Multifamily

CA Residential Breaks Ground on 102-Unit Luxury Apartment Tower in Chicago

by Christina Cannon June 21, 2016

CHICAGO — CA Residential LLC has broken ground on a 26-story, 102-unit luxury apartment tower in Chicago’s Gold Coast neighborhood. The building, which will be located on the northeast corner of State and Huron streets, is scheduled for completion next October. Designed by Valerio Dewalt Train Associates, the tower will include a mix of studio, one-, two- and three-bedroom apartments. Units will include floor-to-ceiling windows, wood plank flooring, quartz countertops, stainless steel appliances and in-unit washers and dryers. The building will feature 8,000 square feet of amenity space on the 24th floor which will include an infinity-edge pool, sundeck, grilling stations, demonstration kitchen, resident lounge, media room, fitness center with yoga studio, pet spa and dog run.

June 21, 2016

Loans Midwest Multifamily Ohio

Bellwether Closes Two Loans Totaling $11.5M for Multifamily Properties in Ohio

by Christina Cannon June 21, 2016

GREEN AND SYLVANIA, OHIO — Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $11.5 million for multifamily properties in Ohio. In the first transaction, Bellwether arranged a $9.3 million HUD loan to refinance Greenview Senior Assisted Living, a 99-unit seniors housing facility in Green, approximately 50 miles south of Cleveland. The facility, built in 2002, features a dining room, café, chapel, activity area, patio and lounges. The Inn at Green Limited LLC was the borrower. The non-recourse loan features a 35-year term. Barbara Sullivan and Jim Doyle of Bellwether arranged the financing. In the second deal, M&D McCord Road Holdings LLC refinanced The Colony, an apartment property approximately 15 miles west of Toledo. The Colony, built in 2015, consists of four single-story buildings and one two-story building, which contain a total of 34 units. All units are two-bedroom/two-bathroom. DJ Effler of Bellwether arranged the 15-year loan, which features five years of interest-only payments.

June 21, 2016

Midwest Multifamily Ohio Seniors Housing

Greystone Arranges $6.5M Sale of 211-Unit Assisted Living Community Near Cleveland

by Christina Cannon June 21, 2016

BEDFORD, OHIO — Greystone’s Real Estate Advisors group has arranged the sale of Woodside Village, a 211-unit assisted living and memory care community in the Cleveland suburb of Bedford, for $6.5 million. Pritok Capital purchased the property from a public healthcare REIT. MB Financial served as the lender on the transaction. Woodside Village was built in 1988 and sits on 20 acres. The facility is 164,920 square feet.

June 21, 2016

Affordable Housing Loans Multifamily Southeast Tennessee

Love Funding Closes $19.7M HUD Construction Loan for Affordable Housing Project in Nashville

by John Nelson June 21, 2016

NASHVILLE, TENN. — Love Funding has closed a $19.7 million construction loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program for the construction of The Paddock at Grandview in Nashville. The new 240-unit affordable housing community will feature residences reserved for families earning 60 percent or less of area median income. Bruce Gerhart of Love Funding secured the non-recourse loan, which features a 40-year amortization schedule beginning when construction ends. Funding was also provided by 4 percent Low Income Housing Tax Credits (LIHTC) and HOME funds on behalf of the borrower, LDG Development.

June 21, 2016

Alabama Multifamily Southeast

Moran & Co. Arranges $12.8M Sale of Apartment Community in Mobile

by John Nelson June 21, 2016

MOBILE, ALA. — Moran & Co. Southeast has brokered the $12.8 million sale of Cimarron Ridge, a 248-unit apartment community located at 6427 Grelot Road in Mobile. The property’s average unit size is 695 square feet and residences feature white appliances, vaulted ceilings, walk-in closets, patios and balconies, wood cabinets and fireplaces in select units. Community amenities include two swimming pools, a gazebo with a picnic area, children’s play area, clubhouse with a fitness center and in-building laundry facilities. Atlanta-based Alexander Property Group purchased the asset from Atlanta-based Kaufman Realty Group. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.

June 21, 2016

Features Multifamily Seniors Housing Top Stories

Greystone: 5 Ways to Get More Out of Class B Seniors Housing Properties

by Christina Cannon June 21, 2016

There are a lot of ways to increase and unlock value in lower-quality seniors housing, according to the June 2016 Seniors Housing Market Trend Report from Greystone Real Estate Advisors. According to Senior Care Investor’s annual report, Class A properties reaped $248,500 per unit for assisted living and $243,300 per unit for independent living communities in 2015. Class B properties, comparatively, earned only $138,300 per unit for assisted living and $72,900 per unit for independent living. In 2015, approximately 60 percent of assisted living properties sold were Class B, while 40 percent were Class A. In independent living, approximately one-third of the properties sold were Class A, while two-thirds were Class B. In Greystone’s report, the writers distinguish three different factors — physical location, asset quality and operational performance — that set Class A and Class B properties apart. The report outlines five ways to boost value if a property is lacking in one of those measures. 1. Add amenities — Location is extremely important when it comes to the value of an asset, the report suggests. Since this factor is out of the owner’s control when disposing of a property, owners should focus on increasing the quality of the …

June 21, 2016

Multifamily Texas

M&M Negotiates Sale of 317-Unit Multifamily Property in Dallas

by Haisten Willis June 20, 2016

DALLAS — Marcus & Millichap has negotiated the sale of Sedona Ridge, a 317-unit apartment community in Dallas. Built in 1983, the apartment complex is located at 11100 Walnut Hill Lane, near its intersection with I-635. Richland College, Texas Health Presbyterian Hospital and the global headquarters of Texas Instruments are nearby. Recent exterior improvements to Sedona Ridge include new signage, floodlighting, closed-circuit security cameras and additional parking spaces. Interior enhancements include brushed-nickel kitchen and bathroom fixtures and black appliance packages.

June 20, 2016

Multifamily New Jersey Northeast

Lennar Unveils 103-Unit Condominium Building in New Jersey

by Amy Works June 20, 2016

WEEHAWKEN, N.J. — Lennar has unveiled 1200 Avenue at Port Imperial, a boutique condominium project located on Weehawken’s Port Imperial waterfront. The seven-story development features 103 condominiums, a grand salon lobby, library lounge, media screening room, children’s playroom, fitness center and the Skyline Social Room, which offers lounge space, a catering kitchen, bar, multiple gathering areas with fireplaces, sound systems and televisions. Designed by Handel Architects, the building features a sleek glass interior with brick and metal panel accents, large windows and private balconies/terraces to maximize views of the Hudson River and Manhattan skyline. Ranging from 887 square feet to 3,139 square feet, the one- to three-bedroom residences are available for sale, starting at $759,000. 1200 Avenue at Port Imperial is the second building to open within Lennar’s Avenue Collection, a series of amenity-rich residential properties on the New Jersey Gold Coast.

June 20, 2016

Multifamily Northeast Pennsylvania

J.G. Petrucci Co. to Develop 151-Unit Apartment Complex in Pennsylvania

by Amy Works June 20, 2016

WARMINSTER, PA. — J.G. Petrucci Co. is developing Jackson Station, an eight-building, 151-unit residential complex located at 375 Jacksonville Road in Warminster. Slated to open in spring 2017, the property will feature 74 one-bedroom and 77 two-bedroom apartments with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washers and dryers. Situated on 10 acres, the complex will also feature on-site surface parking, a fitness center, swimming pool and clubhouse. Minno & Wasko designed the project.

June 20, 2016

Michigan Midwest Multifamily

Image Capital Buys Riverfront Towers in Detroit for $79.5M

by Christina Cannon June 20, 2016

DETROIT — Image Capital LLC has purchased two out of three buildings belonging to the luxury Riverfront Towers property in Detroit for $79.5 million, according to Crain’s Detroit. Riverfront Tower Holding LLC was the seller. Tower 100, built in 1992, is 26 stories and contains 271 units. Tower 200, built in 1983, is 29 stories and contains 282 units. Tower 300, which was converted into 285 condominiums between 2005 and 2007, is not included in the sale. The property is situated on 11.7 acres and totals 571,831 square feet. Amenities include a fitness center, tennis and volleyball courts, a running track, indoor pool and spa, a dog run, jogging trails, a restaurant, picnic and grilling areas and a 722-space parking deck. Riverfront Towers offers a mix of one- and two-bedroom units that average 1,034 square feet. Apartment Management Professionals Residential will manage the property. Rick Vidrio and Rick Brace of Berkadia brokered the transaction.

June 20, 2016

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