Multifamily

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

California Loans Multifamily Top Stories Western

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …

October 16, 2017

Loans Maryland Multifamily Southeast

Capital One Provides $51M Acquisition Loan for Multifamily Community in Metro D.C.

by Camren Skelton October 13, 2017

BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.

October 13, 2017

Florida Multifamily Southeast

Federal Capital Partners Acquires Apartment Asset in Tampa for $24.1M

by Camren Skelton October 13, 2017

TAMPA, FLA. — Federal Capital Partners (FCP) has acquired The Commons Apartments, a 200-unit multifamily community in Tampa, for $24.1 million. Matt Mitchell and Zach Nolan of HFF represented the undisclosed seller in the transaction. HFF’s Elliott Throne and Preston Reid secured acquisition financing on behalf of FCP. Located off Dale Mabry Highway, The Commons offers two-, three- and four-bedroom units. Community amenities include a barbeque and picnic area, playground, dog park, clubhouse and a swimming pool. FCP will use the financing to implement a capital improvement program, including converting the leasing office into a gym and adding washers and dryers to individual units.

October 13, 2017

Kentucky Multifamily Southeast Student Housing

Campus First Acquires 649-Bed Student Housing Community Near University of Kentucky

by Camren Skelton October 13, 2017

LEXINGTON, KY. — Campus First Student Living, CF Real Estate Services’ student housing development and management division, has acquired The LEX, a 649-bed student housing project located near the University of Kentucky campus. The seller and sales price were not disclosed. The mid-rise property is walkable to campus and downtown Lexington. The property opened in 2009 with 266 units and contains 23,444 square feet of retail space. Atlanta-based Campus First is planning $2.5 million in renovations for the property, and estimates the work will begin prior to the 2018-19 academic year. The renovation will include the addition of VIP suites that will have granite countertops, stainless steel appliances, new kitchen hardware, subway-style tile backsplashes and new lighting. The clubhouse and office space will also be renovated, adding private study rooms, shared conference rooms and a new fitness studio and center.

October 13, 2017

Loans Multifamily Texas

Dougherty Closes $6.6M Acquisition Loan for Apartment Property in Metro Dallas

by Taylor Williams October 13, 2017

DESOTO, TEXAS — Dougherty Mortgage LLC has arranged a $6.6 million Fannie Mae loan for the acquisition of Thorn Manor Apartments, a 113-unit multifamily property located at 300 W. Wintergreen Road in the Dallas metro of DeSoto. Dougherty secured the 12-year loan, which has a 30-year amortization schedule, through Old Capital Lending on behalf of the borrower, TM-DeSoto101 LLC.

October 13, 2017

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $12.7M Sale of Mixed-Use Property in Manhattan

by Amy Works October 13, 2017

NEW YORK CITY — Eastern Consolidated has brokered the sale of a six-story mixed-use building located at 331 E. 81st St. on Manhattan’s Upper East Side. A private investor acquired the building for $12.7 million, or $1,202 per square foot. The 10,606-square-foot property features 14 residential apartments and one retail space, which is leased to Bar Prima. Jeremy Simon and Ronda Rogovin of Eastern Consolidated represented the seller, a real estate investment firm, while Simon also procured the buyer in the deal.

October 13, 2017

Midwest Seniors Housing Wisconsin

Caddis to Develop 105-Unit Assisted Living Community in Glendale, Wisconsin

by Kristin Harlow October 13, 2017

GLENDALE, WIS. — Caddis is developing Heartis Village North Shore in Glendale, about nine miles north of Milwaukee. The 105-unit assisted living and memory care community is the developer’s first senior living community in the state of Wisconsin. The 96,770-square-foot facility will be located at 100 W. River Woods Parkway. Amenities will include walking paths, courtyards, game and activity rooms, a library, media room, dining room and barbershop. Pathway Senior Living LLC will manage the property. Completion is slated for early 2019. The project team includes architect Katus and general contractor Stevens Construction Corp.

October 13, 2017

Massachusetts Multifamily Northeast

CBRE/NE Negotiates the Sale of 162-Unit Apartment Community in Hull, Massachusetts

by Amy Works October 13, 2017

HULL, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of The Estates, an apartment community located in Hull. Invesco Real Estate purchased the 162-unit property from Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor, for an undisclosed price. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction. Built in 2000, the property comprises 20 two- and three-story direct-access buildings, as well as a freestanding clubhouse and separate fitness center and outdoor pool. The community features 32 one-bedroom units, 34 two-bedroom lofts, eight two-bedroom/one-bath units, 40 two-bedroom units and 48 two-bedroom lofts with an average size of 1,116 square feet.

October 13, 2017

Multifamily Seniors Housing Washington Western

Emerald Communities Completes $145M CCRC Near Seattle

by Nellie Day October 13, 2017

GIG HARBOR, WASH. — Emerald Communities has opened Heron’s Key, an 18-acre continuing care retirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimated at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent living homes range from 729 to 1,800 square feet. Heron’s Key offers an financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle-based operator.

October 13, 2017

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