Multifamily

Pennrose Properties Opens Final Phase of Woodrow Wilson Commons in New Jersey

by Amy Works June 5, 2015

LONG BRANCH, N.J. — Pennrose Properties, along with Long Branch Housing Authority and Maestro Community Development Corp., have opened the final phase of Woodrow Wilson Commons, an affordable, mixed-income rental community in Long Branch. The residential community features 173 apartments and townhomes. The first two phases, totaling 122 units, received LEED Gold certification, and the 51 final-phase units have the new ENERGY STAR 3.0 designation. Designed by Wallace Roberts & Todd, the property features one-, two-, three- and four-bedroom units with open layouts and large windows. All units feature fully equipped kitchens with ENERGY STAR appliances; spacious closets; ceramic tiled baths; washer and dryer hook-ups; and resident-controlled heating and central air conditioning. Woodrow Wilson Commons’ last phase is the first development in the state to be completed using a 9 percent Low Income Housing Tax Credit as part of Federal Community Development Block Grant Disaster Recovery Funds given to the state as part of the Hurricane Sandy relief effort.

June 5, 2015

Illinois Loans Midwest Multifamily

Community Investment Corp. Raises $200M to Finance Chicago Affordable Rental Housing

by Amy Works June 5, 2015

CHICAGO — Community Investment Corp. (CIC), a Chicago-based community development financial institution (CDFI), has raised a $200 million loan pool to finance the acquisition and rehabilitation of affordable rental housing in the Chicago area over the next five years. The funding will preserve at least 7,500 affordable units, preventing their loss due to demolition or decay, as well as providing quality rental housing for approximately 18,000 people. The new fund consists of investments by 37 Chicago-area banks to support CIC’s Multifamily Loan Program. The program, which is the foundation of CIC’s affordable rental housing initiatives, primarily targets privately owned rental housing. To date, the program has provided more than $1.2 billion in financing for the acquisition, rehab and preservation of more than 55,000 units of affordable housing for more than 130,000 Chicago-area residents.

June 5, 2015

Loans Multifamily Texas

BMC Capital Provides $3.5M Acquisition Loan for Apartment Complex in Dallas

by Haisten Willis June 5, 2015

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $3.5 million acquisition loan for a 67-unit apartment complex located in Dallas. The loan featured a five-year term with a fixed 3.8 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

June 5, 2015

Massachusetts Multifamily Northeast

Boston Capital Invests in Affordable Multifamily Community In Lunenburg

by Amy Works June 5, 2015

LUNENBURG, MASS. — Boston Capital has invested in the construction of Tri-Town Landing Phase III, totaling 32 apartment units in Lunenburg. The developer is Manchester, N.H.-based Great Bridge Properties LLC. The development will be built with tax credit equity from the Low Income Housing Tax Credit program. Apartment homes will be available to families and individuals earning 60 percent or less of the area median income, including eight families whose incomes are at or below 30 percent. The project is part of a master-planned 9.2-acre development, which includes the 66-unit Tri-Town Landing Phase I and the 33-unit Tri-Town Landing Phase II. All three tax-credit properties will operate as one development upon completion of the third phase. The third phase will feature five one-bedroom units, 23-two bedroom units and four three-bedroom units in one three-story building. Units will feature central air conditioning, balconies and ENERGY STAR appliances. The community will feature a common laundry room on each floor, a fitness center, a community room with kitchenette and a playground.

June 5, 2015

Alabama Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Two Apartment Communities in Alabama, Georgia for $88.5M

by John Nelson June 5, 2015

HOOVER, ALA. AND MARIETTA, GA. — Steadfast Apartment REIT has acquired two apartment communities in Alabama and Georgia in two separate transactions totaling a combined $88.5 million. The two properties total 900 apartment units and include the 720-unit Ridge Crossings Apartments in Hoover and the 180-unit Rosemont at East Cobb in Marietta, a northern suburb of Atlanta. The REIT purchased Ridge Crossings for $72 million, making it the company’s first acquisition in Alabama. The property’s units average 1,107 square feet with average in-place rents of $862 per month. Ridge Crossings’ amenities include two swimming pools, a tennis court, playground, fitness center, laundry center, car wash area, pet park and walking trail. The property is currently 94 percent leased. Steadfast purchased Rosemont at East Cobb for $16.5 million, making it the company’s fourth acquisition in Georgia. The property is currently 96 percent occupied with in-place rents averaging $824 per month and unit sizes averaging 1,056 square feet. The property’s amenity package includes a fitness center, business center, tennis court, volleyball court, swimming pool and barbecue area. Steadfast is planning to extensively renovate both properties in the near future.

June 5, 2015

Multifamily South Carolina Southeast

Hamilton Point Investments Acquires Apartment Community in Metro Charlotte for $13.4M

by John Nelson June 5, 2015

ROCK HILL, S.C. — Hamilton Point Investments LLC, a Connecticut-based multifamily owner, has purchased the 168-unit Cushendall Commons for $13.4 million. Built in 2002, the apartment community is located directly off of I-177 in Rock Hill, roughly 24 miles south of downtown Charlotte. The complex’s amenity package includes a swimming pool, business center and 24-hour fitness center. The property was 98.1 percent occupied at the time of sale. Alex Brown of Cushman & Wakefield of Georgia Inc. represented the seller, JMG Realty, in the transaction. Hamilton Point Investments was self-represented.

June 5, 2015

California Multifamily Western

Kennedy Wilson Buys Majority Interest in Western-Based Apartment Portfolio

by Nellie Day June 5, 2015

LOS ANGELES — Kennedy Wilson has purchased a majority interest in Vintage Housing Holdings (VHH), which owns certain interests in a Western-based multifamily portfolio. The real estate investment and services company acquired a 61 percent equity ownership in VHH for $78 million, giving this portfolio a valuation of about $486 million. The portfolio contains 30 multifamily properties with a total of 5,485 units throughout the West. The properties are primarily located in Washington (3,796 units), California (756 units) and Nevada (544 units). The units were built, on average, in 2006. The portfolio has produced net operating income of about $12 million, year to date, as of April 31, 2015, according to Kennedy Wilson. The firm now maintains a portfolio of more than 25,000 multifamily units, including more than 9,000 units in the State of Washington. VHH, the portfolio’s developer and manager, will maintain a 39 percent equity interest. It will also continue to manage the portfolio.

June 5, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Skilled Nursing Facility in Washington for $6.6M

by Nellie Day June 5, 2015

SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.

June 5, 2015

Iowa Loans Midwest Multifamily Seniors Housing

Dougherty Mortgage Closes $7.7M HUD Loan for Seniors Housing Property in Iowa

by Amy Works June 4, 2015

DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.

June 4, 2015

Midwest Multifamily Ohio

Marcus & Millichap Arranges $2.5M Sale of 76-Unit Apartment Building in Ohio

by Amy Works June 4, 2015

NEWARK, OHIO — Marcus & Millichap has arranged the sale of Spring Valley, an apartment complex located at 269 Quail Creek Drive in Newark. The asset sold for $2.5 million. Built in 1992, the property features 76 two-bedroom townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshal of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investment group that specializes in properties located within tertiary markets throughout Central Ohio, in the transaction.

June 4, 2015

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