ST. CHARLES, ILL. — CBRE has brokered the sales of two multifamily properties in St. Charles totaling $38.2 million. In the first transaction, Shodeen Group sold Wessel Court to Axiom Properties Inc. for $20.8 million. Located at 1820 Wessel Court, the property includes 228 apartment units. In the second transaction, Kinzie Realty Corp. sold Fox Run to Windy City RE LLC for $17.4 million. Located at 145 Walnut Drive, the property features 220 apartment units. John Jaeger, Dan Cohen and MJ Zaring represented the sellers in both transactions.
PHOENIX – Olympus Property has purchased Cactus Forty-2, a 200-unit apartment community in Phoenix, for an undisclosed sum. The community is located at 4242 E. Cactus Road. Common-area amenities include a resort-style pool and spa, outdoor kitchen, a social gathering space with an outdoor fireplace, a newly designed clubhouse featuring a “living wall” and a fitness center complete with on-demand fitness classes. Cactus Forty-2 is the sixth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC. The investment structure will provide investors an opportunity to diversify among six to seven Class A, multifamily assets in strong markets throughout the United States.
SAN DIEGO – The 21-unit Casa Verde Apartments in the San Diego submarket of La Mesa has sold to Olasitas LLC for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. Casa Verde Apartments has undergone extensive interior and exterior renovations over the past two years. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and seller, 7629 Normal Avenue LLC, in this transaction.
Momentum in Northern New Jersey’s multifamily market continues unabated, with investors aggressively pursuing opportunities, and developers actively launching projects along the Hudson River Gold Coast and west along transit lines. Heading into the heart of 2015, we are seeing demand drive up sales volume and values, and push cap rates down to historically low levels. Current investment velocity follows a strong 2014 capital markets performance. Last year, $1.3 billion in multifamily sales (including transactions of $10 million or more) marked the highest volume since 2007, and compares to approximately $900 million annually in both 2012 and 2013. For context, the market saw only $169 million in annual trades during the depth of the recession in 2009. The “buy” side today is dominated by institutional advisors, particularly for Class A apartment communities. Additionally, we are seeing privately held firms and raised funds making big splashes with value-add and Class B product. Northern New Jersey’s active sellers include developers and private owners looking to take advantage of valuations that have appreciated to historically high levels, as well as institutions that are cycling assets at the end of their traditionally long-term investment horizons. Additionally, multifamily cap rates have dropped consistently in Northern New …
MCKINNEY, TEXAS — Love Funding (LFC) has secured a $16.4 million loan for the construction and financing of a new seniors housing community in McKinney. This is the second loan LFC and its local Dallas associate, Warsaw Realty Group, have provided in this community to partners David Brooks and George Fuller. St. Paul’s Square Senior Living will open in Adriatica Village. Work began eight years ago on the initial stages of the development, which included structured parking, a chapel surrounded by water, single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market under a 128-foot tall bell tower. The village was designed so that residents can leave their cars at home on evenings and weekends. The new apartment addition, which is being funded by FHA financing secured by Love Funding senior director Laura Saull-Smith, will be a four-story, mid-rise apartment community with 121 units, all restricted to those aged 62 and older.
DALLAS — Edgemere, a seniors housing community in Dallas, will soon undergo a large-scale renovation and expansion project to address the growing demand for senior living options in the local area. Financing for the project was completed through the sale of $36 million in Series 2015 bonds. When complete, the project will add between 30 and 40 new jobs to the local economy. The renovation project is designed to bridge the gap between the Italian style that Edgemere is known for and the modern luxuries that current and future retirees are seeking. A 6,000-square-foot performing arts center will be built to provide a larger abundance of entertainment options. An extensive renovation is planned for the two dining venues aimed at giving them the look and feel of authentic restaurants in Italy. The Plaza at Edgemere will also be undergoing an expansion that will add eight new assisted living apartment homes, 12 new memory support suites and 15 new skilled nursing private suites. The Plaza commons areas will also be updated with indoor/outdoor courtyards and renovated dining areas. An underground parking garage will be added.
NEW YORK CITY — Sugar Hill Capital Partners has completed the sale of a 60,078-square-foot multifamily property, located at 580 St. Nicholas Ave. in New York City’s Hamilton Heights, for $25.5 million. Built in 1914, the six-story elevator apartment building features 93 apartments and one commercial unit. Michael Guttman of Rosewood Realty Group represented the seller, while Roni Abudi of GFI represented the buyer, a private investor, in the transaction.
LISLE, ILL. — Providence Life Services and Ryan Companies US Inc. are developing Arbor Place of Lisle, an 80-unit, age-restricted affordable senior living community in Lisle, located about 25 miles west of Chicago. The $20.6 million project features 60 one-bedroom/one-bath and 20 two-bedroom/two-bath units, ranging from 756 square feet to 1,008 square feet. On-site amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and fitness center. Additionally, the facility features 94 exterior parking spaces. Pioneer Property Management will provide on-site property management services for the property, which is slated to open in July. Residents at Arbor Place of Lisle must be 55 or older.
CHICAGO — NorthMarq Capital has secured $19.4 million in refinancing for Twin Towers Apartments in Chicago. The two 22-story multifamily buildings total 253 units. Sue Blumberg of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through NorthMarq’s Fannie Mae DUS platform.
HOMEWOOD, ALA. — Rock Apartment Advisors has brokered the $3.1 million sale of Oxmoor Ridge Apartments, a 96-unit multifamily community located in Homewood. Sanders RH LLC and Highland Homewood Investments LLC purchased the asset from New Lexington Properties II LLC. Justin Uffinger of Rock Apartment Advisors brokered the transaction.