Multifamily

McFarlin Group to Develop New Seniors Housing Community in San Antonio

by Haisten Willis June 30, 2015

SAN ANTONIO — Dallas health-services developer and owner McFarlin Group plans to develop its ninth senior living community. The Heritage at Westover Hills Assisted Living and Memory Care, to be located near the southwest corner of Wiseman Boulevard and Rogers Road in San Antonio, will commence construction tomorrow. The Heritage will include 100 beds for assisted living and memory care residents. The property will be located near Christus Santa Rosa Hospital. The Heritage also plans to offer companion living suites and will feature three interior landscaped courtyards, private dining amenities, special events venue and a spa/salon. Additional services include transportation, medication management, nursing services and wellness programs, linen, laundry and housekeeping services and assistance with activities of daily living.

June 30, 2015

Loans Multifamily Texas

NXT Capital Provides Mortgage for Acquisition of Apartment Property in Austin

by Haisten Willis June 30, 2015

AUSTIN, TEXAS — NXT Capital has financed the acquisition of a Class B garden style apartment project located in Austin. The amount of the transaction was not disclosed. The property is located in south Austin, less than one block from IH-35, Austin’s major north-south thoroughfare. It also offers access to central Austin’s restaurants, bars and clubs. Community amenities include picnic areas with grills, a swimming pool and a clubroom.

June 30, 2015

Illinois Midwest Multifamily

354-Unit Riverwood Apartment Homes Sells for $23M in Lansing, Ill.

by Amy Works June 30, 2015

LANSING, ILL. — Marcus & Millichap has brokered the sale of Riverwood Apartment Homes, an apartment complex located at 3647 173rd Court in Lansing, a southern suburb of Chicago. The 354-unit asset sold for $23 million, or $65,000 per unit. Built in 1974, the property features six 48-unit mid-rise building and three two-story buildings totaling 66 units. On-site amenities include a clubhouse with party room, an outdoor pool with sun deck, a fitness center, basketball court, sport court, dog walk area, on-site laundry and on-site storage. Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller and buyer, both of which were not disclosed, in the transaction.

June 30, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Closes $23.7M in Refinancing for Chicago-Area Skilled Nursing Facility

by Amy Works June 30, 2015

CHICAGO — Capital One has provided a $23.7 million fixed-rate, HUD 232/223(f) loan for the refinancing of a skilled nursing facility in Northern Illinois. Built in 1972, the property features 400 beds. Joshua Rosen of Capital One’s Chicago office originated the transaction.

June 30, 2015

Florida Multifamily Southeast

Suffolk Construction Completes $33.4M Apartment Community in Fort Lauderdale

by John Nelson June 30, 2015

FORT LAUDERDALE, FLA. — Suffolk Construction has delivered The Manor: Lauderdale by the Sea, an eight-story, 264-unit luxury apartment community in Fort Lauderdale. The $33.4 million property includes a parking garage, fitness center with zen shower, cyber café, clubhouse, formal meeting and dining space, infinity-edge pool, hot tub built into the center of the building and private poolside cabanas for the second-floor deck units. The Related Group is the developer of the project, and RLC Associates is the architect.

June 30, 2015

Multifamily North Carolina Southeast

Lowe Enterprises Investors Acquires Apartment Community in Raleigh

by John Nelson June 30, 2015

RALEIGH, N.C. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has purchased the Hamilton Ridge Apartments, a 178-unit multifamily community located at 4901 Tall Timber Drive in Raleigh’s Crabtree Valley neighborhood. Built in 1986, the apartment community features a clubhouse with a business center, coffee bar, fitness center and community room. Additional community amenities include a resort-style pool, outdoor grilling and picnic areas, a car care center and free Wi-Fi. LEI’s capital improvement program will include upgrades to common areas, such as the clubhouse and pool deck, and unit renovations that will modernize kitchens. LEI has retained Greystar to manage Hamilton Ridge. John Gaghan of LEI led the investment team in negotiations, and Hunt Mortgage arranged financing for the acquisition. The seller was an affiliate of Abacus Capital.

June 30, 2015

Loans Multifamily North Carolina Southeast

Grandbridge Arranges $16M Loan for Apartment Community in Wilmington

by John Nelson June 30, 2015

WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.

June 30, 2015

District of Columbia Multifamily Southeast

CBRE Brokers $9.6M Multifamily Portfolio Sale in D.C.

by John Nelson June 30, 2015

WASHINGTON, D.C. — CBRE has brokered the $9.6 million sale of a two-property multifamily portfolio located in northwest Washington, D.C. The two assets, The Rockford and The Peabody, total 82 units and are located in D.C.’s Brightwood neighborhood. StoneBridge Investments purchased The Rockford for $8.1 million and The Peabody for $1.5 million from JCR Cos. Robert Meehling, Michael Rudolph and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller. William Roohan, Michael Muldowney, Brian Margerum and Martha Hastings of CBRE assisted in the transaction.

June 30, 2015

California Multifamily Western

Joda Investments Buys Long Beach Apartment Building for $3.2M

by Nellie Day June 30, 2015

LONG BEACH, CALIF. – Joda Investments has purchased a 16-unit apartment building in Long Beach for $3.2 million. The community is located at 1175 2nd Street. Joda plans to completely renovate the property, which was built in 1964. It will also make significant improvements to the units, including new hardwood floors and stainless steel appliances. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction. Stepp also worked with the buyer to obtain a 2.88 percent, fixed-rate, five-year permanent loan of $2.3 million for the property.

June 30, 2015

Market Reports Multifamily Washington Western Western Market Reports

The Sustainability of the Seattle Apartment Building Boom

by Nellie Day June 30, 2015

With all the recent froth in the multifamily markets, knowledgeable observers are expressing concern regarding all of the cranes that are sprouting around Seattle. To assess the apartment market, we have compiled data recently published in the “March 2015 Apartment Development Report” by Dupre + Scott Apartment Advisors. The Seattle Metro area is in the midst of an apartment development boom, with an estimated 17,400 units under construction, 12,000 units to be completed and ready for occupancy in 2015 and 11,000 units to be delivered in 2016. There is an additional 25,000 additional units in various stages of planning for delivery over the next five years. This new construction is in response to low vacancy rates (3.5 percent in the Seattle MSA, excluding vacancies for properties in initial lease-up), job expansion and related in-migration to the area. These trends have resulted in rising rents for new projects, up more than 7.4 percent in the region in the past 12 months (skewed by rents in newly opened projects). The new units under construction or proposed are heavily weighted to the close-in neighborhoods surrounding the Seattle CBD (Belltown, Downtown Seattle, South Lake Union) and close-in neighborhoods north of Lake Union (Ballard, Greenlake/Wallingford, …

June 30, 2015

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