Multifamily

Meridian Capital Arranges $19M Construction Loan for Condo Development in Brooklyn

by Amy Works July 6, 2017

NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.

July 6, 2017

Multifamily Texas

Waterton Purchases 288-Unit Apartment Community in Dallas

by Taylor Williams July 6, 2017

DALLAS — Waterton, a Chicago-based investment firm, has purchased South Side Flats, a 288-unit apartment community located at 1210 S. Lamar St. in Dallas. Built in 2016, the property offers a mix of one-, two- and three-bedroom units, as well as a rooftop lounge, 24-hour fitness center and business center. The two-building property also features 1,788 square feet of ground-floor retail space. Las Colinas-based developer JPI sold the asset for an undisclosed price.

July 6, 2017

Multifamily Texas

Praedium Group Acquires 288-Unit Apartment Community in Austin

by Taylor Williams July 6, 2017

AUSTIN, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Fox Hill Apartments, a 288-unit, Class A multifamily community located at 8800 U.S. Highway 290 in Austin. Built in 2010, the property consists of one-, two- and three-bedroom units ranging in size from 899 to 1,313 square feet and features amenities such as a pool, outdoor playground, dog park and business center. The Praedium Group will invest in improvements to the unit’s interiors and the property’s common areas.

July 6, 2017

Midwest Missouri Multifamily Seniors Housing

IMPACT Strategies Completes $17.5M Seniors Housing Community in St. Charles, Missouri

by Kristin Harlow July 6, 2017

ST. CHARLES, MO. — IMPACT Strategies has completed Cedarhust of St. Charles, a $17.5 million seniors housing community in St. Charles. The 100-unit assisted living and memory care community is part of University Commons, a mixed-use development directly across from Lindenwood University. IMPACT served as construction manager for the 99,999-square-foot project. Dover Development was the developer. Cedarhurst’s proximity to Lindenwood University makes it the first seniors housing community in the St. Louis region to strategically locate on or near a university campus, according to IMPACT.

July 6, 2017

Midwest Multifamily Seniors Housing Wisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow July 6, 2017

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

July 6, 2017

California Multifamily Student Housing Washington Western

Berkadia Arranges Sale of Two Student Housing Properties in California, Washington for $146M

by Nellie Day July 6, 2017

SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.

July 6, 2017

California Multifamily Western

Private Investor Acquires Multifamily Portfolio in Modesto for $32.5M

by Nellie Day July 6, 2017

MODESTO, CALIF. — A private Southern California-based investor has purchased a two-property multifamily portfolio in Modesto for a total of $32.5 million. The portfolio includes the Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road. Built on a 4.3-acre site in 1989, the Commons is located at 1600 Standiford Ave., while Summerview is situated on a five-acre site on Coffee Road. Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts-based investor, in this transaction.

July 6, 2017

Colorado Multifamily Seniors Housing Western

Blue Moon Capital Partners Buys 117-Unit Seniors Housing Community in Boulder

by Nellie Day July 6, 2017

BOULDER, COLO. — Blue Moon Capital Partners, a Boston-based private equity investor, has acquired The Carillon at Boulder Creek, a 117-unit seniors housing community near the University of Colorado in Boulder. The price was not disclosed. Blue Moon replaces affiliates of Legacy Capital Partners, an Ohio-based private equity investor, in an existing joint venture. The remaining partners are MGL Partners, a Denver-based real estate developer/investor, and Leisure Care, a seniors housing operator. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt. MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a nine-story assisted living and nursing care building. MGL completely gutted and renovated the existing structure and added two four-story wings on either side of the original building.

July 6, 2017

Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Financing for 116-Unit Independent Living Community in Las Vegas

by Nellie Day July 6, 2017

LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas. The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community. CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing were not disclosed.

July 6, 2017

Florida Multifamily Southeast

Berkshire Group Acquires Multifamily Property in Miami for $100M

by Camren Skelton July 6, 2017

MIAMI — Berkshire Group has purchased Aviva Coral Gables, a recently built, 276-unit apartment community located at 3880 Bird Road in Miami, a little more than one mile outside of Coral Gables. Ponce & Bird Miami Development LLC sold the property for $100 million, according to The Real Deal. The property, which will be renamed Berkshire Coral Gables, features a heated saltwater swimming pool and spa, outdoor courtyard and kitchen, cyber café, dog spa and a sports lounge.

July 6, 2017

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