Multifamily

Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn

by Katie Sloan July 11, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003. The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces. Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; …

July 11, 2017

Features Multifamily Top Stories

Robust Apartment Demand Leads to Healthy Occupancy, Stabilizing Rent Growth, Says RealPage

by Kristin Harlow July 11, 2017

RICHARDSON, TEXAS — Apartment demand surged to a near-record volume during second quarter of 2017, according to real estate technology and analytics firm RealPage Inc. With demand topping completions by a wide margin in the quarter, occupancy is essentially full and the annual pace of rent growth has stabilized. Richardson, Texas-based RealPage tracks the 100 markets with the most existing apartment units. Santa Rosa/Petaluma, California is the smallest market RealPage tracks, with 25,144 apartments units. New York City, spanning nearly 2 million units, is the largest market. In order for an apartment building to be tracked, it must consist of at least five units, but the average property size is approximately 200 units. RealPage reports that renters absorbed 175,645 apartments across the United States in the second quarter, up one-third from the performance level seen at the same time a year ago. “Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase and widespread availability of appealing new apartments,” says Greg Willett, chief economist for RealPage. Demand in the second quarter exceeded the 86,431 units completed in the same period, according to RealPage. However, the market is still working through the surplus …

July 11, 2017

Loans Midwest Multifamily Nebraska

Capital One Arranges $14.6M Acquisition Loan for Manufactured Housing Community in Omaha, Nebraska

by Kristin Harlow July 10, 2017

OMAHA, NEB. — Capital One has arranged a $14.6 million Fannie Mae loan for the acquisition of Maplewood Estates in Omaha. The 397-unit manufactured housing community was built in 1973. The 10-year loan features a 30-year amortization schedule. Damon Reed of Capital One arranged the loan. The purchase was part of a 1031 exchange. Capital One also provided financing for the acquisition of Country Acres Village, a manufactured housing community in Kalamazoo, Michigan.

July 10, 2017

Iowa Midwest Multifamily

Timberland Partners Purchases 92-Unit Apartment Community in Ankeny, Iowa

by Kristin Harlow July 10, 2017

ANKENY, IOWA — Timberland Partners Investment Fund V has purchased Prairie Lakes in Ankeny for an undisclosed price. The 92-unit apartment community was built in 2013. Timberland Partners plans to remodel the clubhouse and add an outdoor community space with grill stations and seating areas as well as a dog park. Matt Bukhshtaber of CBRE represented the undisclosed seller. This represents the 10th and final acquisition of the fund, which now holds a grand total of 2,135 units.

July 10, 2017

Multifamily Texas

Marcus & Millichap Arranges Sale of Two Multifamily Assets Totaling 1,020 Units in DFW

by Taylor Williams July 10, 2017

DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities totaling 1,020 units in the Dallas-Fort Worth area. The 536-unit Arborstone was built in 1985 and is located at 6500 S. Cockrell Hill Road in Dallas, and the 484-unit Meadow Ridge was built in 1981 and is located at 3001 W. Normandale St. in Fort Worth. Both properties will undergo multimillion-dollar renovations. Al Silva, Ford Braly and Mark McCoy of Marcus & Millichap represented the sellers in both transactions. An out-of-state investment firm purchased Arborstone and a Lubbock-based investment firm purchased Meadow Ridge.

July 10, 2017

California Multifamily Seniors Housing Western

Griffin-American Healthcare REIT IV to Acquire Eight-Facility Seniors Housing Portfolio in Northern California

by Nellie Day July 10, 2017

SAN FRANCISCO — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have announced the fund will acquire a 327-unit, eight-property portfolio of seniors housing communities in Northern California. The portfolio will be purchased in tranches, with the first group including properties in Belmont, Fairfield, Menlo Park and Sacramento. The second round will include properties in Napa and Sonoma. The first tranche has already closed, while the second is expected to be completed before the end of the year. The first acquisition totals 134,000 square feet of assisted living, memory care and skilled nursing. The communities are 100 percent occupied and operated by Colonial Oaks under a 15-year net lease. Several entities associated with Nazareth Healthcare sold the first tranche of properties. Grant Goodman and Chad Elliott of Lancaster Pollard & Co. LLC represented the sellers. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and KeyBank National Association.

July 10, 2017

Multifamily Seniors Housing Utah Western

Summit Vista Breaks Ground on 105-Acre CCRC in Utah

by Nellie Day July 10, 2017

TAYLORSVILLE, UTAH — Construction has commenced for Summit Vista, a 105-acre continuing care retirement community in the Salt Lake Valley city of Taylorsville. Planning for the community began in 2015. Once completed, the property will feature a 62,000-square-foot clubhouse. Intermountain Healthcare will provide medical services at the community. Financial backers of the development include Gardner Co., iStar Inc., Solamere Capital and Zions Bank.

July 10, 2017

Multifamily Top Stories Washington Western

Kennedy Wilson Sells 576-Unit Multifamily Asset in Metro Seattle for $109M

by Taylor Williams July 10, 2017

KENT, WASHINGTON — Real estate investment firm Kennedy Wilson (NYSE: KW) has sold Rock Creek Landing, a 576-unit apartment community in Kent, about 20 miles south of Seattle, for $109 million. The buyer was not disclosed. The cash proceeds of $73 million from the transaction will be used to fund the company’s recent acquisition of 90 East, a 573,000-square-foot, Class A office development in the Bellevue, Washington, area. Rock Creek Landing is located at 1024 Central Ave. North in Kent. The property offers an indoor and outdoor pool, business center, community clubhouse and a coffee bar. Kennedy Wilson purchased Rock Creek Landing in 2014 for $58 million as part of a $127 million acquisition of a three-property portfolio of multifamily assets located across several submarkets south of Seattle. The company has since invested about $6 million in upgrades to the community’s leasing center, unit interiors and common areas. During its time under Kennedy Wilson’s ownership, Rock Creek Landing generated net operating income of approximately $5.3 million. Combined, the sale of Rock Creek Landing and acquisition of the 90 East office property in Bellevue are expected to increase annual net operating income by about $7 million. “The sale demonstrates our ability …

July 10, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

HFF Secures $80M Acquisition Financing for Boston Transit-Oriented Development Site

by Amy Works July 7, 2017

BOSTON — HFF has arranged $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass. HYM Investment Group is the borrower and buyer in the transaction. John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray of HFF secured the short-term, floating-rate loan with Bank of the Ozarks and advised the buyer in the deal. Adjacent to Route 1A, the site comprises 108.8 acres in Boston and 52.4 acres in Revere. The property is also served by two Massachusetts Bay Transit Authority Blue Line stations: Suffolk Downs and Beachmont. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer 2018.

July 7, 2017

Multifamily New York Northeast

Propco Holdings, UA Builders Group Break Ground for Residential Building in the Bronx

by Amy Works July 7, 2017

NEW YORK CITY — Propco Holdings, with UA Builders Group serving as general contractor, has broken ground for a residential building located at 915 Dawson St. in the Bronx. The eight-story, 23,301-square-foot building will feature 29 apartments, parking spaces, a fitness center, a recreation area and indoor bicycle storage.

July 7, 2017

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