Multifamily

Cushman & Wakefield Arranges Sale of Mixed-use Building in Brooklyn

by Amy Works September 3, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 1260 Broadway in Brooklyn’s Bedford-Stuyvesant neighborhood. Situated between Green and Lexington avenues, the 7,000-square-foot property sold for $2.2 million, or $314 per square foot, in an all-cash transaction. The four-story walk-up building consists of three two-bedroom apartments, three one-bedroom apartments and one retail unit. Renovated in 2000, the property is fully free market with preferential rents. A preferential rent is a rent that an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

September 3, 2015

Loans Multifamily New York Northeast

Houlihan-Parnes Realtors Arranges $2M Loan for Multifamily Property in New York

by Amy Works September 3, 2015

MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged a $2 million first mortgage loan for a multifamily property located at 33 Williams St. in Mount Vernon’s Fleetwood section. Built in 1932, the seven-story property, which is situated on 1.1 acres, features 116 apartments, 26 on-site outdoor parking spots, 60 garage spots, gardens and a courtyard. The self-liquidating loan was placed with a savings bank at a 15-year fixed interest rate of 3.6 percent. Jeremiah Houlihan of Houlihan-Parnes arranged the financing for the undisclosed borrower.

September 3, 2015

Loans Midwest Multifamily Ohio Seniors Housing

RED Mortgage Capital Closes $3.5M Loan for Skilled Nursing, Assisted Living Facility in Ohio

by Amy Works September 3, 2015

POLAND, OHIO — RED Mortgage Capital has closed a $3.5 million FHA 232/241(a) loan for Woodlands at Hampton Woods, a skilled nursing and assisted living facility located in Poland near Youngstown. The loan will fund the addition of a new skilled nursing building to the existing 121-bed campus. The Rehabilitation Center at Hampton Woods will include 26 private beds designed for short-term rehabilitation care and a 5,000-square-foot therapy gym. The project is owned and operated by affiliates of Woodland LLC, a locally owned provider of senior care services.

September 3, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 13-Unit Apartment Building in Chicago

by Amy Works September 3, 2015

CHICAGO — Marcus & Millichap has arranged the sale of an apartment building located at 926 W. George St. in Chicago. The 13-unit property sold for $3.8 million. Kyle Stengle of Marcus & Millichap’s Chicago office represented the buyer, a private investor, in the transaction. The name of the seller was not released.

September 3, 2015

Loans Multifamily Seniors Housing Texas

Propero Provides $26.7M in Equity for Seniors Housing Development Under Construction in Conroe

by Katie Sloan September 3, 2015

CONROE, TEXAS — Lancaster Pollard’s private equity program, Propero Seniors Housing Equity Fund, has provided $26.7 million to develop Woodhaven Village, a new seniors housing community in Conroe, about 40 miles north of Houston. A joint venture led by Paradigm Senior Living, the landowners and passive individual investors are developing the community, which will include 60 independent living units, 60 assisted living units and 24 memory care beds. The joint venture expects to complete construction in late 2016. Propero is a private equity fund established by Lancaster Pollard to invest in seniors housing properties through triple-net leases with experienced operators.

September 3, 2015

Multifamily Texas

Westdale, StreetLights to Develop High-Rise Apartment Tower in Dallas

by Katie Sloan September 3, 2015

DALLAS — Westdale and StreetLights Residential are teaming up to develop The Case Building, a 17-story high-rise apartment tower located at the intersection of Hall and Main streets in the Deep Ellum neighborhood in Dallas. According to the developers, the 337-unit property will be the first high-rise development ever in Deep Ellum. The units will span between 500 and 1,300 square feet and feature 10-foot concrete ceilings, exposed brick walls and open metal shelving. Community amenities will include a business lounge, conference room, studio offices, club room with coffee bar, full-service bar, pool table, private dining room, dog wash station, bike storage room, fitness center and an outdoor swimming pool. Leasing will begin in early 2017, and the co-developers expect to deliver the first units in spring 2017. StreetLights Residential Texas Construction LLC is serving as general contractor for the project.

September 3, 2015

Georgia Multifamily Southeast

Multi Housing Advisors Arranges $19.9M Sale of Apartment Community in Augusta

by John Nelson September 3, 2015

AUGUSTA, GA. — Multi Housing Advisors (MHA) has brokered the $19.9 million sale of Century Hills, a 200-unit apartment community located in Augusta. Kole Management Co. purchased the property from an undisclosed seller. Built in 2000, Century Hills is located on Alexander Drive within two miles of Costco, Whole Foods Market, Publix, Kroger, The Fresh Market and Starbucks Coffee. Robert Stickel of MHA represented the seller in the transaction.

September 3, 2015

California Multifamily Western

Sienna Springs Apartments in Phoenix Sells for $20.5M

by Nellie Day September 3, 2015

PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction

September 3, 2015

Multifamily Oregon Retail Seniors Housing Western

NHI Acquires Seniors Community in Oregon for $6.7M

by Nellie Day September 3, 2015

PORTLAND, ORE. — National Health Investors has acquired Golden Age Senior Living in Portland for $6.7 million. Renovated in 2010 and expanded in 2013, the 40-bed memory care community was 88 percent occupied at the time of sale. The community will be leased to Chancellor Health Care for 15 years with renewal options at an initial lease rate of 7.75 percent plus annual escalators. The purchase was funded with cash on hand and borrowings from NHI’s revolving credit facility. NHI is a REIT specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.

September 3, 2015

Multifamily Student Housing Texas

Progress Student Living Begins Construction on Progress405 Near Oklahoma State

by Katie Sloan September 2, 2015

STILLWATER, OKLA. — Progress Student Living has begun construction on Progress405, a luxury student housing community near the central campus of Oklahoma State University (OSU) in Stillwater. Located on an 11-acre site at the northern edge of the OSU campus, Progress405 will consist of four three-story buildings with 544 bedroom/bathroom suites in 180 apartment units. When completed, Progress405 will be the nearest Class A, fully amenitized, student housing complex to campus, according to Progress Student Living. The community will be located less than a quarter-mile from Boone Pickens Stadium and a half-mile from the center of campus. Among the property’s amenities will be an outdoor, resort-style swimming pool; a 10,000-square-foot clubhouse; outdoor grilling areas with fire pits; a fitness center; a sand volleyball court; a collaborative study center; a cybercafé; on-site bike racks; and community Wi-Fi. The apartments at Progress405 will be fully furnished and available in one-, two- and four-bedroom floor plans, with each bedroom having its own bathroom. Progress405 will be completed for the 2016-2017 academic year. Greystar Student Living will serve as property manager. Mutual of Omaha Bank is providing construction financing for the project, with equity from Seminole Financial Services. Stillwater National Bank provided acquisition and …

September 2, 2015

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