Multifamily

Senior Lifestyle Corp. Breaks Ground on Seniors Housing Community Near St. Louis

by Christina Cannon September 1, 2016

SUNSET HILLS, MO. — Senior Lifestyle Corp. has broken ground on The Sheridan at Laumeier Park, a 69,000-square-foot seniors housing community in Sunset Hills, approximately 15 miles southwest of St. Louis. The project, expected to be complete in early 2017, will feature 43 assisted-living apartments plus 41 memory care residences. The Sheridan at Laumeier Park will be situated on 3.9 acres at 12470 Rott Road. Residents will have access to nearly 38,000 square feet of amenity space, which will include living rooms, a dining room, entertainment room, fitness center and art studio.

September 1, 2016

Midwest Minnesota Multifamily

NorthMarq Arranges $3.5M Loan for Acquisition of 72-Unit Apartment Property Near Minneapolis

by Christina Cannon September 1, 2016

ROCHESTER, MINN. — NorthMarq Capital has arranged a $3.5 million acquisition loan for a 72-unit multifamily property in Rochester, approximately 85 miles southeast of Minneapolis. Bear Creek Apartments is located at 1405, 1455 and 1505 Marion Road SE. The 10-year loan features a 25-year amortization schedule. Michael Padilla of NorthMarq placed the financing with a local bank on behalf of the undisclosed borrower.

September 1, 2016

Industrial Iowa Market Reports Midwest Midwest Market Reports Mixed-Use Multifamily Office Retail Uncategorized

Sioux City Experiences ‘Crane Craze’ Across Property Types

by Christina Cannon September 1, 2016

The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave Helping to draw residents and visitors alike out into the streets of Sioux City is the $130 million Hard Rock Hotel & Casino. The Hard Rock replaced the floating Argosy riverboat casino in a first-in-the-state competitive bidding war for a land-based casino. Due to the popularity of the development since it opened in August 2014, the Hard Rock already has plans to add an $8 million casino expansion by the end of the year. Hard Rock has played a vital role in making Sioux City a regional, cultural and entertainment destination. Dallas-based Anthony Properties is planning to deliver 350,000 square feet of retail space by the summer of 2018. The 64-acre site, located at the intersection of Sunnybrook Drive and Sergeant Road, is …

September 1, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $8M Sale of 45 Multifamily Units in New Jersey

by Amy Works August 31, 2016

WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.

August 31, 2016

Multifamily Texas

Oden Hughes Begins Construction on Lenox Springs in South Austin

by Haisten Willis August 31, 2016

AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has begun construction on Lenox Springs, a luxury apartment community in south Austin that will include 660 Class A apartments. Located along the southbound I-35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in fall 2017. The one-, two- and three-bedroom units in the first phase are expected to rent for between $1,000 and $2,000. The start date of the second phase, consisting of 260 units, has yet to be determined. Lenox Springs will be the fifth south Austin community Oden Hughes has developed since it was founded in 2010. Oden Hughes Taylor Construction will be the general contractor for Lenox Springs, while Oden Hughes Management will lease and manage the community.

August 31, 2016

Loans Multifamily Texas

Dougherty Secures $27.5M Fannie Mae Loan for Westbridge Apartments in Carrollton

by Haisten Willis August 31, 2016

CARROLLTON, TEXAS — Dougherty Mortgage LLC has secured a $27.5 million Fannie Mae loan for the acquisition of Westbridge Apartments, a 284-unit market rate multifamily apartment property located in Carrollton. The pet-friendly, gated property is located near hiking/biking trails and includes a dog park, swimming pool, fitness center and complimentary yoga classes. Apartments feature nine-foot ceilings with crown molding, built-in bookshelves, ceiling fans, a patio or balcony, washer and dryer hookup and fireplaces. The 12-year Fannie Mae loan includes five years of interest-only payments and a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for borrower, Westbridge 2300 LLC.

August 31, 2016

Indiana Midwest Multifamily Student Housing

Strategic Capital Partners, University of Indianapolis Open Greyhound Village Student Housing Community

by Christina Cannon August 31, 2016

INDIANAPOLIS — A joint venture between the University of Indianapolis and Strategic Capital Partners has opened Greyhound Village, a 486-bed, on-campus student housing community. The $25 million community offers one-, two-, three- and four-bedroom, fully furnished apartments, complete with kitchens, living rooms, private bathrooms, washers and dryers. Amenities include a fitness center, clubhouse and indoor and outdoor common areas. Schmidt Associates architects designed the project, which construction manager CRG Residential built.

August 31, 2016

Illinois Midwest Multifamily Seniors Housing

Novak Construction Breaks Ground on 25-Unit Senior Living Apartment Complex in Illinois

by Christina Cannon August 31, 2016

RICHMOND, ILL. — Novak Construction has broken ground on a 22,000-square foot affordable senior living apartment complex in Richmond, approximately 70 miles northwest of Chicago. Creekview Apartments, to be located at 5615 Liberty St., will offer four two-bedroom units and 21 one-bedroom units. Amenities at the property will include a walking trail, health and wellness programing, a computer lab, a library, community room, concierge and transportation services and on-site property management. The project is slated for completion by the end of the year.

August 31, 2016

California Multifamily Western

IMT Westlake Village Apartment Complex in Los Angeles Sells for $88.2M

by Nellie Day August 31, 2016

LOS ANGELES — A 1031 exchange investor has acquired the 253-unit IMT Westlake Village in Los Angeles for $88.2 million. The community is located at 603 Hampshire Road in the Westlake Village submarket. IMT Westlake Village was built in 1971. Notable employers in the area include Amgen, the Dole Food Co., Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies Inc., ValueClick, Verizon and Volkswagen. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, IMT Capital LLC, in this transaction.

August 31, 2016

Georgia Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Roswell for $29.5M

by John Nelson August 31, 2016

ROSWELL, GA. — Federal Capital Partners (FCP) has purchased River Trace Apartments, a 312-unit apartment community in Roswell, a suburb of Atlanta. The $29.5 million transaction is FCP’s fourth acquisition in the Atlanta area this year. The lakefront property is situated on 34 acres within walking distance of the Chattahoochee River. The one-, two-, three- and four-bedroom apartments feature full-size washer and dryer connections and private balconies or patios. Community amenities include a clubhouse with a fitness center, pool, playground, picnic area and a laundry center. FCP plans to rebrand the asset as River Crossing at Roswell as part of the community’s renovation program.

August 31, 2016

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