Multifamily

Ryan Cos. Buys 11 Acres Near Nashville for $48.5M Seniors Housing Community

by John Nelson April 17, 2017

HENDERSONVILLE, TENN. — Ryan Cos. US Inc. has acquired an 11-acre land parcel in the Nashville suburb of Hendersonville. The buyer will use the property to build Clarendale at Indian Lake, a $48.5 million, 189-unit independent living, assisted living and memory care community. Project partners include LCS and Harrison Street Real Estate Capital. It will be the fourth Clarendale-branded community. The developers plan to start construction this spring for completion in fall 2018. Life Care Services, an affiliate of LCS, will operate the community once construction is completed. HFR Design, a Nashville-based architecture and engineering firm, designed the property. Bone McAllester Norton provided legal services. Terry Smith and Henry Trost of Avison Young represented Ryan Cos. in the land acquisition. The price was not disclosed.

April 17, 2017

Multifamily Southeast Tennessee

GBT Realty Begins Construction on $20M Apartment Community in Nashville

by John Nelson April 17, 2017

NASHVILLE, TENN. — GBT Realty Corp. has begun construction on Belcourt Park, a $20 million multifamily community situated on 0.7 acres in Nashville’s Hillsboro Village. Belcourt Park will include 76 units and an onsite leasing and management office. Community amenities include a Wi-Fi workspace, an espresso bar, fitness facility, patio with cabanas and fire pits and a concealed parking structure that can hold up to 84 cars. Pre-leasing is expected to start this winter with the first residents moving in no later than next spring. GBT Realty financed the development with an $11.4 million construction loan from Trustmark Corp. Belcourt Park brings GBT’s total current investment in Hillsboro Village to $65 million, including Village 21 at Regions Park.

April 17, 2017

Multifamily South Carolina Southeast Student Housing

Stonemont Breaks Ground on Student Housing Community Near Clemson University

by John Nelson April 17, 2017

CLEMSON, S.C. — Stonemont Financial Group has begun construction on Plaza One89, a 45-bed student housing community located near Clemson University in South Carolina. The four-story property, which is also home to 6,000 square feet of retail space leased to Amici Italian Café, will offer two- and four-bedroom, fully furnished units with balconies. Community amenities will include a rooftop patio, on-site parking and controlled access. The project is set to open this August.

April 17, 2017

Florida Multifamily Southeast

Federal Capital Partners Buys Two Apartment Communities in Tampa for $21M

by John Nelson April 17, 2017

TAMPA, FLA. — Federal Capital Partners has purchased two apartment communities in Tampa totaling 293 units for a combined $21 million. The properties include Poplar Park Terrace, a 165-unit community at 4111 N. Poplar Ave. that will soon be rebranded as The Flats at Seminole Heights, and Fernwood Grove, a 128-unit property located at 4900 N. MacDill Ave. Jason Stanton of Berkadia’s Tampa office represented the undisclosed seller in the transaction.

April 17, 2017

Multifamily Seniors Housing Texas

Marcus & Millichap Brokers Sale of 87-Unit Seniors Housing Facility in Allen

by Taylor Williams April 17, 2017

ALLEN, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Assisted Living, an 87-unit, 95-bed assisted living and memory care community located at 650 S. Greenville Ave. in Allen. Doug O’Toole of Marcus & Millichap represented the buyer, a national owner/operator of seniors housing properties, in the transaction. Nathan Tune of Coldwell Banker represented the seller, a Texas-based developer.

April 17, 2017

Illinois Loans Midwest Multifamily

Dougherty Mortgage Arranges $5.2M Supplemental Loan for Apartment Property in Palos Hills, Illinois

by Kristin Harlow April 17, 2017

PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae supplemental loan for Green Oaks Apartments in Palos Hills, a southwest suburb of Chicago. The property consists of 384 apartment units. The 7.9-year loan includes a 30-year amortization schedule, and was a supplemental loan for a previously closed refinancing. Dougherty’s Brentwood, Tenn. office arranged the loan for the borrower, Green Oaks at Palos Hills LP.

April 17, 2017

Multifamily Nevada Western

Horizon Realty Advisors Buys Woodside Village Apartments in Reno

by Nellie Day April 14, 2017

RENO, NEV. — Horizon Realty Advisors LLC has acquired the 250-unit Woodside Village in Reno has sold to for an undisclosed sum. The community is located at 4800 Kietzke Lane. It is situated across the street from the Reno-Sparks Convention Center. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented the buyer and seller, Woodside Village Opco LLC, in this transaction.

April 14, 2017

California Multifamily Western

Apartment Complex in Reseda Sells for $4.4M

by Nellie Day April 14, 2017

LOS ANGELES — June Quest One LLC has acquired a 14-unit apartment complex in the Los Angeles submarket of Reseda for $4.4 million. The community is located at 7122 Amigo Ave. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator. It was built in 2013. Robert Stepp and Mark Witksen of Stepp Commercial represented the buyer. The Agency represented the seller, Amigo Properties.

April 14, 2017

Florida Multifamily Southeast

Marcus & Millichap Arranges $44.3M Sale of Multifamily Portfolio in Daytona Beach

by John Nelson April 14, 2017

DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $44.3 million sale of a three-property, 736-unit multifamily portfolio in Daytona Beach. The properties include The Barrington, a 288-unit community built in 1974; Sutton Place, a 240-unit complex built in 1975; and Emerald Park, a 208-unit property built in 1985. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller, a private investor based in Illinois, in the transaction. The pair also procured the buyer, an investment firm based in Tampa.

April 14, 2017

Loans Multifamily Texas

Dougherty Mortgage Arranges $7.4M Acquisition Loan for 134-Unit Apartment Complex in Irving

by Taylor Williams April 14, 2017

IRVING, TEXAS — Dougherty Mortgage LLC has arranged a $7.4 million Fannie Mae loan for the acquisition of Villa France Apartments, a 134-unit multifamily property located at 1831 W. Pioneer Drive in Irving. The 12-year loan features a 30-year amortization schedule and two years of interest-only payments. The loan was arranged on behalf of Legacy REI Group VF LLC through a partnership with Old Capital Lending.

April 14, 2017

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