Multifamily

Covenant Retirement Opens $19.1M Expansion of Community Near San Diego

by Nellie Day May 9, 2017

SPRING VALLEY, CALIF. — Covenant Retirement Communities has opened Peterson Life Center, a $19.1 million expansion at Mount Miguel Covenant Village in the San Diego suburb of Spring Valley. The Peterson Life Center will serve as a hub for Mount Miguel’s 400-plus residents. The property features an enclosed courtyard, three dining venues, an art studio and gallery, library, wellness center and fitness studio, outdoor pool with two lap lanes, a hot tub, and locker rooms. For entertainment and social gatherings, there’s a 24-seat movie theater, game and billiards room, kids’ corner for visiting children and more. Construction for the 33,082 square-foot, two-story, Spanish-style building started in 2014. Residents at Mount Miguel span the continuum of care. Peterson Life Center is named after Paul Peterson, retired Covenant president and former Mount Miguel administrator. Covenant is the sixth largest nonprofit seniors housing provider, featuring 15 communities in 10 states. It is a ministry of the Evangelical Covenant Church.

May 9, 2017

Loans Multifamily Texas

Love Funding Provides $87.3M HUD Construction Loan for Apartment Complex Within Legacy West

by Taylor Williams May 9, 2017

PLANO, TEXAS — Love Funding, a subsidiary of publicly traded lender Midland State Bancorp Inc., has provided a $87.3 million HUD loan for the construction of LVL 29, a high-rise apartment complex located within the Legacy West development in Plano. Leonard Lucas of Love Funding arranged the non-recourse loan, which is the largest construction loan ever issued by HUD in the Southwest region. The developer of LVL 29, NE Development, expects to deliver the property in May 2019.

May 9, 2017

Midwest Multifamily Nebraska

Marcus & Millichap Brokers $10.3M Sale of Apartment Property in Grand Island, Nebraska

by Kristin Harlow May 9, 2017

GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.

May 9, 2017

Multifamily New York Northeast

Eastern Consolidated Negotiates $100M Sale of Property for Condominiums in NYC

by Haisten Willis May 9, 2017

NEW YORK CITY — Eastern Consolidated has negotiated the $100 million sale of a residential development assemblage in the NoMad neighborhood of Manhattan to the Rockefeller Group. The assemblage includes 170,000 square feet across three contiguous buildings at 30-36 E. 29th St. and includes surrounding air rights. The existing buildings will be razed to make room for a ground-up condominium development with just under 100 feet of frontage on East 29th Street. Eastern Consolidated’s Brian Ezratty represented the three sellers: Extell Development, the owner of 30-32 E. 29th St.; W Brothers, the owner of 34 E. 29th St.; and 29th Street Partners LLC, the owner of 36 E. 29th St. Ezratty and Eastern Consolidated’s Ron Solarz procured the buyer, the Rockefeller Group.

May 9, 2017

Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $4.8M Acquisition of Apartment Portfolio in Newark, N.J.

by Haisten Willis May 9, 2017

NEWARK, N.J. — Cushman & Wakefield has brokered the $4.8 million acquisition of a 68-unit apartment portfolio in Newark. Cushman & Wakefield’s Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd represented the buyer, a private investor. The portfolio includes two communities located one block from each other on Roseville Avenue. Both properties are three stories tall and were built in the early 1970s. The first, 467-479 Roseville Ave., contains 46 units and totals 37,000 square feet on 0.46 acres. The second, 385-391 Roseville Ave., includes 22 units and totals 17,600 square feet on 0.3 acres.

May 9, 2017

California Multifamily Top Stories Western

American Assets Trust Buys 533-Unit Apartment Property in San Diego for $232M

by Jeff Shaw May 9, 2017

SAN DIEGO — American Assets Trust Inc., a San Diego-based REIT, has acquired Pacific Ridge, a 533-unit apartment complex near the San Diego coastline, for $232 million. The sale is one of the largest multifamily transactions in San Diego history, according to Berkadia, which brokered the transaction. Pacific Ridge is a Class A luxury community located on 15 acres with unobstructed ocean views. Carmel Partners developed the 577,147-square-foot property, which opened in 2010. Outdoor amenities include Moroccan-styled common areas, lounges, two saltwater pools and spas, an outdoor grill and dining pavilion, yoga deck, bocce court, fire pits, jogging trail and dog walk. Indoor amenities include a wine bar, coffee bar, demonstration kitchen, fitness center, tanning studio, board sport and bicycle storage, saltwater aquarium and concierge. The property is located near San Diego International Airport, SeaWorld San Diego and Petco Park, home of Major League Baseball’s San Diego Padres. Berkadia cited a declining unemployment rate — falling 60 basis points year-over-year to 4 percent at the end of February — as a reason for San Diego’s attractiveness as a market. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller, identified only as “a San Francisco-based entity,” …

May 9, 2017

Features Multifamily Top Stories

Multifamily Rents Climb in 81 Percent of U.S. Markets in April, RENTCafé Report Shows

by Jeff Shaw May 9, 2017

Average U.S. apartment rents saw a modest increase of 0.2 percent from March to April 2017, but rents increased in 81 percent of markets nationwide, according to a report from RENTCafé. The report uses data from the apartment listing service’s parent company, software provider Yardi. The RENTCafé research team analyzed data across the 250 largest cities in the United States for buildings containing 50 or more units. Based on the data, the average U.S. apartment saw a $2 increase in rent between March and April 2017. Rents increased in April in 203 of the 250 cities tracked by Yardi, while they decreased in 13 cities and stayed flat in 34. Year-over-year, rents went up 2 percent nationwide, which is “a significant reduction in regard to historical performance at this time of the year and is the lowest annual growth rate we’ve seen in more than three years,” according to the report’s author, Ama Otet. By comparison, average rents increased at triple that rate — 6 percent — from April 2015 to April 2016. California cities make up the bulk of the April rent-growth list, with 11 of the top 20 growth cities located in the state. Stockton, Calif., took the …

May 9, 2017

California Multifamily Western

The Bascom Group Buys Harvard Villa Apartments in Torrance for $14M

by Nellie Day May 8, 2017

TORRANCE, CALIF. — The Bascom Group has acquired the 64-unit Harvard Villa Apartments in Torrance for $14 million. The community is located at 20341 Harvard Blvd. Harvard Villa is situated near the Pacific Ocean and the 405, 110, 710 and 105 freeways. The seller is a long-term private owner. Erich Pryor, Eric Snyder and Thomas Sherlock of Talonvest Capital arranged a $11.4 million acquisition loan from TCF National Bank. Hooman Emanuel of Emanuel Real Estate Group represented Bascom in the transaction.

May 8, 2017

Arizona Multifamily Western

Sierra Antigua Apartments in Arizona Sells for $2M

by Nellie Day May 8, 2017

SIERRA VISTA, Ariz. — A limited liability company has purchased the 60-unit Sierra Antigua apartments for $2 million. The community is located at 800 N. Lenzner Ave. in Sierra Vista, just southeast of Tucson. Hamid Panahi and James Crawley of Marcus & Millichap represented the buyer. Panahi, Crawley and Cliff David and Steve Gebing of the same firm represented the seller, also an LLC.

May 8, 2017

Multifamily Seniors Housing Western

Ridgeline Management to Operate Two Seniors Housing Communities in Salt Lake City MSA

by Nellie Day May 8, 2017

LINDON AND SALT LAKE CITY, UTAH — Ridgeline Management Co. has added two Osmond Senior Living properties to its operational portfolio, both in the Salt Lake City metro. The two properties are Osmond Senior Living in Lindon and Osmond Senior Living Memory Care in Salt Lake City. Ridgeline began operating the communities April 1. Ridgeline Management Co. is a seniors housing operator based in West Linn, Ore., with a portfolio of 24 communities in 10 states.

May 8, 2017

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