Multifamily

Silverado to Host Groundbreaking Ceremony for 90-Unit Memory Care Community Near Chicago

by Kristin Harlow August 3, 2017

ST. CHARLES, ILL. — Silverado will host a groundbreaking ceremony Friday, Aug. 11 for Silverado St. Charles, a 90-unit memory care community in the Chicago suburb of St. Charles. The 47,000-square-foot, single-story community is scheduled to open during summer 2018. It will be located on a four-acre plot. Silverado estimates total project costs at $12 million. Development team members include Jensen and Halstead Ltd. for architecture and planning; Cemcon Engineering for civil engineering; Terracon for geo-technical field observations; and Testing Services Corp (TSC) for construction testing services. Irvine, California-based Silverado is a memory care operator with 52 locations in Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.

August 3, 2017

Midwest Minnesota Multifamily

High Street Residential Completes 164-Unit Apartment Complex in Minneapolis

by Kristin Harlow August 3, 2017

MINNEAPOLIS — High Street Residential, a subsidiary of Trammell Crow Co., has completed Foundry on Lake Street, a 164-unit, Class A multifamily property located at 3118 W. Lake St. in Minneapolis. The property, which offers studio, one-, two- and three-bedroom units, is currently 54 percent leased following its grand opening on May 1. Amenities include a coffee bar, fitness club, resort-style pool and grilling stations, as well as 5,000 square feet of indoor restaurant space. Utah-based Big-D Construction Corp. served as general contractor for the project designed by Minneapolis-based ESG Architects.

August 3, 2017

Loans Multifamily New Jersey Northeast

KeyBank Arranges $54.8M in Refinancing for New Jersey Apartment Community

by Amy Works August 2, 2017

EAST ORANGE, N.J. — KeyBank Community Development & Lending Investment has provided a $54.8 million bridge loan for Essence 144, an apartment community located at 144 S. Harrison St. in East Orange. The borrower is Blackstone 360, a design-build firm based in Newark, N.J. Essence 144 is an adaptive reuse project in which the abandoned 12-story existing structure was redeveloped into a 144-unit apartment community. Tom Peloquin and John Gilmore IV of KeyBank arranged the refinancing.

August 2, 2017

Arizona Multifamily Western

JV Sells Ovation at Tempe Apartment Community for $36M

by Nellie Day August 2, 2017

TEMPE, ARIZ. — A joint venture between Passco Cos. and InSite Property Ventures has sold the 270-unit Ovation at Tempe to an undisclosed buyer for $36 million. The community is located at 4502-4505 S. Hardy Drive in Tempe. The JV initially acquired the asset for $25.8 million in 2014. Rents in metro Phoenix have increased by 5.6 percent over this past year alone, according to the sellers. The JV implemented a series of interior and exterior improvements to the apartment community during its ownership. This included upgrading unit interiors, constructing additional carports, and enhancing the property’s exterior and community amenities.

August 2, 2017

Multifamily Student Housing Washington Western

Nelson Brothers Acquires 184-Bed Community Near Washington State University

by Nellie Day August 2, 2017

PULLMAN, WASH. — Nelson Brothers Professional Real Estate LLC has acquired College Crest Apartments, a 184-bed student housing community located near Washington State University in Pullman. The garden-style community offers two-, three- and four-bedroom units. Highland Realty Capital Inc. served as the broker for the transaction. Calmwater Capital provided $7.6 million in senior debt for the acquisition of the property and for renovations, to include unit upgrades and the conversion of 39 three-bedroom units into four-bedroom units.

August 2, 2017

Multifamily Seniors Housing Texas

Tradition Senior Living Begins Work on New Facility in Houston

by Taylor Williams August 2, 2017

HOUSTON — Tradition Senior Living LP, a developer and operator of seniors housing communities, has begun work on The Tradition-Buffalo Speedway, a 316-unit facility situated on 7.6 acres at 9339 Buffalo Speedway in Houston. The property will offer 222 independent living units and 94 assisted living/memory care units. Amenities include an underground parking garage, on-site restaurant options and a fitness center with an indoor pool and Pilates studio. The initial opening is slated for late 2018.

August 2, 2017

California Multifamily Western

James Investment Partners Buys The Terraces Apartment Community in San Francisco for $21.1M

by Nellie Day August 2, 2017

SAN FRANCISCO — James Investment Partners has acquired The Terraces, a 72-unit, condominium-quality development in the East Bay community of El Sobrante, for $21.1 million. The community is located at 6000 Sunhill Circle. The Terraces was built in phases beginning in 1991. It was expanded in 2003. All units are about 1,000 square feet and feature two-bedroom floor plans with private garages. Community amenities include a swimming pool, Jacuzzi spa and a playground. There is an opportunity to convert the existing leasing office into a fitness center. Brandon Geraldo and Ryan Wagner of Colliers International represented both the buyer and seller, an affiliate of Abacus Capital Group, in this transaction.

August 2, 2017

Loans Multifamily Texas

Mason Joseph Arranges $20.1M Loan for 180-Unit Apartment Community in Kyle, Texas

by Taylor Williams August 2, 2017

KYLE, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $20.1 million in construction and permanent financing for Plum Creek Vue, a 180-unit apartment community in Kyle, a city roughly midway between Austin and San Antonio. The HUD loan carries a fixed interest rate for the 15-month construction period and subsequent 40-year term. Blazer Building Texas is constructing the property, which is located at the intersection of Cromwell and Dorman drives.

August 2, 2017

Multifamily Texas

NAPA Ventures Acquires 150-Unit Apartment Complex in Corpus Christi

by Taylor Williams August 2, 2017

CORPUS CHRISTI, TEXAS — NAPA Ventures LLC, an Austin-based investment firm, has acquired Yardarm Apartments, a 150-unit multifamily property located at 10660 Leopard St. in Corpus Christi. The company will renovate the property’s pool area, parking lots, leasing and business center, and fund improvements to the interiors of the units. The name of the seller and sale price were not disclosed.

August 2, 2017

Illinois Midwest Multifamily

Ryan Cos., Lincoln Property Co. Deliver $100M Apartment Tower in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — Ryan Cos., in partnership with Lincoln Property Co., has completed Aurélien, a $100 million apartment tower located at the southeast corner of Clark and Chestnut streets in Chicago’s Gold Coast neighborhood. The 31-story, 41,000-square-foot property was designed by Ryan and includes a mix of studio, one- and two-bedroom units, ranging in size from 564 to 1,245 square feet, with monthly rents ranging from $1,895 to $4,110. The tower also features six penthouse units, ranging from 1,165 to 3,339 square feet, and rents starting at $4,660. Lincoln Property Cos. will manage the property and oversee leasing efforts. Other team members include Antunovich Associates, architect of record; Daiwa House of Texas, primary equity investor; U.S. Bank, construction financing; Studio K, interior designer, Ryan A + E, design architect and TGRWA, structural engineer. Aurélien features floor-to-ceiling glass windows; a rooftop level that includes a swimming pool, private cabanas, outdoor fireplaces and a fitness center; bocce ball courts, a private terrace and a business center. The first tenants moved into the apartment community in June.

August 2, 2017

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