Multifamily

Timberland Partners Acquires 144-Unit Apartment Property in Des Moines

by Kristin Harlow November 27, 2017

DES MOINES, IOWA — Timberland Partners has acquired Ashley Square in Des Moines for an undisclosed price. The 144-unit apartment property consists of one- and two-bedroom floor plans. Built in 1986, the five-building property features amenities such as an outdoor pool and clubhouse. Planned improvements include new signage, fencing and renovations to unit interiors and clubhouse. All units will receive new flooring, lighting, appliances, countertops and in-unit washers and dryers. This is Timberland’s ninth property that it has acquired in the Iowa market. William Ryan, Alex Blagojevich and Michael Sullivan of Berkadia represented the undisclosed seller.

November 27, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $65.7M Acquisition Loan for Multifamily Asset in Orlando

by Camren Skelton November 27, 2017

ORLANDO, FLA. — Berkadia has arranged a $65.7 million acquisition loan for Elan Audubon Park, a 449-unit multifamily community located at 990 Warehouse Road in Orlando. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan through Bank of America on behalf of the borrower, Harbor Group International. The company acquired the property for $97.1 million. Constructed this year, Elan Audubon Park features one-, two- and three-bedroom units with vaulted ceilings, hardwood floors and in-unit washers and dryers. Community amenities include two resort-style pools, a poolside bar with a TV, outdoor kitchens with gas grilling areas, outdoor fire pits, two-story clubhouse, two-story fitness center, tanning room, game room, dog park and a dog wash station. Elan Audubon Park is situated near Colonial Town Center, home to a variety of shopping, dining and entertainment destinations.

November 27, 2017

Florida Multifamily Southeast

PAC Acquires 180-Unit Multifamily Community in Tampa

by Camren Skelton November 27, 2017

TAMPA, FLA. — Preferred Apartment Communities (PAC) has acquired Overlook at Crosstown Walk, a 180-unit apartment community in Tampa. PAC acquired the asset through a wholly owned subsidiary and financed the acquisition using a $22.2 million, fixed-rate Fannie Mae loan. Berkadia Commercial arranged the seven-year loan with a fixed interest rate of 3.95 percent and a 30-year amortization schedule. Other terms of the transaction were not disclosed. Constructed in 2016, Overlook at Crosstown Walk features a pet washing station, fitness center, pool, business center and a clubhouse.

November 27, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Brokers Sale of 170-Unit Apartment Property Near Birmingham

by Camren Skelton November 27, 2017

VESTAVIA HILLS, ALA. — Cushman & Wakefield has arranged the sale of 1800 Vestavia, a 170-unit apartment community in Vestavia Hills, roughly six miles south of Birmingham. Josh Jacobs and Jimmy Adams of Cushman & Wakefield arranged the transaction on behalf of the buyer, Springer Capital. The seller and sales price were not disclosed. Interior upgrades have been completed for 20 units, and the new ownership plans to redevelop the property’s interiors and amenity package.

November 27, 2017

Colorado Multifamily Western

Denver Apartment Community Sells for $6.6M

by Nellie Day November 27, 2017

DENVER — An unnamed buyer has purchased a 41-unit apartment community in Denver for $6.6 million. The community is located at 2920 W. 32nd Ave. in the Highlands neighborhood. The asset is fully occupied. Josh Newell of the Newell Team represented the buyer in a 1031 exchange that swapped a stabilized asset for this value-add opportunity. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented the seller in this transaction.

November 27, 2017

Colorado Multifamily Western

Inland Affiliate Buys 200-Unit Arterra Place Apartments in Aurora, Colorado

by Nellie Day November 27, 2017

AURORA, COLO. — An Inland Real Estate Acquisitions affiliate has acquired the 200-unit Arterra Place Apartments in Aurora for an undisclosed sum. The community is located at 17036 E. Ohio Drive. Arterra Place was built in 2014. Each unit features nine-foot ceilings, granite countertops, a fireplace, walk-in closets, full-size washer and dryer, balcony and scenic mountain views. The property also features community amenities like a clubhouse with Wi-Fi, media room, heated swimming pool, outdoor fireplaces, 24-hour fitness center, bicycle/jogging path, barbecue grills, playground and heated pet wash station. Matthew Tice of Inland Real Estate Acquisitions executed the transaction.

November 27, 2017

Multifamily Washington Western

Kennedy Wilson Buys 343-Unit Apartment Complex Near Seattle for $135M

by Nellie Day November 22, 2017

ISSAQUAH, WASH. — Kennedy Wilson (KW) has purchased the 343-unit Atlas apartment complex in the Seattle suburb of Issaquah for $135 million. The community is located at 1036 7th Ave. NW. Atlas features a mix of studio, one- and two-bedroom units ranging from 513 square feet to 1,239 square feet across five mid-rise buildings. The brand-new community includes a fitness center and exercise studio, co-working pods, lounge areas, fire pit, and large outdoor courtyard with seating and barbecue grills. Atlas was one of four properties acquired through a 1031 exchange with proceeds generated from the recent sale of Summer House, a wholly owned, 615-unit apartment community in Alameda, Calif. KW invested $52 million of equity and secured a 10-year, interest-only loan for $84 million at a fixed-rate of 3.86 percent.

November 22, 2017

California Multifamily Seniors Housing Western

Kisco Completes $22.5M Expansion, Renovation of Seniors Housing Community in Anaheim

by Nellie Day November 22, 2017

ANAHEIM, CALIF. — Kisco Senior Living has completed expansion and renovations at Emerald Court, an independent living and assisted living community in Anaheim. The $22.5 million project includes a new two-story building with 58 assisted living residences, a demonstration kitchen and dining venue, and a wellness center. The expansion physically connects with the existing building and adds additional space to the courtyard. As part of the project, renovations were made to the main dining room, as well as corridors, lighting, the activity room and the salon of the existing building. A total of 58,000 square feet was added to the community overall. Following the expansion, Emerald Court now features 146 independent living and 104 assisted living apartments.

November 22, 2017

Colorado Multifamily Western

Pride Rock Acquires 240-Unit Apartment Community in Colorado Springs

by Nellie Day November 22, 2017

COLORADO SPRINGS, COLO. — Pride Rock has acquired The Preserve at Hidden Creek, an apartment community in Colorado Springs, for an undisclosed sum. The 240-unit community is located at 5910 Vista Ridge Point. The Preserve was built in 1996. Many of the units have been recently upgraded with vinyl plank flooring, new appliances and refinished countertops. Community amenities include a clubhouse, fitness center, pool, hot tub, barbecue grilling station, fire pit and more than 480 parking spaces. The low-density, garden-style community is adjacent to the Sunset Mesa open space with access to trails and recreation. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, Griffis Blessing, in this transaction.

November 22, 2017

California Lee & Associates Multifamily Seniors Housing Western

Lee & Associates Arranges Sale of Seven Acres in Murrieta for Memory Care Community

by Nellie Day November 22, 2017

MURRIETA, CALIF. — Lee & Associates – North San Diego County has arranged the sale of seven acres of land in Murrieta, located between Los Angeles and San Diego, for $1.3 million. The buyer plans to construct a 137-unit memory care community on the site. The plot is an infill development opportunity located near retail, schools, parks and new residential developments in the expanding region. Murrieta’s population more than doubled between 2000 and 2010, according to Lee & Associates. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County and Brian Bielatowicz of Lee & Associates – Temecula represented both the seller, The United Church of the Valley, and the buyer, Riverside Care Group LLC of Seattle.

November 22, 2017

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