Multifamily

Kennedy Wilson Buys 210-Unit Latitude Apartments in Happy Valley for $58M

by Nellie Day September 25, 2017

HAPPY VALLEY, ORE. — Kennedy Wilson has purchased the 210-unit Latitude Apartments in Happy Valley for $58 million. The community is located at 11282 S.E. Causey Circle. Latitude Apartments was built in two phases between 2008 and 2014. It is situated near Clackamas Town Center. Amenities include a dog run and grooming station, electronic parcel lockers, bike repair station, fitness facility, pool, basketball court and direct-entry garages. HFO represented both the buyer and the seller, the Reliant Group, in this transaction.

September 25, 2017

California Multifamily Seniors Housing Western

Living Care Lifestyles Breaks Ground on 120-Unit Community in Visalia

by Nellie Day September 25, 2017

VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.

September 25, 2017

Multifamily Seniors Housing Western

Clearwater Living to Operate 18-Property Wolff Company Independent Living Portfolio

by Nellie Day September 25, 2017

NEWPORT BEACH, CALIF. — Clearwater Living, a Newport Beach-based operator, has been selected to provide management services for The Wolff Company’s 18-community independent living platform located throughout the West. Clearwater Living began management on Sept. 1 at seven Wolff communities in Colorado, Nevada, Washington and California. Additional properties will come under Clearwater’s management as they are further developed. The portfolio consists of all new construction.

September 25, 2017

Multifamily North Carolina Southeast

Stiles Residential, Grubb Ventures Deliver 186-Unit Apartment Community in Raleigh

by Camren Skelton September 25, 2017

RALEIGH, N.C. — Fort Lauderdale, Fla.-based Stiles Residential Group and Raleigh-based Grubb Ventures have opened The Carolinian on Glenwood, a 186-unit apartment community in Raleigh. Located at 2600 Glenwood Ave., the property is located inside the Interstate 440 Beltline. Clancy & Theys Construction Co. built the community, which offers studio to three-bedroom floor plans ranging in size from 600 to 1,700 square feet. Community amenities include an outdoor rooftop lounge with a saltwater swimming pool, fitness center with a yoga studio, conference lounge and a Canine Club, which includes an indoor dog run and play area and a pet-grooming spa.

September 25, 2017

Multifamily New York Northeast

Joint Venture Acquires Manhattan Site for $65M to Redevelop as Residential Tower

by Amy Works September 25, 2017

NEW YORK CITY — Sumaida + Khurana and LENY have acquired a vacant commercial building located at 611 W. 56th St. in Manhattan’s West Side for $65 million. The joint venture plans to demolish the existing structure and redevelop the site into a 35-story residential condominium building. Alvaro Siza designed the building, which will feature 80 units ranging from one- to four-bedroom layouts and penthouses. Amenities will include private terraces, a roof garden, sun deck, fitness center and retail components. Carl Schwartz, Susan Saslow, Douglas Hoffmann and Michal Baum of Hunton & Williams advised the joint venture on the acquisition. The name of the seller was not released.

September 25, 2017

Maryland Multifamily Southeast

FCP, Urban Atlantic Acquire Two Apartment Assets in Metro D.C. for $44M

by Camren Skelton September 25, 2017

FORESTVILLE AND CAPITOL HEIGHTS, MD. — Federal Capital Partners (FCP), in a joint venture with Urban Atlantic, has acquired two apartment assets in metro Washington, D.C. for a combined $44 million. Christine Espenshade and Robert Garrish of JLL arranged the transaction on behalf of the buyer. Located at 5521 Marlboro Pike in Forestville, Holly Springs Meadows is roughly 12 miles southeast of Washington, D.C. The pet-friendly community features modern kitchens, a playground and open courtyard spaces. The second community, Woods at Addison, is located at 6500 Ronald Road in Capitol Heights, approximately 10 miles east of D.C. The community features modern kitchens, private balconies or patios, a pool and tennis and basketball courts. The properties have a combined total of 449 apartment units.

September 25, 2017

Multifamily Southeast Virginia

Marcus & Millichap Arranges $8.1M Sale of Multifamily Community in Virginia Beach

by Camren Skelton September 25, 2017

VIRGINIA BEACH, VA. — Marcus & Millichap has brokered the $8.1 million sale of Hollygreen Apartments, a 96-unit multifamily community located at 3429 Hollygreen Drive in Virginia Beach. Altay Uzun and Justin Ferguson of Marcus & Millichap represented the sellers, private investors who had owned the property since its construction in 1984, in the 1031 exchange. Uzun also procured the undisclosed buyer. The community includes one- and two-bedroom floor plans and features a fitness center and swimming pool.

September 25, 2017

Loans Multifamily Northeast Seniors Housing Vermont

Ziegler Arranges $67.1M Bond Financing for 294-Unit CCRC in Vermont

by Amy Works September 25, 2017

SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.

September 25, 2017

Loans Multifamily Texas

Dougherty Arranges $32M Acquisition Loan for Apartment Community in Carrollton

by Taylor Williams September 25, 2017

CARROLLTON, TEXAS — Dougherty Mortgage LLC has arranged a $32 million Fannie Mae loan for the acquisition of Mustang Park Apartments, a 289-unit multifamily community in Carrollton. The property offers amenities such as a fitness center, business center and a pool. The 12-year loan, which was arranged on behalf of borrower The Mustang Apartments LLC, features five years of interest-only payments and a 30-year amortization schedule.

September 25, 2017

Loans Multifamily Texas

BMC Capital Secures $6.7M Bridge Loan for Purchase of Houston Apartment Community

by Taylor Williams September 25, 2017

HOUSTON — BMC Capital has secured a $6.7 million bridge loan for the purchase of a 163-unit multifamily property in Houston. Clayton Wells of BMC Capital arranged the non-recourse loan, which includes a 75 percent loan to value (LTV) ration and 18 months of interest-only payments. The names of the lender, borrower and property were not disclosed.

September 25, 2017

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