Multifamily

D.C. Housing Finance Agency Provides $21.6M Financing for Affordable Housing Community

by John Nelson September 20, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …

September 20, 2016

Arizona Multifamily Seniors Housing Western

Western States Lodging, Colmena Group to Build $30M Assisted Living Community in Scottsdale

by Nellie Day September 19, 2016

SCOTTSDALE, ARIZ. — Western States Lodging & Management and Colmena Group have announced plans for Legacy Village at Sale River, a 230-unit assisted living and memory care community within the Pima Center business park in the Phoenix suburb of Scottsdale. Development costs are estimated at $30 million. Construction on the multi-building project is expected to begin in early 2017, for opening in 2018. When completed, Legacy Village will feature a three-story building with 130 assisted living units and a two-story building with 70 assisted living units and 30 memory care units. Beecher Walker Architects designed the community. Pima Center is a 232-acre mixed-use development within the Salt River Indian Reservation. Mainspring Capital is developing the business park, which includes more than 1 million square feet of office space and 430,000 square feet of industrial/flex facilities. Western States is a developer of hotels and seniors housing communities, including the Legacy brand. Colmena is a development and investment group with a portfolio of nearly 11,000 housing units. Both companies are based in Salt Lake City.

September 19, 2016

Colorado Multifamily Western

Inland Real Estate Acquisitions Purchases WestLink at Oak Station Apartment Community in Lakewood

by Nellie Day September 19, 2016

LAKEWOOD, COLO. — Inland Real Estate Acquisitions has purchased the 244-unit WestLink at Oak Station in Lakewood for an undisclosed sum. The community is located at 1665 Pierson St., about nine miles west of downtown Denver. The property was 97 percent leased at the time of sale. Community amenities include a resort-style swimming pool and spa, fitness center with a yoga studio, sundeck with cabanas and business center. Mark Cosenza facilitated the transaction on behalf of an Inland affiliate.

September 19, 2016

Arizona Multifamily Western

Caliber Buys Palms Multifamily Portfolio in Phoenix for $14M

by Nellie Day September 19, 2016

PHOENIX — Caliber has purchased the Palms Weekly Portfolio, which contains three multifamily properties in Phoenix, for $14 million. The portfolio includes Siesta Palms, Palm Shadows and Twin Palms. All three communities were built in the 1970s. The gated communities feature swimming pools, barbecue areas and laundry facilities.

September 19, 2016

Illinois Midwest Multifamily Seniors Housing

Caddis Begins Construction on Seniors Housing Community Near Chicago

by Haisten Willis September 19, 2016

ORLAND PARK, ILL. — Caddis and Pathway Senior Living have begun construction on Heartis Village Orland Park, a seniors housing community in Orland Park, 26 miles southwest of Chicago. The 94-unit, 89,950-square-foot assisted living and memory care community will be located at 159th Street and Harlem Avenue. A Caddis affiliate will own the community, and Pathway Senior Living LLC will be the operator. Amenities will include fitness classes, excursions, games, movies, fishing, boating and horseback riding. The community will feature a salon and spa, two interior courtyards, a private dining room, arts and crafts room, media room, 24-hour emergency call system, laundry services and personal transportation. Heartis Village Orland Park will be complete in fall 2017. Austin, Texas-based Katus LLC is the architect for the project, and McShane Construction Co. is the general contractor.

September 19, 2016

Michigan Midwest Multifamily

Friedman Arranges Sale of 24-Unit Multifamily Building in Grosse Ile, Mich.

by Haisten Willis September 19, 2016

GROSSE ILE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Elbamar Apartments, a 24-unit multifamily building located at 10033-45 Groh Road in Grosse Ile, Mich., a suburb of Detroit. I & L Properties LLC acquired the property from seller Phillip Byers. Greg Hornby of Friedman represented both the seller and the purchaser in the transaction.

September 19, 2016

Florida Loans Multifamily Southeast

Pembrook Capital Management Provides $20.5M Financing for Apartment Complex in Orlando

by John Nelson September 19, 2016

ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.

September 19, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $13.1M Sale of Affordable Housing Community in Jacksonville

by John Nelson September 19, 2016

JACKSONVILLE, FLA. — Berkadia has arranged the $13.1 million sale of Deer Meadow, a 200-unit affordable housing community located at 8859 Old Kings Road South. Built in 2000, Deer Meadow includes one-, two- and three-bedroom floor plans with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, clubhouse and a swimming and wading pool. Cole Whitaker of Berkadia’s Orlando office, Greg Rainey of the firm’s Jacksonville office and Jason Stanton of the firm’s Tampa office brokered the sale. Springfield, Mass.-based Aspen Square Management Inc. purchased the property from Rockville, Md.-based Deer Meadow Associates Ltd.

September 19, 2016

Multifamily New Jersey Northeast Top Stories

NJPAC, Dranoff Properties Start Construction of $116M High Rise in Newark

by Nellie Day September 19, 2016

NEWARK, N.J. — The New Jersey Performing Arts Center (NJPAC) and developer Dranoff Properties have started construction of One Theater Square, a $116 million high-rise multifamily complex in Newark. One Theater Square will be the first new ground-up, upscale residential high rise in the city since 1960, according to the developers. The 22-story project will be situated on 1.2 acres across from NJPAC and Military Park. It will contain 245 units, most of which will be one- and two-bedroom apartments that will range in size from 585 to 1,700 square feet. The project includes 24 affordable housing units that will be marketed as artist residences, though they will be available to anyone who meets the financial criteria. The ground floor will include 12,000 square feet of retail space. One Theater Square will have a 24-hour concierge, rooftop community gathering space, fitness facility and multiple club rooms. Developers plan to complete the project in the summer of 2018. The public-private partnership includes contributions from the City of Newark; the State of New Jersey; Prudential Financial; Fifth Third Bank; Dranoff; and NJPAC. Philadelphia-based Dranoff Properties develops, builds, finances and/or manages multifamily developments in and around the Northeast. Carl E. Dranoff founded the …

September 19, 2016

Illinois Midwest Student Housing

Bluffstone Opens Student Housing Project Near University of Illinois at Springfield

by John Nelson September 16, 2016

SPRINGFIELD, ILL. — Bluffstone Student Housing has opened The Villas Downtown Springfield, a 79-unit student housing development located near the University of Illinois at Springfield campus in Springfield. The development features 4,000 square feet of retail space. The residential portion of the community offers studio, one- and two-bedroom units with bed-to-bath parity. Common amenities at The Villas include a 24-hour recreational area, laundry facilities, community meeting areas, responsive concierge and a TV lounge. Town and Country Bank financed the $8.8 million development, which opened for occupancy on August 13.

September 16, 2016

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