Multifamily

JV Acquires Three Affordable Multifamily Properties in Brooklyn for $14.4M

by Amy Works June 29, 2016

NEW YORK CITY — Avanath Capital Management, in partnership with Oak Tree Management, has acquired three affordable multifamily buildings in Brooklyn. A private investor sold the properties, which total 46 apartment units, for $14.4 million. The properties are a 21-unit building with a mix of rent-stabilized and free-market rental units at 257 Quincy St.; a fully occupied nine-unit property at 570 Jefferson Ave; and an 80 percent-occupied 16-unit building at 308 Stuyvesant Ave. D.J. Johnston of Cushman & Wakefield represented the seller in the transaction. With this portfolio acquisition, Avanath now owns 195 apartment units in Brooklyn.

June 29, 2016

Loans Maryland Seniors Housing Southeast

Capital One Closes $61M Loan, $12M Facility for Acquisition of Nine Skilled Nursing Facilities

by John Nelson June 29, 2016

BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.

June 29, 2016

Loans Maryland Multifamily Southeast

M&T Realty Capital Provides $26M Acquisition Loan for Apartment Community in Maryland

by John Nelson June 29, 2016

LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.

June 29, 2016

Loans Louisiana Seniors Housing Southeast

KeyBank Arranges $16.7M Acquisition Loan for Seniors Housing Community in Louisiana

by John Nelson June 29, 2016

COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.

June 29, 2016

California Multifamily Top Stories Western

City of Anaheim Approves $364M, 1,079-Unit Luxury Apartment Building Near Angel Stadium

by Jeff Shaw June 29, 2016

ANAHEIM, CALIF. — The mayor and city council of Anaheim have unanimously approved construction of Jefferson Stadium Park, a 17.9-acre development adjacent to Angel Stadium of Anaheim, home of Major League Baseball’s Los Angeles Angels. Multifamily developer JPI is building the $364 million project, which centers around a 1,079-unit luxury apartment community. The development also includes a 1.1-acre public park and 14,600 square feet of retail space. The company plans to break ground in December. Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC). The development is one mile from the Downtown Disney Shopping District, Disneyland and California Adventure theme parks. Also nearby is the public marketplace of the Anaheim Packing District. This is the second project for JPI in Anaheim’s Platinum Triangle neighborhood. Currently under construction is the $120 million Jefferson Platinum Triangle, a 400-unit luxury apartment community scheduled for occupancy in the fall of 2017. “Anaheim’s Platinum Triangle is a model for development efforts that encourage new projects, enhancing quality living experiences for the community,” says Heidi Mather, senior vice president and development partner for JPI. “This new project only strengthens our commitment to be a part of the revitalization of this …

June 29, 2016

Colorado Multifamily Seniors Housing Western

Bethesda Senior Living Breaks Ground on $13M Seniors Housing Community in Colorado

by Nellie Day June 28, 2016

MONUMENT, COLO. — Bethesda Senior Living Communities, a Colorado Springs-based nonprofit developer and operator, has broken ground on Bethesda Gardens Monument, a 60-unit assisted living and memory care community in the Colorado Springs suburb of Monument. The $13 million development is the first ground-up construction for Bethesda in more than 15 years, and will be the first seniors housing community in Monument, according to the developer. Bethesda expects to complete construction in fall 2017. The architect on the Colorado project is Lantz-Boggio Architects of Denver. Brinkman Construction of Fort Collins will provide construction services, and Compass Bank of Denver provided financing. With the two new projects, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.

June 28, 2016

Mixed-Use Multifamily Retail Texas

Marcus & Millichap Arranges Sale of 18-Story Residential High-Rise in Downtown Fort Worth

by Katie Sloan June 28, 2016

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the Historic Electric Building Apartments, an 18-story high-rise development located at 410 W. 7th St. in downtown Fort Worth. The property features 106 loft-style apartment residences and 10,000 square feet of ground-level retail space. Listed on the National Register of Historic Places, the property was built in 1928 and converted to apartments and retail in 1994. The asset is located within walking distance of Burnett Park, the Fort Worth Convention Center and Sundance Square. John Barker of Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer, both limited liability companies.

June 28, 2016

Mixed-Use Multifamily Retail Texas

High Street Residential, Northwestern Mutual Top Out Knox Heights Mixed-Use Development in Dallas

by Katie Sloan June 28, 2016

DALLAS — High Street Residential, in partnership with Northwestern Mutual Real Estate, has topped out Knox Heights, a six-story mixed-use development located along McKinney Avenue in Dallas. The project will feature 13,500 square feet of ground-floor retail, 182 luxury residential units, a 2,400-square-foot fitness facility and lounge, a 4,500-square-foot amenity deck and pool, and a three-level, 363-space subterranean parking garage. Construction on the Class A development is scheduled for completion in early 2017. Andres Construction Services serves as the general contractor for the development, and Good Fulton & Farrell is the project’s architect.

June 28, 2016

Multifamily New York Northeast

Sugar Hill Partners Acquires 20-Unit Multifamily Property in Manhattan for $7.8M

by Amy Works June 28, 2016

NEW YORK CITY — Sugar Hill Partners has acquired a multifamily building located at 615 W. 136th St. in Manhattan. A Florida-based family trust sold the property for $7.8 million. Built in 1908, the 19,270-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the buyer and the seller in the deal.

June 28, 2016

Multifamily South Carolina Southeast

Miller-Valentine to Develop Upscale Apartment Community in Metro Charlotte

by John Nelson June 28, 2016

FORT MILL, S.C. — Miller-Valentine Group plans to develop Beckett Farms, a 280-unit luxury apartment community in Fort Mill, a southern suburb of Charlotte in South Carolina. The asset will be situated on 44 acres near the intersection of Gold Hill Road and I-77. The property will feature one-, two- and three-bedroom units, as well as carriage units with garages underneath. Interiors will feature wood-style flooring, farmhouse-inspired fixtures and lighting, washers and dryers, stainless steel appliances, granite countertops, freestanding islands and tiled backsplashes. Amenities will include a salt water/ mineral pool with sun shelves, covered cabanas, palm trees, gas fire pit lounge area, outdoor kitchen and grill station, cyber café and a fitness center. The design team includes architects Axiom Architecture, Design Resource Group and Vignette Interior Design; general contractor CF Evans Construction; construction manager Miller-Valentine Construction; and marketing firm Yellow Duck Marketing. Miller-Valentine expects to deliver the first units of Beckett Farms by May 2017.

June 28, 2016

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