Multifamily

JRK Acquires 504-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow June 6, 2017

LOMBARD, ILL. — JRK Property Holdings has acquired the Clover Creek apartment complex in Lombard, a suburb of Chicago. The purchase price was not disclosed. The 504-unit community was built in 1986. Clover Creek features a variety of one-, two- and three-bedroom floor plans on a 34-acre site. Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park and clubhouse with Internet café, fitness center and business center. JRK MF Opportunities II LP fund was used to purchase the property. Sean Fogarty, Marty O’Connell and Amanda Friant of HFF represented both JRK and the undisclosed seller in the transaction.

June 6, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $59.8M HUD Loan for Skilled Nursing Facility in Queens

by Amy Works June 6, 2017

NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. The borrower is Kennedy Management. Fred Levine of Greystone’s Monsey, N.Y., office originated both the bridge and permanent FHA loan for the property. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit. In 2015, Greystone arranged a bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which includes an onsite 40-bed ventilator-dependent unit and a 12-chair dialysis center.

June 6, 2017

Multifamily Student Housing Texas

29SC Acquires 488-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams June 6, 2017

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Reserve at West Avenue, a 152-unit, 488-bed student housing community in the San Antonio metro of San Marcos. Located at 109 West Ave., approximately two miles from Texas State University, the property consists of one-, two-, three- and four-bedroom units, each fully furnished, including washers and dryers. Amenities include a pool, 24-hour fitness center, private study rooms and a clubhouse with a game room. 29SC will invest roughly $1 million to the unit interiors and the property’s amenities.

June 6, 2017

California Multifamily Student Housing Top Stories Western

Mapletree Investments Acquires $1.6B Student Housing, Multifamily Portfolio from Kayne Anderson

by Katie Sloan June 6, 2017

LOS ANGELES — Singapore-based Mapletree Investments Pte Ltd. has acquired a portfolio of eight student housing communities and four multifamily properties from Los Angeles-based Kayne Anderson Real Estate Advisors for $1.6 billion. The student housing portion of the portfolio consists of 3,611 beds in the United States and 140 beds in Canada. Properties include: WaHu — an 825-bed community located near the University of Minnesota in Minneapolis The District at Campus West — a 659-bed community located near Colorado State University in Fort Collins, Colo. SkyVue — a 627-bed community located near the University of Pittsburgh in Pennsylvania 4th Street Commons — a 562-bed community located near Florida International University in Miami 930 NoMo — a 430-bed community located near the College of Charleston in Charleston, S.C. Todd — a 351-bed community located near the University of Missouri in Columbia, Mo. 700 on Washington — a 157-bed community located near the University of Minnesota in Minneapolis Parc Cite — a 140-bed community located near McGill University in Montreal, Canada The eight student housing properties are located an average of 0.2 miles away from campus, and have occupancies above 90 percent. The four multifamily properties total 1,388 units, and include: Mint Urban …

June 6, 2017

Market Reports Multifamily New Mexico Western Western Market Reports

Albuquerque Multifamily Prices Rise on Heels of Rental Rate Increases

by Camren Skelton June 6, 2017

The New Mexico multifamily market, more specifically Albuquerque, recorded an impressively strong 2016 with vacancies dropping below 5 percent. Asking rents have increased for three consecutive years, fueling the investment market both in volume and prices. Employment grew by 2,700 jobs in Albuquerque last year. More than 2,000 of those were added in the fourth quarter, making it the strongest employment growth quarter in more than four years. Mining, logging and construction led the way in job creation, growing their sectors by nearly 8 percent. Professional, business services and the hospitality sector also strengthened on the job front. This expansion drove demand for multifamily units, pushing vacancy downward. The vacancy rate in Albuquerque declined 60 basis points in 2016, following a 100 basis point drop in 2015. Rents dropped slightly in the fourth quarter, but year-end 2016 asking rents were up 4 percent over 2015 to an average of $776 per month. Rent growth in the area has averaged 2.7 percent per year since 2014. Developers stepped up to the plate in 2016, answering the demand for more units. The market received 675 new units with about 1,000 more currently under construction. One of the new highly anticipated projects is …

June 6, 2017

California Multifamily Western

Greystar to Build Mixed-Use Development in LA with $100M in Construction Financing

by Nellie Day June 5, 2017

LOS ANGELES — Greystar has received $100 million in financing for the development of Arts District AMP Lofts, a mixed-use residential and retail property located Los Angeles’ Arts District. HFF placed the 48-month construction loan with CIT’s Real Estate Finance business. The 320-unit property will offer amenities including 20,000 square feet of retail space; a community garden and park; dog run; outdoor creative workspace; clubhouse with bar and indoor/outdoor lounge space; fitness center; and outdoor pool. The development is scheduled for completion in 2019.

June 5, 2017

California Multifamily Seniors Housing Western

PGIM, Kisco Acquire 187-Unit Bay Area Independent Living Community

by Nellie Day June 5, 2017

WALNUT CREEK, CALIF. — A joint venture between PGIM Real Estate and Kisco Senior Living has acquired Byron Park, a 187-unit independent living and assisted living community in Walnut Creek. Although the purchase price was not disclosed, BMO Harris Bank arranged and was lead lender on $61.8 million in financing in connection with the transaction. The loans were structured as $50.1 million in term loan financing and $11.7 million in construction financing, which will fund the addition of a 40-unit assisted living and memory care building on the campus. Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which will continue to operate the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.

June 5, 2017

Loans Multifamily Oregon Seniors Housing Western

Capital One Closes $17.5M Financing for Seniors Housing Community in Oregon

by Nellie Day June 5, 2017

THE DALLES, ORE. — Capital One has provided a $17.5 million fixed-rate Fannie Mae loan to refinance The Springs at Mill Creek, a 92-unit seniors housing community in The Dalles, a city in northern Oregon. The sponsor, The Springs Living, is a family-owned seniors housing company with 14 communities totaling nearly 1,700 beds in Oregon and Montana. The sponsor is using the loan to pay off existing debt and buy out its joint venture partner, a private equity firm based in Chicago. Dague Retzlaff and Mark Bultman of Capital One originated the transaction. The team worked with Capital One’s Multifamily Finance team to structure the transaction.

June 5, 2017

Loans Multifamily New York Northeast

Urban View Development Closes $10.2M in Construction Loans for Two Condo Developments

by Amy Works June 5, 2017

NEW YORK CITY — Urban View Development has received $10.2 million in construction loans for two ground-up condominium developments in Brooklyn’s East Bushwick neighborhood. SKW Funding provided the loans, $5 million and $5.2 million, for the two projects at 301 Covert St. and 1229 Putnam Ave. Urban View Development plans to construct 38 condominium units, 19 at each site, which are currently vacant lots. Each project will offer 17 one-bedroom units and two two-bedroom units, with prices ranging from $470,000 to the mid-$700,000s. Menelik Tefera of SKW Funding originated and the led the due diligence and execution of the loans.

June 5, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Facilitates Sales of Three Multifamily Properties in New Jersey

by Amy Works June 5, 2017

CLIFFSIDE PARK AND PATERSON, N.J. — Gebroe-Hammer Associates has brokered the sales of three multifamily properties located in Cliffside Park and Paterson. Debbie Pomerantz of Gebroe-Hammer represented the sellers in both transactions. Nicholas Nicolaou, also of Gebroe-Hammer, represented the buyer in the Cliffside Park deal, while Pomerantz represented the buyer in the Paterson transaction. In Cliffside Park, an undisclosed buyer acquired a three-story building, located at 319 Palisade Ave., with 19 condominium-style units for $5.45 million, or $286,842 per unit. The one- and two-bedroom units feature hardwood floors, spacious layouts, central air conditioning and in-unit washers/dryers. Community amenities include a ground-level parking garage with direct elevator access. The name of the seller was not released. In Paterson, an undisclosed seller sold two buildings, located at 764-768 21st St. and 549-553 E. 38th St., for $3.2 million to an undisclosed buyer. The properties offer a total of 34 separately metered residential units.

June 5, 2017

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