Multifamily

Heitman Buys Premiere on Pine Apartment Complex in Seattle

by Nellie Day July 17, 2015

SEATTLE — Heitman has purchased the 386-unit Premiere on Pine apartment complex in Seattle for $240 million. The community is located at the intersection of Pine Street and 8th Avenue. Premiere on Pine is within two blocks of Interstate 5 and Westlake Station in the Pike-Pine retail corridor. The 40-story, ultra-luxury apartment tower was completed in 2014. It is certified LEED-Silver. The community features common-area amenities like a fitness center, dog run, theatre room, club room, conference room, two event spaces, and a 3,000-square-foot balcony that wraps around the south and west side of the building. It contains a mix of studio, one-, two- and three-bedroom units. The seller, Holland Partner Group and its finance partner, was represented by HFF’s Matthew Lawton, Ira Virden and Gerry Rohm.

July 17, 2015

Multifamily Oregon Western

Wyndham Park I & II in Beaverton Sell for $63.9M

by Nellie Day July 17, 2015

BEAVERTON, ORE. — Holland Acquisition Co. LLC has acquired Wyndham Park I & II, a pair of multifamily communities in Beaverton, for a total of $63.9 million. Wyndham Park I sold for $34.5 million, or a per-unit price of $151,342, while the second community went for $29.4 million, or $150,738 per unit. Wyndham Park I contains 228 units that were built in 1996. The community is located at 14700-14790 Southwest Scholls Ferry Road. It features one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a spa, sauna, wading pool, clubhouse, playground, fitness center, barbeques, a business center and bicycle storage. Wyndham Park II contains 195 units that were constructed in 1987. The community is located at 11600 SW 147th Terrace. Common-area amenities include a swimming pool, sauna, spa, fitness center, clubhouse, playground, car care areas and garages. The two communities share an entryway across from Murray Scholls Town Center. They are walking distance to Progress Ridge Townsquare, which is anchored by New Seasons Market. Notable employers in the area include Nike, Intel Corp. and Tektronix. The acquisition involved the assumption of two Freddie Mac loans. The seller was KI-Wyndham Park LLC. The transaction was executed by Phil Oester …

July 17, 2015

Loans Multifamily Washington Western

Leilani on Greenwood Apartments in Seattle Receives $47.8M

by Nellie Day July 17, 2015

SEATTLE — The 328-unit Leilani on Greenwood apartment complex in Seattle has received $47.8 million in acquisition financing. The community is located at 10215 Greenwood Ave N. Leilani on Greenwood contains two mid-rise apartment properties that feature a mix of studio, one- and two-bedroom apartments, in addition to live/work spaces. Common-area amenities include concierge services, a resident lounge, business center, fitness facility, resident theater, and multiple indoor and outdoor community gathering areas. The property was developed by Weidner Apartment Homes. The 10-year, fixed-rate loan was closed by Joe DeCarlo and Sean Sunderland of M&T Realty Capital Corporation. It features a 3.45 percent interest rate and a 59.8 percent loan-to-value.

July 17, 2015

Multifamily Seniors Housing Texas

Heartis Seniors Housing Community Under Construction in Metro Dallas

by Haisten Willis July 16, 2015

ARLINGTON, TEXAS — Caddis, a healthcare and real estate firm, is developing a 67,000-square-foot, one-story, 81-unit assisted living and memory care community in Arlington. The new senior community is scheduled to open in spring 2016. Heartis Arlington will feature amenities including a courtyard, outdoor walking paths, game and activity rooms and a beauty/barber shop. Services range from assistance with personal activities to housekeeping and laundry to daily nursing care and 24-hour emergency response. Frontier Management will manage the community. The company also manages several other Heartis communities in Texas. Austin-based Pi Architects Inc. is the architect for Heartis Arlington, and the Dallas office of Weis Builders is the general contractor. Construction debt financing is being provided by Kansas City, Mo.-based UMB Bank, NA. Caddis launched its senior living brand, Heartis, in early 2013. In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Caddis will own Heartis Arlington upon completion.

July 16, 2015

Loans Multifamily Texas

NorthMarq Arranges $29.3M Financing for Apartment Complex in Odessa

by Haisten Willis July 16, 2015

ODESSA, TEXAS — NorthMarq Capital’s Denver office has arranged $29.3 million in financing for Andalucía Villas located at 5075 E. 52nd St. in Odessa. Constructed between 2012 and 2013, the community consists of 402 units contained in 17 two- and three-story residential buildings. Property amenities include gated access, business and 24-hour fitness centers, putting green, bocce ball court, splash pad, three onsite dog parks, outdoor pool and fireplace along with four barbecue areas. Units have washer/dryers, tile flooring, built-in decks and, in select units, garages, and garden bathtubs. Greg Benjamin and Jeff DeHarty of NorthMarq arranged the financing for the borrower, a division of Weidner Investment Services Inc.

July 16, 2015

Kansas Midwest Multifamily

Berkadia Negotiates Sale of Multifamily Property in Kansas City

by Jonathan Mehall July 16, 2015

KANSAS CITY, KAN. — Berkadia has brokered the sale of Waterstone Apartments, located at 1100-1056 County Line Road in Kansas City, for an undisclosed price. The property was 90 percent occupied at the time of sale. The buyer was WI Waterstone LLC of Kansas City, Mo., with Worcester Investments serving as general partner. The seller was VIRTU KC1 Associates of Larkspur, Calif. The 372-unit property was built in 1969 and features one-, two-, and three-bedroom layouts. Unit amenities include fireplaces, fully equipped kitchens, decks or patios and walk-in closets. Community amenities include two swimming pools, a playground and covered parking. Phillip Brimble of Berkadia’s Kansas City office brokered the sale.

July 16, 2015

Midwest Minnesota Multifamily

Grandbridge Finances $16M Multifamily Property in St. Cloud, Minn.

by Jonathan Mehall July 16, 2015

ST. CLOUD, MINN. — Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily property in St. Cloud. The 282,554-square-foot property sits on 33 acres of land. Tony Carlson of the Minneapolis office of Grandbridge originated the refinancing loan. The fixed-rate, nonrecourse loan provided by a life insurance company includes a 15-year term and 25-year amortization schedule. The Class A property includes an abundance of amenities and large, finished units.

July 16, 2015

Kentucky Multifamily Southeast Student Housing

University of Kentucky Trustees Approve Phase V of EdR’s $74M On-Campus Housing Expansion

by John Nelson July 16, 2015

LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved the next phase of the university’s on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will comprise a seven-story building at University and Complex drives on the University of Kentucky’s (UK) Lexington campus. Designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it will provide 771 beds in 312 apartments in various styles and sizes, from studios to four bedrooms. Each apartment will include furnishings and a full kitchen. EdR will finance the previously announced $74 million development through its On-Campus Equity Plan — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner and helps create long-term financial benefits for EdR and UK. EdR will provide financing, oversee development and construction, and will be responsible for maintenance and management, while UK provides residence life services.

July 16, 2015

Georgia Multifamily Southeast

Air Realty Breaks Ground on Transit-Oriented Multifamily Project Near Atlanta Airport

by John Nelson July 16, 2015

COLLEGE PARK, GA. — Air Realty has broken ground on ThePad on Harvard, a mixed-use, transit-oriented multifamily project located roughly 400 feet from the College Park MARTA station. The property, located at 1777 Harvard Ave., is the first multifamily community to break ground in College Park in the past 40 years. Phase I of construction comprises 109 apartment units. The Atlanta Aerotropolis Alliance, a nonprofit organization that works to leverage the growth of Hartsfield-Jackson Atlanta International Airport to the surrounding neighborhoods, sees ThePad on Harvard as the cornerstone of the revitalization of the communities around the airport. Air Realty is partnering with HJ Russell & Co. on the project, which is slated for a spring 2016 completion.

July 16, 2015

Kentucky Multifamily Seniors Housing Southeast

Continental, Leo Brown Break Ground on $16M Seniors Housing Facility in Lexington

by John Nelson July 16, 2015

LEXINGTON, KY. — Columbus, Ohio-based Continental Real Estate Cos. and Carmel, Ind.-based Leo Brown Group have begun construction on a new senior living community in Lexington called Highgrove at Tates Creek. The community will consist of 90 assisted living units, 30 of which will be dedicated to memory care. Development costs for the community are approximately $16 million. Leo Brown Group’s management company affiliate, Traditions Management, will run the day-to-day operations once construction is complete. Traditions manages a portfolio of communities in Kentucky, Indiana and Ohio totaling 780 units. The partnership expects Highgrove at Tates Creek to accept its first residents in spring of 2016. This is the second community developed by Continental and Leo Brown Group — in 2014 the partnership broke ground on a 94-unit site in Granville, Ohio, which will open later this summer.

July 16, 2015

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