percent occupied at the time of sale. In addition, the property includes 20,000 square feet of ground floor retail space and an adjacent land site for development. At the time of sale, the retail portion was 82 percent leased to CO Sushi and Noodles, Ganek and Vita-Flo. Origin will break ground on Phase II of the project in early December. JM Wilkerson will serve as the project’s general contractor, and Brock …

October 6, 2017

Midwest Minnesota Multifamily

Doran Completes 241-Unit Apartment Property in Hopkins, Minnesota

by Kristin Harlow October 6, 2017

HOPKINS, MINN. — Doran Cos. has completed The Moline in downtown Hopkins, a western suburb of Minneapolis. The 241-unit apartment property features more than 35,000 square feet of amenity space, including a club room, fitness center, business office, pet run, rooftop lounge and pool deck. The name pays homage to the community’s history as home of the Minneapolis-Moline Co., a large tractor and machinery producer. The first-floor lobby features an antique tractor display open to the public.

October 6, 2017

Arizona Multifamily Western

PC Avenue Acquires Avenue 8 Apartments in Mesa for $21.2M

by Nellie Day October 5, 2017

MESA, ARIZ. — PC Avenue 8 Mesa LLC has acquired the 194-unit Avenue 8 apartment complex in Mesa for $21.2 million. The community is located at 1050 W. Eighth Ave. The asset features two-bedroom units with refrigerators and stackable washers and dryers. Community amenities include two swimming pools, covered parking, fitness center, and a renovated office and clubhouse. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia represented the seller, KMG Village in the Pines LLC, in the transaction.

October 5, 2017

Colorado Multifamily Western

Mountain View Apartments in Longview Trades for $10.5M

by Nellie Day October 5, 2017

LONGVIEW, COLO. — A regional private investor has acquired the 130-unit Mountain View Apartments in Longview for $10.5 million. The community is located at 2185 38th Ave. The asset has received recent capital upgrades. Major employers in the area include PeaceHealth St. John Medical Center, Winco Holdings Inc., Lower Columbia College, Pacific Lumber & Shipping Co. and Solvay Chemicals Inc. George Miller of Marcus & Millichap represented the buyer. The firm’s Joel Deis represented the seller, a regional private investment partnership, in this transaction.

October 5, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates Acquisition Financing for 110-Unit Seniors Housing Community in Antioch

by Nellie Day October 5, 2017

ANTIOCH, CALIF. — CBRE has arranged acquisition financing for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, located approximately 40 miles northeast of San Francisco. The buyer is a joint venture between Agemark Senior Living and Trellis Real Estate Group. The seller was not a local mom-and-pop owner. Agemark will operate the property following the acquisition. Cypress Meadows was built in 1999. The new owners plan to spend $2.6 million in capital upgrades. Aron Will of CBRE National Senior Housing secured a five-year, floating-rate loan with 36 months of interest-only payments from a national bank.

October 5, 2017

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