Multifamily

Waterton Buys 347-Unit G12 Apartment Community in Downtown Los Angeles

by Amy Works January 8, 2025

LOS ANGELES — Waterton has acquired G12, a mid-rise multifamily property at 1200 S. Grand Ave. in Los Angeles’ South Park neighborhood. Terms of the transaction were not released. Cushman & Wakefield arranged the deal. Built in 2017, G12 offers 347 studio, one- and two-bedroom apartments with loft options. Residences include private balconies, quartz countertops, stainless steel GE appliances, in-unit washers/dryers and vinyl plank flooring. The buyer plans to renovate the units with the addition of mobile kitchen islands and upgraded lighting and plumbing fixtures throughout. Community amenities include a lounge with fireplace, fitness center with a yoga/spin studio and Peloton bikes, an outdoor pool and sundeck with grilling stations, a sky terrace with a rooftop dog run, private underground parking and bike storage. Additionally, the property includes 17,000 square feet of street-level retail space.

January 8, 2025

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 105-Unit Sundance Multifamily Community in Milton, Washington

by Amy Works January 8, 2025

MILTON, WASH. — San Diego-based Pathfinder Partners has purchased Sundance, a 105-unit apartment property in Milton, a suburb south of Seattle, from SEB Inc. The purchase price was $28.1 million, or $268,000 per unit. Located at 210 27th Ave., Sundance offers 18 one-bedroom/one-bath units, 42 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 21 three-bedroom/two-bath units ranging from 725 square feet to 1,160 square feet spread around nine three-story residential buildings. Units include washers/dryers, nine- and 10-foot ceilings on the upper floors, electric fireplaces, private decks or patios and walk-in closets. Onsite amenities include a pool, hot tub, community picnic area with barbecue grills, a playground and 24 detached garages, as well as a community building with a clubhouse, leasing office and fitness center.

January 8, 2025

Development Hospitality Midwest Multifamily Ohio

Kassouf Development to Build Dual-Branded W Residences, W Hotels Project in Downtown Cleveland

by Kristin Harlow January 8, 2025

CLEVELAND — Kassouf Development has closed on financing for the Erieview Tower & Galleria redevelopment in downtown Clevleand. The developer will convert the property into a dual-branded W Residences and W Hotels by Marriott project. Plans call for 227 residences and 210 luxury hotel rooms. Residents will have access to concierge services, housekeeping, a doorman, bellman and butler services in addition to all hospitality and experiential amenities as well as access to the connected retail Galleria. The hotel component will feature a rooftop bar, fine dining restaurant, spa, fitness center, lobby lounge, office spaces and a 15,000-square-foot ballroom. The project marks the first W Hotels offering in Ohio. The development’s price tag is more than $218 million. The dual-branded W Residences and W Hotels concept is offered by Marriott worldwide, and there are eight locations in the United States. The existing Erieview Tower & Galleria is listed on the National Register of Historic Places. Construction will be completed in phases, with residential construction commencing immediately and hotel construction beginning later this year. Completion is slated for late 2026. The Kassouf family purchased Erieview Tower in 2018 and has worked since the acquisition to secure the various capital sources needed to …

January 8, 2025

Acquisitions Affordable Housing Midwest Minnesota Multifamily

JLL Brokers Sale of 84-Unit Affordable Housing Portfolio in Rural Minnesota

by Kristin Harlow January 8, 2025

BRAHAM AND SANDSTONE, MINN. — JLL Capital Markets has brokered the sale of a two-property affordable housing portfolio totaling 84 units in rural Minnesota for an undisclosed price. Braham Meadows in Braham was built between 1978 and 1980. There are 42 units averaging 1,024 square feet each. Sandy Pines in Sandstone was built in 1979. There are 42 units across 47,400 square feet of rentable space. Both properties operate under project-based Housing Assistance Payments contracts and maintain 88 percent occupancy rates. JLL represented the seller, Gaughan Cos. The sales were part of a larger affordable housing portfolio consisting of five assets with 256 units. The locally based buyer specializes in acquisition rehabs to maintain long-term viability of apartment communities.

January 8, 2025

Acquisitions Loans Multifamily New Jersey Northeast Top Stories

IPA Capital Markets Arranges $174M in Acquisition Financing for Northern New Jersey Multifamily Property

by Kristin Harlow January 8, 2025

WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit multifamily property in West New York. Built in 2006, the community is situated adjacent to the Hudson River and directly across from Manhattan. Amenities include onsite retail, a heated swimming pool, fitness center, yoga studio, business center and grilling stations. Monthly rents at 55 Riverwalk Place start around $2,900, according to the property’s website. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of IPA arranged the financing through Bank of America on behalf of the borrower, a joint venture between a New York City-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast and a global institutional investment manager. Both parties requested anonymity. Kazanjian says that the acquisition represents a significant value-add opportunity for the sponsor. — Kristin Harlow

January 8, 2025

Affordable Housing Development Loans Multifamily Texas

Palladium USA Breaks Ground on $30M Mixed-Income Multifamily Project in Lewisville, Texas

by Taylor Williams January 7, 2025

LEWISVILLE, TEXAS — Locally based developer Palladium USA has broken ground on a $30 million mixed-income multifamily project in the northern Dallas suburb of Lewisville. Palladium Lewisville will total 90 units in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first units are expected to be available for occupancy before the end of the year. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project.

January 7, 2025

Acquisitions Loans Multifamily Southeast Tennessee

Colliers Mortgage Provides Agency Loan for 193-Unit Canyon and Knox Landing Apartments in Knoxville

by John Nelson January 7, 2025

KNOXVILLE, TENN. — Colliers Mortgage has provided a seven-year Fannie Mae loan for the acquisition of Canyon and Knox Landing Apartments, a 193-unit multifamily community in Knoxville. The borrower and loan amount were not disclosed. Built in 1974, Canyon and Knox Landing features a mix of studio, one- and two-bedroom apartments ranging in size from 228 to 864 square feet, as well as a fitness center, laundry facilities, pet play area, picnic area, pool, tennis court and a volleyball court.

January 7, 2025

California Development Multifamily Western

Legacy Partners, DWS Break Ground on 346-Unit Multifamily Community in Ontario, California

by Amy Works January 7, 2025

ONTARIO, CALIF. — Legacy Partners and DWS Group have started construction on Legacy Ontario, a 346-unit apartment property in Ontario. Located at 2510 S. Euclid Ave., the community will consist of eight three- and four-story buildings with tucked-under garage parking and covered carports. Additionally, the property will offer 6,000 square feet of ground-floor retail space facing Euclid Avenue. Designed by AO, Legacy Ontario will feature studio, one- and two-bedroom layouts ranging from 706 square feet to 1,293 square feet. The units will offer modern kitchens with stainless steel appliances, tiled backsplashes, large kitchen islands in select units, wood-style flooring and full-size washers/dryers, as well as patios or large decks. Community amenities will include a roof deck, clubhouse, pool/spa, fitness center, sports lounge, multiple barbecue areas and a dog run. The property is also pursuing LEED certification and will provide solar panels with battery storage and 171 electric vehicle charging stations. Completion is slated for April 2027, with Next Phase serving as the general contractor.

January 7, 2025

Illinois Loans Midwest Multifamily

JLL Originates $113.7M Loan for Refinancing of Chicago Apartment Tower

by Kristin Harlow January 7, 2025

CHICAGO — JLL Capital Markets has originated a $113.7 million Freddie Mac loan for the refinancing of K2 Apartments, a 34-story apartment tower in Chicago’s Fulton Market district. The 496-unit property is located at 365 N. Halsted St. just west of the Chicago River. Constructed in 2013, K2 Apartments features a range of units from studios to three-bedroom layouts. Amenities include a pool, terrace lounge, movie theater room, 24-hour concierge service, a dog park and indoor basketball court. Danny Kaufman, Medina Spiodic and Rebecca Brielmaier of JLL arranged the seven-year, fixed-rate loan on behalf of the borrower, Georgetown Co.

January 7, 2025

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 158-Unit Apartment Complex in New Haven, Connecticut

by Taylor Williams January 7, 2025

NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 200 Fountain, a 158-unit apartment complex in New Haven. Built in 1963, the property offers studio, one-, two- and three-bedroom units and amenities such as a resident lounge, library, fitness center and a business center. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

January 7, 2025

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