Multifamily

CLG, Cayton Capital Open $30M R3 Apartments in Marina del Rey

by Nellie Day March 9, 2017

LOS ANGELES — A joint venture between California Landmark Group and Cayton Capital have completed construction of R3, a 67-unit apartment community in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4091 Redwood Ave. in the Arts District. R3 features a mix of one- and two-bedroom floor plans ranging from 685 square feet to 1,655 square feet. Amenities include a rooftop pool and lounge, fitness center and a Zen yoga garden with complimentary yoga sessions by a certified instructor.

March 9, 2017

Kansas Loans Midwest Multifamily

NorthMarq Arranges $46.5M Acquisition Loan for Multifamily Property in Overland Park, Kansas

by Kristin Harlow March 9, 2017

OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $46.5 million loan for the acquisition of Residences at Prairiefire in Overland Park. The 426-unit multifamily property is located at 5750 W. 137th St. The 10-year loan features a 30-year amortization schedule. NorthMarq arranged the financing through Fannie Mae. The borrower was a joint venture between a local Kansas City-based sponsor and a national private equity real investment manager. The private equity firm invested on behalf of a large municipal retirement fund.

March 9, 2017

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Retail

Cottonwood Management Opens Boston Office, Commences Pre-Construction on Mixed-Use Development

by Haisten Willis March 9, 2017

BOSTON — Cottonwood Management Group is opening a new Boston regional office at 101 Seaport Blvd. in the city’s Seaport district. The California-based asset management and development company has also commenced pre-construction on its Seaport Square Parcel M1M2 development, which is located next door. The M1M2 project consists of 1 million square feet of mixed-use development over 3.5 acres in Seaport Square. The residential component includes 730-plus units in two condominium towers and one luxury rental tower. In addition to the residences, the project includes 125,000 square feet of two-story retail and restaurants centered around a vibrant public courtyard. Construction is scheduled to span three years with phased completion dates in late 2019 to early 2020. In addition to serving as its regional office, part of Cottonwood’s Seaport Boulevard space will be used as the sales center for the project’s residential component. The company is preparing for an official groundbreaking for the project in May.

March 9, 2017

Georgia Seniors Housing Southeast

McShane to Build Affordable Seniors Community Near Atlanta

by John Nelson March 9, 2017

CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.

March 9, 2017

Arkansas Multifamily Southeast

BSR Trust Acquires Apartment Community in Fayetteville, Arkansas

by John Nelson March 9, 2017

FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

March 9, 2017

Loans Multifamily Texas

GVA, Decisive Ventures Receive Financing for Multifamily Property in Georgetown, Texas

by Taylor Williams March 8, 2017

GEORGETOWN, TEXAS — GVA LLC and Decisive Ventures LLC, two Austin area-based investment firms and joint venture partners, have received acquisition financing for Apple Creek, a 176-unit apartment community in Georgetown, a northern suburb of Austin. Amenities of the 10-building property, which is situated on a 10.5-acre tract at 302 Apple Drive near Interstate 35, include a pool, playground, basketball court and a dog park. HFF arranged the seven-year loan, which has a floating interest rate starting at 3.31 percent, through Freddie Mac on behalf of the joint venture.

March 8, 2017

California Multifamily Western

Atherton Court Apartments in Redwood City Sells for $17.1M

by Nellie Day March 8, 2017

REDWOOD CITY, CALIF. — An undisclosed nonprofit corporation has acquired the 55-unit Atherton Court Apartments in Redwood City for $17.1 million. The community is located at 3762-3770 and 3752 Rolison Road. Atherton was built in 1961. It is situated near U.S. Highway 101 and Interstate 280. Taylor Flynn and Philip Batlin of Marcus & Millichap represented both the buyer and seller, a private investor, in this transaction.

March 8, 2017

California Multifamily Seniors Housing Western

SLIB Brokers $18.6M Sale of Memory Care Community in Santa Barbara

by Nellie Day March 8, 2017

SANTA BARBARA, CALIF. — Senior Living Investment Brokerage has arranged the sale of Oak Cottage of Santa Barbara, a 44-bed memory care facility in Santa Barbara. Although the sales price was not disclosed, the $465,000-per-unit price for the facility’s 40 units translates to $18.6 million. The 27,217-square-foot community was built in 2015 on 0.65 acres. The community was still in lease-up at the time of sale, and had an occupancy of 82 percent. A California-based operator purchased the facility. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage negotiated the transaction on behalf of the undisclosed seller.

March 8, 2017

Maryland Multifamily Southeast

Washington Property Co. Breaks Ground on Apartment Tower in Metro D.C.

by John Nelson March 8, 2017

SILVER SPRING, MD. — Washington Property Co. (WPC) has broken ground on Solaire 8250 Georgia Avenue, a 20-story apartment tower in Silver Spring, about six miles north of Washington, D.C. The 470,000-square-foot property will be situated two blocks from the Silver Spring Metro station and will feature studio, one- and two-bedroom units averaging 760 square feet with quartz countertops, stainless steel appliances, wood flooring, oversized windows and private balconies. Community amenities will include a rooftop swimming pool and pool deck, cyber café with free Wi-Fi, private courtyard with grilling areas, fitness center and a clubroom. The property will also feature 15,000 square feet of street-level retail space and three levels of below-grade parking. The WPC-led project team, including general contractor Lendlease and architect Design Collective, expects to deliver Solaire 8250 Georgia Avenue in spring 2019. Bethesda, Md.-based Streetsense will lease the property’s retail space, which will include room for outdoor restaurant seating.

March 8, 2017

Florida Loans Multifamily Southeast

HC Real Estate Capital Arranges $30M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson March 8, 2017

JACKSONVILLE, FLA. — HC Real Estate Capital has arranged a $30 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community in Jacksonville. Built in 2009, the property was 98 percent occupied at the time of financing and features one-, two- and three-bedroom units. Community amenities include a clubhouse, leasing and management offices, resort-style pool, lakes, barbecue grills, fitness center, cardio theater and an aerobics/yoga room. Chris Caveglia and Kurt Hoffman of HC Real Estate Capital arranged the seven-year, fixed-rate loan through New York Life Real Estate Investors.

March 8, 2017

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