Multifamily

Champion Real Estate Buys the Vines Apartments in Oxnard

by Nellie Day May 8, 2015

OXNARD, CALIF. — Champion Real Estate has acquired the Vines, a 164-unit apartment community in Oxnard, for $55.5 million. The community is located at 3040 N. Oxnard Blvd., within the master-planned community of RiverPark. The acquisition represents a per-unit price of $338,628. This is the highest per-unit price paid in Ventura County for a multifamily community with 100 or more units over the past 10 years, according to Berkadia, which executed the transaction. The Vines was built in two phases in 2013 and 2014. It offers two- and three-bedroom units. The property features seven different parks with playgrounds, basketball and tennis courts, picnic areas with barbecues and water fountains. The community was 95 percent leased at the time of sale. Notable employers in the area include St. John’s Regional Medical Center, Boskovich Farms Inc., Ventura Superior Municipal Court and Walmart Supercenter. Champion Real Estate is led by Bob and Parker Champion. The sellers, Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, were represented by Tony Koeijmans of RSF Partners. The transaction was negotiated by Adrienne Barr of Berkadia.

May 8, 2015

Arizona Multifamily Western

Cabana on Thomas Apartments in Phoenix Sells for $24.3M

by Nellie Day May 8, 2015

PHOENIX — The 382-unit Cabana on Thomas apartment community in Phoenix has sold for $24.3 million. The buyer was not named. The community is located at 1645 East Thomas Road. Cabana on Thomas is situated a half-mile west of State Route 51, also known as the Piestewa Freeway, which provides access to Downtown Phoenix and Sky Harbor International Airport. Nearby employers include public entities like the City of Phoenix, Maricopa County and the State of Arizona, as well as companies like Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare and Cigna Healthcare. Common-area amenities include a clubhouse, four resort-style pools, a fitness center, electric vehicle charging stations, a bike storage room and a dog park. It offers studios to three-bedroom units. The seller, Deco Communities, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.

May 8, 2015

Multifamily Oregon Western

Clinton Court Apartments in Portland Sells for $6M

by Nellie Day May 8, 2015

PORTLAND, ORE. – The 46-unit Clinton Court apartments in Portland has sold to Clinton Properties LLC for $6 million. The community is located at 2725 SE 29th Street. The seller repositioned the property in 2013. Kirk Ward of Norris & Stevens represented both the buyer and seller, CCA LLC, in this transaction.

May 8, 2015

Illinois Midwest Multifamily

Pillar Arranges $9.4M Loan for Apartment Property in Hinsdale, Ill.

by Danielle Everson May 7, 2015

CHICAGO — Pillar has arranged a $9.4 million loan with Freddie Mac for the Hidden Lakes of Hinsdale Apartments, a 105-unit multifamily property located in the Western suburbs of Chicago. The fixed rate, 10-year loan includes a 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar’s Chicago origination team arranged the loan. Hidden Lakes of Hinsdale Apartments was built in 1971 and purchased by Pillar’s client in 2007. Upon acquiring the property, the sponsor invested $1.3 million to upgrade all units and the exterior of the property, which is 100 percent leased at market rates. The borrower is a local owner/operator of multifamily properties.

May 7, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Apartment Complex in Fort Worth

by Haisten Willis May 7, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Forest Apartments, a 24-unit apartment property located in Fort Worth. Trey McGhin and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. McGhin and Barker also represented the buyer, a private investor that purchased the property in a 1031 exchange. Forest Apartments is located at 3200 Lake Como Drive. The property includes access to the Camp Bowie cultural district, I-30 and is five miles from Downtown Fort Worth. Each unit has one bedroom and one bathroom, with laminate and carpet flooring.

May 7, 2015

Loans Multifamily Texas

KeyBank Provides $10M in Financing for Apartment Complex in Tulsa

by Haisten Willis May 7, 2015

TULSA, OKLA. — KeyBank Real Estate Capital has secured a $10 million interim loan for Fairmont Terrace Apartments, an affordable housing complex located in Tulsa. The 336-unit, garden-style apartment property was built in 1975 and will be renovated using low-income housing tax credits and HUD financing. Kelly Frank of Key’s Community Development Lending Group arranged the financing on behalf of Millennia Housing Development, which was used to acquire the property.

May 7, 2015

Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $66M Financing for CCRC in North Carolina

by John Nelson May 7, 2015

HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.

May 7, 2015

Kentucky Southeast Student Housing

JV Begins Construction on Student Housing Development at the University of Louisville

by John Nelson May 7, 2015

LOUISVILLE, KY. — 908 Development Group, in a joint venture with Harrison Street Real Estate Capital, has begun construction on The Nine at Louisville, a 385-bed, urban infill project located adjacent to the University of Louisville. The Nine at Louisville will be a purpose-built student housing project to serve the students of The University of Louisville and will target students seeking pedestrian access to classrooms, the student center and athletic fields. The Nine at Louisville will be located immediately across the street from the University of Louisville Student Center. The community will consist of two-, three-, four- and five-bedroom units. Each floor plan will offer private bathrooms, will be fully furnished and will have finishes such as granite countertops, showerheads with Bluetooth-enabled capabilities, in-unit washer and dryers and stainless steel appliances. Amenities at The Nine will include a resort-style pool, outdoor grilling and gaming areas, business center with cyber café, numerous 24-hour study lounges, tanning beds, a fitness facility and game room. Gated parking will be provided in a covered and secure setting. The Nine at Louisville was designed by Humphrey’s & Partners Architects, with interior design services provided by Sixth River. Whittenberg Construction Co. has been selected as the …

May 7, 2015

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $11M Redevelopment Loan for Fort Myers Seniors Community

by John Nelson May 7, 2015

FORT MYERS, FLA. — Walker & Dunlop Inc. has arranged an $11 million acquisition bridge loan for The MacFarlane Group, which will use the loan to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility. The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments. ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.

May 7, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $50M Sale of Ridge Street Portfolio on NYC’s Lower East Side

by Amy Works May 7, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale the Ridge Street portfolio, three contiguous mixed-use buildings located on the Lower East Side. A partnership between Admiral Capital Group and Four Winds Realty purchased the properties for $50 million from Judah Klausner and Richard Freedman. Located at 198-200 Rivington St., 110-114 Ridge St. and 118 Ridge St., the portfolio includes 64,000 square feet featuring 61 residential units, three retail stores and one 6,250-square-foot community facility space. Deborah Gutoff of Eastern Consolidated procured the buyer, while Gutoff and Ronda Rogovin, also of Eastern Consolidated, represented the sellers in the transaction.

May 7, 2015

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