Multifamily

ARA Newmark Brokers $26.9M Sale of Apartment Community in Orlando

by John Nelson August 31, 2016

ORLANDO, FLA. — ARA Newmark has brokered the sale of Chickasaw Crossing, a 292-unit, garden-style apartment community located at 7960 Pine Crossing Circle in Orlando. The sales price was not disclosed, but the Orlando Business Journal reports the property traded for $26.9 million. Built in 1986, the property comprises one- and two-bedroom units and features gated access, a fitness center, business center, laundry facility, racquetball court and a tennis court. Kevin Judd, Patrick Dufour, Scott Ramey, Marc deBaptiste and Dick Donnellan represented the sellers, Villabar Real Estate Inc. and Westdale Property Management, in the transaction. Oak Residential Partners purchased the property, which was 94 percent occupied at the time of sale.

August 31, 2016

Florida Georgia Southeast Student Housing

Pierce Education Properties Buys Two Student Housing Communities in Florida, Georgia

by John Nelson August 31, 2016

ATHENS, GA. AND TALLAHASSEE, FLA. — Pierce Education Properties LP has acquired two student housing communities located in Florida and Georgia. The acquisitions include The Commons at Tallahassee, a 732-bed community located just north of the Florida State University campus in Tallahassee; and The Reserve at Athens, a 612-bed community located near the University of Georgia campus in Athens. KeyBank Real Estate provided debt financing for both acquisitions. Amenities at The Commons at Tallahassee include a resort-style swimming pool and hot tub, lighted tennis court, 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed wireless internet. Amenities at The Reserve at Athens include a resort-style saltwater swimming pool with a hot tub and sun deck, cook-out and lounge areas, 24-hour fitness center, outdoor basketball court, lighted tennis court, game room, dedicated “Night Life Shuttle” service to downtown Athens and high-speed wireless internet.

August 31, 2016

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

by John Nelson August 31, 2016

ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What’s Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York, Florida and Georgia. Arnold’s main concern is with the hospitality side of the business, as his projects tend to be lower acuity than some of his counterparts on the stage. “From a design standpoint, we’re trying to drive our age down as much as we can. Right now we trend at about 78 years old. If we could push that under 75, that will give us longevity,” said Arnold. “We try to design more active communities, focusing on things that are more modern.” The independent living sector has legs …

August 31, 2016

Connecticut Multifamily Northeast

WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

by Amy Works August 30, 2016

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.

August 30, 2016

Multifamily Texas

Morgan Opens Pearl at The Mix Apartment Community in Midtown Houston

by Haisten Willis August 30, 2016

HOUSTON — Morgan, a company specializing in multifamily development, construction and property management, has opened Pearl at the Mix in Houston’s Midtown district. Located at 2910 Milam St., the new apartment community sits on the city block bound by Louisiana, Tuam, Milam and Anita streets. Pearl at the Mix, the second Midtown property Morgan has opened in the past two years, is one block away from Pearl Midtown. Pearl at the Mix consists of five residential levels above a two-level parking garage. The property’s 196 units are a mix of studios, one- and two-bedroom units. Unit interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, walk-in closets with wood shelving, full-size washers and dryers, USB charging ports and floor-to-ceiling windows. Community amenities include a WiFi-enabled club lounge furnished with a pool table, two classic arcade machines, TVs, a patio facing downtown, swimming pool, outdoor kitchen, fitness center and grilling stations. Cadence Bank provided construction financing for Pearl at the Mix.

August 30, 2016

Florida Multifamily Southeast

Passco Cos. Purchases Apartment Community in Tampa Bay for $75M

by John Nelson August 30, 2016

BRADENTON, FLA. — Passco Cos. has purchased ParkCrest Landings, a 400-unit, Class A apartment community located on a 67-acre site at 5725 1st Ave. East in Bradenton, a city in the Tampa Bay area. Passco Cos. bought the asset from the Tampa-based developer, CKT Development, for $75 million. Built in 2015 by CKT Development, the grounds include nine acres of lakes, 1.5 miles of walking trails and 40 acres of nature preserves along a tributary of the Manatee River. The property is also situated next to Tom Bennet Park, a 200-acre park owned by Manatee County. ParkCrest’s community amenities include a resident clubhouse and theater, fitness center, lakeside sundecks, resort-style swimming pools, children’s splash area, 1.2-acre dog park, cyber café, game room and kayak storage. Jamie May of JBM represented Passco and CKT Development in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

August 30, 2016

Features Multifamily Student Housing Top Stories

Student Housing Sees Robust Deals, Investment Sales, Development Numbers

by Christina Cannon August 30, 2016

As we pass the mid-year point of 2016, the student housing industry is again poised to have a strong year. Favorable market conditions, chief among them low interest rates, have pressed development and acquisitions forward during 2016. Pre-leasing for fall 2016 was strong through the summer, though slightly down from fall 2015 for many owners, while a number of owners reported rent growth for the upcoming year. The industry has seen a lot of activity in buying and selling during the first half of the year. In addition to smaller portfolios and one-off transactions, the sector saw two of its largest M&A transactions to date close during the first half of this year. Harrison Street Real Estate Capital closed on the $1.9 billion acquisition of Campus Crest Communities, adding more than 30,000 beds to its portfolio. In June, The Scion Group, GIC and CPPIB closed on their $1.4 billion acquisition of the assets of University House Communities from InvenTrust Properties, adding more than 10,000 beds to Scion’s portfolio. In addition, movers and shakers like The Preiss Company, Vesper Holdings and Pierce Education Properties have been acquiring a number of properties in 2016. Many properties came to market in January and …

August 30, 2016

Loans Michigan Midwest Multifamily Student Housing

CBRE Secures Acquisition Financing for Student Housing Property in Big Rapids, Mich.

by Christina Cannon August 29, 2016

BIG RAPIDS, MICH. — CBRE Group Inc. has secured acquisition financing for a 264-bed student housing property in Big Rapids, approximately 55 miles north of Grand Rapids. Vision Real Estate Investment purchased Venlo Place Apartments, which serves Ferris State University. The property features amenities such as a 24-hour fitness center, a sand volleyball court and river access. Venlo Place Apartments offers two- and four-bedroom units. The fixed-rate loan features a 20-year term. Jason Brown and Dan Gable of CBRE placed the financing with a national balance sheet lender. The seller and loan amount were undisclosed.

August 29, 2016

Multifamily Texas

Bascom Group Purchases 260-Unit Apartment Community in Metro Dallas

by Haisten Willis August 29, 2016

McKINNEY, TEXAS — The Bascom Group has acquired a 260-unit multifamily community located in McKinney. Sperry Van Ness brokered the transaction. John Brownlee and De’On Collins of HFF arranged debt financing from EastWest Bank. James D’Argenio of Bascom sourced and managed the acquisition. Built in 1997, the property consists of 24 two-story residential buildings and one stand-alone leasing center spread across 20 acres. The unit mix comprises 25 percent one-bedroom units and 75 percent two-bedroom units averaging 873 square feet. The seller was also the original developer. Community amenities include a clubhouse, fitness center, pool and tennis court. The property is located 30 miles north of downtown Dallas.

August 29, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $16.5M Sale of Multifamily Asset in Manhattan

by Amy Works August 29, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous multifamily buildings located at 341-343 E. 65th St. in Manhattan’s Upper East Side. Guthrie Garvin and Michael Gembecki of Cushman & Wakefield arranged the transaction, which was valued at $16.5 million, or $803 per square foot. The five-story, walk-up buildings total approximately 20,540 square feet and feature 40 one-bedroom apartments, of which 37 are rent stabilized and the remaining are rent-controlled.

August 29, 2016

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