Multifamily

Milestone Apartments REIT to Buy Community in Metro Atlanta for $47M

by John Nelson September 9, 2016

WOODSTOCK, GA. — Milestone Apartments REIT has agreed to purchase Park 9 Apartments, a 275-unit, Class A apartment community located on Ridgewalk Parkway in Woodstock, a northwest suburb of Atlanta. The property is situated near The Outlet Shoppes at Atlanta and I-575. The undisclosed seller has agreed to sell Park 9 to Milestone for $47 million. Built in 2016, Park 9 is currently 95 percent occupied with average monthly rents of approximately $1,200. The community features nine-foot ceilings, stainless steel appliances, granite countertops and direct-access garages. Amenities include a clubhouse with a cyber café, a salt-water swimming pool with beach entry and resort-style cabanas, fitness center, outdoor grilling area, bocce ball court, dog park, storage units and electric vehicle charging stations.

September 9, 2016

Indiana Midwest Multifamily

Marcus & Millichap Arranges $3.3M Sale of Apartment Property in Indianapolis

by Amy Works September 9, 2016

INDIANAPOLIS — Marcus & Millichap has brokered the sale of The Home Place Senior Apartments, an apartment property located at 6734 Millside Drive in Indianapolis. A private investor acquired the property from a limited liability company for $3.3 million. The property features 60 rental units. Darrell Johnson and Brent Silcox of Marcus & Millichap’s Indianapolis office represented the seller, while Shane Ryan McConnell of Marcus & Millichap’s Newport Beach, Calif., office represented the buyer in the transaction.

September 9, 2016

Multifamily North Carolina Southeast

Armada Hoffler, Southern Apartment Group to Develop $45M Project in Midtown Charlotte

by John Nelson September 9, 2016

CHARLOTTE, N.C. — Armada Hoffler Properties, a publicly traded REIT based in Virginia Beach, Va., has entered into a joint venture with Southern Apartment Group to develop and own a new $45 million apartment community in Midtown Charlotte. The eight-story project will feature 225 apartment residences and a 350-space parking structure. Armada Hoffler and Southern Apartment Group plan to break ground on the property in the fourth quarter for a targeted completion date in mid-2018.

September 9, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Arranges $39.9M Fannie Mae Facility to Harmony Housing for Affordable Housing Portfolio

by John Nelson September 9, 2016

CLEVELAND — KeyBank has structured and arranged a $39.9 million Fannie Mae master credit facility for Harmony Housing, a 501(c)(3) nonprofit that focuses on preserving affordable housing rental properties. Harmony Housing will use the facility for a five-property affordable housing portfolio in Florida and Wisconsin. The properties include Centre Court Apartments in Bradenton, Fla.; Villas at Cove Crossing in Lantana, Fla.; The Overlook at Monroe in Sanford, Fla.; Foxbrook Senior Apartments in Brookfield, Wis.; and Prairie Ridge Senior Apartments in Pleasant Prairie, Wis. The facility structure allows Harmony Housing to add properties to the facility, accounting for future acquisitions, and to refinance assets in its existing portfolio.

September 9, 2016

California Multifamily Student Housing Western

CSU Monterey Bay Acquires Student Housing Community in California for $68.5M

by Nellie Day September 8, 2016

SEASIDE, CALIF. — The University Corp. at Monterey Bay — an auxiliary corporation of California State University, Monterey Bay — has acquired a 579-bed student housing community located adjacent to the university’s campus in Seaside for $68.5 million. AMCAL Equities LLC sold the project, called The Promontory. The university had a 20-year master lease on the community with an option to purchase after the first 12 months, which it chose to exercise. Community amenities at the property include an internet café, basketball half-court, community clubroom, 24-hour study areas, bicycle storage, fitness center and outdoor grills and seating areas.

September 8, 2016

Multifamily Texas

JLL Capital Markets Brokers Sale of Multifamily Community in San Antonio

by Haisten Willis September 8, 2016

SAN ANTONIO — On behalf of Calton Investments Inc., JLL has brokered the sale of the Cordoba Apartments in San Antonio. Brugge Properties purchased the 260-unit property. Scott LaMontagne, Moses Siller and Zar Haro led the JLL team in the deal. Cordoba Apartments offers access to I-10 and Loop 410 and features a swimming pool, on-site clothing care facilities and a tennis court. The 149,264 -square-foot, garden-style community consists of 24 two- and three-story residential buildings across nearly eight acres.

September 8, 2016

Multifamily North Carolina Southeast

Terwilliger Pappas Starts Construction on Apartment Community in Charlotte

by John Nelson September 8, 2016

CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Berewick, a 275-unit apartment community in Berewick, a mixed-use development in southwest Charlotte’s Steele Creek area. The new multifamily community will be built adjacent to the Berewick Town Center’s village green close to the Harris Teeter slated to open in October. Amenities will include a clubhouse, poolside pavilion with a firepit, fitness center and a pet park. Each of Solis Berewick’s four buildings will include elevators. Terwilliger Pappas is partnering with Cigna Realty Investors on the development, and Citizens Bank is providing construction financing. The development team includes architect Cline Design Associates, interior designer Rule Joy Trammell Rubio, landscape architect and civil engineer LandDesign and general contractor Fortune Johnson. Solis Berewick will deliver its first homes and amenities for occupancy by mid-2017 with the entire community slated for completion by early 2018.

September 8, 2016

Loans Multifamily North Carolina Southeast

Bellwether Enterprise Arranges $19.9M Refinancing of Apartment Community in Asheville

by John Nelson September 8, 2016

ASHEVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has closed a $19.9 million loan for the refinancing of Retreat at Hunt Hill, a multifamily complex located in downtown Asheville. The newly completed, Class A apartment complex contains 180 units. Vic Agusta and Jim Barber of Bellwether Enterprise arranged the loan through Aegon on behalf of the borrower, Hunt Hill Apartments LLC. Retreat at Hunt Hill is the borrower’s third apartment community in the metro Asheville area. Bellwether Enterprise closed 34 deals totaling $267 million in loans during August alone.

September 8, 2016

Multifamily Oregon Seniors Housing Western

NHI Buys Three Seniors Housing Communities Near Portland for $36.6M

by Nellie Day September 7, 2016

MCMINNVILLE, ORE. — National Health Investors (NYSE: NHI) has purchased the entire portfolio of FirCrest Community Living for $36.6 million. The transaction included three seniors housing communities, all located in McMinnville, approximately 35 miles southwest of Portland. The three facilities are located within four miles of each other and feature a total of 134 units and 181 beds. The facilities were constructed in 2008, 2014 and 2015, and offer memory care, assisted living and independent living care services. Evans Senior Investments represented the seller the transaction, which included FirCrest Community, Maple Valley and Cherrywood Memory Care. The purchase price equates to $272,388 per unit. NHI immediately leased all three communities to Chancellor Health Care. The lease term is for 15 years with an annual lease rate of 7.5 percent plus annual fixed escalators. With the three new communities, NHI now leases seven seniors housing communities to Chancellor. NHI, a publicly traded healthcare REIT based in Tennessee, funded the acquisition with its revolving credit facility.

September 7, 2016

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $3.9M Construction Loan for Affordable Housing Community in Cincinnati

by Amy Works September 7, 2016

CINCINNATI — KeyBank has provided a $3.9 million construction loan for the Sheakley Center for Youth in Cincinnati. The property will consist of a shelter unit and a housing unit. The shelter unit will contain 27,708 square feet of commercial space, including a day shelter, a 28-bed night shelter and street outreach offices and social services rooms, while the housing unit will include 39 studio and one-bedroom apartments. Greg Kiger of KeyBank’s Community Development Lending and Investment team arranged the financing for the undisclosed borrower.

September 7, 2016

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