Multifamily

Arbor Arranges $9.6M in Refinancing for Three Apartment Communities in Houston

by Taylor Williams November 22, 2017

HOUSTON — Arbor Realty Trust Inc. has arranged $9.6 million in refinancing for three apartment communities in Houston. The company secured a $4.5 million loan for the 180-unit Whispering Oaks Apartments on the city’s southwestern side; a $2.8 million loan for the 90-unit Coventry North Apartments on the city’s southeastern side; and a $2.3 million loan for the 80-unit Leawood Plaza Apartments, also on the city’s southwestern side. All three loans were placed through Freddie Mac’s Small Balance Loan program and feature seven-year terms, fixed interest rates and 30-year amortization schedules.

November 22, 2017

Georgia Multifamily Southeast

Continental Realty Acquires Apartment Community in Atlanta’s West Midtown District for $80M

by Camren Skelton November 22, 2017

ATLANTA — Continental Realty Corp. (CRC) has acquired Millworks, a 345-unit apartment community located at 1888 Emery St. in Atlanta’s West Midtown district, for $80 million. The Baltimore-based company acquired the asset on behalf of Continental Realty Fund IV LP, a $164 million fund focused on the acquisition of retail and multifamily properties throughout the Mid-Atlantic and Southeast. Derrick Bloom, David Gutting and Brandon Beaty of JLL arranged the transaction on behalf of the seller and developer, Atlanta-based Pollack Shores. Delivered earlier this year, Millworks offers a mix of one- to three-bedroom floor plans ranging in size from 647 to 1,470 square feet. Unit interiors feature quartz countertops, stainless steel appliances, nine-foot ceilings, vinyl plank wood flooring and balconies or porches. Community amenities include a saltwater pool with an outdoor lounge area, bocce ball court, bar lounge, fitness studio with yoga space and an art studio area.

November 22, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Arranges $21M Sale of Multifamily Community in Mobile

by Camren Skelton November 22, 2017

MOBILE, ALA. — Cushman & Wakefield has arranged the $21 million sale of Woodside, a 240-unit apartment community in Mobile. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Equity Research. Hamilton Point Investments acquired the property. Constructed in 2012, Woodside features a pool with sundeck, fitness center, dog park, business center and a laundry facility.

November 22, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $66.4M Construction Financing for 216-Unit Seniors Housing Community Near Portland

by Nellie Day November 21, 2017

LAKE OSWEGO, ORE. — CBRE has arranged a $66.4 million loan for the construction of The Springs Living Lake Oswego, a 216-unit seniors housing community in the Portland suburb of Lake Oswego. The community will feature 75 independent living units, 30 “assisted living lite” units, 87 assisted living units and 24 memory care units. The 370,887-square-foot building will encompass a five-story residential building over two levels of parking. The development is situated on 4.8 acres. Aron Will of CBRE National Senior Housing secured the four-year, floating-rate construction loan with 48 months of interest-only payments from a pair of national banks. The Springs Living will operate the community once it is completed. A timeline was not released.

November 21, 2017

Arizona Multifamily Western

Mountain Park Apartments in Phoenix Sells for $40.4M

by Nellie Day November 21, 2017

PHOENIX — An undisclosed buyer has purchased the 240-unit Mountain Park apartments in Phoenix’s Ahwatukee Foothills Village for $40.4 million. The community is located at 4221 E. Ray Road. Mountain Park has immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway and the Loop 202 Expansion/South Mountain Freeway. The community was developed in 1994. Institutional Property Advisors brokered the sale.

November 21, 2017

Alabama Multifamily Southeast

Greystone Brown Arranges $48.2M Sale of Two Multifamily Properties in Montgomery Area

by Camren Skelton November 21, 2017

MONTGOMERY AND MILLBROOK ALA. — Atlanta-based Greystone Brown Real Estate Advisors, a joint venture between Greystone and Brown Realty Advisors, has arranged the $48.2 million sale of two multifamily properties in the Montgomery area: The Belmont in Montgomery and Crossings of Millbrook in Millbrook, roughly 10 miles north of Montgomery. Anthos Properties acquired the 458-unit Belmont for $23.8 million with plans to invest approximately $3 million to renovate roofs, siding, piping and improve the property’s amenities. Walter Miller, Jim Jarrell, Cory Sams and Bo Brown of Greystone Brown arranged the transaction on behalf of the buyer and seller. Other terms of the transaction were not disclosed. PEM Real Estate Group LLC acquired the 240-unit Crossings of Millbrook for $24.4 million. Constructed in 2010, the community features a clubhouse, fitness center, swimming pool and screened porches. Taylor Brown, Miller, Sams and Bo Brown of Greystone Brown represented the undisclosed seller in the transaction. Chandler Brown, also with Greystone Brown, represented the undisclosed buyer.

November 21, 2017

Multifamily Seniors Housing Texas

CA Acquires Three Seniors Housing Communities in Northern Dallas Area

by Taylor Williams November 21, 2017

DENTON, PLANO AND MCKINNEY, TEXAS — Chicago-based investment firm CA Senior Living LLC has acquired three seniors housing communities totaling 308 units in northern Dallas suburbs. The company acquired The Village Assisted Living and Memory Care, a 108-unit community in Denton; The Village at Mapleshade, a 92-unit property in Plano; and The Village at Stonebridge, a 108-unit asset in McKinney. All three properties offer assisted living units and the Denton and McKinney communities also offer memory care units. CA Senior Living now owns 14 communities totaling roughly 1,700 units in various stages of development throughout Texas.

November 21, 2017

Massachusetts Multifamily Northeast

CBRE/NE Arranges $22.5M Sale of Apartment Building in Haverhill, Massachusetts

by Amy Works November 21, 2017

HAVERHILL, MASS. — CBRE/New England has brokered the sale of The Bixby, an apartment property located in Haverhill. A partnership between an affiliate of Boston Andes Capital and William Braucher sold the property to Blackfin Real Estate Investors in a joint venture with True North Management Group for $22.5 million. The 12-story apartment building features 128 units in a mix of studio, one- and two-bedroom layouts. Community amenities include a resident lounge with entertainment kitchen, smart televisions, a pool and shuffle board tables, an outdoor riverfront deck, a game room, a fitness center and a landscaped courtyard. Between 2016 and 2017, Boston Andes Capital implemented $4 million in capital improvements at the property. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.

November 21, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Provides $82M in FHA Financing for Massachusetts Multifamily Portfolio

by Amy Works November 21, 2017

HOLBROOK, DORCHESTER AND WEYMOUTH, MASS. — KeyBank Real Estate Capital has provided $82 million in 223(f) FHA financing to the Corcoran, Mullins and Jennison group for the refinancing of a five-property mixed-income and age-restricted housing portfolio in Massachusetts. The properties are Savin Hills Apartments, an age-restricted, affordable housing asset with a project-based Housing Assistance Payments contract in Dorchester; Ramblewood in Holbrook; and a property in Weymouth. Together the properties total 574 units. Dirk Falardeau, Todd Goulet and Matthew Purcell of KeyBank’s Income Property and Commercial Mortgage Groups originated the loan for the sponsors, Corcoran, Mullins and Jennison Inc. and Corcoran Jennison Co.

November 21, 2017

Midwest Missouri Multifamily

Opus Completes 120-Unit Luxury Apartment Property in Suburban St. Louis

by Kristin Harlow November 21, 2017

CLAYTON, MO. — The Opus Group has completed the development and construction of Ceylon Luxury Apartments in Clayton, a suburb of St. Louis. The apartment property features 120 units and first-floor retail space. Ceylon offers two amenity decks with a fitness center, conference room, coffee bar, game room and fire pit. Smoothie King will occupy 1,377 square feet of the retail space, which totals 13,297 square feet. Chris Zoellner and Jared Hancock of Balke Brown Transwestern are marketing the remaining retail space for lease. Opus Development Co. was the project developer and Opus Design Build was the design-builder. Opus AE Group served as architect, structural engineer and interior designer.

November 21, 2017

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